General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.19.3.a.u2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]  
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)   $ -     $ -