INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2020

Purchase price of warrant

Summary of operating loss carryforwards

No deferred tax debits have been recorded because it is considered unlikely that they will be realized. The loss carryforwards will expire during the fiscal years ended June 30 as follows:

Year	Amount
2020	$	351,000
2021		29,000
Total	$	380,000

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, 2020 and 2019:

	2020			2019
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, 2020 and 2019 consisted of the following:

Current Tax Expense	2020		2019
Danish Income Tax Expense (Benefit)	$	7,805	$	6,881
Federal US Income Tax Expense (Benefit)
Current		—		—
Deferred		—		—
Total Income Tax Expense	$	7,805	$	6,881

Summary of deferred tax income tax assets

The Company had deferred tax income tax assets as of June 30, 2020 and 2019 as follows:

	2020			2019
Net operating loss carryforwards	$	4,349,913		$	4,352,091
Valuation allowance		(4,349,913	)		(4,352,091	)
Total net deferred tax assets	$	—		$	—