Income Taxes (Tables)

12 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

US Federal Tax Rate

A reconciliation of the statutory U.S. federal tax rate and our effective tax rate is as follows:

	Year Ended June 30, 2013		Year Ended June 30, 2012
Statutory U.S. federal tax rate	35	%	35	%
State and local income taxes - net of federal benefit	—	%	—	%
Valuation allowance	(35	)%	(35	)%
Effective tax rate	—	%	—	%

Schedule of Deferred Tax Assets

The components of deferred taxes as of June 30, 2013, are as follows:

Deferred tax assets:	(in thousands
Share based compensation	$	55,235
Start-up expenditures	6,137
Other	1,869
Operating loss carryforward	27,650
Depreciation and amortization	772
Total deferred tax asset	91,663
Deferred tax liabilities:
Depreciation and amortization	(91		)
Valuation allowance	(91,642		)
Deferred tax liability, net	$	(70	)

The components of deferred taxes as of June 30, 2012, are as follows:

Deferred tax assets:	(in thousands)
Share based compensation	$	29,328
Start-up expenditures	6,719
Other	1,600
Operating loss carryforward	13,048
Total deferred tax asset	50,695
Deferred tax liabilities:
Depreciation and amortization	(210		)
Valuation allowance	(50,485		)
Deferred taxes, net	$	—