INCOME TAXES

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

INCOME TAXES

The provision for Federal income tax consists of the following:

	March 31, 2012			March 31, 2011
Federal income tax benefit attributable to:
Current operations	$	3,448		$	8,116
Less: valuation allowance		(3,448	)		(8,116	)
Net provision for Federal income taxes	$	—		$	—

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows:

	March 31, 2012			June 30, 2011
Deferred tax asset attributable to:
Net operating loss carryover	$	37,418		$	33,969
Less: valuation allowance		(37,418	)		(33,969	)
Net deferred tax asset	$	—		$	0

At March 31, 2012, Queensridge had an unused net operating loss carryover approximating $110,049 that is available to offset future taxable income; it expires beginning in 2030.