12. Income taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Note 12. Income taxes

Income taxes:

The Company is domiciled in the tax-free jurisdiction of Anguilla, British West Indies. The computed benefit / expense differed from the amounts computed by applying the United States of America federal income tax rate of 34 percent and various other rates for other jurisdictions to the pretax income / losses from operations as a result of the following:

		2014		2013
Computed "expected" tax (expense) benefit	$	(1,721,159)	$	267,307
Reduction in income taxes resulting from income taxes in other tax jurisdictions		1,721,775		(331,977)
Other		(149)		(99)
Change in taxation rates in other jurisdictions		2,786		124,029
Change in exchange rates		(4,807)		1,554
Change in valuation allowance		706		(62,480)
	$	(848)	$	(1,666)

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2014 and 2013 are presented below:

		2014		2013
Deferred tax assets:
Net operating loss carry forwards	$	17,907	$	17,201
Valuation Allowance		(17,907)		(17,201)
	$	-	$	-

The valuation allowance for deferred tax assets as of December 31, 2014 and 2013, was $17,907 and $17,201, respectively.  The net change in the total valuation allowance was an increase of $706 for the year ended December 31, 2014, and a decrease of $62,480 for the year ended December 31, 2013.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those differences become deductible.

Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in assessing the realizability of deferred tax assets.