INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2019

Income Taxes Tables Abstract

Summary of operating loss carryforwards

The loss carryforwards will expire during the fiscal years ended June 30 as follows:

Year	Amount
2020	$	548,000
2021		351,000
2022		29,000
Total	$	928,000

Summary of reconciliation of income tax expense rate

A reconciliation of income tax expense at the federal statutory rate to income tax expense at the Company's effective rate is as follows at June 30, 2018 and 2019:

	2019			2018
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

The components of income tax expense (benefit) from continuing operations for the years ended June 30, 2019 and 2018 consisted of the following:

Current Tax Expense	2019		2018
Danish Income Tax Expense (Benefit)	$	6,881	$	7,201
Federal US Income Tax Expense (Benefit)
Current		-		-
Deferred		-		-
Total Income Tax Expense	$	6,881	$	7,201

Summary of deferred tax income tax assets

The Company had deferred tax income tax assets as of June 30, 2019 and 2018 as follows:

	2019			2018
Net operating loss carryforwards	$	4,352,091		$	4,353,794
Valuation allowance		(4,352,091	)		(4,353,794	)
Total net deferred tax assets	$	-		$	-