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 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
– |
|
|
$ |
– |
|
|