INCOME TAXES

12 Months Ended

Jun. 30, 2023

INCOME TAXES

INCOME TAXES

NOTE 6 - INCOME TAXES

The Company’s policy is to provide for deferred income taxes based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates that will be in effect when the differences are expected to reverse. We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. When it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit. We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carryforwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carryforward period.

The Company is not aware of any uncertain tax position that, if challenged, would have a material effect on the financial statements for the fiscal year ended June 30, 2023 or during the prior three years applicable under FASB ASC 740. We did not recognize any adjustment to the liability for uncertain tax position and therefore did not record any adjustment to the beginning balance of accumulated deficit on the balance sheet. All tax returns for the Company remain open for examination.

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences for the periods presented are as follows:

	2023			2022
Income tax provision at the federal statutory rate		28	%		21	%
Effect on operating losses		(28	)%		(21	)%

The net deferred tax assets consist of the following:

	June 30, 2023			June 30, 2022
Deferred tax asset	$	5,392,310		$	4,035,239
Valuation allowance		(5,392,310	)		(4,035,239	)
Net deferred tax asset	$	-		$	-