v3.26.3
Provision for Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2026
Provision for Income Taxes [Abstract]  
Schedule of Components of the Provision for Income Taxes

A summary of the components of the provision for income taxes for the years ended June 30, 2026 and 2025 is as follows:

 

    2026     2025  
Current tax expense - federal   $ 2,270,703     $ 1,882,969  
Current tax expense - state     1,713       9,606  
Current tax expense     2,272,416       1,892,575  
Deferred tax benefit - federal     (136,839 )     (306,865 )
Provision for income taxes   $ 2,135,577     $ 1,585,710  

Cash payments, net of refunds by jurisdiction for years ending June 30, 2026 and 2025 is as follows:

 

    2026     2025  
U.S. Federal   $ 2,990,264     $ 1,815,000  
U.S. State and Local                
Florida     25,313       2,000  
Other States     —       (1,268 )
Total cash paid for Income taxes, net   $ 3,015,577     $ 1,815,732  
Schedule of Effective Income Tax Rates

The combined U.S. federal and state effective income tax rates of 16.0% and 16.3%, for 2026 and 2025 respectively, differed from the statutory U.S. federal income tax rate for the following reasons:

  

    2026 Amount   2026 Percent
U.S. federal statutory income tax rate     2,796,196       21.00 %
State and local income tax     1,713       0.05  
Effects of cross-border tax laws     (78,298 )     (0.60 )
Non-deductible, Non-taxable items                
ESOP dividend payment     (135,398 )     (1.00 )
ESOP cost versus fair market value     146,297       1.10  
Stock based compensation (including windfalls and shortfalls on stock option exercises)     (565,745 )     (4.30 )
Other non-deductible, non-taxable items     4,110       0.05  
Other Items     (33,297 )     (0.30 )
Effective tax rate     2,135,577     16.00 %

 

    2025 Amount   2025 Percent
U.S. federal statutory income tax rate     2,043,019       21.00 %
State and local income tax     7,588       0.10  
Effects of cross-border tax laws     (53,292 )     (0.50 )
Non-deductible, non-taxable items                
ESOP dividend payment     (62,533 )     (0.70 )
ESOP cost versus fair market value     47,487       0.50  
Stock based compensation (including windfalls and shortfalls on stock option exercises)     (368,631 )     (3.80 )
Other non-deductible, non-taxable items     2,939       0.03  
Other items     (30,868 )     (0.30 )
Effective tax rate     (1,585,710 )     16.30 %
Schedule of Deferred Tax Assets and Liabilities The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of June 30, 2026 and 2025 are presented as follows:
    2026     2025  
Deferred tax assets:                
Accrued expenses   $ 240,610     $ 171,491  
ESOP     43,650       39,113  
Property, plant and equipment - principally due to differences in depreciation methods     1,030,491       1,023,074  
                 
Inventory - effect of uniform capitalization     57,452       —  
Stock-based compensation     29,387       38,568  
Total deferred tax assets   $ 1,401,590     $ 1,272,246  
                 
Deferred tax liability:                
Inventory - effect of uniform capitalization     —       25,477  
Prepaid expenses     62,732       44,750  
Total deferred tax liability   $ 62,732     $ 70,227  
                 
Net deferred tax asset (liability)   $ 1,338,858     $ 1,202,019