Attached files

file filename
10-K - ANNUAL REPORT - OnTarget360 Group, Inc.otgi_10k.htm
EX-32.1 - CERTIFICATION - OnTarget360 Group, Inc.otgi_ex321.htm
EX-31.1 - CERTIFICATION - OnTarget360 Group, Inc.otgi_ex311.htm
EXCEL - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.Financial_Report.xls
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R2.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R5.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R7.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R9.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R1.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R3.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R6.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R4.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R8.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R25.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R20.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R23.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R24.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R17.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R26.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R19.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R14.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R22.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R21.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R16.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R11.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R12.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R15.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R18.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R10.htm
XML - IDEA: XBRL DOCUMENT - OnTarget360 Group, Inc.R27.htm
v2.4.0.6
7. Income Taxes
12 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
7. Income Taxes

Note 7. Income Taxes

 

The components of the provision (benefit) for income taxes are as follows:

 

    Years Ended  
    Sept 30, 2012     To Sept 30, 2011  
Current            
Federal     -       -  
State and local     650       1,075  
Total current tax provision     650       1,075  
                 
Deferred                
Federal     -       -  
State     -       -  
Total deferred tax provision (benefit)     -       -  
                 
Total tax provision   $ 650     $ 1,075  

 

    Years Ended  
Temporary differences:   Sept 30, 2012     Sept 30, 2011  
Deferred Tax Assets:            
Net operating loss carry-forward at 34% and 28%, respectively     59,327       24,941  
Less: valuation allowance     (59,327 )     (24,941 )
Deferred tax assets     -       -  
                 
Deferred tax liabilities     -       -  
Net deferred tax asset   $ -     $ -  

 

The Company had federal and state net operating loss carry forwards of approximately $174,490, as of September 30, 2012. The tax loss carry forwards are available to offset future taxable income with the federal and state carry forwards beginning to expire in 2026.

 

The realization of the tax benefits are subject to the sufficiency of taxable income in future years. The combined deferred tax assets represent the amounts expected to be realized before expiration.

 

The Company periodically assesses the likelihood that it will be able to recover its deferred tax assets. The Company considers all available evidence, both positive and negative, including expectations and risks associated with estimates of future taxable income and ongoing prudent and feasible profits. As a result of this analysis of all available evidence, both positive and negative, the Company concluded that it is not likely that its net deferred tax assets will ultimately be recovered and, accordingly, recorded a valuation allowance was recorded as of September 30, 2012 and 2011.

 

The difference between the expected income tax expense (benefit) and the actual tax expense (benefit) computed by using the Federal statutory rate of 34% and 28%, respectively, is as follows:

 

  Years Ended  
  Sept 30, 2012   Sept, 30 2011  
         
Expected income tax benefit(loss) at statutory rate of 34% and 28%, respectively   $ (28,336 )   $ (14,059 )
State and local tax benefit, net of federal     650       1,075  
Change in valuation account     28,336       14,059  
Income tax expense   $ 650     $ 1,075