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INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2022
INCOME TAXES  
Summary of operating loss carryforwards

Year

 

Amount

 

2022

 

$29,168

 

Total

 

$29,168

 

Summary of reconciliation of income tax expense rate

 

 

2022

 

 

2021

 

United States Statutory Income tax Rate

 

 

21%

 

 

21%

Increase (Decrease) in rate on income subject to Danish income tax rates

 

 

1%

 

 

1%

Decrease in rate resulting from Non-Deductible expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Tax Expense

 

 

22%

 

 

22%
Summary of components of income tax expense

Current Tax Expense

 

2022

 

 

2021

 

Danish Income Tax Expense (Benefit)

 

$8,049

 

 

$8,245

 

Federal US Income Tax Expense (Benefit)

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

Deferred

 

 

 

 

 

 

Total Income Tax Expense

 

$8,049

 

 

$8,245

 

Summary of deferred tax income tax assets

 

 

2022

 

 

2021

 

Net operating loss carryforwards

 

$4,363,579

 

 

$4,373,509

 

 

 

 

 

 

 

 

 

 

Valuation allowance

 

 

(4,363,579 )

 

 

(4,373,509 )

Total net deferred tax assets

 

$

 

 

$