Company: KPEA
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002124
Chunk: 645

Company: Kun Peng International Ltd.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 1
Chunk 645
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 rates in other jurisdictions 
     3.5% 
     3.4%
  
    Tax effect of non-deductible expenses 
     (2.2)% 
     (2.2)%
  
    Change in valuation allowance 
     (22.4)% 
     (22.2)%
  
    Effective tax rate 
     (0.1)% 
     0%

    F-42

Deferred
tax assets included the following:

 SCHEDULE OF DEFERRED TAX ASSETS 

    2024  
    2023 

    September 30, 

    2024  
    2023 
  
    Deferred tax assets 
    $-  
    $- 
  
    Net operating loss carryforwards 
     1,866,929  
     1,362,897 
  
    Staff education expense 
     -  
     1,691 
  
    Total deferred tax assets 
     1,866,929  
     1,364,588 
  
    Valuation allowance 
     (1,866,929) 
     (1,364,588)
  
    Total deferred tax assets, net 
    $-  
    $- 

As
of September 30, 2024, and 2023, the Company had generated gross net operating loss carryforwards in an amount of $7,664,881 and $5,618,681.
As of September 30, 2024 and 2023, our US entity generated gross net operating loss carryforwards in an amount of $1,204,891 and $1,001,412,
respectively, available to offset future taxable income. For net operating losses arising after December 31, 2017, the Tax Act limits
the Company’s ability to utilize NOL carryforwards to 80% of taxable income and carryforwards the NOL indefinitely. NOLs generated
prior to January 1, 2018, will not be subject to the taxable income limitation and will begin to expire in 2033 if not utilized.

The
Companies in Hong Kong incurred gross net operating loss carryforwards in an amount of $17,039 and $10,245 as of September 30, 2024 and
2023, respectively. The net operating loss generated in Hong Kong is carried forward indefinitely.

Our
entities in the PRC generated