Company: TGNT
Filing Date: 2025-05-19
Form Type: 10-Q/A
Source: 0001477932-25-003978
Chunk: 21

Company: Totaligent, Inc.
Filing Date: 2025-05-19
Form: 10-Q/A
Chunk 21
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 2025 |   |     |   | March 31, 2024 |   |
|:---------------------------------------------|:----|:-------------------|---------------:|:--|:----|:--|---------------:|:--|
| Tax credit (expense) at statutory rate (25%) |     | $                  |         41,370 |   |     | $ |         31,973 |   |
| Increase in valuation allowance              |     |                    |        (41,370 | ) |     |   |        (31,973 | ) |
| Net deferred income tax asset                |     | $                  |              — |   |     | $ |              — |   |

At March 31, 2025 and December 31, 2024, the significant components of the deferred tax assets are summarized below:

|                                    |     | 2025 | March 31, |   |     | 2024 | December 31, |   |
|:-----------------------------------|:----|:-----|----------:|:--|:----|:-----|-------------:|:--|
| Net operating loss carry-forward   |     | $    |   493,210 |   |     | $    |      451,841 |   |
| Valuation allowance                |     |      |  (493,210 | ) |     |      |     (451,841 | ) |
| Net deferred tax asset (liability) |     | $    |         - |   |     | $    |            - |   |

As of March 31, 2024 and December 31, 2024, the Company had a federal net operating loss carryforward of approximately $ and $, 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 consolidated financial statements. The annual offset of this carryforward loss against any future taxable profits may be limited under the provisions of Internal Revenue Code Section 381 upon any future change(s) in control of the Company.

10. Subsequent events

On April 21, 2025, the Company entered into a limitation of conversion agreement with one of its convertible note holders. In connection with the agreement, the holder may not convert any of the notes into shares of common stock to the extent the holder would beneficially own more than % of the Company’s outstanding common stock.

On April 25