Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.3
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2024
Income Taxes  
Schedule of Components of Income Tax Expense (Benefit)

For the Years Ended

June 30, 

 

2024

 

2023

Current – Federal and state

$

$

Deferred – Federal

    

(5,193)

    

(12,153)

Deferred – State

 

(102)

 

(637)

Total

 

(5,295)

 

(12,790)

Change in valuation allowance

 

5,295

 

12,790

Income tax expense

$

$

Schedule of Deferred Tax Assets and Liabilities

    

As of June 30, 

    

2024

2023

Deferred tax assets (liabilities):

Net operating loss

$

49,104

$

42,951

Share-based compensation

 

869

 

883

Capitalized research and development costs

3,408

2,775

Research and development tax credits

 

1,764

 

1,764

Investment in equity security

404

395

Property, plant and equipment

(830)

121

Intangible assets

 

(138)

 

(42)

Operating and finance lease liabilities

797

1,363

Operating and finance lease ROU assets

(629)

(1,184)

Accrued expenses

 

96

 

529

Contribution carryforward

5

Valuation allowance

 

(54,850)

 

(49,555)

Total

$

$

Schedule of Effective Income Tax Rate Reconciliation

    

Years Ended

June 30, 

    

2024

2023

Statutory federal income tax rate

 

21

%  

21

%

State taxes, net of federal benefit

 

2

%  

1

%

Expiration and forfeiture of stock options

(2)

%  

(2)

%

Change in valuation allowance

 

(21)

%  

(20)

%

Effective income tax rate

 

%  

%