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6. INCOME TAXES

12 Months Ended

Dec. 31, 2019

6. INCOME TAXES The components of deferred tax assets at December 31, 2019 and 2018 are as follows:

	2019	2018

Net operating loss carry forwards	$ 114,200	$ 108,058
Accrued interest	3,800	2,542
	118,000	110,600
Less: Valuation allowance	(118,000)	(110,600)

Total	$ -	$ -

A 100% valuation allowance was provided at December 31, 2019 and 2018 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, 2019, the Company has unused federal net operating loss carry forwards of approximately $477,530, $39,800 of which can be carried forward indefinitely and $437,730 expiring between tax years 2019 through 2037. The Company has New Jersey net operating loss carry forwards of approximately $233,100 expiring between 2030 and 2039.

The Company files its federal and New Jersey income tax returns under varying statutes of limitations. The 2016 through 2019 tax years generally remain subject to examination by the federal and New Jersey tax authorities.

- 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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