Replies to post #21890 on Nexus Energy Services Inc (IBGR)

[EarnestDD]

Here is a real financial disclosure note on how PHAR's deferred taxes should have been treated (done by a Real Auditor on another company that actually had an audit done)
jmo

At September 30, 2011, the Company had deferred tax assets principally arising from net operating loss carry-forwards for income tax purposes.
The Company calculates its deferred tax assets using the federal tax rate of 35% and the following state tax rates: xxxxx). Due to its net operating loss and the uncertainty of future profitability and limitations on the utilization of net operating loss carry-forwards underIRC Section 382, a valuation allowance has been recorded to fully offset the Company’s deferred tax asset.

and another Auditor did the same:

The Company follows the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. The Company recognized no increase in the liability for unrecognized tax benefits. The Company has no tax position as of September 30, 2011 for which the ultimate deductibility is highly certain but for which there is uncertainty about such timing of such deductibility. The Company’s utilization of any net operating loss carry forward may be unlikely as a result of its continued losses.

[EarnestDD]

Total loss carryforwards were only $18 million. How can this possible, once tax effected at 35% give a deferred tax asset at $18.8 million?

And still no proof of any certainty of any profitability for PHAR.

Its Bogus Accounting.
jmo