v3.25.1
INCOME TAXES
 3 Months Ended
Apr. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 9 – INCOME TAXES

 

As of April 30, 2025 and January 31, 2025, the Company has net operating loss carry forwards of $1,416,766 and $1,311,365, respectively, which may be available to reduce future years’ taxable income through 2043. The Company’s net operating loss carry forwards may be subject to annual limitations, which could reduce or defer the utilization of the losses as a result of an ownership change as defined in Section 382 of the Internal Revenue Code.

 

The Company’s tax expense differs from the “expected” tax expense for Federal income tax purposes (computed by applying the United States Federal tax rate of 21% and state rate of 5% to loss before taxes for fiscal years 2026 and 2025), as follows:

 

   April 30,   January 31, 
   2025   2025 
Tax expense (benefit) at the statutory rate  $(85,132)  $(451,863)
State income taxes, net of federal income tax benefit   (20,269)   (107,586)
Change in valuation allowance   105,401    559,449 
Total  $-   $- 

 

The tax effects of the temporary differences between reportable financial statement income and taxable income are recognized as deferred tax assets and liabilities.

 

The tax years 2023 through 2026 remain open for examination by federal agencies and other jurisdictions in which it operates.

 

 

The tax effect of significant components of the Company’s deferred tax assets and liabilities at April 30, 2025 and January 31, 2025 are as follows:

 

   April 30,   January 31, 
   2025   2025 
Deferred tax assets:          
Net operating loss carryforward  $1,416,766   $1,311,365 
Timing differences   -    - 
Total gross deferred tax assets   1,416,766    1,311,365 
Less: Deferred tax asset valuation allowance   (1,416,766)   (1,311,365)
Total net deferred taxes  $-   $- 

 

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

 

Because of the historical earnings history of the Company, the net deferred tax assets are offset by a 100% valuation allowance. The valuation allowance for the remaining net deferred tax assets was $1,416,766 and $1,311,365 as of April 30, 20225 and January 31, 2025, respectively.