Organization and Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Jun. 30, 2018 |
| Organization And Summary Of Significant Accounting Policies Tables Abstract |
|
| Schdule of Basic Loss Per Share of Common Stock |
| |
|
For
the Year |
|
|
For
the Year |
|
| |
|
Ended
June 30, |
|
|
Ended
June 30, |
|
| |
|
2018 |
|
|
2017 |
|
| |
|
|
|
|
|
|
| Loss
(numerator) |
|
$ |
(1,266,552 |
) |
|
$ |
(1,237,661 |
) |
| |
|
|
|
|
|
|
|
|
| Shares
(denominator) |
|
|
71,188,830 |
|
|
|
67,331,791 |
|
| |
|
|
|
|
|
|
|
|
| Per
Share Amount |
|
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
|
| Schedule of deferred tax assets |
The
Company’s total deferred tax liabilities, deferred tax assets, and deferred tax asset valuation allowances at June 30, 2018
and June 30, 2017 are as follows:
| |
|
2018 |
|
|
2017 |
|
| Net
Operating Losses: |
|
|
|
|
|
|
| Federal
|
|
$ |
(58,145,400 |
) |
|
$ |
(57,201,767 |
) |
| State |
|
|
- |
|
|
|
- |
|
| Total
net operating losses |
|
$ |
(58,145,400 |
) |
|
$ |
(57,201,767 |
) |
| |
|
|
|
|
|
|
|
|
| Deferred
Tax Asset: |
|
|
|
|
|
|
|
|
| NOL
Carryover |
|
|
10,451,834 |
|
|
|
19,406,225 |
|
| Less
valuation allowance |
|
|
(10,451,834 |
) |
|
|
(19,406,225 |
) |
| |
|
|
|
|
|
|
|
|
| Net
Deferred Tax Asset |
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of tax provision (benefit) |
The
income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income
from continuing operations for the years ended June 30, 2018 and 2017 due to the following:
| |
|
2018 |
|
|
2017 |
|
| Book
Loss |
|
$ |
(241,468 |
) |
|
$ |
(38,429 |
) |
| Warrant
Expense |
|
|
19,644 |
|
|
|
- |
|
| Extended
Warrants |
|
|
8,368 |
|
|
|
- |
|
| Loss
on Derivatives |
|
|
15,247 |
|
|
|
- |
|
| Meals
& Entertainment |
|
|
833 |
|
|
|
- |
|
| Change
in Depreciation |
|
|
53 |
|
|
|
- |
|
| Valuation
allowance |
|
|
197,323 |
|
|
|
38,429 |
|
| Income
tax provision |
|
$ |
- |
|
|
$ |
- |
|
|
| Impact of errors on the balance sheet |
| |
|
As
of |
|
|
|
|
|
As
of |
|
| |
|
June
30, 2017 |
|
|
|
|
|
June
30, 2017 |
|
| |
|
As
Presented |
|
|
Adjustment |
|
|
As
Revised |
|
| |
|
|
|
|
|
|
|
|
|
| Derivative
Liability |
|
$ |
- |
|
|
$ |
78,084 |
|
|
$ |
78,084 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Common
Stock |
|
|
70,119 |
|
|
|
- |
|
|
|
70,119 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Additional
Paid in Capital |
|
|
18,461,314 |
|
|
|
46,550 |
|
|
|
18,507,864 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated
Deficit |
|
|
(20,907,712 |
) |
|
|
(124,634 |
) |
|
|
(21,032,346 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Deficit |
|
$ |
(2,376,279 |
) |
|
$ |
(78,084 |
) |
|
$ |
(2,454,363 |
) |
|
| Impact of errors on the statement of operations |
| |
|
For
the Year Ended |
|
|
|
|
|
For
the Year Ended |
|
| |
|
June
30, 2017 |
|
|
|
|
|
June
30, 2017 |
|
| |
|
As
Presented |
|
|
Adjustment |
|
|
As
Revised |
|
| |
|
|
|
|
|
|
|
|
|
| Net
Loss |
|
$ |
(1,113,027 |
) |
|
$ |
(124,634 |
) |
|
$ |
(1,237,661 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net
Loss per Common Share |
|
$ |
(.02 |
) |
|
|
- |
|
|
$ |
(.02 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted
Average Shares Calculation |
|
|
67,331,791 |
|
|
|
- |
|
|
|
67,331,791 |
|
|