Income Taxes (Tables)

12 Months Ended

Jun. 30, 2015

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:

Description	Year Ended June 30, 2015		Year Ended June 30, 2014
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, 2015, are as follows:

Deferred tax assets:	(in thousands)
Share based compensation	$	86,546
Start-up expenditures	5,236
Other	1,881
Operating loss carryforward	71,616
Depreciation and amortization	1,780
Total deferred tax assets	167,059
Deferred tax liabilities:
Depreciation and amortization	(8,805		)
Valuation allowance	(158,509		)
Deferred tax liability, net	$	(255	)

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 asset	121,642
Deferred tax liabilities:
Depreciation and amortization	(668		)
Valuation allowance	(121,136		)
Deferred tax liability, net	$	(162	)