Note 7: Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Note 7: Income Taxes

7. Income Taxes

Income tax benefits attributable to losses from operations in the United States of America was $Nil for the years ended December 31, 2020 and 2019, and differed from the amounts computed by applying the United States of America combined federal and Utah tax rate of 24.91% to pretax losses from operations as a result of the following:

	2020			2019
Income (loss) for the year before income taxes	$	(477,596	)	$	112,252
Computed expected tax expense (benefit)	$	(118,972	)	$	27,963
Non-deductible expenses		86,519			5,006
Change in tax rates		—			(4,088	)
True up of prior-year provision to statutory tax returns		(41,753	)		(236,196	)
Change in valuation allowance		74,206			207,315
Income tax expense	$	—		$	—

The Company’s deferred tax assets that have not been recognized are as follows:

Start-up costs	$	303,476		$	229,270
Valuation allowance		(303,476	)		(229,270	)
Deferred tax assets (liabilities)	$	—		$	—

A full valuation allowance has been provided because the Company has a history of losses as evidenced by its accumulated deficit. At December 31, 2020, and December 31, 2019, the Company had deductible temporary differences of $1,218,267 and $920,373, respectively.