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Income Tax Provision (Tables)

12 Months Ended

Jun. 30, 2024

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, 2024 and 2023 differed from the amounts computed by applying the U.S. federal income tax rate of 21% and 21% respectively as follows:

​

​	​	​	​	​	​
​	​	For the Year Ended
​		June 30,		June 30,
​	​	2024	​	2023
Federal statutory rate		(21.00)	%	(21.00)	%
Research and development credit		3.45	%	1.10	%
State tax rate		(5.93)	%	(5.93)	%
Other		(0.95)	%	(0.65)	%
Valuation allowance		24.43	%	26.48	%
Effective tax rate		—		—	​

​

Schedule of components of the Company's deferred tax assets

The significant components of the Company’s deferred tax assets at June 30, 2024 and 2023 are as follows:

​

​	​	​	​	​	​	​
​		June 30,			June 30,
​	​	2024		​	2023
Net operating loss	​	$	29,351,534	​	$	27,960,157
Research and development credit	​		8,154,686	​		7,868,816
IRC Sec.174 R&E capitalization	​		2,243,662	​		1,536,679
Other	​		22,087	​		25,194
​	​	​	​	​	​	​
Total gross deferred tax assets	​		39,771,969	​		37,390,846
Less: valuation allowance	​		(39,771,969)	​		(37,390,846)
Net deferred tax asset	​	$	—	​	$	—

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- References

No definition available.

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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