INCOME TAXES

3 Months Ended

Sep. 30, 2024

INCOME TAXES

INCOME TAXES

NOTE 4       INCOME TAXES

The Company follows the provisions for uncertain tax positions as addressed in Financial Accounting Standards Board Accounting Standards Codification 740-10. The Company recorded an income tax benefit of $5,610 for the three months ended September 30, 2024.  The income tax benefit is a result of additional net operating losses generated during this period.  As such, there is no current income tax liability.  The Company recorded an income tax provision of $7,744 for the three months ended September 30, 2023 as the Company recognized a return to provision adjustment related to the recognition of a net deferred tax liability as well as federal and state income tax payable accounts. As of September 30, 2024, the Company has net operating loss carryovers of $210,524, none of which expire.   

The Company recognized a net deferred tax asset for unrecognized tax benefits at September 30, 2024. The Company has no material tax positions at September 30, 2024, for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. The Company had no accruals for interest or penalties at September 30, 2024. The Company’s federal income tax returns for the

fiscal years ended 2022, 2023, and 2024 are subject to examination by the Internal Revenue Service taxing authority.