| Schedule of Components of Income Tax Expense (Benefits) |
The components
for the provision for income taxes are as follows:
| |
|
Year Ended |
|
| |
|
June 30, 2018 |
|
|
June 30, 2017 |
|
| |
|
|
|
|
|
|
| Current Taxes |
|
$ |
(278,320 |
) |
|
$ |
(305,673 |
) |
| Deferred Taxes |
|
|
- |
|
|
|
- |
|
| Income Taxes Expense (Benefit) |
|
$ |
(278,320 |
) |
|
$ |
(305,673 |
) |
|
| 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, 2018 |
|
|
June 30, 2017 |
|
| |
|
Amount |
|
|
Impact on
Rate
|
|
|
Amount |
|
|
Impact on
Rate
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income Tax Expense (Benefit) at Australia Statutory Rate |
|
$ |
(2,325,482 |
) |
|
|
(32.22 |
)% |
|
$ |
(1,830,192 |
) |
|
|
(22.39 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses Paid by Parent on Behalf of Foreign Subsidiary |
|
|
159,944 |
|
|
|
2.22 |
% |
|
|
922,125 |
|
|
|
11.28 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| R&D Refundable Tax Credit |
|
|
(179,307 |
) |
|
|
(2.48 |
)% |
|
|
(305,673 |
) |
|
|
(3.74 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reduction of NOL Carryforward Due to R&D Tax Credit |
|
|
179,307 |
|
|
|
2.48 |
% |
|
|
305,673 |
|
|
|
3.74 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in Federal Tax Rates |
|
|
(99,013 |
) |
|
|
(1.37 |
)% |
|
|
- |
|
|
|
0.00 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in Deferred Tax Valuation Allowance |
|
|
1,005,570 |
|
|
|
13.93 |
% |
|
|
881,596 |
|
|
|
10.79 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign Exchange Rate Changes |
|
|
980,661 |
|
|
|
13.59 |
% |
|
|
(279,202 |
) |
|
|
(3.42 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Income Tax Expense (Benefit) |
|
$ |
(278,320 |
) |
|
|
(3.86 |
)% |
|
$ |
(305,673 |
) |
|
|
(3.74 |
)% |
|
| Schedule of Deferred Income Taxes |
Significant
components of the Company’s net deferred income taxes are as follows:
| |
|
June 30, 2018 |
|
|
June 30, 2017 |
|
| Current Deferred Tax Assets |
|
|
|
|
|
|
|
|
| Warrant Derivative Liability |
|
$ |
7,403 |
|
|
$ |
8,460 |
|
| Provision for Annual Leave |
|
|
44,969 |
|
|
|
36,190 |
|
| Superannuation |
|
|
4,041 |
|
|
|
99 |
|
| Total Current Deferred Tax Assets |
|
$ |
56,413 |
|
|
$ |
44,749 |
|
| |
|
|
|
|
|
|
|
|
| Current Deferred Tax Liabilities |
|
|
|
|
|
|
|
|
| Prepaid Investor Services |
|
$ |
18,378 |
|
|
$ |
16,966 |
|
| Total Current Deferred Tax Liabilities |
|
$ |
18,378 |
|
|
$ |
16,966 |
|
| |
|
|
|
|
|
|
|
|
| Non-Current Deferred Tax Assets |
|
|
|
|
|
|
|
|
| Prepaid Investor Services |
|
$ |
335,175 |
|
|
$ |
426,664 |
|
| Capital Raising Costs |
|
|
23,559 |
|
|
|
23,325 |
|
| Legal Costs |
|
|
23,885 |
|
|
|
23,648 |
|
| Intellectual Property |
|
|
11,760 |
|
|
|
11,643 |
|
| Patent Costs |
|
|
171,195 |
|
|
|
128,950 |
|
| Formation Expense |
|
|
7,208 |
|
|
|
6,881 |
|
| Net Operating Loss Carryover |
|
|
5,668,743 |
|
|
|
4,215,141 |
|
| Foreign Exchange Loss (OCI) |
|
|
(39,379 |
) |
|
|
(39,379 |
) |
| Total Non-Current Deferred Tax Assets |
|
|
6,202,146 |
|
|
|
4,796,873 |
|
| Deferred Tax Valuation Allowance |
|
|
(6,276,937 |
) |
|
|
(4,858,588 |
) |
| Total Non-Current Deferred Tax Assets |
|
|
(74,791 |
) |
|
|
(61,715 |
) |
| |
|
|
|
|
|
|
|
|
| Total Deferred Tax Assets (Net) |
|
$ |
- |
|
|
$ |
- |
|
|