XML 67 R27.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Income Taxes (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2014
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Taxing jurisdictions related to income taxes are the Unites States Federal Government and the State of Colorado. The provision for income taxes is as follows:
|  | Year Ended June 30, |
|  | 2014 |  | 2013 |
Current tax benefit |  |  |  |  |  |  |
Federal |  | $ | - |  | $ | - |
State |  |  | - |  |  | - |
|  |  | - |  |  | - |
Deferred tax benefit |  |  |  |  |  |  |
Federal |  |  | 2,006,831 |  |  | 2,052,267 |
State |  |  | 79,548 |  |  | 184,451 |
Change in valuation allowance |  |  | (2,086,379) |  |  | (2,236,718) |
|  |  | - |  |  | - |
Total tax expense |  | $ | - |  | $ | - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred taxes are a result of differences between income tax accounting and GAAP with respect to income and expenses. The following is a summary of the components of deferred taxes recognized in the financial statements as of June 30, 2014 and 2013:
|  | As of June 30, |
|  | 2014 |  | 2013 |
Deferred tax assets |  |  |  |  |  |  |
Net operating loss carryforward |  | $ | 2,267,379 |  | $ | 562,335 |
Start-up and organizational expenses |  |  | 457,495 |  |  | 580,219 |
Stock-based compensation |  |  | 1,683,247 |  |  | 1,265,350 |
Derivative expense |  |  | 129,986 |  |  | 60,943 |
Other |  |  | 17,093 |  |  | (26) |
Total deferred tax assets |  |  | 4,555,200 |  |  | 2,468,821 |
Valuation allowance |  |  | (4,555,200) |  |  | (2,468,821) |
Net deferred taxes |  | $ | - |  | $ | - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate of 34% to pretax income for the following periods, due to the following:
|  | Year Ended June 30, |
|  | 2014 |  | 2013 |
Computed "expected" tax expense (benefit) |  | $ | (3,308,354) |  | $ | (2,293,815) |
Change in income taxes from: |  |  |  |  |  |  |
State taxes net of federal benefit |  |  | (79,549) |  |  | (184,451) |
Permanent differences |  |  | 1,301,524 |  |  | 241,548 |
Change in valuation allowance |  |  | 2,086,379 |  |  | 2,236,718 |
|  | $ | - |  | $ | - |

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration