Note 8 - Income Taxes

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

8.   income taxes: As of December 31, 2019  the Company had deferred tax assets resulting primarily from net operating loss carry forwards of approximately $31,116,000, which are available to offset future taxable income, if any, through 2039. As utilization of the net operating loss carryforwards is not assured, a 100% valuation allowance has been provided (tax rates have been adjusted for Tax Cuts and Job Act).   The components of the net deferred tax assets are as follows:

December 31,	2019			2018
Net operating loss carryforwards	$	6,586,000		$	6,545,000
Valuation allowance		(6,586,000	)		(6,545,000	)
Net deferred tax assets	$	- 0 - -		$	- 0 - -

The reconciliation of the effective income tax rate to the federal statutory rate are as follows:

Year ended December 31,	2019			2018
Federal statutory tax rate		21	%		21	%
Valuation allowance on net operating loss carryforwards		(21	)		(21	)
Effective income tax rate		- 0 -	%		- 0 -	%

As of

December 31, 2019,

open Federal income tax years subjected to examination, include the tax years ended

December 31,

2018

through

December 31, 2017.

Tax carry forwards begin to expire in

2019.