Monday, July 06, 2020 2:02:49 PM
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NOTE 6 - INCOME TAXES:
At February 29, 2020 and February 29, 2018, the Company had net operating loss carryforwards of approximately $14.0 million and $13.9 million, respectively, to offset future income subject to tax. These resulted in an estimated $3.0 million and $2.9 million, respectively, of federal and $0.5 million and $0.5 million, respectively, of state deferred tax assets at February 29, 2020 and February 28, 2019. A full valuation allowance has been established for these deferred tax assets since their realization is considered unlikely. The difference between the tax provision at the federal corporation tax statuary rate and the rate (zero) included in the Company’s consolidated financial statements occurs because the Company has never had any taxable income nor the ability to utilize loss carryforwards.
Changes in the ownership of a majority of the fair market value of the Company's common stock would likely limit or eliminate the utilization of existing net operating loss carryforwards and credits. Although a formal Section 382 study to determine whether a change in control has occurred has not been completed, the Company believes, based upon limited analysis, that such changes may have occurred in 1997, 2000 and 2005. Such carryforwards and credits expire between 2019 and 2035. It is likely that any “reverse merger” or settlement of existing liabilities with equity or other strategic transaction is likely to result in a change in control under Section 382.
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