11. Income Taxes (Tables)

12 Months Ended

Jun. 30, 2012

Income Taxes Tables

US Federal Tax Rate

A reconciliation of the statutory U.S. federal tax rate and our effective tax rate is as follows:
Year Ended June 30,	2012		2011
Statutory U.S. federal tax rate	35	%	35	%
State and local income taxes - net of federal benefit	—	%	—	%
Valuation allowance	(35	)%	(35	)%
Effective tax rate	—	%	—	%

Schedule of Deferred Tax Assets

The components of deferred tax asset as of June 30, 2012, are as follows:

	Current		Noncurrent			Total deferred tax asset, net
Deferred tax assets:
Share based compensation	$	—	$	29,328		$	29,328
Start-up expenditures		—		6,719			6,719
Other		—		1,600			1,600
Operating loss carryforward		—		13,048			13,048
Total deferred tax asset		—		50,695			50,695
Deferred tax liabilities:
Depreciation and amortization		—		(210	)		(210	)
Valuation allowance		—		(50,485)			(50,485	)
Deferred tax asset, net	$	—	$	—		$	—

The components of deferred tax asset as of June 30, 2011, are as follows:

	Current		Noncurrent			Total deferred tax asset, net
Deferred tax assets:
Share based compensation	$	—	$	4,887		$	4,887
Start-up expenditures		—		2,159			2,159
Operating loss carryforward		—		751			751
Total deferred tax asset		—		7,797			7,797
Deferred tax liabilities:
Depreciation and amortization		—		(24	)		(24	)
Valuation allowance		—		(7,773	)		(7,773	)
Deferred tax asset, net	$	—	$	—		$	—