Income Taxes |
9 Months Ended |
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Mar. 31, 2023 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Note 16. Income Taxes
On January 1, 2023 (the “Closing Date”), Akoustis Technologies, Inc. (the “Company”) and its wholly-owned subsidiary, Akoustis, Inc. (the “Purchaser”), entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Grinding & Dicing Services, Inc. (“GDSI”) and the stockholders of GDSI (the “Sellers”). Pursuant to the Purchase Agreement, the Purchaser acquired all of the outstanding capital stock of GDSI (such acquisition, the “Transaction”).
The Company’s preliminary allocation of purchase price for this acquisition is included in Note 7 – Business Acquisition, and includes an approximately $2.4 million deferred tax liability related to the acquired identifiable intangible assets and fixed asset basis differences.
The Company’s income tax expense (benefit) was (2.4) million and ($2.4) million for the three and nine months ended March 31, 2023 respectively and ($128) thousand and ($70) thousand for the three and nine months ended March 31, 2022. The Company’s effective tax rate was 13.2% and 5.0% for the three and nine months ended March 31, 2023 and 0.9% and 0.2% for the three and nine months ended March 31, 2022.
The Company’s effective tax rate for the three and nine months ended March 31, 2023 and March 31, 2022, differed from the statutory rate primarily due to state taxes and changes in the valuation allowance against deferred tax assets. |
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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