Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision

The reconciliation of income tax expense computed at the U.S. federal statutory rate of 21% to the income tax provision for the years ended June 30, 2020 and 2019 is as follows:

 

    Year Ended  
    June 30, 2020     June 30, 2019  
                 
Taxes under statutory US tax rates   $ (995,552 )   $ (1,209,258 )
Increase (decrease) in valuation allowance     1,137,716       1,394,444  
Prior period adjustment     (14,624 )     -  
Foreign tax rate differential     (128,492 )     (186,286 )
Other     952       1,100  
Income tax (expense) benefit   $ -     $ -  
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, 2020     June 30, 2019  
Deferred tax assets                
Warrant Derivative Liability   $ 7,403     $ 7,403  
Accrued Expenses     297,086       198,193  
Prepaid Investor Services     470,050       414,396  
Non-cash interest     596,004       -  
Intangibles (Intellectual Property and Patent Cost)     240,428       212,881  
Deferred Rent     1,969       -  
Formation Expense     7,208       7,208  
Net Operating Loss carry forward     7,438,911       6,573,215  
Foreign Exchange Loss (OCI)     (39,379 )     (39,379 )
Revalue of derivative liability     438,239       519,151  
Stock Based Compensation     51,481       51,481  
Total Deferred tax assets   $ 9,509,400     $ 7,944,549  
                 
Deferred tax liabilities                
R&D   $ (177,702 )   $ (139,833 )
Gain on extinguishment of debt     (266,987 )     -  
Capital Raising Costs     (255,614 )     (133,335 )
Total deferred tax liabilities   $ (700,303 )   $ (273,168 )
                 
Net deferred tax assets   $ 8,809,097     $ 7,671,381  
Valuation allowance     (8,809,097 )     (7,671,381 )
Net deferred taxes   $ -     $ -