Income Taxes (Tables)

9 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The Company’s provision for income taxes consists of the following:

	For the three months ended		For the nine months ended
	(As Restated, See Note 2) March 31, 2016		(As Restated, See Note 2) March 31, 2016
Current:
Federal	$	-	$	-
State		7,600		(60)
Total current		7,600		(60)
Deferred
Federal		943,000		943,000
State		67,000		67,000
Total current		1,010,000		1,010,000
Income tax benefit	$	1,017,600	$	1,009,940

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The Company’s deferred tax assets and liabilities consist of the following as of March 31, 2016 (in thousands):

Deferred tax assets:

		As Restated
Accounts receivable allowance	$	41
Other liabilities		36
Intangible asset		356
Accrued compensation		395
Net operating loss and other carry forwards		59,959
Total gross deferred assets		60,787
Less: Valuation allowance		21,745
Total deferred tax asset		39,042
Deferred tax liabilities
Depreciation		599
Change in accounting method		649
Total deferred tax liability		1,248
Net Deferred Tax Asset	$	37,794