| 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, 2022 and 2021 is as follows:
SCHEDULE OF INCOME TAX PROVISION
| | |
| | | |
| | |
| | |
Year Ended | |
| US | |
June 30, 2022 | | |
June 30, 2021 | |
| Loss before Income taxes | |
$ | (2,658,087 | ) | |
$ | (2,025,947 | ) |
| | |
| | | |
| | |
| Taxes under statutory US tax rates | |
$ | (558,198 | ) | |
$ | (425,449 | ) |
| Increase (decrease) in valuation allowance | |
| 339,334 | | |
| 1,146,001 | |
| Prior period adjustment | |
| - | | |
| (1,063,710 | ) |
| Foreign tax rate differential | |
| (64,349 | ) | |
| (51,169 | ) |
| Income tax rate change | |
| 272,008 | | |
| 392,767 | |
| Other | |
| 11,205 | | |
| 1,559 | |
| Income tax (expense) benefit | |
$ | - | | |
$ | - | |
|
| SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES
| | |
| | | |
| | |
| | |
Year Ended | |
| | |
June 30, 2022 | | |
June 30, 2021 | |
| Deferred tax assets | |
| | | |
| | |
| Warrant Derivative Liability | |
$ | 7,403 | | |
$ | 7,403 | |
| Accrued Expenses | |
| 363,873 | | |
| 342,464 | |
| Prepaid Investor Services | |
| 427,318 | | |
| 444,411 | |
| Non-cash interest | |
| 709,936 | | |
| 687,529 | |
| Intangibles (Intellectual Property and Patent Cost) | |
| 293,260 | | |
| 259,743 | |
| Deferred Rent | |
| 4,198 | | |
| 4,262 | |
| Formation Expense | |
| 6,553 | | |
| 6,815 | |
| Net Operating Loss carryforward | |
| 8,759,357 | | |
| 8,546,920 | |
| Foreign Exchange Loss (OCI) | |
| (39,379 | ) | |
| (39,379 | ) |
| Revalue of derivative liability | |
| 460,772 | | |
| 439,958 | |
| Stock Based Compensation | |
| 84,028 | | |
| 51,481 | |
| Total Deferred tax assets | |
$ | 11,077,318 | | |
$ | 10,751,607 | |
| | |
| | | |
| | |
| Deferred tax liabilities | |
| | | |
| | |
| R&D | |
$ | (170,435 | ) | |
$ | (197,604 | ) |
| Gain on extinguishment of debt | |
| (259,470 | ) | |
| (277,614 | ) |
| Capital Raising Costs | |
| (352,981 | ) | |
| (321,291 | ) |
| Total deferred tax liabilities | |
$ | (782,886 | ) | |
$ | (796,509 | ) |
| | |
| | | |
| | |
| Net deferred tax assets | |
$ | 10,294,432 | | |
$ | 9,955,098 | |
| Valuation allowance | |
| (10,294,432 | ) | |
| (9,955,098 | ) |
| Net deferred tax assets | |
$ | - | | |
$ | - | |
|