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Income Tax Provision (Tables)

12 Months Ended

Jun. 30, 2019

Income Tax Provision

Schedule of income tax expense differed from the amounts computed by applying the U.S. federal income tax rate

The income tax expense for the years ended June 30, 2019, 2018, and 2017 differed from the amounts computed by applying the U.S. federal income tax rate of 21%, 28.1% and 34% respectively as follows:

		For the Year Ended
		June 30,		June 30,		June 30,
		2019		2018		2017
Federal Statutory Rate		(21.00)	%	(28.10)	%	(34.00)	%
Research and Development Credit		(9.21)	%	0.40	%	(6.87)	%
State Tax Rate		(7.49)	%	(3.79)	%	(4.95)	%
Stock Based Compensation		0.14	%	—	%	—	%
Change in Statutory Federal Rate		80.30	%	62.36	%	—	%
Valuation Allowance		(42.74)	%	(30.87)	%	45.82	%
Effective Tax Rate		—		—		—

Schedule of components of the Company's deferred tax assets and liabilities

The significant components of the Company’s deferred tax assets and liabilities at June 30, 2019 and 2018 are as follows:

		June 30,			June 30,
		2019			2018
Net operating losses		$	22,191,536		$	24,839,394
Research and development credit			6,980,633,			6,198,377
Other			4,985,538			6,047,301
Total gross deferred tax assets			34,157,707			37,085,072
Less: valuation allowance			(34,157,707)			(37,085,072)
Net deferred tax assets		$	—		$	—

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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

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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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