v3.26.3
Income Tax
 12 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Tax Income Tax
The prima facie income tax benefit on pre-tax accounting loss from operations reconciles to the income tax benefit in the financial statements as follows:
June 30,
2026		June 30,
2025
(in thousands)
Accounting loss before tax(19,302)(46,885)
Income tax benefit at the applicable tax rate of 30%
(5,791)(14,066)
Non-deductible expenses628 4,511 
Non-assessable income(1,356)(1,527)
Deferred tax assets not recognized6,518 1,143 
Deferred tax asset not recognized in the financial statements:
Unused tax losses12,200 10,648 
Net unrecognized tax benefit at 30%
13,412 11,791 
ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carry forwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carry forward period. Because of the Company’s recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. As of June 30, 2026 and 2025, the Company established a valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets. As the Company has incurred taxable losses, no current income tax expenses or payable has been recognized for the years ended June 30, 2026 and 2025.