Income Taxes (Tables)

12 Months Ended

Jun. 30, 2014

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, 2014		Year Ended June 30, 2013
Statutory U.S. federal tax rate	35.00	%	35.00	%
State and local income taxes - net of federal benefit	10.37	%	10.37	%
Valuation allowance	(45.37	)%	(45.37	)%
Effective tax rate	—	%	—	%

Schedule of Deferred Tax Assets

The components of deferred taxes as of June 30, 2014, are as follows:

Deferred tax assets:	(in thousands)
Share based compensation	$	71,848
Start-up expenditures	5,674
Other	1,816
Operating loss carryforward	40,679
Depreciation and amortization	1,625
Total deferred tax assets	121,642
Deferred tax liabilities:
Depreciation and amortization	(668		)
Valuation allowance	(121,136		)
Deferred tax liability, net	$	(162	)

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 taxes, net	$	(70	)