Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

State Income Tax Expense

The components for state income tax expense resulting from the limitation on the use of net operating losses are:

	Year ended December 31
	2020			2019
Current state taxes	$	29,400		$	52,400
Deferred state taxes		(47,400	)		–
	$	(18,000	)	$	52,400

Reconciliation of the Statutory Fedreal Rate

The reconciliation of the statutory federal rate to our Company’s effective tax rate follows:

	2020						2019
	Amount			%			Amount			%
Income tax at U.S. federal income tax rate	$	106,700			21		$	158,600			21
State tax net of federal tax effect		(18,100	)		(4	)		52,300			7
Other		15,800			3			–			–
Change in valuation allowance		(122,500	)		(24	)		(158,600	)		(21	)
	$	(18,100	)		(4	)	$	52,300			7

Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows:

	2020			2019
Deferred tax asset for NOL carryforwards	$	456,700		$	454,200
Deferred tax liability - other		–			(47,400	)
Valuation allowance		(456,700	)		(454,200	)
	$	–		$	(47,400	)