INCOME TAXES (Tables)

3 Months Ended

Sep. 30, 2016

Income Tax Disclosure [Abstract]

Effective income tax rate reconciliation

The Company’s combined effective income tax rate differed from the U.S. federal statutory income rate as follows:

		Three months ended September 30,
	2016				2015
Income tax expense/(benefit) computed at the U.S. federal statutory rate			-34	%		-34	%
Change in valuation allowance			34	%		34	%
Total			0	%		0	%

Significant components of the Company's net deferred income tax assets

Significant components of the Company’s net deferred income tax assets as of September 30, 2016 and June 30, 2016 were as follows:

	September 30, 2016		June 30, 2016
Federal net operating loss carryforwards	$	19,544,058	$	18,018,631
Federal - other		2,525,450		2,446,635
Wisconsin net operating loss carryforwards		3,232,896		2,929,157
Australia net operating loss carryforwards		1,290,134		1,290,134
Deferred income tax asset valuation allowance		(26,592,538)		(24,684,557)
Total deferred income tax assets	$	-	$	-