Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 11 - INCOME TAXES

The Company maintains deferred tax assets and liabilities that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The deferred tax assets on December 31, 2021 and 2020 consist of net operating loss carryforwards. The net deferred tax asset has been fully offset by a valuation allowance because of the uncertainty of the attainment of future taxable income.

The items accounting for the difference between income taxes at the effective statutory rate and the provision for income taxes for the years ended December 31, 2021 and 2020 were as follows:

	Years Ended December 31,
	2021			2020
Income tax benefit at U.S. statutory rate	$	(34,822	)	$	(16,311	)
Income tax benefit – state		(10,778	)		(5,092	)
Non-deductible expenses		16,192			6,663
Change in valuation allowance		29,408			14,740	)
Total provision for income tax	$	-		$	-

The Company’s approximate net deferred tax asset as of December 31, 2021 and 2020 was as follows:

Deferred Tax Asset:	December 31, 2021			December 31, 2020
Net operating loss carryforward	$	514,580		$	485,172
Net deferred tax assets before valuation allowance		514,580			485,172
Valuation allowance		(514,580	)		(485,172	)
Net deferred tax asset	$	-		$	-

The net operating loss carryforward was approximately $1,871,200 on December 31, 2021. The Company provided a valuation allowance equal to the net deferred income tax asset as of December 31, 2021 and 2020 because it was not known whether future taxable income will be sufficient to utilize the loss carryforward. Additionally, the future utilization of the net operating loss carryforward to offset future taxable income is subject to an annual limitation as a result of ownership changes that may occur in the future. The 2017 estimated loss carry forward of approximately $1,488,189 expires on December 31, 2037. Subsequent to 2017, all estimated loss carry forwards may be carried forward indefinitely subject to annual usage limitations. Based on the Company’s analysis to determine the limitation on the utilization of its net operating loss carryforward amounts, in 2018, the deferred tax asset was reduced by any carryforward that cannot be utilized or expires prior to utilization as a result of such limitations, with a corresponding reduction of the valuation allowance. In 2021, the valuation allowance increased by $29,408. The potential tax benefit arising from certain loss carryforwards will expire in 2041.

The Company does not have any uncertain tax positions or events leading to uncertainty in a tax position. The Company’s 2021, 2020, 2019 and 2018 Corporate Income Tax Returns are subject to Internal Revenue Service examination.