4 results
10-Q
2024 Q1
MAMO
Massimo Group Common Stock
13 May 24
Quarterly report
7:00pm
SCHEDULE OF RECONCILIATION OF INCOME TAXES
| March 31, 2024 | March 31, 2023 | |||||||
| Net income before income taxes | $ | 4,081,623 | $ | 572,244 | ||||
| Income tax expense at the federal statutory rate | 21 | % | 21 | % | ||||
| Statutory U.S. federal income tax | 857,141 | 120,171 | ||||||
| S Corporation benefits | - | (120,171) | ||||||
| State margin tax | 40,737 | 24,079 | ||||||
| Non-deductible expense | 2,463 | - | ||||||
| Other | - | - | ||||||
| Total | $ | 900,341 | $ | 24,079 | ||||
10-K
2023 FY
MAMO
Massimo Group Common Stock
15 Apr 24
Annual report
9:00am
SCHEDULE OF RECONCILIATION OF INCOME TAXES
| December 31, 2023 | December 31, 2022 | |||||||
| Net income before income taxes | $ | 12,545,029 | $ | 4,161,613 | ||||
| Statutory U.S. federal income tax | 2,634,456 | 873,939 | ||||||
| Income tax expense at the federal statutory rate | - | - | ||||||
| S Corporation benefits | (553,133) | (873,939) | ||||||
| State margin tax | 139,945 | - | ||||||
| Deferred tax adjustment – change of tax rates | (91,464) | - | ||||||
| Total | $ | 2,129,804 | $ | - | ||||
S-1/A
MAMO
Massimo Group Common Stock
1 Mar 24
IPO registration (amended)
5:09pm
Massimo Motor and Massimo Marine both terminated its status as a Subchapter S Corporation as of June 1, 2023, in connection with the Reorganization and became a taxable C Corporation. Prior to that date, as an S Corporation, the Company had no U.S. federal income tax expense. As such, any periods prior to June 1, 2023 will only reflect a margin tax for states of Texas and corresponding tax expense. Pro forma net income is calculated by adding back S Corporation tax to net income and using a combined C Corporation effective tax rate for federal income taxes of 21% and state margin tax. The following reconciliation table provides a detailed calculation of pro forma provision for income taxes:
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2023 | 2022 (Pro Forma) | 2023 | 2022 (Pro Forma) | |||||||||||||
| Net income before income taxes | $ | 5,063,433 | $ | 641,446 | $ | 7,816,387 | $ | 4,396,170 | ||||||||
| Statutory U.S. federal income tax | 21 | % | 21 | % | 21 | % | 21 | % | ||||||||
| Income tax expense at the federal statutory rate | 1,063,321 | 134,704 | 1,641,441 | 923,196 | ||||||||||||
| S Corporation benefits | - | (134,704) | (642,278) | (923,196) | ||||||||||||
| State margin tax | 39,113 | - | 83,349 | - | ||||||||||||
| Other adjustments | 72,126 | - | 154,039 | - | ||||||||||||
| Total | $ | 1,174,560 | $ | - | $ | 1,236,551 | $ | - | ||||||||
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