Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 5 – INCOME TAXES

As of December 31, 2020, the Company had net operating loss carry forwards of approximately $14.7 million that may be available to reduce our tax liability through tax year 2038. We estimate the benefits of this loss carry forward at $3.1 million if the Company produces sufficient taxable income. No adjustments to the financial statements have been recorded for this potential tax benefit. The Company has no provisions from income tax in 2020, due to current period losses and full valuation allowance on deferred tax assets.

A reconciliation of the federal statutory rate of 21% to the Company’s effective tax rate is as follows:

	2020			2019
Expected expense (benefit) (21%)	$	(118,906	)	$	(180,604	)
State income taxes, net of federal benefit		(26,839	)		(40,765	)
Valuation allowance		145,745			221,369
Accrued expense (benefit)	$	—		$	—

The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows as of December 31, 2020 and 2019:

	2020			2019
Deferred tax asset attributable to:
Net operating loss carryover	$	3,080,727		$	2,939,630
Less: valuation allowance		(3,080,727	)		(2,939,630	)
Net deferred tax asset	$	—		$	—

Tax net operating loss carryforwards may be limited pursuant to the IRS Section 382 in the event of certain ownership changes.