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 |
Deferred income taxes
reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting
purposes and amounts used for income tax purposes. 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) |
|
$ |
- |
|
|
$ |
- |
|
|