v3.22.2.2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2022
Income Taxes  
Schedule of federal statutory rate

 

 

June 30,

2022

 

 

June 30,

2021

 

Book income at federal statutory rate

 

 

21.00%

 

 

21.00%

State income tax, net of federal tax benefit

 

 

6.32%

 

 

6.32%

Change in valuation allowance

 

(39.84

%)

 

(25.36

%)

General business credit

 

 

12.42%

 

%

Permanent difference

 

%

 

%

Change in Federal Statutory Rate

 

 

%

Others - net

 

 

0.10%

 

(1.96

%)

Total

 

 

0.00%

 

 

0.00%
Schedule of deferred tax assets

 

 

June 30,

2022

 

 

June 30,

2021

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carry forwards

 

$28,888,330

 

 

$26,958,015

 

Accrued payroll

 

 

806,829

 

 

 

806,829

 

Stock compensation

 

 

2,943,278

 

 

 

2,943,278

 

General business credit

 

 

6,068,138

 

 

 

5,193,602

 

Other

 

 

99,761

 

 

 

99,761

 

 

 

$38,806,336

 

 

$36,001,485

 

Valuation allowance

 

 

(38,806,336 )

 

 

(36,001,485 )

Total deferred taxes

 

$-

 

 

$-