Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2025
Income Taxes  
Schedule of Components of Income Tax Expense (Benefit)

For the Years Ended

June 30, 

 

2025

 

2024

Current – Federal and state

$

$

Deferred – Federal

    

(7,946)

    

(5,193)

Deferred – State

 

(596)

 

(102)

Total

 

(8,542)

 

(5,295)

Change in valuation allowance

 

8,542

 

5,295

Income tax expense

$

$

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

    

As of June 30, 

    

2025

2024

Deferred tax assets (liabilities):

Net operating loss

$

56,052

$

49,104

Share-based compensation

 

903

 

869

Capitalized research and development costs

5,144

3,408

Research and development tax credits

 

1,764

 

1,764

Investment in equity security

492

404

Property, plant and equipment

(866)

(830)

Intangible assets

 

(290)

 

(138)

Operating and finance lease liabilities

767

797

Operating and finance lease ROU assets

(593)

(629)

Accrued expenses

 

14

 

96

Contribution carryforward

5

5

Valuation allowance

 

(63,392)

 

(54,850)

Total

$

$

Schedule of Effective Income Tax Rate Reconciliation

    

Years Ended

June 30, 

    

2025

2024

Statutory federal income tax rate

 

21

%  

21

%

State taxes, net of federal benefit

 

3

%  

2

%

Expiration and forfeiture of stock options

(3)

%  

(2)

%

Change in effective rate of state taxes

25

%  

%

Change in valuation allowance

 

(46)

%  

(21)

%

Effective income tax rate

 

%  

%