Income Taxes (Tables)

12 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

US Federal Tax Rate

A reconciliation of the Company's statutory U.S. federal tax rate and its effective tax rate is as follows:

Description	Year Ended June 30, 2016		Year Ended June 30, 2015
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, 2016, are as follows:

Deferred tax assets:	(in thousands)
Share-based compensation	$	92,824
Start-up expenditures	4,799
Other	2,043
Operating loss carryforward	79,476
Total deferred tax assets	179,142
Deferred tax liabilities:
Depreciation and amortization	(7,913		)
Valuation allowance	(171,229		)
Deferred tax asset, net	$	—

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	1,575
Operating loss carryforward	71,616
Total deferred tax asset	164,973
Deferred tax liabilities:
Depreciation and amortization	(6,156		)
Valuation allowance	(158,817		)
Deferred tax asset, net	$	—