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:
SCHEDULE OF INCOME TAX PROVISION
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 |
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 |
|
$ |
- |
|
|
$ |
- |
|
|