Axelerex Corp.
Balance Sheet
| |
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|
Cash & Cash Equivalents
|
|
$
|
15,106
|
|
|
$
|
7,598
|
|
|
Accounts Receivable
|
|
|
-
|
|
|
|
541
|
|
|
Prepaid Expenses
|
|
|
56
|
|
|
|
|
|
|
Total Current Assets
|
|
|
15,162
|
|
|
|
8,139
|
|
| |
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
15,162
|
|
|
$
|
8,139
|
|
| |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Accounts Payable
|
|
$
|
99
|
|
|
$
|
200
|
|
|
Due to Related Party
|
|
|
13,264
|
|
|
|
11,096
|
|
| |
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
13,363
|
|
|
|
11,296
|
|
| |
|
|
|
|
|
|
|
|
|
Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
Common Stock, $0.001 par value, 75,000,000 shares authorized,
|
|
|
|
|
|
|
|
|
|
7,120,000 shares and 5,000,000 shares issued and outstanding, respectively
|
|
|
7,120
|
|
|
|
5,000
|
|
|
Additional Paid-In Capital
|
|
|
19,080
|
|
|
|
-
|
|
|
Retained Earnings (Deficit)
|
|
|
(24,401
|
)
|
|
|
(8,157
|
)
|
|
Total Stockholders’ Equity
|
|
|
1,799
|
|
|
|
(3,157
|
)
|
| |
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders’ Equity
|
|
$
|
15,162
|
|
|
$
|
8,139
|
|
The accompanying notes are an integral part of these financial statements.
Axelerex Corp.
Statement of Operations
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
REVENUE
|
|
$
|
100
|
|
|
$
|
1,606
|
|
| |
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
General and Administrative
|
|
|
2,189
|
|
|
|
2,226
|
|
|
Professional
|
|
|
14,155
|
|
|
|
7,537
|
|
|
Total Expenses
|
|
|
16,344
|
|
|
|
9,763
|
|
| |
|
|
|
|
|
|
|
|
|
Loss from Operations
|
|
|
(16,244
|
)
|
|
|
(8,157
|
)
|
| |
|
|
|
|
|
|
|
|
|
Income Tax Expense (Recovery)
|
|
|
-
|
|
|
|
-
|
|
| |
|
|
|
|
|
|
|
|
|
NET INCOME AFTER TAX
|
|
$
|
(16,244
|
)
|
|
$
|
(8,157
|
)
|
| |
|
|
|
|
|
|
|
|
|
Basic and Diluted Net Loss per Common Share
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
| |
|
|
|
|
|
|
|
|
|
Weighted-Average Number of Common Shares Outstanding
|
|
|
6,091,699
|
|
|
|
3,639,344
|
|
The accompanying notes are an integral part of these financial statements.
Axelerex Corp.
Statement of Cash Flows
| |
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITES:
|
|
|
|
|
|
|
|
Net Loss After Tax
|
|
$
|
(16,244
|
)
|
|
$
|
(8,157
|
)
|
|
Adjustment to Reconcile Net Loss to Net Cash Used in Operating Activities:
|
|
|
|
|
|
|
|
|
|
Bad debt Expense
|
|
|
211
|
|
|
|
-
|
|
|
Changes in Operating Assets and Liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts Receivable
|
|
|
330
|
|
|
|
(541
|
)
|
|
Accounts Payable
|
|
|
(101
|
)
|
|
|
200
|
|
|
Prepaid expenses
|
|
|
(56
|
)
|
|
|
-
|
|
|
Net Cash from Operating Activities
|
|
|
(15,860
|
)
|
|
|
(8,498
|
)
|
| |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Related Party Loan
|
|
|
2,168
|
|
|
|
11,096
|
|
|
Proceeds from Sale of Common Shares
|
|
|
21,200
|
|
|
|
5,000
|
|
|
Net Cash Provided by Financing Activities
|
|
|
23,368
|
|
|
|
16,096
|
|
| |
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Cash
|
|
|
7,508
|
|
|
|
7,598
|
|
| |
|
|
|
|
|
|
|
|
|
Cash, Beginning of Period
|
|
|
7,598
|
|
|
|
-
|
|
| |
|
|
|
|
|
|
|
|
|
Cash, End of Period
|
|
$
|
15,106
|
|
|
$
|
7,598
|
|
| |
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Cash Paid for:
|
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
-
|
|
|
$
|
-
|
|
|
Income Taxes
|
|
$
|
-
|
|
|
$
|
-
|
|
The accompanying notes are an integral part of these financial statements.
Axelerex Corp.
Statement of Stockholders Equity
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Retained
|
|
|
|
|
| |
|
Common Stock
|
|
|
Additional
|
|
|
Earnings
|
|
|
|
|
| |
|
Number of
|
|
|
|
|
|
Paid-in
|
|
|
(Accumulated
|
|
|
|
|
| |
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Deficit)
|
|
|
Total
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, August 30, 2017
|
|
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Common shares for Cash
|
|
|
5,000,000
|
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(8,157
|
)
|
|
|
(8,157
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000,000
|
|
|
|
5,000
|
|
|
|
-
|
|
|
|
(8,157
|
)
|
|
|
(3,157
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Common Shares for Cash
|
|
|
2,120,000
|
|
|
|
2,120
|
|
|
|
19,080
|
|
|
|
-
|
|
|
|
21,200
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) After Tax
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(16,244
|
)
|
|
|
(16,244
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,120,000
|
|
|
$
|
7,120
|
|
|
$
|
19,080
|
|
|
$
|
(24,401
|
)
|
|
$
|
1,799
|
|
The accompanying notes are an integral part of these financial statements.
Axelerex Corp.
Notes to the Financial Statements
Note 1 - Organization and Operations
Axelerex Corp. was incorporated in the State of Nevada on August 30, 2017. Our offices are located at 30
Fritz-Kirsch-Zeile, Berlin, 12459, Germany. Our product comes in a form of highly customized short animation created in a technique and style that would make it stand out amongst common products of this type. These short animations,
produced by our company, will help our customers to deliver desired information with a punch and in memorable and complete manner. Our aim is to develop Axelerex Corp. in phases. The first phase of development will focus on design
solutions. The second phase will be production and further development of new and ever more unique animation solutions.
Note 2 - Significant and Critical Accounting Policies and Practices
The Management of the Company is
responsible for the selection and use of appropriate accounting policies and the appropriateness of accounting policies and their application. Critical accounting policies and practices are those that are both most important to the
portrayal of the Company’s financial condition and results and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently
uncertain. The Company’s significant and critical accounting policies and practices are disclosed below as required by generally accepted accounting principles.
Basis of
Presentation
The Company’s financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”).
Use of
Estimates and Assumptions and Critical Accounting Estimates and Assumptions
The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date(s) of the financial statements and the
reported amounts of revenues and expenses during the reporting period(s).
Critical accounting estimates are
estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the
estimate on financial condition or operating performance is material. The Company’s critical accounting estimate(s) and assumption(s) affecting the financial statements was (were):
|
(i)
|
Assumption
as a going concern: Management assumes that the Company will continue as a going concern, which contemplates continuity of operations,
realization of assets, and liquidation of liabilities in the normal course of business.
|
|
(ii)
|
Valuation
allowance for deferred tax assets: Management assumes that the realization of the Company’s net deferred tax assets resulting from its
net operating loss (“NOL”) carry–forwards for Federal income tax purposes that may be offset against future taxable income was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are offset by a full valuation allowance. Management made this assumption based on (a) the Company has incurred recurring losses, (b)
general economic conditions, and (c) its ability to raise additional funds to support its daily operations by way of a public or private offering, among other factors.
|
These significant accounting estimates or assumptions bear the risk of change due to the fact that there are
uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.
Management bases its estimates on historical experience and on various assumptions that are believed to be
reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from
other sources.
Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently
available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly.
Actual results could differ from those estimates.
Fair Value of
Financial Instruments
The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair
value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments.
The carrying amounts of the Company’s financial assets and liabilities, such as cash and accrued expenses
approximate their fair values because of the short maturity of these instruments.
Cash
Equivalents
The Company considers all highly liquid investments with maturities of three months or less at the time of purchase
to be cash equivalents.
Property, Plant
and Equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation on
property, plant and equipment is calculated on the straight-line method after taking into account their respective estimated residual values over the estimated useful lives of the assets as follows:
Tools and equipment 2 years
Maintenance and repair costs are expensed as incurred, whereas significant renewals and betterments are
capitalized.
Related Parties
The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related
parties and disclosure of related party transactions.
Pursuant to Section 850-10-20 the related parties include a. affiliates of the Company; b. entities for which
investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; c. trusts
for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company
may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g. other
parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or
more of the transacting parties might be prevented from fully pursuing its own separate interests.
The financial statements shall include disclosures of material related party transactions, other than compensation
arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in
those statements. The disclosures shall include: a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for
which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for each of the periods for which
income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and,
if not otherwise apparent, the terms and manner of settlement.
Commitment and
Contingencies
The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for
contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company
assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result
in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.
If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the
amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably
possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the
guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows.
However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.
Revenue
Recognition
The Company follows paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition.
The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii)
the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.
Income Tax
Provision
The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification.
Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the
differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is
recognized in the statements of operations in the period that includes the enactment date.
The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section
740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an
uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial
statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition,
classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.
The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are
reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances
as management deems necessary.
Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and
cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have
been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.
Uncertain Tax
Positions
The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or
benefits pursuant to the provisions of Section 740-10-25 for the year ended June 30, 2019.
Net Income
(Loss) per Common Share
Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards
Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is
computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common
shares issuable through contingent share arrangements, stock options and warrants.
There were no potentially dilutive common shares outstanding for the year ended June 30, 2019.
Cash Flows
Reporting
The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting,
classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined
by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all
deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. The
Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a
separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant
to paragraph 830-230-45-1 of the FASB Accounting Standards Codification.
Subsequent
Events
The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the
disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer
considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR.
Note 3 – Going Concern
The financial statements have been prepared assuming that the Company will continue as a going concern, which
contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.
As reflected in the financial statements, the Company had a net loss from operations of ($16,244); net cash used in
operating activities for the year ended June 30, 2019 of $15,860. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
Although the Company has recognized some nominal amount of revenues since inception, the Company is devoting
substantially all of its efforts on establishing the business and its planned principal operations have not commenced. The Company is attempting to commence operations and generate sufficient revenue; however, the Company’s cash position
may not be sufficient to support its daily operations. While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise additional funds, there can be no
assurances to that effect. The ability of the Company to continue as a going concern is dependent upon its ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a
public or private offering.
The financial statements do not include any adjustments related to the recoverability and classification of
recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
Note 4 – Stockholder's Equity
Shares
Authorized
Upon formation the total number of shares of all classes of stock which the Company is authorized to issue is
Seventy-Five Million (75,000,000) shares of which Seventy-Five Million (75,000,000) shares shall be Common Stock, par value $0.001 per share.
Common Stock
On November 21st, 2017 the Company sold 5,000,000 shares of common stock to the President of the Company at $0.001
per share for $5,000 in aggregate for cash.
From November 2018 to January 2019, the Company sold additional 2,120,000 shares of common stock at $0.01 per share
for total consideration of $21,200to 27 induvial. All shares were issued in accordance with the exemption from the registration provisions of the Securities Act of 1933, as amended, provided by Section 4(2) of such Act for issuances not
involving any public offering and Rule 506 of Regulation D promulgated thereunder.
As of June 30, 2019, and 2018 there were 7,120,000 and 5,000,000 total shares issued and outstanding.
Note 5 – Related Party Transactions
Related Parties
Related parties with whom the Company had transactions are:
Free Office
Space
The Company has been provided office space by its President at no cost. Management determined that such cost is
nominal and did not recognize the rent expense in its financial statement.
Loan Payable -
President
Our President and Director, Sergey Peredkov, provided $13,264 loan to the company. The loan is unsecured, non-interest bearing and due on demand. We have not recorded any imputed interest expense for the year ended June 30, 2019 or 2018 as deemed immaterial.
Issued Shares
to Related Parties
On November 21, 2017 we have issued an aggregate of 5,000,000 shares of our common stock to our President and
Director, Sergey Peredkov, for a purchase price of $0.001 per share or for aggregate consideration of $5,000. The shares were issued under Regulation S of the Securities Act of 1933.
Note 6 – Income Tax Provision
Deferred Tax
Assets
At June 30, 2019, the Company had net operating loss (“NOL”) carry–forwards for Federal income tax purposes of
$24,401 that may be offset against future taxable income through 2034. No tax benefit has been recorded with respect to these net operating loss carry-forwards in the accompanying consolidated financial statements as the management of the
Company believes that the realization of the Company’s net deferred tax assets of approximately $5,124 was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are offset by the full
valuation allowance.
Deferred tax assets consist primarily of the tax effect of NOL carry-forwards which was used to offset tax payable
from prior year’s operations. The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty regarding its realization. The current valuation of tax allowance is n/a as of June 30, 2019.
Components of deferred tax assets are as follows:
| |
|
|
|
|
Net deferred tax assets – Non-current:
|
|
|
|
|
Net operating income (loss) carry forward
|
|
$
|
(24,401
|
)
|
|
Expected income tax benefit from NOL carry-forwards
|
|
|
5,124
|
|
|
Less valuation allowance
|
|
|
(5,124
|
)
|
| |
|
|
|
|
|
Deferred tax assets, net of valuation allowance
|
|
$
|
-
|
|
Income Tax
Provision in the Statement of Operations
A reconciliation of the federal statutory income tax rate and the effective income tax rate as a percentage of
income before income taxes is as follows:
| |
|
For the year
ended
|
|
| |
|
|
|
|
Federal statutory income tax rate
|
|
|
21
|
%
|
|
Increase (reduction) in income tax provision resulting from:
|
|
|
|
|
|
Net operating loss (“NOL”) carry-forwards
|
|
|
(21
|
)%
|
|
|
|
|
|
|
|
Effective income tax rate
|
|
|
0
|
%
|
