INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2021

INCOME TAXES

Schedule of effective income tax rate reconciliation

For the fiscal years ended June 30, 2021 and 2020, the reconciliation between the income tax benefit computed by applying the statutory U.S. federal income tax rate to the pre-tax loss before income taxes, and total income tax expense recognized in the financial statements is as follows (in thousands):

	2021		2020
Income tax benefit at statutory U.S. federal rate	$	4,389	$	4,270
Income tax benefit attributable to U.S. states		1,584		1,420
Impact of reduction in Colorado tax rate		(42)		—
Non-taxable derivative gains		377		—
Non-deductible expenses		(2)		(12)
Stock option expirations		(3,700)		(52)
Other		(4)		392
Change in valuation allowance		(2,602)		(6,018)
Total income tax expense	$	—	$	—

Schedule of deferred tax assets and liabilities

As of June 30, 2021 and 2020, the income tax effects of temporary differences that give rise to significant deferred income tax assets and liabilities are as follows (in thousands):

	2021		2020
Deferred income tax assets:
Net operating loss carryforwards	$	26,985	$	21,651
Intangible assets		4,971		5,182
Share-based compensation		2,001		4,592
Start-up and organizational expenses		176		203
Accrued expenses and other		143		47
Total deferred income tax assets		34,276		31,675
Valuation allowance for deferred income tax assets		(34,276)		(31,674)
Net deferred income tax assets		—		1
Deferred income tax liability- property, equipment and other		—		(1)
Net deferred income tax assets	$	—	$	—