Company: GEDC
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001641172-25-002190
Chunk: 545

Company: CalEthos, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 4
Chunk 545
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NOTE
7 – INCOME TAXES

 INCOME TAXES

For
the period ended December 31, 2024, the Company generated a current income tax provision of $800. Additionally, no deferred income taxes
have been recorded due to the uncertainty of the realization of any tax assets. On December 31, 2024, the Company has net operating loss
(“NOL”) carryforwards for Federal income tax purpose of $7,421,000 and for state income tax purpose of $7,411,000 that may
be offset against future taxable income. For federal purposes, there is an unlimited carryforward period, and for state purposes, the
net operating losses begin to expire in 2037 if not utilized by then.

The
income tax (benefit)/expense attributable to loss consisted of the following, for the year ended December 31,

 SCHEDULE
OF INCOME TAX (BENEFIT) EXPENSE

    2024  
    2023 
  
    Current provision for income taxes: 

    Federal 
    $-  
    $- 
  
    State 
     -  
     - 
  
    Total current income tax 
     -  
     - 

    Deferred tax expense: 

    Federal 
     -  
     - 
  
    State 
     -  
     - 
  
    Total deferred tax 
     -  
     - 
  
    Total income tax 
    $-  
    $- 

A
reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:

 SCHEDULE OF RECONCILIATION OF INCOME TAX

    2024  
    2023 
  
    Taxes calculated at federal rate 
     21.0% 
     21.0%
  
    Permanent differences 
     (18.0) 
     (13.8)
  
    State tax, net of federal impact 
     -  
     - 
  
    Return to provision 
     -  
     - 
  
    Other 
     1.0  
     2.3 
  
    Change in valuation allowance 
     (4.0) 
     (9.5)
  
    Provision for income taxes