Rezolute, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2019

Schedule of Effective Income Tax Rate Reconciliation

For the fiscal years ended June 30, 2019 and 2018, the reconciliation between the income tax benefit computed by applying the statutory U.S. federal income tax rate to the pre-tax loss before income taxes, and total income tax expense recognized in the financial statements is as follows (in thousands):


	2019		2018

Income tax benefit at statutory U.S. federal rate	$	6,394	$	8,078
Income tax benefit attributable to U.S. states		1,876		985
Non-deductible interest and other expenses		(1,045)		(12)
Transition impact of Tax Act		—		(8,490)
Stock option expirations		(1,484)		(645)
Other		(328)		—
Change in valuation allowance		(5,413)		84

Total income tax expense	$	—	$	—

Schedule of Deferred Tax Assets and Liabilities

As of June 30, 2019 and 2018, the income tax effects of temporary differences that give rise to significant deferred income tax assets and liabilities are as follows (in thousands):


	2019		2018

Deferred income tax assets:
Net operating loss carryforwards	$	20,016	$	15,563
Stock-based compensation		3,716		4,162
Start-up and organizational expenses		338		334
Property and equipment		—		515
Accesed expenses and other		1,598		467

Total deferred income tax assets		25,668		21,041
Valuation allowance for deferred income tax assets		(25,656)		(20,243)
Net deferred income tax assets		12		798
Deferred income tax liability:
Federal benefit for state deferred income taxes and other		(12)		(798)

Net deferred income tax assets	$	—	$	—