Company: TGNT
Filing Date: 2025-04-09
Form Type: 10-K/A
Source: 0001477932-25-002538
Chunk: 61

Company: Totaligent, Inc.
Filing Date: 2025-04-09
Form: 10-K/A
Chunk 61
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 Company will not earn income sufficient to realize the deferred tax assets during the carry forward periods.

The Company has not taken a tax position that, if challenged, would have a material effect on the consolidated financial statements for the year ended December 31, 2024 and 2023 as defined under ASC 740, "Accounting for Income Taxes."

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes.

The sources and tax effects of the differences for the periods presented are as follows:

|                                        |     | Years Ended | December 31, 2024 |    |     |     | December 31, 2023 |    |
|:---------------------------------------|:----|:------------|------------------:|:---|:----|:----|------------------:|:---|
| U.S. statutory federal income tax rate |     |             |                21 | %  |     |     |                21 | %  |
| State income taxes                     |     |             |                 5 | %  |     |     |                 5 | %  |
| Change in valuation allowance          |     | (26         |                   | %) |     | (26 |                   | %) |
| Effective income tax rate              |     |             |                 0 | %  |     |     |                 0 | %  |

A reconciliation of the income taxes computed at the statutory rate is as follows:

|                                              |     | Years Ended | December 31, 2024 |   |     |   | December 31, 2023 |   |
|:---------------------------------------------|:----|:------------|------------------:|:--|:----|:--|------------------:|:--|
| Tax credit (expense) at statutory rate (26%) |     | $           |           246,281 |   |     | $ |           104,564 |   |
| Increase in valuation allowance              |     |             |          (246,281 | ) |     |   |          (104,564 | ) |
| Net deferred income tax asset                |     | $           |                 — |   |     | $ |                 — |   |

At December 31, 2024 and 2023, the significant components of the deferred tax assets are summarized below:

|                                    |     | 2024 | December 31, |   |     | 2023