Company: TOMZ
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001654954-25-004233
Chunk: 1349

Company: TOMI Environmental Solutions, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 8
Chunk 1349
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4,476,762) $(3,402,592)Foreign  -   - Total $(4,476,762) $(3,402,592)  Our income tax expense differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons: On December 22, 2017, the 2017 Tax Cuts and Jobs Act (“Tax Act”) was enacted into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a federal corporate tax rate decrease from 35% to 21% for tax years beginning after December 31, 2017, the transition of U.S. international taxation from a worldwide tax system to a territorial system and a one-time transition tax on the mandatory deemed repatriation of foreign earnings. We are required to recognize the effect of the tax law changes in the period of enactment, such as re-measuring our U.S. deferred tax assets and liabilities as well as reassessing the net realizability of our deferred tax assets and liabilities. The Tax Act did not give rise to any material impact on the consolidated balance sheets and consolidated statements of operations due to our historical loss position and the full valuation allowance on our net U.S. deferred tax assets.

 F-24Table of Contents

The reconciliation of taxes at the federal and state statutory rate to our provision for income taxes for the years ended December 31, 2024 and 2023 was as follows:   For the Year Ended    December 31,  December 31,   2024  2023        Income (Loss) before income tax $(4,476,762) $(3,402,592)US statutory corporate income tax rate  28%  28%Income tax expense computed at US statutory corporate income tax rate  (1,253,493)  (952,726)Reconciling items:        Change in valuation allowance on deferred tax assets  1,152,938   2,121,778 Provision to prior year tax return  68,437   (1,188,884)Meals and Entertainment  2,330   3,347 Other  29,788   16,485 Income tax expense (benefit) $-  $-  Components of our deferred income tax assets (liabilities) are as follows:   December