Company: TGNT
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001477932-25-002496
Chunk: 246

Company: Totaligent, Inc.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 1C
Chunk 246
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 net operating loss carry forwards, because management has determined that it is more likely than not that the Company will not earn income sufficient to realize the deferred tax assets during the carry forward periods. The Company has not taken a tax position that, if challenged, would have a material effect on the consolidated financial statements for the year ended December 31, 2024 and 2023 as defined 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:   Years Ended    December 31, 2024  December 31, 2023 U.S. statutory federal income tax rate  21%  21%State income taxes  5%  5%Change in valuation allowance (26%)  (26%) Effective income tax rate  0%  0% A reconciliation of the income taxes computed at the statutory rate is as follows:   Years Ended   December 31, 2024  December 31, 2023        Tax credit (expense) at statutory rate (26%)  $246,281  $104,564 Increase in valuation allowance  (246,281 )  (104,564 )Net deferred income tax asset $—  $—  At December 31, 2024 and 2023, the significant components of the deferred tax assets are summarized below:    December 31,  December 31,   2024  2023        Net operating loss carry-forward   $469,914  $223,633 Valuation allowance    (469,914 )  (223,633 )Net deferred tax asset (liability)   $-  $-  As of December 31, 2024 and 2023, the Company had a federal net operating loss carryforward of approximately $1,807,363 and $860,127, 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