| 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, 2025 and 2024 is as follows:
SCHEDULE OF INCOME TAX PROVISION
| US | |
June
30, 2025 | | |
|
|
|
|
June
30, 2024 | |
|
|
|
|
| | |
Year
Ended | |
|
|
|
|
| |
June
30, 2025 | | |
% |
|
|
June
30, 2024 | |
|
% |
|
| Loss before
Income taxes | |
$ | (58,923,300 | ) | |
|
|
|
|
| (1,820,528 | ) |
|
|
|
|
| | |
| | | |
|
|
|
|
| | |
|
|
|
|
| Taxes under statutory US tax rates | |
$ | (12,373,893 | ) | |
|
21 |
% |
|
$ | (393,732 | ) |
|
|
0.7 |
% |
| Increase (decrease) in valuation allowance | |
| 12,383,827 | | |
|
(21 |
)% |
|
| 306,682 | |
|
|
(0.5 |
)% |
| Foreign tax rate differential | |
| (54,939 | ) | |
|
0.1 |
% |
|
| (55,358 | ) |
|
|
0.1 |
% |
| Prior period adjustment | |
| (47,566 | ) | |
|
0.1 |
% |
|
| 76,194 | |
|
|
(0.1 |
)% |
| Other | |
| 92,571 | | |
|
(0.2 |
)% |
|
| 66,214 | |
|
|
(0.1 |
)% |
| Income tax (expense) benefit | |
$ | - | | |
|
0 |
% |
|
$ | - | |
|
|
0 |
% |
|
| SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES
| | |
June
30, 2025 | | |
June
30, 2024 | |
| | |
Year
Ended | |
| | |
June
30, 2025 | | |
June
30, 2024 | |
| Deferred tax assets | |
| | | |
| | |
| Warrant Derivative Liability | |
$ | 468,457 | | |
$ | 513,071 | |
| Accrued Expenses | |
| 614,493 | | |
| 559,723 | |
| Prepaid Investor Services | |
| 582,409 | | |
| 551,796 | |
| Non-cash interest | |
| 817,536 | | |
| 817,536 | |
| Intangibles (Intellectual Property and Patent
Cost) | |
| 367,347 | | |
| 351,144 | |
| Deferred Rent | |
| 4,114 | | |
| 4,492 | |
| Formation Expense | |
| 6,553 | | |
| 6,553 | |
| Net Operating Loss carryforward | |
| 25,483,996 | | |
| 9,075,029 | |
| Gain on extinguishment of debt | |
| 102,604 | | |
| 97,992 | |
| Stock Based Compensation | |
| - | | |
| 84,028 | |
| Total Deferred tax assets | |
$ | 28,447,509 | | |
$ | 12,061,364 | |
| | |
| | | |
| | |
| Deferred tax liabilities | |
| | | |
| | |
| Research and Development | |
$ | (202,718 | ) | |
$ | (170,435 | ) |
| Stock Based Compensation | |
| (3,960,547 | ) | |
| - | |
| Foreign Exchange Loss (OCI) | |
| (39,379 | ) | |
| (39,379 | ) |
| Capital Raising Costs | |
| (398,746 | ) | |
| (389,258 | ) |
| Total deferred tax liabilities | |
$ | (4,601,390 | ) | |
$ | (599,072 | ) |
| | |
| | | |
| | |
| Net deferred tax assets | |
$ | 23,846,119 | | |
$ | 11,462,292 | |
| Valuation allowance | |
| (23,846,119 | ) | |
| (11,462,292 | ) |
| Net deferred tax assets | |
$ | - | | |
$ | - | |
|