Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.3
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate

    2023     2022  
U.S. statutory federal income tax rate     21.0 %     21.0 %
Change in valuation allowance     -21.0 %     -21.0 %
Effective tax rate     0.0 %     0.0 %
Schedule of Deferred Tax Assets

The significant components of the Company’s deferred tax assets consist of the following at June 30, 2023 and 2022:

 

    2023     2022  
    June 30,  
    2023     2022  
Deferred tax assets:                
Net operating loss carryforwards   $ 2,866,860     $ 1,843,175  
Other assets and liabilities     272,162       265,741  
Stock- based compensation     298,135       120,576  
Capitalized research and development expenditures     1,248,760       -  
Gross deferred tax assets     4,685,917       2,229,492  
Valuation allowance   $ (4,685,917 )   $ (2,229,492 )
Total deferred tax assets, net of valuation allowance     -       -