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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2020
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Provision | The reconciliation of income tax expense computed at the U.S. federal statutory rate of 21% to the income tax provision for the years ended June 30, 2020 and 2019 is as follows:
|  | Year Ended |
|  | June 30, 2020 |  |  | June 30, 2019 |
Taxes under statutory US tax rates |  | $ | (995,552 | ) |  | $ | (1,209,258 | )
Increase (decrease) in valuation allowance |  |  | 1,137,716 |  |  |  | 1,394,444 |
Prior period adjustment |  |  | (14,624 | ) |  |  | - |
Foreign tax rate differential |  |  | (128,492 | ) |  |  | (186,286 | )
Other |  |  | 952 |  |  |  | 1,100 |
Income tax (expense) benefit |  | $ | - |  |  | $ | - |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities consist of the following:
|  | Year Ended |
|  | June 30, 2020 |  |  | June 30, 2019 |
Deferred tax assets |  |  |  |  |  |  |  |
Warrant Derivative Liability |  | $ | 7,403 |  |  | $ | 7,403 |
Accrued Expenses |  |  | 297,086 |  |  |  | 198,193 |
Prepaid Investor Services |  |  | 470,050 |  |  |  | 414,396 |
Non-cash interest |  |  | 596,004 |  |  |  | - |
Intangibles (Intellectual Property and Patent Cost) |  |  | 240,428 |  |  |  | 212,881 |
Deferred Rent |  |  | 1,969 |  |  |  | - |
Formation Expense |  |  | 7,208 |  |  |  | 7,208 |
Net Operating Loss carry forward |  |  | 7,438,911 |  |  |  | 6,573,215 |
Foreign Exchange Loss (OCI) |  |  | (39,379 | ) |  |  | (39,379 | )
Revalue of derivative liability |  |  | 438,239 |  |  |  | 519,151 |
Stock Based Compensation |  |  | 51,481 |  |  |  | 51,481 |
Total Deferred tax assets |  | $ | 9,509,400 |  |  | $ | 7,944,549 |
Deferred tax liabilities |  |  |  |  |  |  |  |
R&D |  | $ | (177,702 | ) |  | $ | (139,833 | )
Gain on extinguishment of debt |  |  | (266,987 | ) |  |  | - |
Capital Raising Costs |  |  | (255,614 | ) |  |  | (133,335 | )
Total deferred tax liabilities |  | $ | (700,303 | ) |  | $ | (273,168 | )
Net deferred tax assets |  | $ | 8,809,097 |  |  | $ | 7,671,381 |
Valuation allowance |  |  | (8,809,097 | ) |  |  | (7,671,381 | )
Net deferred taxes |  | $ | - |  |  | $ | - |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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