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EX-31 - Psychic Friends Network Inc.ex31.txt
EX-32 - Psychic Friends Network Inc.ex32.txt
v2.4.0.6
INCOME TAXES
12 Months Ended
Sep. 30, 2012
INCOME TAXES  
INCOME TAXES
NOTE 6 - INCOME TAXES
 
The Company provides for income taxes under FASB ASC 740,  Accounting for Income
Taxes.  FASB ASC 740  requires  the use of an asset and  liability  approach  in
accounting for income taxes.  Deferred tax assets and  liabilities  are recorded
based on the differences between the financial statement and tax bases of assets
and liabilities.
 
FASB ASC 740  requires  the  reduction  of  deferred  tax assets by a  valuation
allowance, if, based on the weight of available evidence, it is more likely than
not that some or all of the  deferred  tax assets will not be  realized.  In the
Company's opinion, it is uncertain whether they will generate sufficient taxable
income in the future to fully utilize the net deferred tax asset. Accordingly, a
valuation allowance equal to the deferred tax asset has been recorded. The total
deferred tax asset is $90,946 which is calculated by multiplying a 34% estimated
tax rate by the  cumulative  net operating loss (NOL) adjusted for the following
items:
 
For the period ended September 30,            2012                    2011
----------------------------------         ----------              ----------
Book loss for the year                     $ (379,562)             $  (20,452)
Adjustments:
  Meals and entertainment                       1,496                      --
  Stock based compensation                     93,750                      --
  Unpaid payroll taxes                         16,829                      --
                                           ----------              ----------
Tax loss for the year                        (265,058)                (20,452)
Estimated effective tax rate                       34%                     34%
                                           ----------              ----------
Deferred tax asset                         $  (90,946)             $   (6,954)
                                           ==========              ==========
 
The total valuation  allowance is $90,946.  Details for the last two periods are
as follows:
 
For the period ended September 30,            2012                    2011
----------------------------------         ----------              ----------
 
Deferred tax asset                         $   90,946              $    6,954
Valuation allowance                           (90,946)                 (6,954)
                                           ----------              ----------
Net deferred tax asset                             --                      --
                                           ----------              ----------
Income tax expense                         $       --              $       --
                                           ==========              ==========
 
Below  is a  chart  showing  the  estimated  corporate  federal  cumulative  net
operating  loss (NOL) carry  forward of $342,559  and the years in which it will
expire.
 
    Year                                    Amount              Expiration
    ----                                    ------              ----------
 
2012                                      $ 267,487            2032
2011                                      $  20,452            2031
Prior to 2011                             $  54,620            Prior to 2031