CYTTA CORP 10-K for FY2023

CYTTA CORP. (CYCA)

10-K 2024-01-12 For: 2023-09-30

Added on April 06, 2026

About this 10-K

CYTTA CORP filed this 10-K on January 12, 2024, covering the fiscal year ended September 30, 2023 (FY2023).

Headline figures

Fiscal year ended September 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $30.06K; up 393.7% from $6089 a year earlier
Net loss: $4.73M; compared with a net loss of $5.1M a year earlier

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Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Not applicable.		Not applicable.		Not applicable.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
Emerging growth company	☐

		Page
PART I

Item 1	Business	4
Item 1A	Risk Factors	8
Item 1B	Unresolved Staff Comments	14
Item 2	Properties	14
Item 3	Legal Proceedings	15
Item 4	Mine Safety Disclosures	15

PART II

Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	16
Item 6	Selected Financial Data	19
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	24
Item 8	Financial Statements and Supplementary Data	24
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	24
Item 9A	Controls and Procedures	24
Item 9B	Other Information	25

PART III

Item 10	Directors, Executive Officers and Corporate Governance	26
Item 11	Executive Compensation	29
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	32
Item 13	Certain Relationships and Related Transactions, and Director Independence	33
Item 14	Principal Accountant Fees and Services	34

PART IV

Item 15	Exhibits and Financial Statement Schedules	35
	Signatures	36

	·	Clear and superior imagery in lower bandwidths

	·	Lossless video stream

	·	Lower video latency

	·	Proprietary video stream

	·	Fewer instances of blocking artifacts and pixilation issues as compared to MPEG-based codec/algorithms (H.264, H.265, VP9) and alternatives

	·	Processor operates more efficiently (SUPR utilizes only 2% of calculations per pixel vs. MPEG-based codec/algorithms (H.264, H.265, VP9)

	·	Computer runs cooler during compression due to less processor-intense operation

	·	Creates a unified communications system for sharing video and voice using advanced compression and SIP (Session Initiation Protocol) technologies.

	·	No client application program is required. Utilizes a web browser to join an IGAN session.

	·	Multiple device flexibility in that any video device, 2-way radio, etc. can be added

	·	Offers secure FIPS 140-2 and CJIS compliance

	·	Phone, e-mail and back-office technical support

	·	Onsite troubleshooting

	·	Software maintenance releases

	·	Software upgrades

	·	Deliver, prior to any transaction involving a penny stock, a disclosure schedule prepared by the SEC relating to the penny stock market, unless the broker-dealer or the transaction is otherwise exempt;

	·	Disclose commissions payable to the broker-dealer and our registered representatives and current bid and offer quotations for the securities;

	·	Send monthly statements disclosing recent price information pertaining to the penny stock held in a customer’s account, the account’s value and information regarding the limited market in penny stocks;

	·	Make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction, prior to conducting any penny stock transaction in the customer’s account

	2023			2022

Revenue	$	30,059		$	6,089
COGS	$	-		$	-
Gross Profit	$	30,059		$	6,089

Operating Expenses	$	4,651,490		$	5,058,255

Operating Loss	$	(4,621,431	)	$	(5,052,166	)

Net Loss	$	(4,728,473	)	$	(5,100,102	)

	September 30,
Description	2023		2022		Increase (decrease)
Stock based expenses	$	3,136,341	$	2,178,973	$	957,368
Professional fees		216,782		414,633		(197,851	)
Consulting expenses (excluding stock expenses)		409,537		479,164		(69,627	)
Related party expenses (excluding stock expenses)		465,737		1,005,757		(540,020	)
Depreciation expense		45,432		47,616		(2,186	)
Equipment and demo expenses		26,184		305,762		(279,578	)
General and Administrative officers		16,100		59,955		(43,855	)
Auto, Travel and Meals and Entertainment		69,978		229,343		(159,365	)
Rent expense		25,767		21,496		4,271
Transfer agent and filing fees		35,604		48,445		(12,841	)
Investor relations		120,670		148,493		(27,823	)
Other operating expenses		83,358		118,618		(35,260	)
Total Operating expenses	$	4,651,490	$	5,058,255	$	(406,765	)

	2023			2022

Current Assets	$	1,661,800		$	788,019

Long term assets	$	639,334		$	122,990

Total Assets	$	2,301,134		$	911,009

Current Liabilities	$	2,561,493		$	449,217

Total Liabilities	$	2,561,493		$	449,217

Stockholders’ Equity (deficit)	$	(260,359	)	$	461,792

Total Liabilities and Stockholders’ Equity	$	2,301,134		$	911,009

	●	Level 1 - Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities.
	●	Level 2 - Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
	●	Level 3 - Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

	●	Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and disposition of our assets;
	●	Provide reasonable assurance our transactions are recorded as necessary to permit preparation of our financial statements in accordance with GAAP, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
	●	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Name	Age	Position
Gary Campbell	69	CEO, CFO, Secretary and Director
Erik Stephansen	59	President and Director
Natalia Sokolova	47	President and COO

Name & Principal Position	Year	Salary ($)		Bonus ($)		Stock Awards ($)		Option Awards ($)		Nonequity Incentive Plan Compensation ($)		All Other Compensation ($)		Total ($)

Gary Campbell (1)	2023		195,000		-		-		-		-		-		195,000
Chief Executive Officer	2022		223,000		100,000		-		-		-		-		323,000

Michael Collins (2)	2023		105,000		-		-		-		-		-		105,000
Chief Technology Officer	2022		223,000		150,000		-		-		-		-		373,000

Natalia Sokolova	2023		85,000		-		1,096,875		280,889		-		-		1,462,764
President and Chief Operating Officer (3)	2022		-		-		-		-		-		-		-

Michael Chermak	2023		55,000		-		-		-		-		-		55,000
Chief Administration Officer (4)	2022		165,000		90,000		-		-		-		-		255,000

Name and Title:	Class of Security	Amount of beneficial ownership			Percent of Class (1)
*Executive Officers and Directors:*

Gary Campbell, CEO, CFO and Director	Common Stock		62,184,875	(2)		14.29	%
	Series D Preferred Stock		50,000			100.0	%

Erik Stephansen, Director	Common Stock		7,770,081			1.79	%

Natalia Sokolova, President and COO	Common Stock		30,422,222	(3)		6.96	%

All directors and officers as a group	Common Stock		100,327,178	(4)		22.96	%
	Series D Preferred Stock		50,000			100.0	%

Michael Collins	Common Stock		30,100,000			6.92	%

	(2)	Includes 9,900,000 shares of common stock in the name of Gary Campbell, 25,100,000 shares of common stock issued in the name of Lando Technologies, Inc. (“Lando”), 19,800,000 shares of common stock issued in the name of Unified Assets, Inc. (“Unified”), 5,668,208 shares of common stock issued in the name of TEKM Services, Inc. (“TEKM”), 166,667 shares of common stock issued in the name of Unified Financial, Inc. (“Financial”), 1,500,000 shares of common stock issued in the name Cytta Foundation (“CF”) and 50,000 shares of Series D Preferred Stock that are convertible into 50,000 shares of common stock, issued in the name of Financial. Lando, Unified, TEKM, CF and Financial are all controlled by Gary Campbell.

	(3)	Includes 28,200,000 shares of common stock issued to SGG World, LLC, a limited liability corporation managed by Natalia Sokolova and options to purchase 2,222,222 shares of common stock.

	(4)	Includes 9,900,000 shares of common stock in the name of Gary Campbell, 25,100,000 shares of common stock issued in the name of Lando Technologies, Inc. (“Lando”), 19,800,000 shares of common stock issued in the name of Unified Assets, Inc. (“Unified”), 5,668,208 shares of common stock issued in the name of TEKM Services, Inc. (“TEKM”), 166,667 shares of common stock issued in the name of Unified Financial, Inc. (“Financial”), 1,500,000 shares of common stock issued in the name Cytta Foundation (“CF”) and 50,000 shares of Series D Preferred Stock that are convertible into 50,000 shares of common stock, issued in the name of Financial. Lando, Unified, TEKM, CF and Financial are all controlled by Gary Campbell.

	Years ended September 30,
	2023		2022
CEO-Management fees	$	195,000	$	323,000
Chief Technology Officer (CTO) through March 31, 2023		105,000		373,000
Chief Administration Officer (CAO) resigned January 2023		55,000		391,720
President and Chief Operating Officer (COO)		1,462,764		-
Office rent and expenses		25,737		54,757
Total	$	1,843,501	$	1,142,477

	2023		2022
Audit Fees ⁽¹⁾	$	57,000	$	47,000
Total Fees	$	57,000	$	47,000

(a)	1.	Financial Statements

		The financial statements and Reports of Independent Registered Public Accounting Firms are listed in the “Index to Financial Statements and Schedules” on page F-1 and included on pages F-2 to F-30.

	2.	Financial Statement Schedules

		All schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission (the “Commission”) are either not required under the related instructions, are not applicable (and therefore have been omitted), or the required disclosures are contained in the financial statements included herein.

	3.	Exhibits (including those incorporated by reference).

Exhibit No.		Description
3.1		Articles of Incorporation of Cytta Corp.*
3.2		Bylaws of the Company *
3.3		Amendment to Articles of Incorporation Amending Authorized Common and Preferred Stock *
3.4		Amended and Restated Certificate of Designation of Series D Preferred Stock *
3.5		Amended and Restated Certificate of Designation of Series E Preferred Stock *
10.1		Agreement by and between Cytta Corp and Makena Investment Advisors, LLC dated April 1, 2020 *
10.2		Sublease Agreement by and between Cytta Corp and Michael Collins dated October 25, 2020 *
10.3		Agreement by and between Cytta Corp and Peter Rettman dated August 27, 2020 *
10.4		Share Issuance agreement by and between Cytta Corp and United Financial Inc., dated September 30, 2020 *
10.5		Technology Access Agreement by and between Cytta Corp and Michael Collins dated July 19, 2018 *
14.1		Code of Ethics *
31.1		Certification of Chief Executive Officer required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**
31.2		Certification of Chief Financial Officer required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**
32.1		Certification of Chief Executive Officer and the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63**
101.INS**		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH**		Inline XBRL Taxonomy Extension Schema Document.
101.CAL**		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF**		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB**		Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE**		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

	Cytta Corp.

Date: January 12, 2024	By:	/s/ Gary Campbell
		Gary Campbell
		Chief Executive Officer & Chief Financial Officer

		Page
Reports of Independent Registered Public Accounting (ID #273)		F-2

Balance Sheets as of September 30, 2023, and 2022		F-3

Statements of Comprehensive Loss for the years ended September 30, 2023, and 2022		F-4

Statements of Stockholders’ Equity (Deficit) as of September 30, 2023, and 2022		F-5

Statements of Cash Flows for the years ended September 30, 2023, and 2022		F-7

Notes to Financial Statements		F-8

CYTTA CORP
BALANCE SHEETS

	September 30,
	2023			2022
ASSETS
Current Assets
Cash	$	674,824		$	755,122
Prepaid expenses		986,976			32,897
Total Current Assets		1,661,800			788,019

Prepaid expenses, non-current		561,776
Property and equipment, net		77,558			122,990
TOTAL ASSETS	$	2,301,134		$	911,009

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued expenses	$	546,335		$	180,633
Related party liabilities		772,532			180,407
Dividend payable		33,427			33,427
Deferred revenue		2,411			-
Note payable		40,000			-
Convertible notes payable, net of discount		1,166,788			-
Stock to be issued		0			54,750
Total Current Liabilities		2,561,493			449,217

COMMITMENTS AND CONTINGENCIES		-			-

Stockholders' Equity (Deficit)
Preferred stock par value $0.001; (100,000,000 shares authorized) Series C Preferred Stock par value $0.001; (12,000,000 shares authorized and 600,000 issued and outstanding)		600			600
Series D Preferred Stock par value $0.001; (10,000,000 shares authorized and 50,000 shares issued and outstanding		50			50
Series E Preferred Stock par value $0.001; (13,650,000 shares authorized and -0- issued and outstanding		-			-
Series F Preferred Stock par value $0.001; (10,000,000 shares authorized and -0- issued and outstanding		-			-
Common stock par value $0.001; (500,000,000 shares authorized and 426,831,170 (September 30, 2023) and 379,760,670 (September 30, 2022) shares issued and outstanding)		426,832			379,761
Additional paid in capital		31,915,639			27,956,388
Accumulated Deficit		(32,603,480	)		(27,875,007	)
Total Stockholders' Equity (Deficit)		(260,359	)		461,792

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$	2,301,134		$	911,009

CYTTA CORP
STATEMENT OF OPERATIONS

	For the Year Ended September 30,
	2023			2022

Revenues	$	30,059		$	6,089

Operating Expenses:
General and administration - related party expenses		1,843,501			1,142,477
General and administrative - other		2,807,989			3,915,778
Total operating expenses		4,651,490			5,058,255

Loss from Operations		(4,621,431	)		(5,052,166	)

Other expenses
Interest expense		107,192			48,831
Interest income		(150	)		(895	)
Total Other Expenses		107,042			47,936

Loss before income taxes		(4,728,473	)		(5,100,102	)
Provision for income taxes		-			-
Net loss	$	(4,728,473	)	$	(5,100,102	)

Loss per share, basic and diluted	$	(0.01	)	$	(0.01	)

Weighted average shares outstanding Basic and diluted		396,241,022			358,355,926

	Series C Preferred Stock				Series D Preferred Stock				Series E Preferred Stock				Series F Preferred Stock				Common Stock				Additional Paid-in		Accumulated			Total Stockholders' Equity
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Capital		Deficit			(Deficit)
Balance September 30, 2022		600,000	$	600		50,000	$	50		-	$	-		-	$	-		379,760,670	$	379,761	$	27,956,388	$	(27,875,007	)	$	461,792

Common stock and warrants issued for services		-		-		-		-		-		-		-		-		41,575,000		41,575		2,134,244		-			2,175,819

Common stock issued for accounts payable and accrued liabilities		-		-		-		-		-		-		-		-		1,440,750		1,441		65,999		-			67,440

Common stock issued for common stock payable		-		-		-		-		-		-		-		-		54,750		55		54,695		-			54,750

Options and warrants vested to purchase common stock		-		-		-		-		-		-		-		-		-		-		1,521,312		-			1,521,312

Common stock and warrants issued for cash		-		-		-		-		-		-		-		-		4,000,000		4,000		96,000		-			100,000

Warrants issued in conjunction with notes payable		-		-		-		-		-		-		-		-		-		-		87,001		-			87,001

Net loss for the year ended September 30, 2023		-		-		-		-		-		-		-		-		-		-		-		(4,728,473	)		(4,728,473	)
Balance September 30, 2023		600,000	$	600		50,000	$	50		-	$	-		-	$	-		426,831,170	$	426,832	$	31,915,639	$	(32,603,480	)	$	(260,359	)

Cytta Corp.
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
The Year Ended September 30, 2022

	Series C Preferred Stock				Series D Preferred Stock				Series E Preferred Stock						Series F Preferred Stock						Common Stock				Additional Paid-in		Accumulated			Total Stockholders'
	Shares		Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares		Amount		Capital		Deficit			Equity
Balance September 30, 2021		600,000	$	600		50,000	$	50		13,650,000		$	13,650			-		$	-			296,236,627	$	296,237	$	23,330,612	$	(22,774,905	)	$	866,244

Series F Preferred stock issued for cash		-		-		-		-		-			-			59,270,000			59,270			-		-		2,904,230		-			2,963,500

Common stock issued for services		-		-		-		-		-			-			-			-			9,539,286		9,539		1,397,611		-			1,407,150

Common stock issued for accounts payable		-		-		-		-		-			-			-			-			1,064,757		1,065		323,935		-			325,000

Common stock issued for conversion of Series E Preferred Stock		-		-		-		-		(13,650,000	)		(13,650	)		-			-			13,650,000		13,650		-		-			-

Common stock issued for conversion of Series F Preferred Stock		-		-		-		-		-			-			(59,270,000	)		(59,270	)		59,270,000		59,270		-		-			-

Net loss for the year ended September 30, 2022		-		-		-		-		-			-			-			-			-		-		-		(5,100,102	)		(5,100,102	)
Balance September 30, 2022		600,000	$	600		50,000	$	50		0		$	-			0		$	-			379,760,670	$	379,761	$	27,956,388	$	(27,875,007	)	$	461,792

Cytta Corp.
STATEMENTS OF CASH FLOWS


	For the Year Ended September 30,
	2023			2022

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss	$	(4,728,473	)	$	(5,100,102	)
Adjustments to reconcile net loss to net
cash used in operating activities:
Stock-based compensation expenses for services		3,136,341			2,178,973
Amortization of note discounts		38,790			-
Loss on debt extinguishment		20,171			-
Depreciation expense		45,432			47,615
Changes in Operating Assets and Liabilities:
Inventory		-			78,765
Accounts Receivable		-			27,694
Prepaid expenses		(49,282	)		(1,159	)
Vendor deposits		-			50,400
Accounts payable and accrued liabilities		69,718			159,578
Accounts payable-related party		29,594			167,856
Dividend payable		-			12,394
Deferred revenue		2,411			(3,588	)
Net cash used in operating activities		(1,435,298	)		(2,381,574	)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from stock subscriptions		100,000			2,963,500
Proceeds from issuance of note payable		40,000			-
Proceeds from issuance of short-term convertible notes payable		1,215,000			-
Proceeds from issuance of long-term convertible notes payable		-			-
Net cash provided by financing activities		1,355,000			2,963,500

NET CHANGE IN CASH		(80,298	)		581,926
CASH AT BEGINNING OF PERIOD		755,122			173,196
CASH AT END OF PERIOD	$	674,824		$	755,122

SUPPLEMENTAL CASH FLOW DISCLOSURES

Cash paid for interest	$	-		$	-
Cash paid for income taxes	$	-		$	-

NON-CASH INVESTING AND FINANCING ACTIVITIES

Common stock issued for accounts payable and accrued liabilities	$	118,218		$	300,000
Common stock issued for accrued expenses, related party	$	55,393		$	-

The accompanying notes are an integral part of these statements

	September 30, 2022		September 30, 2022
Management fees, Chief Executive Officer (CEO)	$	110,000	$	30,000
Bonus, CEO		70,000		100,000
Stock to be issued President and COO		562,532		-
Fees, bonus, and accounts payable, former CTO		30,000		50,407
Total	$	772,532	$	180,407

Convertible note payable, interest at 18%, matures February 17, 2024	$	25,000
Convertible note payable, interest at 18%, matures February 24, 2024		25,000
Convertible note payable interest at 18%, matures February 28, 2024		10,000
Convertible note payable interest at 18%, matures May 3, 2024		50,000
Convertible note payable interest at 18%, matures June 16, 2024		500,000
Convertible note payable $50,000 face value, interest at 18%, matures July 1, 2024, net of discount of $23,549		26,451
Convertible note payable $50,000 face value, interest at 18%, matures July 1, 2024, net of discount of $24,663		25,337
Convertible note payable interest at 18%, matures August 2, 2024		500,000
Convertible note payable interest at 18%, matures August 2, 2024		5,000
Convertible notes payable, net of discount of $48,212	$	1,166,788

	·	41,575,000 shares of common issued for services. The Company valued the shares at $2,175,819 based on the price of the common stock on the date the Company agreed to issue the shares.

	·	1,440,750 shares issued for payment of $47,269 of accounts payable and accrued interest. The value of the shares issued was $67,440 based upon the share price of the Company’s common stock on the date the Company agreed to issue the common stock. The Company included $20,171 in loss on debt extinguishment for the year ended September 30, 2023.

	·	54,750 shares of common stock were issued in settlement of stock payable.

	·	4,000,000 shares of common stock were issued pursuant to a stock subscription agreement. The Company sold the shares for $0.02 and sold 1) warrants to purchase 4,000,000 shares of common stock for $10,000. The warrant has an exercise price of $0.02 and expires July 1, 2024. The Company also sold for $10,000 warrants to purchase 200,000 shares of RM Stock for $1.00 with an expiry date of July 1, 2024.

	·	13,650,000 shares of common stock issued for the conversion of 13,650,000 shares of Series E Preferred Stock.

	·	59,270,000 shares of common stock were issued for the conversion of 59,270,000 shares of Series F Preferred Stock.

	·	9,539,286 shares of common issued for services. The Company valued the shares at $1,407,150, based on the price of the common stock on the date the Company agreed to issue the shares.

	·	1,064,757 shares issued for payment of $325,000 of accounts payable. The amount of shares issued were based upon the share price of the Company’s common stock on the date the Company agreed to issue the common stock.

	Number of Options		Weighted- Average Exercise Price per Share		Weighted- Average Remaining Life (Years)
Outstanding at October 1, 2022		-	$	-		-
Issued		20,000,000	$	0.02		2.37
Outstanding at September 30, 2023		20,000,000	$	0.02		1.75
Exercisable at September 30, 2023		5,000,000	$	0.02		-

	Number of Warrants		Weighted Average Exercise Price Per Share		Weighted Average Remining Life (Years)
Outstanding at October 1, 2022	-0-		$	-0-	-0-
Issued		8,000,000		0.0225		1.86
Outstanding and exercisable at September 30, 2023		8,000,000	$	0.0225		1.25

	Number of Warrants		Weighted Average Exercise Price Per Share		Weighted Average Remining Life (Years)
Outstanding at October 1, 2022	-0-		$	-0-	-0-
Issued		900,000		1.00		2.15
Outstanding and exercisable at September 30, 2023		900,000	$	1.00		1.53

	Year Ended September 30,
	2023			2022
Pre-tax loss	$	(4,728,473	)	$	(5,100,102	)
U.S. federal corporate income tax rate		21	%		21	%
Expected U.S. income tax credit		(992,979	)		(1,071,021	)
Permanent differences		658,631			457,584
Change of valuation allowance		333,348			613,437
Effective tax expense	$	—		$	—