INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

(6) INCOME TAXES

A reconciliation of income taxes computed at a statutory rate of 21% to the income tax amount recorded is as follows:

	Year Ended
	December 31
	2023			2022
Income tax expense (credit) at statutory rate	$	(8,045	)	$	(14,289	)
Income tax adjustment
Interest Expense		637			2,347
Change of valuation allowance		7,408			11,942
Income tax expense (credit)	$	-		$	-

The components of the Company’s deferred tax asset as of December 31, 2023 and 2022 are as follows:

	Year Ended
	December 31
	2023			2022
Deferred tax asset – Operating loss carryforward	$	77,160		$	69,752
Operating losses utilized
Valuation allowance		(77160	)		(69,752	)
Deferred tax asset	$	-		$	-

As of December 31, 2023, the Company had certain federal net operating loss carryovers (“NOLs”), however, under current tax law, only NOLs accrued after 2017 may be carried on indefinitely. Further, utilization of the NOLs may be subject to limitation under the Internal Revenue Code Section 382 should there be a greater than 50% ownership change as determined under regulations.

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, management has established a full valuation allowance against all of the deferred tax asset relating to NOLs for every period because it is more likely than not that all of the deferred tax asset will not be realized.

The Company files income tax returns in the United States federal jurisdiction. No tax returns are currently under examination by any tax authorities.