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5. Income Taxes

12 Months Ended

Dec. 31, 2014

5. INCOME TAXES

The components of deferred tax assets at December 31, 2014 and 2013 are as follows:

	December 31, 2014	December 31, 2013
Net operating loss carry forwards	$ 130,200	$120,400
Accrued interest	2,700	1,800
Less: - Valuation allowance	(132,900)	(122,200)
Total	$ 0	$ 0

A 100% valuation allowance was provided at December 31, 2014 and 2013 as it is uncertain if the deferred tax assets would be utilized. The increase in the valuation allowance was a result from the increase in the Company’s net operating loss carry forward and accrued interest.

At December 31, 2014, the Company has unused federal net operating loss carry forwards of approximately $356,000 expiring between 2018 and 2034 and unused New Jersey net operating loss carry forwards of approximately $167,000 expiring between 2015 and 2021.

The Company files its federal and New Jersey income tax returns under varying statutes of limitations. The 2011 through 2014 tax years generally remain subject to examination by the federal and New Jersey tax authorities.

The Company incurred the minimum income tax to New Jersey of $500 in 2014 and 2013 which is included in general and administrative expense in the statement of operations.

- 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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