Income taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income taxes

Note 5 – Income taxes

The Company provides for income taxes under FASB ASC 740, Accounting for Income Taxes. FASB ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect currently.

FASB ASC 740 requires the reduction of deferred tax assets by a valuation allowance, if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In the Company’s opinion, it is uncertain whether they will generate sufficient taxable income in the future to fully utilize the net deferred tax asset. Accordingly, a valuation allowance equal to 100% of the deferred tax asset has also been recorded resulting in no net deferred tax asset. As of December 31, 2022, the Company maintained a valuation allowance against certain deferred tax assets to reduce the total to an amount management believed was appropriate. Realization of deferred tax assets is dependent upon sufficient future taxable income during the periods when deductible temporary differences and carryforwards are expected to be available to reduce taxable income. As of December 31, 2022, the Company has a federal tax net operating loss carryforward of $690,026, which will be available to offset future taxable income indefinitely.  The company applied $159,207 in loss carryforward against its deferred tax liability.

The cumulative deferred tax asset for period ended December 31, 2022 is $159,207, which is calculated by multiplying a 21% estimated tax rate by the cumulative net operating income adjusted for the following items:

For the period ended December 31,	2022			2021
Book income (loss) for the year	$	758,130		$	(81,812	)
Temporary differences:
Tax loss for the year		758,130			(81,812	)
Estimated effective tax rate		21	%		21	%
Deferred tax liability (asset)	$	159,207		$	(17,180	)
Less: Valuation allowance		(159,207	)		17,180
Net Deferred tax liability (asset)	$	-		$	-
Details for the last period are as follows:
For the period ended December 31,		2022			2021
Balance at beginning of year	$	(22,885	)	$	(5,705	)
Additions		-			(17,180	)
Deductions		-			-
Balance at end of year	$	(22,885	)	$	(22,885	)
Rate Reconciliation:
For the year ended December 31,		2022			2021
Federal income tax at statutory rate	$	-		$	-
Temporary difference		-			-
Permanent difference		-			-
Change in Valuation Allowance		-			17,180
	$	-		$	17,180