Income Taxes (Tables)
|
12 Months Ended |
Jun. 30, 2026 |
|---|
| Income Taxes [Abstract] |
|
| Schedule of Components of Loss Before Income Taxes |
The components of loss before income taxes for the years ended June 30, 2026 and 2025 are as follows:
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
U.S. |
|
$ |
(8,254,064 |
) |
|
$ |
(7,111,507 |
) |
Non - U.S. |
|
|
(5,337,040 |
) |
|
|
6,273,509 |
|
Total |
|
$ |
(13,591,104 |
) |
|
$ |
(837,998 |
) |
|
| Schedule of Components of Income Tax Benefit |
The components of income tax benefit for the years ended June 30, 2026 and 2025 are as follows:
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
Current: |
|
|
|
|
|
|
Current, Non - U.S. |
|
$ |
- |
|
|
$ |
(61 |
) |
Total current |
|
$ |
- |
|
|
$ |
(61 |
) |
|
|
|
|
|
|
|
Deferred: |
|
|
|
|
|
|
Deferred, U.S. |
|
$ |
1,533,035 |
|
|
$ |
532,004 |
|
Deferred, state |
|
|
474,651 |
|
|
|
113,698 |
|
Deferred, Non - U.S. |
|
|
1,084,443 |
|
|
|
(925,293 |
) |
Less: Change in valuation allowance |
|
|
(2,952,956 |
) |
|
|
748,018 |
|
Total deferred |
|
$ |
139,173 |
|
|
$ |
468,427 |
|
|
|
|
|
|
|
|
Total income tax benefit |
|
$ |
139,173 |
|
|
$ |
468,366 |
|
Effective income tax rate |
|
|
1.0 |
% |
|
|
55.9 |
% |
|
| Schedule of Reconciliation Between Income Tax Benefit and the Expected Tax Benefit |
The items accounting for the difference between income taxes computed at the U.S. federal statutory rate and our effective rate for the year ended June 30, 2026, pursuant to the requirements of ASU 2023-09, are as follows:
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended |
|
|
|
June 30, 2026 |
|
Federal statutory tax rate |
|
$ |
2,854,131 |
|
|
|
21.0 |
% |
Effect of: |
|
|
|
|
|
|
State and local income tax, net of federal income tax effect (1) |
|
|
474,652 |
|
|
|
3.5 |
% |
Foreign tax effects (Australia): |
|
|
|
|
|
|
Statutory tax rate difference |
|
|
97,967 |
|
|
|
0.7 |
% |
Exempt income from government assistance (R&D) |
|
|
202,695 |
|
|
|
1.5 |
% |
Net gain arising on changes in fair value of contingent consideration |
|
|
50,335 |
|
|
|
0.4 |
% |
Research & development expenditures |
|
|
(465,964 |
) |
|
|
(3.4 |
)% |
Project costs |
|
|
230,030 |
|
|
|
1.7 |
% |
Temporary difference not recorded as an asset |
|
|
455,162 |
|
|
|
3.3 |
% |
Change in valuation allowance |
|
|
(1,084,443 |
) |
|
|
(8.0 |
)% |
Goodwill impairment |
|
|
(606,454 |
) |
|
|
(4.5 |
)% |
Other |
|
|
(104 |
) |
|
|
- |
% |
Changes in U.S. valuation allowance |
|
|
(1,911,267 |
) |
|
|
(14.1 |
)% |
Nontaxable or nondeductible items: |
|
|
|
|
|
|
Warrant arrant liability fair value adjustment |
|
|
363,367 |
|
|
|
2.7 |
% |
Goodwill impairment |
|
|
(519,565 |
) |
|
|
(3.8 |
)% |
Other adjustments |
|
|
(1,369 |
) |
|
|
- |
% |
Total income tax benefit |
|
$ |
139,173 |
|
|
|
1.0 |
% |
(1) State taxes in Massachusetts made up the majority (greater than 50 percent) of the tax effect in this category. The following table presents a reconciliation of the provision (benefit) for income taxes to taxes computed at the U.S. federal statutory rate before adoption of ASU 2023-09:
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|
|
|
|
|
|
|
|
|
For the Year Ended |
|
|
|
June 30, 2025 |
|
Loss before taxes |
|
$ |
(837,998 |
) |
|
|
|
|
|
|
|
|
|
|
Income tax rate reconciliation: |
|
|
|
|
|
|
Benefit at statutory rate |
|
$ |
175,980 |
|
|
|
21.0 |
% |
State tax expense |
|
|
113,698 |
|
|
|
13.6 |
% |
Fair value adjustment on warrant liability |
|
|
200,831 |
|
|
|
24.0 |
% |
Global intangible low-taxed income inclusion |
|
|
(508,437 |
) |
|
|
(60.7 |
)% |
Exempt income from government assistance (R&D) |
|
|
76,615 |
|
|
|
9.1 |
% |
Net gain arising on changes in fair value of contingent consideration |
|
|
(183,079 |
) |
|
|
(21.8 |
)% |
Share-based compensation |
|
|
(11,463 |
) |
|
|
(1.4 |
)% |
Research & development expenditures |
|
|
(231,386 |
) |
|
|
(27.6 |
)% |
Project costs |
|
|
301,513 |
|
|
|
36.0 |
% |
Temporary difference not recorded as an asset |
|
|
(270,470 |
) |
|
|
(32.3 |
)% |
Withholding taxes deducted from fees overseas |
|
|
(62 |
) |
|
|
- |
% |
Effect of different tax rates of subsidiaries operating in other jurisdictions |
|
|
(97,032 |
) |
|
|
(11.6 |
)% |
Change in valuation |
|
|
748,018 |
|
|
|
89.3 |
% |
RTP Eclipse true-up |
|
|
154,211 |
|
|
|
18.4 |
% |
Other |
|
|
(571 |
) |
|
|
(0.1 |
)% |
Total income tax benefit |
|
$ |
468,366 |
|
|
|
55.9 |
% |
|
| Schedule of Deferred Tax Liabilities |
The principal components of the Company’s deferred tax liabilities at June 30, 2026 and 2025 are as follows:
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
Deferred tax assets: |
|
|
|
|
|
|
U.S. Net Operating Loss |
|
$ |
2,823,662 |
|
|
$ |
962,686 |
|
Non - U.S. Net Operating Loss |
|
|
22,086,265 |
|
|
|
23,891,685 |
|
Undeducted Capital Expenditures |
|
|
698,922 |
|
|
|
1,418,616 |
|
Provision for leave |
|
|
- |
|
|
|
78,891 |
|
Accrued Expenses |
|
|
2,512 |
|
|
|
9,091 |
|
Patent costs |
|
|
410,173 |
|
|
|
470,594 |
|
Unrealized loss on foreign currency |
|
|
127,126 |
|
|
|
- |
|
U.S. tax Credit |
|
|
32,061 |
|
|
|
32,061 |
|
Other adjustments |
|
|
- |
|
|
|
93,152 |
|
Total deferred tax assets |
|
|
26,180,721 |
|
|
|
26,956,776 |
|
|
|
|
|
|
|
|
Deferred tax liabilities |
|
|
|
|
|
|
Eclipse acquisition |
|
|
1,131,611 |
|
|
|
1,312,669 |
|
Provision for leave |
|
|
4,140 |
|
|
|
- |
|
Other adjustments |
|
|
15 |
|
|
|
- |
|
Accrued interest income |
|
|
- |
|
|
|
60 |
|
Total deferred tax liability |
|
|
1,135,766 |
|
|
|
1,312,729 |
|
|
|
|
|
|
|
|
Less: Valuation allowance |
|
|
25,400,895 |
|
|
|
26,139,160 |
|
Net deferred tax liability |
|
$ |
355,940 |
|
|
$ |
495,113 |
|
|