Income Taxes (Tables)

12 Months Ended

Jun. 30, 2013

Pre-tax loss consists of the following jurisdictions (in thousands):


	Year ended June 30,
	2013			2012
Domestic	$	(11,185	)	$	(8,547	)
Foreign		—			1,024

Pre-tax loss	$	(11,185	)	$	(7,523	)

Recociliation of Income Taxes Computed at U.S Federal Statutory Tax Rates to Income Tax Expense Attributable to Loss Arising During Development Stage

The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense attributable to loss arising during development stage is as follows (in thousands):


	Year Ended June 30,
	2013						2012
	$			%			$			%
Tax benefit at U.S. statutory rates	$	3,803			34	%	$	2,557			34	%
State tax		652			6	%		474			6	%
Australian tax		—			0	%		41			1	%
Expiration of foreign tax losses		—			0	%		(28,202	)		-375	%
(Increase)/ decrease in valuation allowance		(4,456	)		-40	%		25,129			334	%

	$	(1	)		0	%	$	(1	)		0	%

Deferred Tax Liabilities and Assets

Deferred tax liabilities and assets are comprised of the following (in thousands):


	Year ended June 30,
	2013			2012
Deferred tax liabilities:
Change in accounting method adjustments	$	(1,607	)	$	(2,411	)

Total deferred tax liabilities		(1,607	)		(2,411	)
Deferred tax assets:
Tax carried forward losses		2,463			4,153
Share-based payments		1,057			458
Consultant and other accruals		29			27
Fixed and intangible assets		12,315			7,656
Compensation accruals		240			161
Capital loss carryforward		26,382			26,382

Total deferred tax assets		42,486			38,837
Valuation allowance for deferred tax assets		(40,879	)		(36,426	)

Net deferred tax assets and liabilities	$	—		$	—