Company: TGNT
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001477932-25-002496
Chunk: 292

Company: Totaligent, Inc.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 2
Chunk 292
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 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 any future change(s) in control of the Company.

10. Subsequent events     On January 1, 2024, the Company issued 100,000 Series D Convertible Preferred Stock, which vest over two years, based upon performance milestones. The consultant only earned 10,000 shares.  On March 13, 2025, the Consultant returned 90,000 shares to the Company. On February 18, 2025, the Company issued a $30,000 face value convertible notes payable convertible at $01 per share. On March 28,