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Income Taxes
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 10 – Income Taxes

 

Income taxes are computed based on Net income (loss) provided in the financial statements at federal and state applicable rates.  Income tax expense at December 31, 2019 and 2018 was $-0- due to the Company’s net loss.

 

The effective income tax rate of 0% for the years ended December 31, 2019 and 2018 differed from the statutory rate, due primarily to net operating losses incurred by the Company in the respective periods.  For the year ended December 31, 2019, a tax benefit of approximately $12,555 would have been generated.  For the year ended December 31, 2018 a tax benefit of approximately $18,300 would have been generated.  However, all benefits have been fully offset through an allowance account due to the uncertainty of the utilization of the net operating losses.  As of December 31, 2019 the Company had net operating losses of approximately $114,200 that would result in a deferred tax asset of approximately $30,855.  However, the Company has established a valuation allowance in full amount of the deferred tax asset due to the uncertainty of the utilization of operating losses in the future.