v3.25.4
Income Taxes (Tables)
6 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Schedule of Provision for Income Taxes

The provision for income taxes for the six-month transition period ended December 31, 2024 and for the year ended June 30, 2024 consisted of the following:

 

For the
six months
ended
December 31,
2024

 

For the
year ended
June 30,
2024

Income tax expense

 

 

   

 

 

Current income tax expense

 

 

   

 

 

Federal

 

$

—

 

$

—

State

 

 

63

 

 

1,625

Total

 

$

63

 

$

1,625

Schedule of the Effective Tax Rate of the Company’s Provision for Income Taxes Differs from the Federal Statutory Rate

The effective tax rate of the Company’s provision for income taxes differs from the federal statutory rate as follows as of December 31, 2024 and June 30, 2024

 

For the
six months
ended
December 31,
2024

 

For the
year ended
June 30,
2024

Statutory rate

 

21.0

%

 

21.0

%

State income tax rate

 

—

%

 

6.2

%

Stock-based compensation

 

(0.9

)%

 

(3.4

)%

Acquired Intangible

 

—

%

 

4.4

%

Research and development tax credit rate difference

 

—

%

 

—

%

Prior year true-ups

 

0.8

%

 

(1.9

)%

Changes in valuation allowance

 

(20.9

)%

 

(26.3

)%

Total

 

—

 

 

—

 

Schedule of the Company’s Net Deferred Tax Assets

The Company’s net deferred tax assets were as follows as of December 31, 2024 and June 30, 2024

 

As of
December 31,
2024

 

As of
June 30,
2024

Deferred tax assets:

 

 

 

 

 

 

 

 

Net operating loss carryover

 

$

2,425,707

 

 

$

1,838,655

 

Accruals and reserves

 

 

168

 

 

 

336

 

Stock-based compensation

 

 

—

 

 

 

—

 

Capitalized Research and development and intangibles

 

 

2,928,142

 

 

 

2,640,159

 

Total deferred tax assets

 

 

5,403,415

 

 

 

4,479,150

 

Valuation allowance

 

 

(5,403,415

)

 

 

(4,479,150

)

Deferred tax asset, net of allowance

 

$

—

 

 

$

—