Schedule of Income Tax Provision |
The
reconciliation of income tax expense computed at the U.S. federal statutory rate to the income tax provision for the years ended
June 30, 2019 and 2018 is as follows:
|
|
Year
Ended |
|
US |
|
June
30, 2019 |
|
|
June
30, 2018 |
|
Income
before Income taxes |
|
$ |
(5,758,369 |
) |
|
$ |
(7,039,155 |
) |
|
|
|
|
|
|
|
|
|
Taxes under statutory US tax rates |
|
$ |
(1,209,258 |
) |
|
$ |
(1,478,222 |
) |
Increase (decrease) in valuation allowance |
|
|
1,394,444 |
|
|
|
1,418,349 |
|
Change in Federal tax rates |
|
|
- |
|
|
|
(99,013 |
) |
Foreign tax rate differential |
|
|
(186,286 |
) |
|
|
(5,043 |
) |
Other |
|
|
1,100 |
|
|
|
(114,391 |
) |
Income tax (expense)
benefit |
|
$ |
- |
|
|
$ |
(278,320 |
) |
|
Schedule of Deferred Tax Assets and Liabilities |
Significant components of the Company’s deferred tax assets
and liabilities consist of the following:
|
|
Year
Ended |
|
|
|
June
30, 2019 |
|
|
June
30, 2018 |
|
Deferred tax assets |
|
|
|
|
|
|
|
|
Warrant Derivative Liability |
|
$ |
7,403 |
|
|
$ |
7,403 |
|
Provision for Annual Leave |
|
|
96,759 |
|
|
|
44,969 |
|
Superannuation |
|
|
9,473 |
|
|
|
4,041 |
|
Prepaid Investor Services |
|
|
414,396 |
|
|
|
353,553 |
|
Capital Raising Costs |
|
|
- |
|
|
|
23,559 |
|
Legal Costs |
|
|
91,961 |
|
|
|
23,885 |
|
Intellectual Property |
|
|
41,686 |
|
|
|
11,760 |
|
Patent Costs |
|
|
171,195 |
|
|
|
171,195 |
|
Formation Expense |
|
|
7,208 |
|
|
|
7,208 |
|
Net Operating Loss CF |
|
|
6,573,215 |
|
|
|
5,668,743 |
|
Foreign Exchange Loss (OCI) |
|
|
(39,379 |
) |
|
|
(39,379 |
) |
Revalue of derivative liability |
|
|
519,151 |
|
|
|
- |
|
Stock Based Compensation |
|
|
51,481 |
|
|
|
- |
|
Total Deferred tax
assets |
|
$ |
7,944,549 |
|
|
$ |
6,276,937 |
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities |
|
|
|
|
|
|
|
|
R&D |
|
$ |
(139,833 |
) |
|
$ |
- |
|
Capital Raising
Costs |
|
|
(133,335 |
) |
|
|
- |
|
Total deferred tax
liabilities |
|
$ |
(273,168 |
) |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Net deferred tax assets (liabilities) |
|
$ |
7,671,381 |
|
|
$ |
6,276,937 |
|
Valuation
allowance |
|
|
(7,671,381 |
) |
|
|
(6,276,937 |
) |
Net deferred
tax assets (liabilities) |
|
$ |
- |
|
|
$ |
- |
|
|