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EXCEL - IDEA: XBRL DOCUMENT - LICONT, CORP.Financial_Report.xls
10-K - 10-K - LICONT, CORP.v331935_10k.htm
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EX-23.1 - EXHIBIT 23.1 - LICONT, CORP.v331935_ex23-1.htm
EX-32.1 - EXHIBIT 32.1 - LICONT, CORP.v331935_ex32-1.htm
EX-31.1 - EXHIBIT 31.1 - LICONT, CORP.v331935_ex31-1.htm
v2.4.0.6
Income Taxes
12 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

Note 5 - Income Taxes:

 

The provision (benefit) for income taxes for the years ended September 30, 2011, and 2012, were as follows:

 

    Year Ended September 30,  
    2011     2012  
             
Current Tax Provision:                
Federal-                
         Taxable income   $ -     $ -  
                 
             Total current tax provision   $ -     $ -  
                 
Deferred Tax Provision:                
Federal-                
             Loss carryforwards   $ 278     $ 10,208  
               Change in valuation allowance     (278 )     (10,208 )
                 
              Total deferred tax provision   $ -     $ -  

 

 

The Company had deferred income tax assets as of September 30, 2011, and 2012, as follows:

 

    September 30,  
    2011     2012  
             
  Loss carryforwards   $ 278     $ 10,208  
  Less - Valuation allowance     (278 )     (10,208 )
                 
     Total net deferred tax assets   $ -     $ -  

 

The Company provided a valuation allowance equal to the deferred income tax assets for the years ended September 30, 2011, and 2012, because it is not presently known whether future taxable income will be sufficient to utilize the loss carryforwards.

 

As of September 30, 2011, and 2012, the Company had approximately $818 and $30,025, respectively, in tax loss carryforwards that can be utilized in future periods to reduce taxable income, and will begin to expire in the year 2037. Due to a change in control (see note 6) the Company may lose its associated tax attributes.