INCOME TAXES |
3 Months Ended | ||
|---|---|---|---|
Sep. 30, 2024 | |||
| INCOME TAXES [Abstract] | |||
| INCOME TAXES |
For the three
months ended September 30, 2024, the Company’s statutory tax rate was 23.07% and consisted of the federal income tax rate of 21.00% and a blended state income tax rate of 2.07%
net of the federal benefit. For the three months ended September 30, 2023, the Company’s statutory tax rate was 22.94% and
consisted of the federal income tax rate of 21.00% and a blended state income tax rate of 1.94%, net of the federal benefit. For the three months ended September 30, 2023, the Company’s effective tax rate was zero. The Company’s effective income tax rate reflects the effect of federal and state income taxes on earnings and the impact of differences in
book and tax accounting arising primarily from the permanent tax benefits associated with stock-based compensation transactions during the accounting period then ended.
The Company
recognized zero net income tax benefits for the quarter ended September 30, 2024 and 2023, respectively.
As of each reporting date, the
Company’s management considers new evidence, both positive and negative, that could impact its view with regard to future realization of deferred tax assets. As of September 30, 2024, the Company’s management determined that sufficient
negative evidence continued to exist to conclude it was uncertain that the Company would have sufficient future taxable income to utilize its deferred tax assets, and therefore, the Company maintained a full valuation allowance against its
deferred tax assets.
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