Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.5.0.2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2016
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The domestic and foreign components of our income (loss) from continuing operations are as follows for the fiscal years ended:
 
June 30,
 
2016
 
2015
 
(In thousands)
United States
$
(4,454
)
 
$
(4,371
)
Australia
1,497

 
(16,146
)
United Kingdom
(371
)
 
(1,079
)
Net loss from continuing operations
$
(3,328
)
 
$
(21,596
)
Schedule of Effective Income Tax Rate Reconciliation
The following reconciles the Company's effective tax rate from continuing operations to the federal statutory tax rate for the fiscal years ended:
 
June 30,
 
2016
 
2015
 
(In thousands)
Tax provision computed per federal statutory rate
$
(1,131
)
 
$
(7,343
)
State taxes, net of federal benefit
(91
)
 
(153
)
Foreign rate differential
(8
)
 
908

Accounting Principles Board 23 adjustment

 
9,632

Change in valuation allowance
(668
)
 
(5,254
)
Foreign tax credit adjustment

 
(310
)
Net operating loss and capital loss adjustment
179

 
1,493

Impact of rate change
47

 
159

Foreign currency translation differential
838

 
1,255

Stock-based compensation forfeitures
621

 
545

Contingent consideration payable write-off

 
(630
)
Other items
213

 
(302
)
Consolidated income tax expense (benefit)
$

 
$

Schedule of Components of Income Tax Provision
The following summarizes components of our income tax provision for the fiscal years ended:
 
June 30,
 
2016
 
2015
 
(In thousands)
Consolidated current income tax provision

 

Consolidated deferred income tax provision

 

Consolidated income tax provision
$

 
$

 
 
 
 
The consolidated income tax provision is summarized as follows:
 
 
 
Continuing operations
$

 
$

Discontinued operations
$

 
$

 
 
 
 
Effective tax rate for continuing operations
%
 
%
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company's deferred tax assets and liabilities of continuing operations can be summarized as follows for the fiscal years ended:
 
June 30,
 
2016
 
2015
 
(In thousands)
Deferred tax liabilities:
 
 
 
Land, buildings and equipment
$

 
$

Foreign investments
(10,851
)
 
(7,451
)
Other items
(72
)
 
(128
)
Total deferred tax liabilities
(10,923
)
 
(7,579
)
 
 
 
 
Deferred tax assets:
 
 
 
Land, buildings and equipment
(21
)
 
(5
)
Asset retirement obligations

 

Net operating losses, capital losses, and foreign tax credit carry forwards
21,408

 
18,521

United Kingdom exploration costs and net operating losses
3,109

 
3,639

Investments
111

 
100

Stock option compensation
1,810

 
2,184

Australian capitalized legal costs
112

 
116

Other items
286

 
141

Total deferred tax asset
26,815

 
24,696

Valuation allowance
(15,892
)
 
(17,117
)
Net long-term deferred tax asset
$

 
$

Summary of Jurisdictions Subject to Income Tax Examination
As of June 30, 2016, the Company remains subject to examination in the following major tax jurisdictions for the tax years indicated below:
Jurisdiction
 
Tax Years Subject
 to Examination:
US Federal
 
2013 - 2015
Colorado
 
2012 - 2015
Maine
 
2013 - 2015
Montana
 
2014 - 2015
Australia
 
2012 - 2015
United Kingdom
 
2012 - 2015
Summary of Operating Loss and Tax Credit Carryforwards
At June 30, 2016, the Company had net operating loss and foreign tax credit carry forwards for US federal and state income tax purposes, respectively, which are scheduled to expire periodically as follows:
 
Federal Net Operating Losses
 
State Net Operating Losses
 
Federal Foreign Tax Credit
 
(In thousands)
Expires:
 
 
 
 
 
2017
$

 
$
8

 
$
310

2018

 
4,659

 

2019

 
559

 
1,411

2020

 
2,212

 
624

2021

 
27

 
1,443

2022

 
7,848

 
3,655

2023 and thereafter
22,209

 
8,690

 
1,668

Total
$
22,209

 
$
24,003

 
$
9,111