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EXCEL - IDEA: XBRL DOCUMENT - CelLynx Group, Inc.Financial_Report.xls
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EX-31.2 - SECTION 302 CERTIFICATION BY THE CORPORATION'S CHIEF FINANCIAL OFFICER - CelLynx Group, Inc.exhibit_31-2.htm
EX-31.1 - SECTION 302 CERTIFICATION BY THE CORPORATION'S CHIEF EXECUTIVE OFFICER - CelLynx Group, Inc.exhibit_31-1.htm
EX-23.1 - REGISTERED AUDITOR'S CONSENT - CelLynx Group, Inc.exhibit_23-1.htm
EX-32.1 - SECTION 906 CERTIFICATION BY THE CORPORATION'S CHIEF EXECUTIVE OFFICER - CelLynx Group, Inc.exhibit_32-1.htm
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10-K - SEPTEMBER 30, 2012 ANNUAL REPORT - CelLynx Group, Inc.cellynx_2012sept30-10k.htm
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EX-32.2 - SECTION 906 CERTIFICATION BY THE CORPORATION'S CHIEF FINANCIAL OFFICER - CelLynx Group, Inc.exhibit_32-2.htm
v2.4.0.6
Taxes
12 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Taxes

Note 10 – Taxes

The Company has provided no current income taxes due to the losses incurred from October 11, 2005 (date of inception), through September 30, 2012. Net operating losses of approximately $7,200,000 at September 30, 2012, are available for carryover. The net operating losses will expire from 2022 through 2026. The Company has provided a 100% valuation allowance for the deferred tax benefit resulting from

the net operating loss carryover due to our limited operating history. In addressing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences are deductible. When we demonstrate a history of profitable operation, we will reduce our valuation allowance at that time.

 

A reconciliation of the statutory Federal income tax rate and the effective income tax rate for the years ended September 30, 2012 and 2011 follows:

 

    September 30,     September 30,  
    2012     2011  
Statutory federal income tax rate     (34% )     (34% )
State income taxes (benefit), net of federal taxes     (6% )     (6% )
Equity instruments issued for compensation/services     16 %       16 %  
Change in derivative liabilities     (5% )     (5% )
Non-cash financing costs     (3% )     (3% )
Valuation allowance     32%       32%  
Effective income tax rate     -       -  

 

The significant components of deferred tax assets and liabilities are as follows:

 

    September 30,     September 30,  
    2012     2011  
Deferred tax assets:            
Net operating loss carryforwards   $ 2,931,884     $ 2,931,884  
Valuation allowance     (2,931,884 )     (2,931,884 )
Net deferred tax assets   $ -     $ -