Current report filing

Income taxes (Tables)

v3.5.0.2
Income taxes (Tables)
6 Months Ended
Dec. 31, 2015
Income taxes  
Schedule of loss before income taxes

Loss before income taxes is as follows (in thousands):

 

 

Six months ended
December 31,
2015

 

Year ended
June 30,
2015

 

Year ended
June 30,
2014

 

Year ended
June 30,
2013

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

(1,771

)

$

(1,108

)

$

1,941

 

$

(1,019

)

UK

 

(21,284

)

(20,706

)

(13,467

)

(7,721

)

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

$

(23,055

)

$

(21,814

)

$

(11,526

)

$

(8,740

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of components of income tax expense (benefit)

 

 

The components of income tax expense (benefit) is as follows (in thousands):

 

 

Six months ended
December 31,
2015

 

Year ended
June 30,
2015

 

Year ended
June 30,
2014

 

Year ended
June 30,
2013

 

 

 

 

 

 

 

 

 

 

 

United States:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

33

 

$

121

 

$

75

 

$

—

 

State and local

 

(88

)

123

 

—

 

—

 

UK

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Total current tax expense (benefit) 

 

$

(55

)

$

244

 

$

75

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States:

 

 

 

 

 

 

 

 

 

Federal

 

—

 

—

 

—

 

—

 

State and local

 

—

 

—

 

—

 

—

 

UK

 

—

 

—

 

—

 

—

 

Change in tax rates

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Total deferred tax expense (benefit)

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Total income tax expense (benefit)

 

$

(55

)

$

244

 

$

75

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of deferred tax assets and liabilities

At December 31, 2015, June 30, 2015 and June 30, 2014 the tax effects of temporary differences that give rise to deferred tax assets and liabilities were as follows (in thousands):

 

 

December 31,
2015

 

June 30,
2015

 

June 30,
2014

 

 

 

 

 

 

 

 

 

Property, plant and equipment:

 

$

(2,080

)

$

(888

)

$

(286

)

Accruals

 

(8

)

—

 

—

 

Deferred revenue

 

—

 

—

 

(46

)

 

 

 

 

 

 

 

 

Deferred tax liabilities

 

(2,088

)

(888

)

(332

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

2,721

 

1,557

 

68

 

Intangible assets

 

443

 

—

 

—

 

Deferred revenue

 

—

 

115

 

—

 

Other accruals

 

37

 

30

 

27

 

Net operating loss and expenditure credit carryforwards

 

8,318

 

7,508

 

4,548

 

 

 

 

 

 

 

 

 

Deferred tax assets

 

11,519

 

9,210

 

4,643

 

Valuation allowance

 

(9,431

)

(8,322

)

(4,311

)

 

 

 

 

 

 

 

 

 

 

2,088

 

888

 

332

 

 

 

 

 

 

 

 

 

Net deferred tax asset (liability)

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of the effective tax rate reconciliation

Reconciliation of the U.K. statutory income tax rate to the Company’s effective tax rate is as follows (in percentages):

 

 

Six months ended
December 31,
2015

 

Year ended
June 30,
2015

 

Year ended
June 30,
2014

 

Year ended
June 30,
2013

 

 

 

 

 

 

 

 

 

 

 

UK tax rate

 

20 

%

20.8 

%

22.5 

%

23.8 

%

Permanent differences relating to foreign exchange

 

(8.7 

)%

3.4 

%

—

 

—

 

Surrender of R&D expenditures for R&D tax credit refund

 

(4.5 

)%

(5.5 

)%

(12.1 

)%

(10.0 

)%

Change in valuation allowances

 

(10.8 

)%

(20.7 

)%

(16.2 

)%

(13.6 

)%

Other

 

4.2 

%

0.9 

%

5.0 

%

(0.2 

)%

 

 

 

 

 

 

 

 

 

 

Effective income tax rate 

 

0.2 

%

(1.1 

)%

(0.8 

)%

—