Income Tax Disclosure |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||
| Notes | ||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure | NOTE 9 - INCOME TAXES
As of June 30, 2026, the Company had estimated net operating loss carryforwards, on a book basis, of approximately $3,231,758, which may be available to reduce future federal taxable income, subject to applicable limitations under the Internal Revenue Code, including limitations resulting from changes in ownership. Future tax benefits that may arise from these net operating loss carryforwards have not been recognized in the accompanying condensed financial statements because management has determined that it is more likely than not that the related deferred tax assets will not be realized. Accordingly, the Company has recorded a full valuation allowance against the deferred tax assets related to the net operating loss carryforwards.
The following table presents the current income tax provision for federal and state income taxes for the period ended June 30, 2026.
Reconciliation of the U.S. federal statutory rate to the actual tax rate for the period ended June 30, 2026:
The components of our deferred tax assets as of June 30, 2026 consist of the following:
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all 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 will become deductible. The Company has recorded a full valuation allowance against its net deferred tax assets because management has determined that it is more likely than not that these assets will not be realized. |