AMPERICO CORP

This Form 10-Q/A is being amended to reflect the Company’s name change from Amperico Corp. to Bitsian Ltd. (as of the filing date of the Form 10-Q, and the subsequent name change after the filing of the Form 10-Q from Bitsian Ltd. to Amperico Ltd.), basic income (loss) per share (Note 1), the income tax footnote (Note 5), the subsequent event (Note 8), and other minor typographical corrections.

The Company uses the liability method, where deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes.

On December 22, 2017, the 2017 Tax Cuts and Jobs Act (the Tax Act) was enacted into law including a one-time mandatory transition tax on accumulated foreign earnings and a reduction of the corporate income tax rate from 34% to 21% effective January 1, 2018, among others. We will be required to recognize the effect of the tax law changes in the period of enactment, such as determining the transition tax, remeasuring our U.S. deferred tax assets and liabilities as well as reassessing the net realizability of our deferred tax assets and liabilities. The Company does not have any foreign earnings and therefore, we do not anticipate the impact of a transition tax. We expect to revise the statutory income tax rate to 21% in fiscal 2018. Since the Tax Act was passed late in the fourth quarter of 2017, and ongoing guidance and accounting interpretation are expected over the next 12 months, we consider the accounting of any transition tax, deferred tax re-measurements, and other items to be incomplete due to the forthcoming guidance and our ongoing analysis of final year-end data and tax positions. We expect to complete our analysis within the measurement period in accordance with SAB 118, and no later than fiscal year end May 31, 2019.

The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company has no accruals for interest and penalties since inception. The Company has no tax positions at November 30, 2018 and May 31, 2018 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company’s 2018 and 2017 U.S. Corporation Income Tax Returns have not been filed and are subject to U.S. Internal Revenue Service examination. A valuation allowance existed as of November 30, 2018, due to the uncertainty of net operating loss utilization based on the Company’s history of losses.  

On August 7, 2019, the Company, Bitsian, and the Bitsian Shareholders signed a Cancellation Agreement whereby the share exchange agreement was canceled, the 300,000,000 shares of common stock were returned to treasury, and the 100% membership interest in Bitsian was returned to the Bitsian Shareholders.