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

 

We are subject to income taxes in the United States. Substantially all operations prior to September 30, 2009 were in Canada. Substantially all operations after October of 2010 have been conducted in the United States.

 

Deferred income taxes arise from temporary timing differences in the recognition of income and expenses for financial reporting and tax purposes. Our deferred tax assets consist entirely of the benefit from net operating loss (“NOL”) carry-forwards. Our deferred tax assets are offset by a valuation allowance due to the uncertainty of the realization of the NOL carry-forwards. NOL carry-forwards may be further limited by a change in our ownership, other provisions of the tax laws, and because we have never filed income tax returns.

 

The provision for refundable Federal income tax, using an effective tax rate of thirty-four percent (34%), consists of the following:

 

    Year Ended
September 30,
2012
    Year Ended
September 30,
2011
 
Refundable Federal income tax attributable to:                
Current operations   $ (213,000 )   $ (289,000 )
Change in deferred tax valuation allowance     213,000       289,000  
Net refundable amount     -       -  

 

The cumulative tax effect at the expected rate of thirty-four percent (34%) of significant items comprising our net deferred tax amount is as follows:

 

    September 30,
2012
    September 30,
2011
 
Deferred tax asset attributable to:                
Net operating loss carryover   $ 611,000     $ 398,000  
Less: Valuation allowance     (611,000 )     (398,000 )
Net deferred tax asset     -       -  

 

As of September 30, 2012, we had an unused Canadian NOL carryover of approximating $128,859 that is available to offset future taxable income in Canada; it begins to expire in 2026. The Company currently has no Canadian operations. As of September 30, 2012, we have unused NOL carryover of approximately $1,796,230 that is available to offset future taxable income in the U.S., it begins to expire in 2030. These U.S. NOL’s may be limited because we have not filed income tax returns for the current period or any previous periods.