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

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2017
Income Tax Disclosure [Abstract]  
Schedule of tax effects of temporary differences of deferred tax assets and liabilities

The provision for/(benefit from) income tax differs from the amount computed by applying the statutory federal income tax rate to income before the provision for/(benefit from) income taxes. The sources and tax effects of the differences are as follows:  

 

   

For the
Year Ended  

June 30,
2017 

     For the
Year Ended
June 30,
2016		  
Income taxes at Federal statutory rate     (34.00 )%     (34.00 )%
State income taxes, net of Federal income tax benefit     (2.63 )%     (2.60 )%
Permanent differences     (6.36 )%     0.22 %
Other     6.49 %     —  
Change in Valuation Allowance     36.50 %     36.09 %
State tax rate change     0.00 %     0.29 %
Income Tax Provision     0.00 %     0.00 %
Schedule of deferred tax assets

The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities are as follows: 

 

    June 30, 2017     June 30, 2016  
Net Operating Loss Carryforwards   $ 5,352,238     $ 1,711,488  
Share-based compensation     406,498       396,264  
Derivative liability     —       315,205  
Other     (33,028 )     (22,365 ) 
      5,725,708       2,400,592  
Valuation Allowance     (5,725,708 )     (2,400,592 )
Net Deferred Tax Assets   $ —     $ —