13. INCOME TAXES
|12 Months Ended|
Jun. 30, 2014
The Company has incurred net losses since inception. At June 30, 2014 and 2013, the Company had federal net operating loss carry-forwards of approximately $46,000,000 and $45,000,000, respectively, which at the latter date may be carried forward for tax years ending through June 30, 2034. Utilization of NOL carry-forwards may be limited under various sections of the Internal Revenue Code depending on the nature of the Companys operations. The Companys income tax returns are subject to examination by the Internal Revenue Service and applicable state taxing authorities, generally for a period of three years from the date of filing.
Deferred tax assets comprise the following at June 30, 2014 and June 30, 2013, respectively:
The valuation allowance decreased by approximately $666,000 for the year ended June 30, 2014 and increased by approximately $3,600,000 for the year ended June 30, 2013.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
No definition available.