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, 2014

Significant components of deferred tax assets

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

	Year Ended June 30,
	2014		2013
Deferred Tax Assets:
Net operating loss carryforwards	$	3,584,000	$	2,727,000
Stock compensation		1,431,000		-
Other, net		90,000		114,000
Net deferred tax assets		5,105,000		2,841,000
Valuation allowance for deferred tax assets		(5,105,000)		(2,841,000)
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, 2014 and 2013, due to the following:

	Year Ended June 30,
	2014		2013
Federal income taxes at 34%	$	(1,462,000)	$	120,000
State income taxes, net		(251,000)		21,000
Warrants		-		685,000
Change in the estimated fair market value of derivatives		131,000		(2,283,000)
Other True Ups, if any		(682,000)		69,000
Change in valuation allowance		2,264,000		1,388,000
Provision for income taxes	$	-	$	-