v3.22.2.2
NOTE 6 - INCOME TAX PROVISION
 12 Months Ended
Jun. 30, 2022
Notes  
NOTE 6 - INCOME TAX PROVISION

NOTE 6 - INCOME TAX PROVISION

 

The Company’s provision for income taxes was $-0- and $-0- for the years ended June 30, 2022 and 2021 respectively, since the Company incurred net operating losses through June 30, 2022.

 

Income tax expense for the years ended June 30, 2022 and 2021 differed from the amounts computed by applying the U.S. federal income tax rate of 29 percent respectively as follows:

 

 

 

June 30,

 

June 30,

 

 

2022

 

2021

Income tax benefit at U.S. federal statutory rates

$

          (17,210)

$

          (57,711)

Effect of:

 

 

 

 

Change in valuation allowance

 

           17,210

 

           57,711

Provision for income taxes

$

                  -   

$

                  -   

 

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets at June 30, 2022 and 2021 are presented below:

 

 

 

June 30,

 

June 30,

 

 

2022

 

2021

Deferred tax assets

 

 

 

 

Net operating losses

$

     (7,981,955)

 

     (7,964,745)

Common stock issued for services

 

         130,273

 

         130,273

Debt issued for financing costs

 

           10,500

 

           10,500

Impairment of related parties receivables

 

         269,541

 

         269,541

Change in derivative liabilities

 

             5,892

 

             5,892

Gain on sale of assets

 

             1,456

 

             1,456

Increase (decrease) in valuation allowances

 

       7,564,293

 

       7,547,083

Net deferred taxes

$

                  -   

$

-

 

As of June 30, 2022, the Company had net operating loss carryforwards of approximately $31.3 million which is available to offset future taxable federal, state and foreign income. The federal and state carryforward amounts expire in varying amounts between 2022 and 2032. The foreign net operating loss carryforwards do not have an expiration period.

 

The Company has evaluated its uncertain tax positions and determined that any required adjustments for unrecognized tax benefits would not have a material impact on the Company’s balance sheet, income statement, or statement of cash flows.

 

The Company’s tax filings for 2016 through 2021 remain subject to examination by tax authorities for federal income tax purposes and by other major taxing jurisdictions to which we are subject.