Schedule of differences between Income Taxes and the Provision for Income Taxes |
|
|
Year Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2012 |
|
|
2011 |
|
|
|
Amount |
|
|
Impact on Rate |
|
|
Amount |
|
|
Impact on Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense (Benefit) at Australia Statutory Rate |
|
$ |
(3,482,491) |
|
|
|
(30.00) |
% |
|
$ |
(670,967) |
|
|
|
(30.00) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Based Compensation |
|
|
- |
|
|
|
0.00 |
% |
|
|
- |
|
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R&D Refundable Tax Credit |
|
|
(173,928) |
|
|
|
(1.50) |
% |
|
|
(84,581) |
|
|
|
(3.78) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reduction of NOL Carryforward Due to R&D Tax Credit |
|
|
173,928 |
|
|
|
1.50 |
% |
|
|
84,581 |
|
|
|
3.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Tax Valuation Allowance |
|
|
3,211,114 |
|
|
|
27.66 |
% |
|
|
720,710 |
|
|
|
32.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Exchange Rate Changes |
|
|
97,449 |
|
|
|
0.84 |
% |
|
|
(134,324) |
|
|
|
(6.01) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Income Tax Expense (Benefit) |
|
$ |
(173,928) |
|
|
|
(1.50) |
% |
|
$ |
(84,581) |
|
|
|
(3.79) |
% |
|
Schedue of Deferred Income Taxes |
|
|
June 30, |
|
|
June 30, |
|
|
|
2012 |
|
|
2011 |
|
Current Deferred Tax Assets |
|
|
|
|
|
|
Provision for annual leave |
|
$ |
12,630 |
|
|
$ |
10,832 |
|
Superannuation |
|
|
4,114 |
|
|
|
- |
|
Total Current Deferred Tax Assets |
|
$ |
16,744 |
|
|
$ |
10,832 |
|
|
|
|
|
|
|
|
|
|
Current Deferred Tax Liabilities |
|
|
|
|
|
|
|
|
Prepaid Investor Services |
|
$ |
- |
|
|
$ |
(323,377) |
|
Prepaid expenses |
|
|
- |
|
|
|
- |
|
Prepaid insurance |
|
|
- |
|
|
|
- |
|
Accounts Payable/trade creditors |
|
|
- |
|
|
|
- |
|
Patent Costs |
|
|
- |
|
|
|
(226) |
|
Total Current Deferred Tax Liabilities |
|
$ |
- |
|
|
$ |
(323,603) |
|
|
|
|
|
|
|
|
|
|
Non-Current Deferred Tax Assets |
|
|
|
|
|
|
|
|
Prepaid Investor Services |
|
$ |
2,284,981 |
|
|
|
- |
|
Capital Raising Costs |
|
|
30,870 |
|
|
|
32,195 |
|
Legal Costs |
|
|
30,948 |
|
|
|
32,277 |
|
Intellectual Property |
|
|
15,410 |
|
|
|
16,071 |
|
Patent Costs |
|
|
23,518 |
|
|
|
- |
|
Formation Expense |
|
|
9,445 |
|
|
|
9,850 |
|
Net Operating Loss Carryover |
|
|
1,893,262 |
|
|
|
1,316,442 |
|
Foreign Exchange Loss (OCI) |
|
|
107,675 |
|
|
|
36,056 |
|
Total Non-Current Deferred Tax Assets |
|
|
4,396,109 |
|
|
|
1,422,891 |
|
Deferred Tax Valuation Allowance |
|
|
(4,412,853) |
|
|
|
(1,130,120) |
|
Total Non-Current Deferred Tax Assets |
|
|
(16,744) |
|
|
|
312,771 |
|
|
|
|
|
|
|
|
|
|
Total Deferred Tax Assets (Net) |
|
$ |
- |
|
|
$ |
- |
|
|