Company: TGNT
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001477932-25-005790
Chunk: 52

Company: Totaligent, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 52
---
 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:   Three and Six Months Ended    June 30, 2025  June 30, 2024 U.S. statutory federal income tax rate  21%  21%State income taxes, net of federal income tax  4%  4%Change in valuation allowance  (25)%  (25)%Effective income tax rate  0%  0%

 F-18Table of Contents

A reconciliation of the income taxes computed at the statutory rate is as follows:   Three Months Ended   June 30, 2025  June 30, 2024        Tax credit (expense) at statutory rate (25%)  $13,693  $30,951 Increase in valuation allowance  (13,693)  (30,951)Net deferred income tax asset $-  $-    Six Months Ended   June 30, 2025  June 30, 2024        Tax credit (expense) at statutory rate (25%)  $55,063  $66,074 Increase in valuation allowance  (55,063)  (66,074)Net deferred income tax asset $-  $-  At June 30, 2025 and December 31, 2024, the significant components of the deferred tax assets are summarized below:    June 30,  December 31,   2025  2024        Net operating loss carry-forward  $506,903  $451,841 Valuation allowance   (506,903)  (451,841)Net deferred tax asset (liability)  $-  $-  As of June 30, 2025 and December 31, 2024, the Company had a federal net operating loss carryforward of approximately $2,180,835 and $1,807,363, respectively. The federal net operating loss carryforwards do not expire but may only be used against taxable income to 80%. No tax benefit has been reported in the unaudited consolidated financial statements