General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.7.0.1
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2016
Income Tax Disclosure [Abstract]  
Comprehensive Income (Loss) [Table Text Block]
The components of net loss consist of the following (in thousands):
 
 
 
For the Years Ended
June 30,
 
 
 
2016
 
2015
 
United States
 
$
(10,635)
 
$
(6,532)
 
Brazil
 
 
(22)
 
 
(93)
 
Total
 
$
(10,657)
 
$
(6,625)
 
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The components of the provision (benefit) for income taxes consist of the following (in thousands):
 
 
 
For the Years Ended
June 30,
 
 
 
2016
 
2015
 
Current – Federal, state and foreign
 
$
-
 
$
-
 
Deferred – Federal
 
 
(260)
 
 
(2,299)
 
Deferred – State
 
 
(9)
 
 
(377)
 
Deferred – Foreign
 
 
(1)
 
 
(12)
 
Total
 
 
(270)
 
 
(2,688)
 
Change in valuation allowance
 
 
270
 
 
2,688
 
Income tax expense
 
$
-
 
$
-
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
 
 
 
As of June 30,
 
 
 
2016
 
2015
 
Deferred tax assets (liabilities):
 
 
 
 
 
 
 
Net operating loss
 
$
17,172
 
$
14,213
 
Share-based compensation
 
 
726
 
 
3,992
 
Research and development tax credits
 
 
1,097
 
 
890
 
Suspended losses in iBio CMO
 
 
255
 
 
-
 
Basis in iBio CMO
 
 
145
 
 
-
 
Intangible assets
 
 
(219)
 
 
(188)
 
Vacation accrual and other
 
 
17
 
 
16
 
Valuation allowance
 
 
(19,193)
 
 
(18,923)
 
Total
 
$
-
 
$
-
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation of the statutory tax rate to the effective tax rate is as follows:
 
 
 
Years Ended
June 30,
 
 
 
2016
 
 
2015
 
Statutory federal income tax rate
 
 
34
%
 
 
34
%
State (net of federal benefit)
 
 
6
%
 
 
6
%
Research and development tax credit
 
 
1
%
 
 
1
%
Permanent differences
 
 
(7)
%
 
 
-
%
Expiration of stock options and warrants
 
 
(31)
%
 
 
-
%
Change in valuation allowance
 
 
(3)
%
 
 
(41)
%
Effective income tax rate
 
 
-
%
 
 
-
%