INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 13 – INCOME TAXES

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Net deferred tax assets consist of the following components as of December 31:

	December 31, 2023			December 31, 2022
Tax expenses at statutory rate	$	38,490		$	60,595
Tax effect of valuation allowance		(38,490	)		(60,595	)
Tax expenses, net	$	—		$	—

The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pre-tax income from continuing operations for the period ended December 31, due to the following:

	December 31, 2023			December 31, 2022
NOL carryforwards	$	680,057		$	641,566
Valuation allowance		(680,057	)		(641,566	)
Deferred tax asset, net	$	—		$	—

At December 31, 2023, the Company had operating loss carry forwards of approximately $3,447,000. In accordance with Section 382 of the Internal Revenue code, the usage of the Company’s net operating loss carryforwards may be limited in the event of a change in ownership. A full Section 382 analysis has not been prepared and NOLs could be subject to limitation under Section 382.