Company: CCCP
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001477932-25-001313
Chunk: 80

Company: Crona Corp.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 2
Chunk 80
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 all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of December 31, 2024. All tax years since inception remain open for examination by taxing authorities. The provision for Federal income tax consists of the following:    December 31, 2024  December 31, 2023 Gross deferred tax asset  64,643   48,390 Valuation allowance  (64,643)  (48,390)Net deferred tax asset  -   -  The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the years ended December 31, 2024 and 2023 as follows:   For the year ended December 31, 2024  For the year ended December 31, 2023 Income tax expense (benefit) at statutory rate  (16,253)  (40,701)Change in valuation allowance  16,253   40,701 Income tax expense  -   -  The related deferred tax benefit on the above unutilized tax losses has a full valuation allowance not recognized against it as there is no certainty of its realization. Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed. 

Note 12 – SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations subsequent to December 31, 2024, through the date when financial statements were issued, and has determined that it does not have material subsequent events to disclosure in these financial statements.

 F-13Table of Contents

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A(T). Controls and Procedures

Management’s Report on Disclosure Controls and Procedures

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)). The Company’s internal control over financial