BlueFlash Communications, Inc. - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - December 6, 2012

Attached files
FileFilename
EX-32 - SECTION 1350 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER - BlueFlash Communications, Inc.ex_32-1.htm
EX-31 - RULE 13(A)-14(A)/15(D)-14(A) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER - BlueFlash Communications, Inc.ex_31-1.htm
EX-31 - RULE 13(A)-14(A)/15(D)-14(A) CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER - BlueFlash Communications, Inc.ex_31-2.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R18.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R17.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R10.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R20.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R12.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R14.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R11.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R15.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R16.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R22.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R13.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R19.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R21.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R7.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R5.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R4.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R1.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R9.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R2.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R6.htm
XML - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.R3.htm
10-Q - FORM 10-Q FOR 10-31-2012 - BlueFlash Communications, Inc.form_10-q.htm
EXCEL - IDEA: XBRL DOCUMENT - BlueFlash Communications, Inc.Financial_Report.xls
v2.4.0.6
INCOME TAXES
 9 Months Ended
Oct. 31, 2012
INCOME TAXES [Abstract]  
INCOME TAXES

NOTE 3. INCOME TAXES


The Company provides for income taxes under ASC Topic 740 which requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect currently.


ASC Topic 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In the Company's opinion, it is uncertain whether they will generate sufficient taxable income in the future to fully utilize the net deferred tax asset.


The Company utilizes the asset and liability method for financial reporting of income taxes. Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and the tax basis of assets and liabilities, and are measured by applying enacted rates and laws to taxable years in which such differences are expected to be recovered or settled. Any changes in tax rates or laws are recognized in the period when such changes are enacted.


As of October 31, 2012, the Company has $9,872 in gross deferred tax assets resulting from net operating loss carry-forwards. A valuation allowance has been recorded to fully offset these deferred tax assets because the Company's management believes future realization of the related income tax benefits is uncertain. Accordingly, the net provision for income taxes is zero for the period March 16, 2012 (inception) to October 31, 2012. As of October 31, 2012, the Company has federal net operating loss carry forwards of approximately $25,312 available to offset future taxable income through 2031. The difference between the tax provision at the statutory federal income tax rate on October 31, 2012 and the tax provision attributable to loss before income taxes is as follows:


     

 

 

For the period

 

 

March 16, 2011

 

 

(Date of Inception)

 

 

through

 

 

October 31, 2012

 

 

 

Statutory federal income taxes

 

34.0%

State taxes, net of federal benefits

 

5.0%

Valuation allowance

 

-39.0%

Income tax rate

 

-


As of October 31, 2012, the Company had estimated net loss carry forwards of approximately $25,312 which expires through its tax year ending 2031. Utilization of these net operating loss carry forwards may be limited in accordance with IRC Section 382 in the event of certain shifts in ownership.

User Contributions:

Comment about this document or add new information about this topic:

CAPTCHA


This web site and associated pages are not associated with, endorsed by, or sponsored by BlueFlash Communications, Inc. and has no official or unofficial affiliation with BlueFlash Communications, Inc.


Based on public records. Inadvertent errors are possible.
Faqs.org does not guarantee the accuracy or timeliness of any information on this site.  Use at your own risk. This website is not associated with the SEC

Some parts © 2013 Advameg, Inc.