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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 (Tables)
12 Months Ended
Sep. 30, 2012
Equity [Abstract]  
Income tax provision
    2012    2011 
Current income tax expense (benefit)  $—     $—   
Deferred income tax expense (benefit)   —      —   
Net income tax expense (benefit) charged to operations  $—     $—   
Income tax provision reconciliation

 

    2012   2011
         
Loss before income tax provision   $ (481,584 )     $ (564,294 )
Expected federal income tax rate     15.0 %     15.0 %
                 
Expected income tax expense (benefit at statutory rate   $ (72,238 )   $ (84,644 )
Tax effect of              
Meals and entertainment     1,408        
Change in valuation allowance     70,830       84,644  
                 
Net income tax expense (benefit)   $ —      $  

Deferred tax assets
   June 30, 2012
Deferred tax assets:   
Organization costs  $60 
Contribution carryover   23 
Net operating loss carryovers   33,220 
Total deferred tax assets  $33,303 
      
Deferred tax liabilities:     
Book basis of patent application  $(5,246)
Tax depreciation in excess of book   (498)
Total deferred tax liabilities  $(5,744)
      
Total deferred tax assets  $33,303 
Total deferred tax liabilities   (5,744)
Valuation allowance   (27,559)
Net deferred tax asset (liability)  $—   
Amounts presented in financial statements
      September 30, 2012       September 30, 2011  
                 
 Current deferred tax asset (liability)   $ —       $ —    
 Non-current deferred tax asset (liability)     —         —    
    $ —       $ —