| SCHEDULE OF PROVISION FOR INCOME TAXES |
Loss
before provision for income taxes consisted of the following:
SCHEDULE OF PROVISION FOR INCOME TAXES
| | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2026 | | |
2025 | | |
2024 | |
| Domestic | |
$ | (8,377,895 | ) | |
$ | (17,307,349 | ) | |
$ | (29,736,113 | ) |
| Foreign | |
| - | | |
| - | | |
| - | |
| Total | |
$ | (8,377,895 | ) | |
$ | (17,307,349 | ) | |
$ | (29,736,113 | ) |
|
| SCHEDULE OF DEFERRED TAX ASSETS |
The
Company’s net deferred tax assets are as follows:
SCHEDULE OF DEFERRED TAX ASSETS
| | |
June 30, | | |
June 30, | |
| | |
2026 | | |
2025 | |
| Net operating loss carryforwards | |
$ | 48,539,000 | | |
$ | 46,054,000 | |
| IRC Section 174 | |
| 10,604,000 | | |
| 11,158,000 | |
| Research and development and AMT tax credits | |
| 10,399,000 | | |
| 9,995,000 | |
| Stock-based compensation | |
| 1,934,000 | | |
| 2,290,000 | |
| Foreign tax credits | |
| 583,000 | | |
| 583,000 | |
| Basis differences in fixed assets and other | |
| 207,000 | | |
| 220,000 | |
| Deferred tax assets, gross | |
| 72,266,000 | | |
| 70,300,000 | |
| Valuation allowance | |
| (72,266,000 | ) | |
| (70,300,000 | ) |
| Net deferred tax assets | |
$ | - | | |
$ | - | |
|
| SCHEDULE OF EFFECTIVE INCOME TAX RATE |
A
reconciliation of the Company’s statutory income tax rate to the Company’s effective income tax rate is as follows:
SCHEDULE OF EFFECTIVE INCOME TAX RATE
| | |
June 30, | |
| | |
2026 | |
| U.S. federal statutory income tax rate | |
| 21.00 | % |
| State and local income taxes, net of federal benefit | |
| 5.62 | % |
| Tax credits | |
| 4.82 | % |
| Non deductible expenses | |
| (1.08 | )% |
| Changes in valuation allowances | |
| (30.36 | )% |
| Effective income tax rate | |
| 0.00 | % |
|