Income Taxes

12 Months Ended

Apr. 30, 2012

Income Taxes

Income Taxes

NOTE 3 - Income Taxes 

For income tax purposes, the Company has available net operating loss carryforwards (“NOL”) at April 30, 2012 of approximately $357,000 expiring in various years from 2023 through 2030 to reduce future federal and state taxable income, if any. As management of the Company cannot determine that it is more likely than not that the Company will realize the benefit of the deferred tax asset, a valuation allowance equal to the net deferred tax asset has been established.

The tax effects of significant items comprising deferred income taxes are as follows:

	April 30,
	2011				2012
	Deferred Tax				Deferred Tax
	Assets		Liabilities		Assets		Liabilities
Net Operating Loss Carryforwards	$	134,000	$	-	$	157,000	$	-
		134,000		-		157,000		-
Less: Valuation Allowance		134,000		-		157,000		-
	$	-	$	-	$	-	$	-

The difference in the Federal Statutory Rate of 34% and the state rate of approximately 10% and the Company's effective tax rate of 0% is due to a net operating loss carryforward for federal and state taxes. The Company recorded an increase in the valuation allowance of approximately $23,000 for the year ended April 30, 2012.

The Company is no longer subject to examination by Federal or Pennsylvania State taxing authorities for years prior to April 30, 2008.