Company: KPEA
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002124
Chunk: 115

Company: Kun Peng International Ltd.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 3
Chunk 115
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30, 

    2024  
    2023 
  
    Loss before income tax expense 
    $(1,989,260) 
    $(2,149,213)
  
    Computed tax expense with statutory tax rate 
     21.0% 
     21.0%
  
    Impact of different tax 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