Artisanal Brands, Inc. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - November 23, 2012

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10-K - FORM 10-Q - Artisanal Brands, Inc.ahfp_10k-053112.htm
v2.4.0.6
Note 11 - Income Taxes
 12 Months Ended
May 31, 2012
Income Tax Disclosure [Text Block]
11.           INCOME TAXES

At May 31, 2012, the Company has available unused net operating loss carryforward (“NOL”) of approximately $15,380,000 that may be applied against future taxable income and expire at various dates through 2030.  The Company has a deferred tax assets arising from such net operating loss deductions and has recorded a valuation allowance for the full amount of such deferred tax asset since the likelihood of realization of the tax benefits cannot be determined.  Such valuation allowance has increased approximately $975,000 during 2012.

   
2012
   
2011
 
Deferred tax asset:
           
Net operating loss carryforward
  $ 6,725,000     $ 6,725,000  
Valuation allowance
    (6,725,000 )     (6,725,000 )
Net deferred tax asset
  $ -0-     $ -0-  

A reconciliation of the statutory federal income (tax) benefit to actual tax benefit is as follows:

   
2012
   
2011
 
Statutory federal income (tax) benefit
  $ (888,000 )   $ (888,000 )
State and local tax benefit – net of federal benefit
    (229,000 )     (229,000 )
Permanent differences – equity compensation and other
    142,000       142,000  
Income tax benefit utilized (not utilized)
    975,000       975,000  
Actual tax benefit
  $ -0-     $ -0-  

If the Company has a greater than 50% change in ownership of certain stock holdings by shareholders of the Company pursuant to Section 382 of the Internal Revenue Code, the net operating losses may be limited.  Currently no such evaluation has been performed.

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