Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.3
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate

 

    2024     2023  
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, 2024 and 2023:

 

    2024     2023  
    June 30,  
    2024     2023  
Deferred tax assets:                
Net operating loss carryforwards   $ 3,738,702     $ 2,866,860  
Other assets and liabilities     226,530       272,162  
Stock- based compensation     457,501       298,135  
Capitalized research and development expenditures     1,985,585       1,248,760  
Gross deferred tax assets     6,408,318       4,685,917  
Valuation allowance   $ (6,408,318 )   $ (4,685,917 )
Total deferred tax assets, net of valuation allowance     -       -