INCOME TAXES

12 Months Ended

Dec. 31, 2024

NOTE 5 - INCOME TAXES

The reconciliation of income tax expense at the U.S. statutory rate of 21% to the Company’s effective tax rate is as follows:

	Year ended
	December 31,
	2024			2023
Income tax expense (benefit) at statutory rate	$	(8,882	)	$	(1,849,590	)
Income tax adjustment
Imputed interest		911			673
Change of valuation allowance		7,971			1,848,917
Income tax expense (benefit)	$	-		$	-

Net deferred tax assets consist of the following components as of:

	December 31,			December 31,
	2024			2023
Operating loss carry forward	$	6,871,829		$	6,863,858
Valuation allowance		(6,871,829	)		(6,863,858	)
Deferred tax asset	$	-		$	-

The Company has approximately $33 million net operating loss carryforwards that are available to reduce future taxable income. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will 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 become deductible. Management considers projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, management has established a full valuation allowance against all of the deferred tax assets for the year ended December 31, 2024 and 2023 because it is more likely than not that all of the deferred tax assets will not be realized.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

ACRO BIOMEDICAL CO., LTD. 10-K