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H. INCOME TAXES

12 Months Ended

Dec. 31, 2020

NOTE H – INCOME TAXES

At December 31, 2020, the Company had net operating loss carry forwards of approximately $8.5 million, which expire between 2021 and 2036.

Forms 1120, U.S, Corporation Income Tax Returns, for the years ending December 31, 2020, 2019, 2018 are subject to examination, by the IRS, generally for three years after they are filed.

The following table presents the principal reasons for the difference between the Company's effective tax rate and the United States statutory income tax rate.

	2020			2019			2018
Earned income tax at statutory rate	$	—		$	—		$	—
Net operating loss utilization		—			—			—
Deferred tax asset from NOL carry forwards		1,786			2,200			2,183
Valuation allowance		(1,786	)		(2,200	)		(2,183	)
Reported income tax expense (benefit)	$	0		$	0		$	0

Effective income tax rate		0.00	%		0.00	%		0.00	%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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