Flux Power Holdings, 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, 2013

Significant components of deferred tax assets

Significant components of our net deferred tax assets are shown in the table below.

	Year Ended June 30,
	2013		2012
Deferred Tax Assets:
Net operating loss carryforwards	$	2,727,000	$	1,275,000
Other, net		114,000		178,000
Net deferred tax assets		2,841,000		1,453,000
Valuation allowance for deferred tax assets		(2,841,000)		(1,453,000)
Net deferred tax assets	$		$

Income taxes differs from the statutory federal rate

The provision for income taxes on earnings subject to income taxes differs from the statutory federal rate at June 30, 2013 and 2012, due to the following:

	Year Ended June 30,
	2013		2012
Federal income taxes at 34%	$	120,000	$	(811,000)
State income taxes, net		21,000		(139,000)
Warrants		685,000
Change in the estimated fair market value of derivatives		(2,283,000)		210,000
Other True Ups, if any		69,000		61,000
Change in valuation allowance		1,388,000		679,000
Provision for income taxes	$		$