Company: BNBX
Filing Date: 2025-10-30
Form Type: S-1
Source: 0001104659-25-103871
Chunk: 173

Company: BNB PLUS CORP.
Filing Date: 2025-10-30
Form: S-1
Chunk 173
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                | ​ | ​             |    -684,000 | ​ | ​    |    -684,000 |
| ROU asset                            | ​ | ​             |    -200,000 | ​ | ​    |    -342,000 |
| ​                                    | ​ | ​             |    -884,000 | ​ | ​    |  -1,026,000 |
| Less: valuation allowance            | ​ |               | -24,739,000 | ​ | ​    | -31,020,000 |
| Net deferred tax liability           | ​ | $             |    -684,000 | ​ | $    |    -684,000 |

As of September 30, 2024, the Company has approximately $ of Federal and $ of State net operating loss “NOL” carryforwards available. Pursuant to Internal Revenue Code Section 382, the Company’s ability to utilize the NOLs is subject to certain limitations due to changes in stock ownership. The annual limitation ranges between $ and $ and any unused amounts can be carried forward to subsequent years. Based on a study of Section 382 of the Internal Revenue code conducted by the Company at September 30, 2024, the deferred tax asset related to Federal net operating loss carryforwards is decreased by $ and the state net operating loss carryforwards is decreased by $. The write off of the deferred tax asset and the corresponding reduction in valuation allowance has no impact to the consolidated balance sheet or statement of operations. The Federal NOLs generated in tax years beginning after 12/31/2017 have no expiration period due to the TCJA that was enacted in March 2020.

The Company has provided a full valuation allowance against all of the net deferred tax assets based on management’s determination that it is more likely than not that the net deferred tax assets will not be realized in the future. The valuation allowance decreased by 6,281,000.

The Company has Federal research and development credits of approximately $ that will begin to expire after 2034. The Company also has state investment tax credits of $ that will begin to expire after 2029.

On August 16, 2022, President Biden signed the Inflation Reduction Act, which is effective for tax years beginning on or after January 1, 2023 For tax years beginning after December 31, 2021 the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures as incurred and instead required taxpayers