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INCOME TAXES

12 Months Ended

Jun. 30, 2014

For the year ended June 30, 2014, the cumulative net operating loss carry-forward from continuing operations is approximately $3,561,000 at June 30, 2014, and will expire beginning in the year 2030.

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of June 30, 2014 and 2013:

	2014			2013
Deferred tax asset attributable to:
Net operating loss carryover	$	1,211,000		$	308,598
Valuation allowance		(1,211,000	)		(308,598	)
Net deferred tax asset	$	—		$	—

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $3,561,000 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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