INCOME TAXES |
9 Months Ended |
|---|---|
Apr. 30, 2026 | |
| INCOME TAXES | |
| INCOME TAXES | NOTE 5 – INCOME TAXES
Income tax expense was $0 for the three and nine months ended April 30, 2026 and 2025.
As of August 1, 2025, the Company had no unrecognized tax benefits, and accordingly, the Company did not recognize interest or penalties during 2026 related to unrecognized tax benefits. There has been no change in unrecognized tax benefits during the three months ended April 30, 2026, and there was no accrual for uncertain tax positions as of April 30, 2026. With few exceptions, tax returns filed for the tax years ended on July 31, 2021 and thereafter are subject to examination by the relevant taxing authorities.
The Company recorded no income tax benefit for the three and nine months ended April 30, 2026 and for the three and nine months ended April 30, 2025, despite incurring a net loss during those periods. Management has concluded that the realization of the Company’s deferred tax assets is not more-likely-than-not. As a result, a full valuation allowance has been maintained against the deferred tax assets, and therefore no tax benefit has been recognized.
The Company continues to evaluate the realizability of its deferred tax assets at each reporting period and will adjust the valuation allowance as appropriate. |