| 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, 2022 and 2021 is as follows:
SCHEDULE OF INCOME TAX PROVISION
| |
|
|
|
|
|
|
|
|
| |
|
Year Ended |
|
| US |
|
June 30, 2022 |
|
|
June 30, 2021 |
|
| Loss before Income taxes |
|
$ |
(2,658,087 |
) |
|
$ |
(2,025,947 |
) |
| |
|
|
|
|
|
|
|
|
| Taxes under statutory US tax rates |
|
$ |
(558,198 |
) |
|
$ |
(425,449 |
) |
| Increase (decrease) in valuation allowance |
|
|
339,334 |
|
|
|
1,146,001 |
|
| Prior period adjustment |
|
|
- |
|
|
|
(1,063,710 |
) |
| Foreign tax rate differential |
|
|
(64,349 |
) |
|
|
(51,169 |
) |
| Income tax rate change |
|
|
272,008 |
|
|
|
392,767 |
|
| Other |
|
|
11,205 |
|
|
|
1,559 |
|
| Income tax (expense) benefit |
|
$ |
- |
|
|
$ |
- |
|
|
| SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES
| |
|
|
|
|
|
|
|
|
| |
|
Year Ended |
|
| |
|
June 30, 2022 |
|
|
June 30, 2021 |
|
| Deferred tax assets |
|
|
|
|
|
|
|
|
| Warrant Derivative Liability |
|
$ |
7,403 |
|
|
$ |
7,403 |
|
| Accrued Expenses |
|
|
363,873 |
|
|
|
342,464 |
|
| Prepaid Investor Services |
|
|
427,318 |
|
|
|
444,411 |
|
| Non-cash interest |
|
|
709,936 |
|
|
|
687,529 |
|
| Intangibles (Intellectual Property and Patent Cost) |
|
|
293,260 |
|
|
|
259,743 |
|
| Deferred Rent |
|
|
4,198 |
|
|
|
4,262 |
|
| Formation Expense |
|
|
6,553 |
|
|
|
6,815 |
|
| Net Operating Loss carryforward |
|
|
8,759,357 |
|
|
|
8,546,920 |
|
| Foreign Exchange Loss (OCI) |
|
|
(39,379 |
) |
|
|
(39,379 |
) |
| Revalue of derivative liability |
|
|
460,772 |
|
|
|
439,958 |
|
| Stock Based Compensation |
|
|
84,028 |
|
|
|
51,481 |
|
| Total Deferred tax assets |
|
$ |
11,077,318 |
|
|
$ |
10,751,607 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities |
|
|
|
|
|
|
|
|
| R&D |
|
$ |
(170,435 |
) |
|
$ |
(197,604 |
) |
| Gain on extinguishment of debt |
|
|
(259,470 |
) |
|
|
(277,614 |
) |
| Capital Raising Costs |
|
|
(352,981 |
) |
|
|
(321,291 |
) |
| Total deferred tax liabilities |
|
$ |
(782,886 |
) |
|
$ |
(796,509 |
) |
| |
|
|
|
|
|
|
|
|
| Net deferred tax assets |
|
$ |
10,294,432 |
|
|
$ |
9,955,098 |
|
| Valuation allowance |
|
|
(10,294,432 |
) |
|
|
(9,955,098 |
) |
| Net deferred tax assets |
|
$ |
- |
|
|
$ |
- |
|
|