Transition report pursuant to Rule 13a-10 or 15d-10

Income Taxes (Tables)

v3.5.0.2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2016
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:

  

    Three Months
Ended
June 30,
2016
    For the
Year Ended
June 30,
2016
    For the
Year Ended
June 30,
2015
    For the
Year Ended
March 31,
2016
    For the
Period May
12, 2014
(Inception)
Through
March 31,
2015
 
Income taxes at Federal statutory rate     (34.00 )%     (34.00 )%     (34.00 )%     (34.00 )%     (34.00 )%
State income taxes, net of Federal income tax benefit     (2.63 )%     (2.60 )%     (2.64 )%     (2.54 )%     (3.96 )%
Permanent differences     0.06 %     0.22 %     4.10 %     1.06 %     0.00 %
Change in Valuation Allowance     36.57 %     36.09 %     32.54 %     35.32 %     37.96 %
State tax rate change     0.00 %     0.29 %     0.00 %     0.16 %     0.00 %
Income Tax Provision     0.00 %     0.00 %     0.00 %     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, 2016     June 30, 2015     March 31, 2016     March 31, 2015  
Net Operating Loss Carryforwards   $ 1,711,488     $ 368,961     $ 1,264,686     $ 159,721  
Share-based compensation     396,264       69,524       236,645        
Change in derivative liability     315,205                    
Other     (22,365 )     9,713       (21,324 )     9,713  
      2,400,592       448,198       1,480,007       169,434  
Valuation Allowance     (2,400,592 )     (448,198 )     (1,480,007 )     (169,434 )
Net Deferred Tax Assets   $ -     $ -     $     $