Income Taxes (Tables)
|
12 Months Ended |
Jun. 30, 2026 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of the Income Tax Benefit |
Schedule of Components of the Income Tax Benefit
| | |
June
30, 2026 | | |
June
30, 2025 | |
| Current | |
$ | - | | |
$ | - | |
| Deferred | |
| | | |
| | |
| Federal | |
| (13,864,000 | ) | |
| - | |
| State | |
| (6,224,000 | ) | |
| - | |
| Total income tax provision (benefit) | |
| (20,088,000 | ) | |
| - | |
| Change
in valuation allowance | |
| 20,088,000 | | |
| - | |
| Income
tax provision (benefit) | |
$ | - | | |
$ | - | |
|
| Schedule of Deferred Tax Assets and Liabilities |
The
components of deferred tax assets and liabilities at June 30, 2026 and 2025 were approximately as follows:
Schedule of Deferred Tax Assets and Liabilities
| | |
June
30, 2026 | | |
June
30, 2025 | |
| Bad debt | |
$ | 57,000 | | |
$ | 56,000 | |
| Amortization
of debt discount | |
| - | | |
| 93,000 | |
| Share
based payments | |
| 123,000 | | |
| 453,000 | |
| Change in fair value of derivative liabilities | |
| 489,000 | | |
| 53,000 | |
| Net operating loss carryforward | |
| 13,475,000 | | |
| 6,686,000 | |
| Goodwill | |
| 13,700,000 | | |
| - | |
| Accrued expenses | |
| 38,000 | | |
| - | |
| Operating lease liabilities | |
| 562,000 | | |
| - | |
| Total
deferred tax assets | |
| 28,444,000 | | |
| 7,341,000 | |
| Intangibles | |
| (220,000 | ) | |
| (284,000 | ) |
| Right-of-use asset | |
| (488,000 | ) | |
| - | |
| Debt discount | |
| (591,000 | ) | |
| - | |
| Total
deferred tax liabilities | |
| (1,299,000 | ) | |
| (284,000 | ) |
| Deferred tax assets - net | |
| 27,145,000 | | |
| 7,057,000 | |
| Less:
valuation allowance | |
| (27,145,000 | ) | |
| (7,057,000 | ) |
| Deferred tax asset - net | |
$ | - | | |
$ | - | |
|
| Schedule of Reconciliation of Provision for Income Tax |
A reconciliation of the income tax benefit computed at the U.S. federal statutory rate of 21% to the income tax provision
(benefit), in amounts and as a percentage of loss from continuing operations before income taxes, for the years ended June 30, 2026 and
2025 is as follows:
Schedule of Reconciliation of Provision for Income Tax
| | |
| | | |
| | | |
| | | |
| | |
| | |
June
30, 2026 | | |
June
30, 2025 | |
| | |
Amount | | |
Percent | | |
Amount | | |
Percent | |
| Federal
income tax benefit at the statutory rate - 21% | |
$ | (17,777,000 | ) | |
| 21.00 | % | |
$ | (1,667,000 | ) | |
| 21.00 | % |
| State income
tax benefit, net of federal benefit (California) | |
| (5,912,000 | ) | |
| 6.98 | % | |
| (554,000 | ) | |
| 6.98 | % |
| California
permanent differences | |
| 1,302,000 | | |
| (1.54 | )% | |
| - | | |
| - | |
| California net operating loss carryforwards | |
| (1,614,000 | ) | |
| 1.91 | % | |
| - | | |
| - | |
| Change in
California valuation allowance | |
| 6,224,000 | | |
| (7.35 | )% | |
| - | | |
| - | |
| Nontaxable
or nondeductible items - other | |
| 911,000 | | |
| (1.08 | )% | |
| 2,610,000 | | |
| (32.89 | )% |
| Nondeductible
share-based compensation | |
| 838,000 | | |
| (0.99 | )% | |
| - | | |
| - | |
| Nondeductible
goodwill impairment | |
| 2,164,000 | | |
| (2.56 | )% | |
| - | | |
| - | |
| Change in
federal valuation allowance | |
| 13,864,000 | | |
| (16.37 | )% | |
| (389,000 | ) | |
| 4.91 | % |
| Income tax
provision (benefit) | |
$ | - | | |
| 0.00 | % | |
$ | - | | |
| 0.00 | % |
|