v3.25.1
INCOME TAXES
 9 Months Ended
Mar. 31, 2025
INCOME TAXES  
INCOME TAXES

NOTE 17. INCOME TAXES

 

The components of income tax balances for the periods ended March 31, 2025, and June 30, 2024, are as follows:

 

 

 

For the Nine

Months Ended

 

 

For the Fiscal

Year Ended

 

 

 

31-Mar-25

 

 

30-Jun-24

 

 

 

 

 

 

 

 

Net losses before taxes

 

$

1,122,930

 

 

$

1,023,271

 

Adjustments to arrive at taxable income/loss

 

 

 

 

 

 

 

 

Permanent differences:

 

 

83,921

 

 

 

-

 

Temporary differences:

 

 

-

 

 

 

-

 

Taxable income (loss)

 

 

1,206,851

 

 

 

1,023,271

 

 

 

 

 

 

 

 

 

 

Current Year Taxable Income (loss)

 

 

1,206,851

 

 

 

1,023,271

 

NOL carried forward (tax return)

 

 

7,023,798

 

 

 

6,000,527

 

NOL carried forward at period end

 

 

8,230,649

 

 

 

7,023,798

 

 

 

 

 

 

 

 

 

 

Deferred Tax Asset - Federal Rate (21%)

 

$1,728,436

 

 

$1,474,998

 

Deferred Tax Asset - State Rate (5.5%)

 

 

452,686

 

 

 

294,243

 

 

 

 

2,181,122

 

 

 

1,769,241

 

Valuation Allowance

 

 

(2,181,122)

 

 

(1,769,241)

Deferred tax asset per books

 

 

-

 

 

 

-