INCOME TAXES (Tables)

6 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Provision for income taxes

The provision (benefit) for income taxes consists of the following:

	Three and six months ended December 31,
	2016		2015
Current	$	-	$	(640)
Deferred		-		-
Provision for income taxes	$	-	$	(640)

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 and six months ended December 31,
	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 December 31, 2016 and June 30, 2016 were as follows:

	December 31, 2016		June 30, 2016
Federal net operating loss carryforwards	$	20,796,511	$	18,018,631
Federal - other		2,692,482		2,446,635
Wisconsin net operating loss carryforwards		3,482,282		2,929,157
Australia net operating loss carryforwards		1,290,134		1,290,134
Deferred income tax asset valuation allowance		(28,261,409)		(24,684,557)
Total deferred income tax assets	$	-	$	-