GLOBAL HOUSE HOLDINGS LTD. files 10-K in a filing on Aug 13 accessible here.
On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the ‘Act’) resulting in significant modifications to existing law. The Company has considered the accounting impact of the effects of the Act during the year ended April 30, 2018 including a reduction in the corporate tax rate from 34% to 21% among other changes.
The change in the valuation allowance during the years ended April 30, 2018 and 2017 was $8,571 and $9,646, respectively. The effect of the change in the tax rate from 34% to 21% was a decrease in the deferred tax assets of $0 and $6,205 for the years ended April 30, 2019 and 2018, respectively.
As of April 30, 2019, the Company had $91,450 in net operating losses (‘NOLs’) that may be available to offset future taxable income. In accordance with Section 382 of the U.S. Internal Revenue Code. The usage of the Company’s net operating loss carry forwards is subject to annual limitations following greater than 50% ownership changes. Tax returns for the years ended 2016 through 2019 are subject to review by the tax authorities.
Our common stock is not registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, our executive officers and directors and persons who own more than 10% of a registered class of our equity securities are not subject to the beneficial ownership reporting requirements of Section 16(1) of the Exchange Act.
The following table sets forth certain information concerning the number of shares of our common stock owned beneficially as of August 7, 2019 by: (i) each person (including any group) known to us to own more than five percent (5%) of any class of our voting securities, (ii) members of our Board of Directors, and or (iii) our executive officers. Unless otherwise indicated, the stockholder listed possesses sole voting and investment power with respect to the shares shown.
Except as disclosed herein, no director, executive officer, shareholder holding at least 5% of shares of our common stock, or any family member thereof, had any material interest, direct or indirect, in any transaction, or proposed transaction since the year ended April 30, 2019, in which the amount involved in the transaction exceeded or exceeds the lesser of $120,000 or one percent of the average of our total assets at …read more
Source:: Daily Times