Tax and compliance

Federal income-tax records

A filed 2024 Form 1120 is on record for Aurora First Inc. It reports gross receipts of $61,571, cost of goods sold of $534,425, other income of $955, total deductions of $370,594, and taxable income of negative $842,493. The return workpapers show a $902,584 net operating-loss carryforward. These are filed-return figures for 2024, not current-period management results or a current tax conclusion.

The same 2024 federal return package includes Form 5472 for a 25% foreign-owned U.S. corporation. It identifies Nataliia Shagarina as the direct foreign shareholder and related party, reports one Form 5472, and reports $15,000 of consideration paid for technical, managerial, engineering, construction, scientific, or like services to the foreign related party. The return records this filing information, but the related payment should be reconciled to invoices, agreements, and the company's books before drawing conclusions about the transaction's accounting or tax treatment.

Evidence: 2024 federal tax return

A 2025 Form 7004 acknowledgement shows electronic acceptance on 21 March 2026 and identifies Timur Knyazev, CPA as the electronic filing provider. It evidences an extension filing, not completion of the 2025 federal return.

Evidence: 2025 Form 7004 extension acknowledgement

Entity and cross-border matters

Aurora First, Inc. was originally incorporated in Delaware on 7 June 2023. The original certificate authorized 10,000,000 common shares at $0.00001 par value. A filed restated certificate states 17,400,000 authorized common shares and 3,318,400 authorized preferred shares, also at $0.00001 par value; its filing/effective date is not established in the current evidence, so the restated capitalization should be confirmed before relying on it for corporate or tax work. The available 2023 annual franchise-tax report identifies Nataliia Shagarina as CEO.

A signed intercompany-services agreement states that Aurora First Ltd was incorporated in England and Wales on 25 June 2025 as the US parent's wholly owned UK subsidiary. The agreement is effective 28 July 2025 and provides for cost reimbursement plus a provisional 5% markup on routine service costs, subject to adviser review, pass-through treatment where appropriate, annual review, and true-up. Valid invoices are payable within 30 days unless the parties agree otherwise, and payments may be made in GBP, USD, or another agreed currency. These are contractual terms; the current record set does not establish that invoices, transfer-pricing support, or year-end reconciliations were completed under them.

Evidence:

Open items

  • Confirm the current UK filing calendar and whether required Companies House, HMRC, and other filings are complete.
  • Obtain intercompany invoices, cost-base schedules, payment applications, transfer-pricing support, and year-end balance reconciliations under the agreement.
  • Confirm adviser approval of the provisional 5% markup and any pass-through treatment.
  • Determine the completion status of the 2025 US federal return and supporting filings, including Form 5471 or Form 926 requirements if applicable.
  • Reconcile the intercompany transfers before treating them as non-P&L in statutory or tax reporting.

Related notes