INCOME TAXES

12 Months Ended

Apr. 30, 2015

NOTE 9 – INCOME TAXES

At April 30, 2015, we had a federal net operating tax loss carry-forward of approximately $3,000,000. The tax loss carry-forwards are available to offset future taxable income with the federal carry-forwards beginning to expire in 2033. Future tax benefits which may arise as a result of these losses have not been

recognized in these consolidated financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

The difference between the expected income tax expense (benefit) and the actual tax expense (benefit) computed by using the Federal statutory rate of 34% is as follows:

	Tax Years Ended April 30,
	2015			2014
Expected income tax benefit at statutory rate of 34%	$	(997,577	)	$	(86,178	)
Change in valuation account		997,577			86,178
Income tax expense (benefit)	$	—		$	—

Deferred tax assets and liabilities are provided for significant income and expense items recognized in different years for tax and financial reporting purposes. Temporary differences, which give rise to a net deferred tax asset, are as follows:

	Tax Years Ended April 30,
	2015			2014
Deferred Tax Assets:
Tax benefit of net operating loss carry-forward	$	997,577		$	86,178
Less: valuation allowance		(997,577	)		(86,178	)
Net deferred tax asset

MaryJane Group, Inc. 10-K