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EX-32 - EXHIBIT 32 - DigiPath,Inc.exhibit32.htm
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10-K - DIGIPATH, INC. FORM 10-K SEPTEMBER 30, 2012 - DigiPath,Inc.form10k120930.htm
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v2.4.0.6
INCOME TAX
12 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
INCOME TAX

NOTE 9 - INCOME TAX

 

The deferred tax asset as of the year ended September 30, 2012 and 2011 consisted of the following:

 

    2012   2011
Net operating loss carry forwards   $ 133,208    $ 11,268 
Less valuation allowance     (133,208)     (11,268)
    $ -   $ -
             

 

Management provided a deferred tax asset valuation allowance equal to the potential benefit due to the Company’s loss. When the Company demonstrates the ability to generate taxable income, management will re-evaluate the allowance.

 

As of September 30, 2012 and 2011, the Company has net operating loss carry forward of approximately $325,691 and $27,549, respectively, which is available to offset future taxable income that expires by year 2031.

 

Reconciliation between the provision for income taxes and the expected tax benefit using the federal statutory rate of 34% and state statutory rate of 6.9% for 2012 and 2011 is as follows:

 

    2012 and 2011  
Income tax benefit at federal statutory rate     -34.00%  
State income tax benefit, net of effect on federal taxes     -6.90%  
Increase in valuation allowance     40.90%  
Income tax expenses     -