INCOME TAXES

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE H – INCOME TAXES

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax basis of liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.

The effect of the change in tax rates on deferred tax assets are liabilities recognized in income in the period that includes the enactment date. We Recognize deferred tax assets to the extent that we believe these assets are more likely than not to be realized. If we determine that we would be able to release our deferred tax asset in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

At December 31, 2021, the Company had net operating loss carry forwards of approximately $8.3 million, which expire between 2021 and 2036.

The Company has no assurance as to if and when the benefit of NOL carryforwards will not be realized, therefore, a valuation allowance on the related deferred tax assets has been recorded.

Forms 1120, U.S, Corporation Income Tax Returns, for the years ending December 31, 2021, 2020, 2019 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.

	2021			2020			2019
Earned income tax at statutory rate of 21%	$	15		$	413		$	—
Net operating loss utilization		(15	)		(413	)		—
Deferred tax asset from NOL carry forwards		1,735			1,786			2,200
Valuation allowance		(1,735	)		(1,786	)		(2,200	)
Reported income tax expense (benefit)	$	0		$	0		$	0
Effective income tax rate		0.00	%		0.00	%		0.00	%