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INCOME TAXES
3 Months Ended
Mar. 31, 2022
INCOME TAXES  
INCOME TAXES

NOTE 6 – INCOME TAXES

 

The Company’s has an overall net loss and as a result there exists doubt as to the ultimate realization of the deferred tax assets. Accordingly, a valuation allowance equal to the total deferred tax assets has been recorded.

 

The components of net deferred tax assets are as follows:

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Net operating loss carry-forward

 

$(356,021)

 

$(289,309)

Less: valuation allowance

 

 

356,021

 

 

 

289,309

 

Net deferred tax asset

 

$-

 

 

$-

 

 

The Company had federal net operating loss carry forwards for tax purposes of $289,309 on December 31, 2021, and $356,021 on March 31, 2022, which may be available to offset future taxable income. Utilization of the net operating loss carry forwards may be subject to substantial annual limitations due to the ownership change limitations provided by Section 381 of the Internal Revenue Code of 1986, as amended. The annual limitation may result in the expiration of net operating loss carry forwards before utilization.