INCOME TAXES	3 Months Ended
Sep. 30, 2016
INCOME TAXES
INCOME TAXES	5. INCOME TAXES Federal income taxes are not due because we have incurred cumulative net operating losses since inception. Our effective tax rate for the three month periods ended September 30, 2016 and 2015 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

3 Months Ended

Sep. 30, 2016

5. INCOME TAXES

Federal income taxes are not due because we have incurred cumulative net operating losses since inception. Our effective tax rate for the three month periods ended September 30, 2016 and 2015 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.