Replies to post #1888 on GEMZ Corporation (GMZP)

[TOUCAN]

Hi pdicamillo1,

"As of June 30, 2021, the Company expected no net deferred tax assets to be recognized, resulting from net operating loss carry forwards. Deferred tax assets were offset by a corresponding allowance of 100%" https://www.otcmarkets.com/otcapi/company/financial-report/305339/content

GMZP did have a change in control of ownership. This means that even though they have the full allowance of the $72.2 Million, they will only be able to use an insignificant amount against future taxable income. This is still huge because the $72.2 Million is available to be used as a 2 year carry back and 20 year carry forward Tax Net Operating Loss (NOL) to reduce the taxable income for the company’s future tax years.

This is still huge because even a worst case scenario, for an insignificant amount, would be to implement the 20 year carry forward which with using all of the $72.2 Million Allowance. Still, that equates to over $3.6 Million per year to be allowed to go towards reducing taxable income for the company’s future tax years.