INCOME TAXES	9 Months Ended
Mar. 31, 2017
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 nine-month periods ended March 31, 2017 and 2016 is 0%. This rate is lower than the U.S. statutory rate of 35% primarily due to the valuation allowance applied against our net deferred tax assets.

INCOME TAXES

9 Months Ended

Mar. 31, 2017

5. INCOME TAXES

Federal income taxes are not due as we have had losses since inception. Our effective tax rate for the nine-month periods ended March 31, 2017 and 2016 is 0%. This rate is lower than the U.S. statutory rate of 35% primarily due to the valuation allowance applied against our net deferred tax assets.