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EXCEL - IDEA: XBRL DOCUMENT - Verity Corp.Financial_Report.xls
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v2.4.0.6
NOTE 13 - INCOME TAXES
12 Months Ended
Sep. 30, 2012
Equity [Abstract]  
NOTE 13 - INCOME TAXES

 

 

NOTE 13 - INCOME TAXES

 

At September 30, 2012, the Company has federal net operating loss carryovers of approximately $1,795,000 available to offset future taxable income and expiring as follows:

 

$2,320 in 2026, $12,616 in 2027, $127,675 in 2028, $37,465 in 2029, and $428,000 in 2030, $564,000 in 2031 and $623,000 in 2032. The Company also has a federal contribution carryover of $150 that expires in 2029. At September 30, 2012, the Company had experienced losses since inception and had not yet generated any taxable income; therefore, the Company established a valuation allowance to offset the net deferred tax assets.

 

The income tax provision consists of the following components for the years ended September 30, 2012 and 2011:

 

      2012       2011  
                 
Current income tax expense (benefit)   $ —       $ —    
Deferred income tax expense (benefit)     —         —    
                 
Net income tax expense (benefit) charged to operations   $ —       $ —    
                 

 

 

The income tax provision differs from the amounts that would be obtained by applying the federal statutory income tax rate to loss before income tax provision as follows for the years ended September 30, 2012 and 2011:

  

    2012   2011
         
Loss before income tax provision   $ (623,079 )     $ (564,294 )
Expected federal income tax rate     15.0 %     15.0 %
                 
Expected income tax expense (benefit at statutory rate   $ (934,462 )   $ (84,644 )
Tax effect of     -          
Meals and entertainment     1,408       —    
Change in valuation allowance     92,054       84,644  
                 
Net income tax expense (benefit)   $ —       $ —    

   

The Company's deferred tax assets, deferred tax liabilities, and valuation allowance are as follows:

  

    September 30, 2012   September 30, 2011
         
Deferred tax assets:        
 Organization costs   $ —       $ —    
 Contribution carryover     —         —    
 Net operating loss carryovers     269,250       175,800  
                 
Total deferred tax assets   $ 269,250     $ 175,800  
                 
 Deferred tax liabilities:                
  Book basis of patent application   $ —       $ —    
 Tax depreciation in excess of book     —         —    
                 
 Total deferred tax liabilities   $ —       $ —    
                 
Total deferred tax assets   $ 269,250     $ 175,800  
Total deferred tax liabilities     —         —    
Valuation allowance     (269,250 )     (175,800 )
                 
Net deferred tax asset (liability)   $ —       $ —    

  

These amounts have been presented in the financial statements as follows:  

 

      September 30, 2012       September 30, 2011  
                 
 Current deferred tax asset (liability)   $ —       $ —    
 Non-current deferred tax asset (liability)     —         —    
    $ —       $ —