Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - APRECIA INCFinancial_Report.xls
10-K - FORM 10-K - APRECIA INCacia_10k.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR6.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR8.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR9.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR7.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR2.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR3.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR1.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR36.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR30.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR33.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR32.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR22.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR24.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR28.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR17.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR31.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR35.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR37.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR25.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR29.htm
EX-32.1 - CERTIFICATION - APRECIA INCacia_ex321.htm
EX-31.1 - CERTIFICATION - APRECIA INCacia_ex311.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR5.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR4.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR19.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR14.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR15.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR10.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR13.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR20.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR23.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR26.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR12.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR21.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR11.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR27.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR18.htm
XML - IDEA: XBRL DOCUMENT - APRECIA INCR34.htm
v2.4.0.6
Income Tax Provision
12 Months Ended
Jun. 30, 2012
Income Tax Disclosure [Abstract]  
Note 10 - Income Tax Provision

Deferred Tax Assets and Valuation Allowance

 

At June 30, 2012, the Company has available for federal income tax purposes net operating loss (“NOL”) carry-forwards of $2,007,044, which may be used to offset future taxable income through the fiscal year ending June 30, 2032.  No tax benefit has been reported with respect to these net operating loss carry-forwards in the accompanying financial statements since the Company believes that the realization of its net deferred tax asset of approximately $682,395 was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are fully offset by the full valuation allowance.

 

Deferred tax assets consist primarily of the tax effect of NOL carry-forwards.  The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty regarding its realizability.  The valuation allowance increased approximately $68,674 and $56,432 for fiscal year ended June 30, 2012 and 2011, respectively.

Components of deferred tax assets and valuation allowance are as follows:

 

    June 30, 2012     June 30, 2011  
Net deferred tax assets – Non-current:                
                 
Expected income tax benefit from NOL carry-forwards   $ 682,395     $ 613,721  
                 
Less valuation allowance     (682,395 )     (613,721 )
             
Deferred tax assets, net of valuation allowance   $ -     $ -  

 

Limitation on Utilization of NOLs due to Change in Control

 

The Company had ownership changes as defined by the Internal Revenue Code Section 382 (“Section 382”), which may subject the NOL’s to annual limitations which could reduce or defer the NOL.  Section 382 imposes limitations on a corporation’s ability to utilize NOLs if it experiences an “ownership change.”  In general terms, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percentage points over a three-year period.  In the event of an ownership change, utilization of the NOLs would be subject to an annual limitation under Section 382 determined by multiplying the value of its stock at the time of the ownership change by the applicable long-term tax-exempt rate. Any unused annual limitation may be carried over to later years.  The imposition of this limitation on its ability to use the NOLs to offset future taxable income could cause the Company to pay U.S. federal income taxes earlier than if such limitation were not in effect and could cause such NOLs to expire unused, reducing or eliminating the benefit of such NOLs.

 

Income Tax Provision in the Statements of Operations

 

A reconciliation of the federal statutory income tax rate and the effective income tax rate as a percentage of income before income taxes is as follows:

 

   

For the Fiscal Year Ended

June 30, 2012

   

For the Fiscal Year Ended

June 30, 2011

 
                 
Federal statutory income tax rate     34.0 %     34.0 %
                 
Change in valuation allowance on net operating loss carry-forwards     (34.0 )     (34.0 )
                 
Effective income tax rate     0.0 %     0.0 %