| Schedule of Components of Income Tax Expense (Benefits) |
The components for
the provision for income taxes are as follows:
| |
|
Year Ended |
|
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2017 |
|
|
2016 |
|
| |
|
|
|
|
|
|
| Current Taxes |
|
$ |
(305,673 |
) |
|
$ |
(72,538 |
) |
| Deferred Taxes |
|
|
- |
|
|
|
- |
|
| Income Taxes Expense (Benefit) |
|
$ |
(305,673 |
) |
|
$ |
(72,538 |
) |
|
| Schedule of Difference Between Income Taxes and Provision For Income Taxes |
The items accounting
for the difference between income taxes at the Australia statutory rate and the provision for income taxes are as follows:
| |
|
Year Ended |
|
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2017 |
|
|
2016 |
|
| |
|
Amount |
|
|
Impact on
Rate
|
|
|
Amount |
|
|
Impact on
Rate
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income Tax Expense (Benefit) at Australia Statutory Rate |
|
$ |
(1,830,192 |
) |
|
|
(22.39 |
)% |
|
$ |
(2,190,750 |
) |
|
|
(23.10 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses Paid by Parent on Behalf of Foreign Subsidiary |
|
|
922,125 |
|
|
|
11.28 |
% |
|
|
1,113,419 |
|
|
|
11.74 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| R&D Refundable Tax Credit |
|
|
(305,673 |
) |
|
|
(3.74 |
)% |
|
|
(72,538 |
) |
|
|
(0.76 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reduction of NOL Carryforward Due to R&D Tax Credit |
|
|
305,673 |
|
|
|
3.74 |
% |
|
|
72,538 |
|
|
|
0.76 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in Deferred Tax Valuation Allowance |
|
|
881,596 |
|
|
|
10.79 |
% |
|
|
900,761 |
|
|
|
9.50 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign Exchange Rate Changes |
|
|
(279,202 |
) |
|
|
(3.42 |
)% |
|
|
104,032 |
|
|
|
1.10 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Income Tax Expense (Benefit) |
|
$ |
(305,673 |
) |
|
|
(3.74 |
)% |
|
$ |
(72,538 |
) |
|
|
(0.76 |
)% |
|
| Schedule of Deferred Income Taxes |
Significant components
of the Company's net deferred income taxes are as follows:
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2017 |
|
|
2016 |
|
| Current Deferred Tax Assets |
|
|
|
|
|
|
|
|
| Warrant Derivative Liability |
|
$ |
8,460 |
|
|
$ |
23,818 |
|
| Provision for Annual Leave |
|
|
36,190 |
|
|
|
27,966 |
|
| Superannuation |
|
|
99 |
|
|
|
- |
|
| Total Current Deferred Tax Assets |
|
$ |
44,749 |
|
|
$ |
51,784 |
|
| |
|
|
|
|
|
|
|
|
| Current Deferred Tax Liabilities |
|
|
|
|
|
|
|
|
| Prepaid Investor Services |
|
$ |
16,966 |
|
|
$ |
6,198 |
|
| Total Current Deferred Tax Liabilities |
|
$ |
16,966 |
|
|
$ |
6,198 |
|
| |
|
|
|
|
|
|
|
|
| Non-Current Deferred Tax Assets |
|
|
|
|
|
|
|
|
| Prepaid Investor Services |
|
$ |
426,664 |
|
|
$ |
378,409 |
|
| Capital Raising Costs |
|
|
23,325 |
|
|
|
22,489 |
|
| Legal Costs |
|
|
23,648 |
|
|
|
22,801 |
|
| Intellectual Property |
|
|
11,643 |
|
|
|
11,226 |
|
| Patent Costs |
|
|
128,950 |
|
|
|
91,408 |
|
| Formation Expense |
|
|
6,881 |
|
|
|
6,881 |
|
| Net Operating Loss Carryover |
|
|
4,215,141 |
|
|
|
4,155,936 |
|
| Foreign Exchange Loss (OCI) |
|
|
(39,379 |
) |
|
|
(39,379 |
) |
| Total Non-Current Deferred Tax Assets |
|
|
4,796,873 |
|
|
|
4,649,771 |
|
| Deferred Tax Valuation Allowance |
|
|
(4,858,588 |
) |
|
|
(4,707,753 |
) |
| Total Non-Current Deferred Tax Assets |
|
|
(61,715 |
) |
|
|
(57,982 |
) |
| |
|
|
|
|
|
|
|
|
| Total Deferred Tax Assets (Net) |
|
$ |
- |
|
|
$ |
- |
|
|