Income Tax

12 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Tax

NOTE 8 – INCOME TAX

For the years ended June 30, 2015 and 2014, the local (United States) and foreign components of loss before income taxes were comprised of the following:

	For the years ended June 30,
	2015			2014
Tax jurisdictions from:
- Local	$	(7,521,068	)	$	(120,320	)
- Foreign		(28,408	)		(90,234	)
Loss before income tax	$	(7,549,476	)	$	(210,554	)

The provision for income taxes consisted of the following:

		For the years ended June 30,
		2015		2014
Current:
- Local	$	-	$	-
- Foreign		-		-
Deferred:
- Local		-		-
- Foreign		-		-
	$	-	$	-

The Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. As of June 30, 2015, the operations in the United States of America incurred $15,436,319 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in the year 2017 through 2034, if unutilized. The Company has provided for a full valuation allowance of $3,859,080 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.