Income Taxes (Tables)
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12 Months Ended |
Jun. 30, 2025 |
Income Taxes |
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Summary of income loss before income taxes |
| | Year Ended June 30, | | | | 2025 | | | 2024 | | Pretax income (loss): | | | | | | | United States | | $ | (14,118,076 | ) | | $ | (8,562,920 | ) | Foreign | | | (717,316 | ) | | | 623,064 | | Loss before income taxes | | $ | (14,835,392 | ) | | $ | (7,939,856 | ) |
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Summary of provision for income taxes |
| | Year Ended June 30, | | | | 2025 | | | 2024 | | Current: | | | | | | | Federal tax | | $ | — | | | $ | — | | State | | | 22,168 | | | | 3,800 | | Foreign | | | 224,743 | | | | 185,493 | | Total current | | | 246,911 | | | | 189,293 | | | | | | | | | | | Deferred: | | | | | | | | | Federal tax | | | (30,752 | ) | | | 17,000 | | State | | | (5,798 | ) | | | — | | Foreign | | | (172,571 | ) | | | (138,803 | ) | Total deferred | | | (209,121 | ) | | | (121,803 | ) | | | | | | | | | | Total income tax provision | | $ | 37,790 | | | $ | 67,490 | |
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Reconciliation of income tax |
| | Year Ended June 30, | | | | 2025 | | | 2024 | | | | | | | | | U.S. federal statutory tax rate | | | 21.0 | % | | | 21.0 | % | | | | | | | | | | Income tax provision reconciliation: | | | | | | | | | Tax at statutory rate: | | $ | (3,115,433 | ) | | $ | (1,667,370 | ) | Net foreign income subject to lower tax rate | | | (60,104 | ) | | | (99,300 | ) | State income taxes, net of federal benefit | | | (475,224 | ) | | | (299,233 | ) | Valuation allowance | | | 1,879,595 | | | | 1,026,000 | | NOL expiration and adjustments | | | 939,505 | | | | 1,325,111 | | GILTI | | | 192,980 | | | | — | | Federal research and development credit expiration | | | 206,467 | | | | — | | Federal research and development and other credits | | | (225,532 | ) | | | (150,873 | ) | Rate change | | | 14,759 | | | | — | | Stock-based compensation | | | (66,682 | ) | | | (4,134 | ) | Other permanent differences | | | 54,147 | | | | (64,794 | ) | Acquisition financing | | | 455,901 | | | | — | | Prior year true-ups | | | 237,411 | | | | 2,083 | | | | $ | 37,790 | | | $ | 67,490 | |
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Deferred tax assets and liabilities |
| | Year Ended June 30, | | | | 2025 | | | 2024 | | Deferred tax assets: | | | | | | | Net operating loss carryforwards | | $ | 10,086,362 | | | $ | 9,544,000 | | Stock-based compensation | | | 315,311 | | | | 275,000 | | R&D and other credits | | | 1,954,068 | | | | 1,935,000 | | Capitalized R&D expenses | | | 1,203,265 | | | | 887,000 | | Inventories | | | 331,725 | | | | 200,698 | | Lease liability | | | 2,149,965 | | | | 2,096,540 | | Disallowed interest expense | | | 200,821 | | | | 87,000 | | Accrued expenses and other | | | 540,585 | | | | 69,000 | | Gross deferred tax assets | | | 16,782,102 | | | | 15,094,238 | | Valuation allowance for deferred tax assets | | | (13,963,557 | ) | | | (12,083,000 | ) | Total deferred tax assets | | | 2,818,545 | | | | 3,011,238 | | Deferred tax liabilities: | | | | | | | | | Depreciation and other | | | (321,825 | ) | | | (602,895 | ) | Right-of-use asset | | | (2,212,710 | ) | | | (2,102,540 | ) | Intangible assets | | | (414,199 | ) | | | (509,000 | ) | Total deferred tax liabilities | | | (2,948,734 | ) | | | (3,214,435 | ) | Net deferred tax assets (liabilities) | | $ | (130,189 | ) | | $ | (203,197 | ) |
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