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TAXES
9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
TAXES

NOTE 9 – TAXES

 

The Company follows ASC 740. Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry-forwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carry-forward has been recognized, as it is not deemed likely to be realized.

 

As of September 30, 2024, the Company had net operating loss carryforwards that may be available to offset future taxable income. The utilization of these NOLs may become subject to limitations based on past and future changes in ownership of the Company pursuant to Internal Revenue Code Section 382.

 

The Company recognizes interest and penalties related to uncertain tax positions in general and administrative expense. As of September 30, 2024 and 2023 the Company has no unrecognized uncertain tax positions, including interest and penalties.