INCOME TAXES	6 Months Ended
Dec. 31, 2015
INCOME TAXES
INCOME TAXES	5. INCOME TAXES Federal income taxes are not due as we have had losses since inception. Our effective tax rate for the six month periods ended December 31, 2015 and 2014 is zero percent. This rate is lower than the U.S. statutory rate of 35 percent primarily due to the valuation allowance applied against our net deferred tax assets.

INCOME TAXES

6 Months Ended

Dec. 31, 2015

5. INCOME TAXES

Federal income taxes are not due as we have had losses since inception. Our effective tax rate for the six month periods ended December 31, 2015 and 2014 is zero percent. This rate is lower than the U.S. statutory rate of 35 percent primarily due to the valuation allowance applied against our net deferred tax assets.