v3.26.1
INCOME TAXES
 12 Months Ended
Jul. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 7 – INCOME TAXES

 

The Company accounts for income taxes in accordance with ASC 740, Income Taxes. As of July 31, 2024, management believes that it is more likely than not that the Company’s deferred tax assets, if any, will not be realized, and accordingly a full valuation allowance has been recorded against such deferred tax assets. The Company did not record a material current income tax provision for fiscal 2024.

 

As of July 31, 2024, the Company had net operating loss carryforwards of $272,839 for U.S. federal income tax purposes.

 

The following table reconciles the U.S. statutory rates to the Company’s effective tax rate for the years ended July 31, 2024 and 2023:

 

          
   Fiscal Years Ended July 31, 
   2024   2023 
US federal statutory rates   (21.0)%   (21.0)%
Valuation allowance   21%   21%
Effective tax rate   -%   -%

 

Income tax expense was $0 for the years ended July 31, 2024 and 2023. The provision for income tax expense (benefit) for the years ended July 31, 2024 and 2023 consisted of the following:

 

          
   2024   2023 
Income tax expense (benefit)  $(7,533)  $(10,998)
Increase (decrease) in valuation allowance   7,533    10,998 
Total income tax expense  $-   $- 

 

 

The Company’s net deferred tax assets as of July 31, 2024 and 2023 were as follows:

 

          
   2024   2023 
Deferred tax asset          
Net operating loss  $49,704   $42,171 
Total   49,704    42,171 
Less: valuation allowance   (49,704)   (42,171)
Net deferred tax asset  $-   $-