Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.2
INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2025
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, 2025 and 2024 is as follows:

 

US   June 30, 2025             June 30, 2024          
    Year Ended          
  June 30, 2025     %     June 30, 2024     %  
Loss before Income taxes   $ (58,923,300 )             (1,820,528 )        
                                 
Taxes under statutory US tax rates   $ (12,373,893 )     21 %   $ (393,732 )     0.7 %
Increase (decrease) in valuation allowance     12,383,827       (21 )%     306,682       (0.5 )%
Foreign tax rate differential     (54,939 )     0.1 %     (55,358 )     0.1 %
Prior period adjustment     (47,566 )     0.1 %     76,194       (0.1 )%
Other     92,571       (0.2 )%     66,214       (0.1 )%
Income tax (expense) benefit   $ -       0 %   $ -       0 %
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

 

    June 30, 2025     June 30, 2024  
    Year Ended  
    June 30, 2025     June 30, 2024  
Deferred tax assets                
Warrant Derivative Liability   $ 468,457     $ 513,071  
Accrued Expenses     614,493       559,723  
Prepaid Investor Services     582,409       551,796  
Non-cash interest     817,536       817,536  
Intangibles (Intellectual Property and Patent Cost)     367,347       351,144  
Deferred Rent     4,114       4,492  
Formation Expense     6,553       6,553  
Net Operating Loss carryforward     25,483,996       9,075,029  
Gain on extinguishment of debt     102,604       97,992  
Stock Based Compensation     -       84,028  
Total Deferred tax assets   $ 28,447,509     $ 12,061,364  
                 
Deferred tax liabilities                
Research and Development   $ (202,718 )   $ (170,435 )
Stock Based Compensation     (3,960,547 )     -  
Foreign Exchange Loss (OCI)     (39,379 )     (39,379 )
Capital Raising Costs     (398,746 )     (389,258 )
Total deferred tax liabilities   $ (4,601,390 )   $ (599,072 )
                 
Net deferred tax assets   $ 23,846,119     $ 11,462,292  
Valuation allowance     (23,846,119 )     (11,462,292 )
Net deferred tax assets   $ -     $ -