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v2.4.0.6
Income Taxes
12 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 3 – INCOME TAXES

 

On or about September 28, 2010 in relation to the acquisition of Charta Systems, Inc., the Company changed its fiscal year end from December 31 to September 30. Consequently, the Company filed a short-year return for the 2010 tax year. Prior to the reverse merger on September 24, 2010, Charta was an S-Corporation and was taxed at the stockholder level. All income tax activity for the remainder of the short year ended September 30, 2010 was nominal. All prior period net operating losses at the parent level are subject to the Section 382 limitation as a result of the Company undergoing a more than 50% change in ownership. As a result of the limitation, the Company expects to receive zero or minimal future benefits from prior period net operating losses.

 

The provision for income taxes consists of the following:

 

  2012   2011
Current tax $ —    $ — 
Deferred tax benefit   (7,938)     (5,672)
Benefits of operating loss carryforwards   7,938      5,672 
Provision for Income Tax $ —    $ — 

 

Below is a summary of deferred tax asset calculations on net operating loss carry forward amounts as of September 30, 2012. Currently there is no reasonable assurance that the Company will be able to take advantage of a deferred tax asset. Thus, an offsetting allowance has been established for the deferred asset.

 

Description   NOL Balance   Tax   Rate  
Net Operating Loss   $ 72,442   $ 14,488    20 %
Valuation Allowance           (14,488)      
Deferred Tax Asset – 9/30/2012         $ —       

 

During the years ended September 30, 2012 and 2011, the valuation allowance increased $7,938 and $5,672, respectively.

 

The Company has the following operating loss carry forwards available at September 30, 2012:

 

Operating Losses
Expires   Amount
2031   32,750
2032   39,692

 

Reconciliation between income taxes at the statutory tax rate (20%) and the actual income tax provision for continuing operations follows:

 

  2012   2011
Expected Tax Provision $ (7,938)   $ (5,672)
Effect of:          
Increase in Valuation Allowance   7,938      5,672 
Actual Tax Provision $ —    $ — 

 

Uncertain Tax Positions

 

The Company has evaluated its uncertain tax positions as required by ASC 740 and determined that any required adjustments would not have a material impact on the Company’s balance sheet, statement of operations, or statement of cash flows.

 

A reconciliation of our unrecognized tax benefits for 2012 is presented in the table below:

 

Balance as of September 30, 2011 $ — 
Additions based on tax positions related to the current year   — 
Reductions for tax positions of prior years   — 
Reductions due to expiration of statute of limitations   — 
Settlements with taxing authorities   — 
Balance as of September 30, 2012 $ — 

 

The tax years 2009 through 2011 remain open to examination for federal income tax purposes and by other major taxing jurisdictions to which we are subject.