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