Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.2
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2023
Income Taxes [Abstract]  
Schedule of Income Tax Expense The components of income tax expense (benefit) for the years ended June 30, 2023 and June 30, 2022 are as follows (in thousands):
    June 30,
2023		     June 30,
2022		  
Current:            
Federal   $ (38 )   $ 134  
State and Local     (16 )     15  
Total Current Tax Provision (Benefit)     (54 )     149  
                 
Deferred:                
Federal     (2,179 )     (2,000 )
State and Local     (215 )     18  
Total Deferred Tax Provision (Benefit)     (2,394 )     (1,982 )
                 
Total Tax Provision (Benefit)   $ (2,448 )   $ (1,833 )
Schedule of Statutory Federal Income Tax Rate to Income Before the Provision for/(Benefit from) Income Taxes The provision for/(benefit from) income tax differs from the amount computed by applying the statutory federal income tax rate to income before the provision for/(benefit from) income taxes. The sources and tax effects of the differences are as follows:
   

For the
Year Ended

June 30,
2023

    

For the
Year Ended

June 30,
2022

  
Income taxes at Federal statutory rate     (21.00 )%     (21.00 )%
State income taxes, net of Federal income tax benefit     (1.35 )%     (0.29 )%
Tax Credits     (1.56 )%     (1.49 )%
Stock-based compensation     1.21 %     0.28 %
Other     (0.53 )%     0.14 %
Change in Valuation Allowance     19.15 %     19.32 %
Effect of changes in income tax rate applied to net deferred taxes     0.37 %     0.04 %
Income Tax Provision     (3.71 )%     (3.00 )%
Schedule of Deferred Tax Assets and Liabilities The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities are as follows, (in thousands):
    June 30,
2023		     June 30,
2022		  
Deferred Tax Assets            
Net Operating Loss Carryforwards   $ 53,755     $ 47,031  
Stock-based compensation     4,373       3,680  
Credits     3,753       2,725  
Research and development expenditures     8,145      
—
  
Other     1,387       1,022  
      71,413       54,458  
Deferred Tax Liabilities                
Intangibles     (3,338 )     (1,808 )
Accumulated depreciation/basis differences     (9,945 )     (7,158 )
      (13,283 )     (8,966 )
                 
Valuation Allowance     (58,130 )     (45,492 )
Net Deferred Tax Assets   $
—
     $
—
  
Schedule of Gross Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the years ended June 30, 2023 and June 30, 2022 is as follows (in thousands):
    June 30,
2023		     June 30,
2022		  
Beginning Balance   $ 427     $ 326  
Additions based on positions related to the current year     70       80  
Additions for tax positions in prior years     44       21  
Reductions for tax positions in prior years    
—
      
—
  
Expiration of statute of limitations    
—
      
—
  
Ending Balance   $ 541     $ 427