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