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

INCOME TAXES (Tables)

v3.23.3
INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2023
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, 2023 and 2022 is as follows:

 

US   June 30, 2023     June 30, 2022  
    Year Ended  
US   June 30, 2023     June 30, 2022  
Loss before Income taxes   $ (2,790,407 )   $ (2,658,087 )
                 
Taxes under statutory US tax rates   $ (585,986 )   $ (558,198 )
Increase (decrease) in valuation allowance     861,178       339,334  
Prior period adjustment     (218,947 )     -  
Foreign tax rate differential     (60,316 )     (64,349 )
Income tax rate change     -       272,008  
Other     4,071       11,205  
Income tax (expense) benefit   $ -     $ -  
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

    June 30, 2023     June 30, 2022  
    Year Ended  
    June 30, 2023     June 30, 2022  
Deferred tax assets            
Warrant Derivative Liability   $ 7,403     $ 7,403  
Accrued Expenses     478,273       363,873  
Prepaid Investor Services     575,021       427,318  
Non-cash interest     758,797       709,936  
Intangibles (Intellectual Property and Patent Cost)     321,557       293,260  
Deferred Rent     4,550       4,198  
Formation Expense     6,553       6,553  
Net Operating Loss carryforward     8,910,873       8,759,357  
Foreign Exchange Loss (OCI)     (39,379 )     (39,379 )
Revalue of derivative liability     572,141       460,772  
Stock Based Compensation     84,028       84,028  
Total Deferred tax assets   $ 11,679,818     $ 11,077,318  
                 
Deferred tax liabilities                
Research and Development   $ (202,568 )   $ (170,435 )
Gain on extinguishment of debt     47,393       (259,470 )
Capital Raising Costs     (369,033 )     (352,981 )
Total deferred tax liabilities   $ (524,208 )   $ (782,886 )
                 
Net deferred tax assets   $ 11,155,610     $ 10,294,432  
Valuation allowance     (11,155,610 )     (10,294,432 )
Net deferred tax assets   $ -     $ -