Income Taxes (Tables)

12 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Schedule of Consolidated Pre-Tax Income (Loss)

Consolidated pre-tax income (loss) consists of the following:

	Years Ended June 30,
	2015			2014
US operations	$	(3,621,392	)	$	(3,478,331	)
Foreign operations		(1,214,282	)		(10,279,861	)
	$	(4,835,674	)	$	(13,758,192	)

Components of Provision for Income Taxes

The components of the provision for income taxes are as follows:

	Years Ended June 30,
	2015		2014
Current:
Federal	$	-	$	-
State and Local		-		-
Foreign		413,498		338,282
Deferred:
Federal		-		-
State and Local		-		-
Foreign		-		-
Provision for income taxes	$	-	$	338,282

Schedule of Reconciliation of Taxes at Statutory Federal Income Tax Rate Income Tax Expense Benefits

A reconciliation of taxes computed at the statutory federal income tax rate to income tax expense (benefit) is as follows:

	Years Ended June 30,
		2015					2014
Income tax (benefit) provision at statutory rate	$	(1,692,486	)	35.0	%	$	(4,677,785	)	34.0	%
State income (benefit) taxes, net of federal tax benefit		(278,051	)	5.7	%		(67,583	)	0.5	%
Foreign earnings taxed at different rates		1,655,514		-34.2	%		2,223,746		-16.2	%
Change in valuation allowance for deferred tax assets		843,390		-17.4	%		2,584,235		-18.8	%
Share of net (income) loss in equity method investee		-		0.0	%		217,266		-1.6	%
Other		(114,869	)	2.38	%		58,403		-0.4	%
Provision for income taxes	$	413,498		-8.6	%	$	338,282		-2.5	%

Schedule of Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities as of June 30, 2015 and 2014 consist of tax effects of temporary differences related to the following:

	Years Ended June 30,
	2015			2014
Net operating loss carry forwards	$	14,527,578		$	13,947,156
Other		479,674			216,706
Net deferred tax assets		15,007,252			14,163,862
Valuation allowance for deferred tax assets		(15,007,252	)
Net deferred tax assets	$	-		$	-