Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of tax effects of temporary differences of deferred tax assets and liabilities

The sources and tax effects of the differences are as follows: 

  

   

For the
Year Ended

June 30,
2018

    

For the
Year Ended  

June 30,
2017 

  
Income taxes at Federal statutory rate     (27.55 )%     (34.00 )%
State income taxes, net of Federal income tax benefit     (1.96 )%     (2.63 )%
Tax Credits     (0.21 )%     —  
Permanent differences     0.04 %     (6.36 )%
Other     1.90 %     6.49 %
Change in Valuation Allowance     12.19 %     36.50 %
Effect of changes in income tax rate applied to net deferred taxes     15.59 %     0.00 %
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, 2018     June 30, 2017  
Net Operating Loss Carryforwards   $ 7,848,901     $ 5,352,238  
Share-based compensation     1,283,454       406,498  
Accumulated depreciation/basis differences     (919,211 )     —  
Credits     45,681       —  
Other     116,819       (33,028 )
      8,375,644       5,725,708  
Valuation Allowance     (8,375,644 )     (5,725,708 )
Net Deferred Tax Assets   $ —     $ —  
Schedule of gross unrecognized tax benefits

A reconciliation of June 30, 2017 through June 30, 2018 beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):

  

    June 30, 2018     June 30, 2017  
Beginning Balance   $ —     $ —  
Additions based on positions related to the current year     250       —  
Additions for tax positions in prior years     46       —  
Reductions for tax positions in prior years     —       —  
Expiration of statute of limitations     —       —  
Ending Balance   $ 296     $ —