v3.25.2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2025
Income Taxes  
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)
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

 

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

 

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)