Note 4 - Income Taxes

12 Months Ended

Dec. 31, 2019

NOTE

– INCOME TAXES

The provision for (benefit from) income taxes differs from the amount computed by applying the statutory United States federal income tax rate for the periods presented to income (loss) before income taxes. The income tax rate was

21%

for the year ended

December 31, 2019

and

34%

for the year ended

December 31, 2017.

The sources of the difference are as follows:

	Year ended December 31, 2019			Year ended December 31, 2018

Expected tax at 21%	$	(4,343	)	$	(4,191	)

Increase (decrease) in valuation allowance		4,343			(4,191	)

Income tax provision	$	—		$	—

Significant components of the Company's deferred income tax assets are as follows:

	December 31, 2019			December 31, 2017

Net operating loss carryforward	$	58,710			54,367

Less valuation allowance		(58,710	)		(54,367	)

Deferred income tax assets - net	$	—		$	—

Based on management ‘s present assessment, the Company has

not

yet determined it to be more likely than

not

that a deferred tax asset of

$58,710

attributable to the future utilization of the

$279,573

net operating loss carryforward as of

December 31, 2019

will be realized. Accordingly, the Company has provided a

100%

allowance against the deferred tax asset in the financial statements at

December 31, 2019.

The Company will continue to review this valuation allowance and make adjustments as appropriate.

$238,932

of the

$279,573

net operating loss carryforward expires in years

2024,

2025,

2026,

2027,

2028,

2029,

2030,

2031,

2032,

2033,

2034,

2035,

2036

and

2037

in the amounts of

$7,297,

$12,450,

$9,621,

$20,306,

$16,739,

$15,325,

$16,318,

$18,203,

$19,160,

$20,410,

$20,535,

$19,605,

$23,278

and

$19,685,

respectively. The remaining

$40,641

(the pretax loss for the year ended

December 31, 2019)

of the

$279,573

net operating loss carryforward does

not

expire and can be carried forward indefinitely to offset future taxable income.

Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income

may

be limited.