Income Tax (Details) |
12 Months Ended |
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Jun. 30, 2021
USD ($)
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Income Tax Disclosure [Abstract] | |
U.S. federal net operating losses | $ 9,604,000 |
Net operating loss carry-forwards | $ 2,614,000 |
Operating loss carry forwards expiration period, description | expire between 2031 and 2037 |
Taxable income percentage | 80.00% |
Net change in total valuation allowance | $ 497,544 |
Net operating loss carryforwards, description | Under section 382, should the Company experience a more than 50% change in its ownership over a 3 year period, the Company would be limited based on a formula as defined in the IRC to the amount per year it could utilize in that year of the net operating loss carryforwards. |
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- Definition Net operating loss carry-forwards. No definition available.
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- References No definition available.
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- Definition Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to equity in earnings (loss) of unconsolidated subsidiaries exempt from income taxes. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A description of the limitations on the use of all operating loss carryforwards available to reduce future taxable income. No definition available.
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- Definition The portion of the valuation allowance pertaining to the deferred tax asset representing potential future taxable deductions from net operating loss carryforwards for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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