NOTE 10 – INCOME TAXES
For the year ended June 30, 2016, the cumulative net operating loss carry-forward from continuing operations is approximately $10,424,192 at June 30, 2016, and will expire beginning in the year 2030.
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of June 30, 2016 and 2015:
| 2016 | 2015 | |||||||
| Deferred tax asset attributable to: | ||||||||
| Net operating loss carryover | $ | 3,545,000 | $ | 2,142,000 | ||||
| Valuation allowance | (3,545,000 | ) | (2,142,000 | ) | ||||
| Net deferred tax asset | $ | — | $ | — | ||||
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $10,424,192 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.