RE:First Quarter Results Note too that the Company does not recognize or carry any deferred tax assets on its financial statements. But they have real value, increasing value if corporate taxes go up.
"As of December 31, 2020, the Company has Canadian tax loss carry forwards of $12,520 that can be used to reduce Canadian taxable income in future years, as well as research and development in the amount of $2,312 that can be used to reduce Canadian federal taxes otherwise payable in future years.
The Company’s US operating subsidiaries, AgJunction Corporation, AgJunction LLC and Novariant, Inc. file as a combined entity for US federal tax purposes. At December 31, 2020, the Company has cumulative US net operating losses of $56,525 that can be used to reduce US taxable income in future years, as well as $5,753 of research and development tax credits that can be used to reduce federal taxes otherwise payable in future years.
The Company’s Australian subsidiaries, AgJunction Pty Ltd. and AgJunction AUS Pty Ltd., file as a combined entity for Australian income tax purposes. At December 31, 2020, the Company has losses of approximately $7,578 available to reduce Australian taxable income in future years."