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v2.4.0.6
Note 6. Income Taxes: Note 6. Income Taxes (Tables)
12 Months Ended
Sep. 30, 2012
Tables/Schedules  
Note 6. Income Taxes

NOTE 6. INCOME TAXES

 

The items accounting for the difference between income taxes computed at the federal statutory rate and the benefit for income taxes were as follow:

 

                                               September 30, 2012   September 30, 2011

Provision computed at federal statutory rate              34.00%               34.00%

State tax, net of federal tax benefit                      0.00%                0.00%

Valuation allowance                                      -34.00%              -34.00%

Effective income tax rate                                  0.00%                0.00%

                                                         =======              =======

 

Deferred tax assets resulting from the net operating losses are reduced by a valuation allowance, when, in the opinion of management, utilization is not reasonably assured.  The following summarizes the deferred tax assets as of September 30, 2012 and September 30, 2011:

 

 

Deferred Tax Asset

September 30, 2012

September 30, 2011

Net operating losses

64247

48059

Less: valuation allowance

-64247

-48059

Net deferred tax asset

0

0

 

 

 

Due to a potential change in ownership under IRC 382, the amount of net operating loss that the Company may utilize in a future year may be limited under IRC Section 382.

 

The Company periodically evaluates the likelihood of the realization of deferred tax assets, and adjusts the carrying amount of the deferred tax assets by a valuation allowance to the extent the future realization of the deferred tax assets is not judged to be more likely than not.

 

The Company considers many factors when assessing the likelihood of future realization of our deferred tax assets, including recent cumulative earnings experience by taxing jurisdiction, expectations of future taxable income or loss, the carry-forward periods available to us for tax reporting purposes, and other relevant factors.

 

At September 30, 2012, based on the weight of available evidence, including cumulative losses in recent years and expectations of future taxable income, the Company determined that it was more likely than not that its deferred tax assets would not be realized.  Accordingly, the Company has recorded a valuation allowance equivalent to 100% of its cumulative deferred tax assets.

 

As a result of the implementation of certain provisions of ASC 740 the Company performed an analysis of its previous tax filings and determined that there were no positions taken that it considered materially uncertain.  Therefore, there was no provision for uncertain tax positions for the years ended September 30, 2012 and 2011.  Future changes in uncertain tax positions are not expected to have an impact on the effective tax rate due to the existence of the valuation allowance.