INCOME TAX

12 Months Ended

Dec. 31, 2023

INCOME TAX

INCOME TAX

NOTE 11 - INCOME TAX

The Company provides for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations.

The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the statutory rate to the income tax amount recorded as of December 31, 2023 and 2022, are as follows:

	December 31, 2023			December 31, 2022
Net operating loss carryforward	$	4,856,636		$	4,345,599
Statutory tax Rate		21	%		21	%
Deferred tax asset		1,019,894			912,576
Less: Valuation allowance		(1,019,894	)		(912,576	)
Net deferred assets	$	-		$	-

The valuation allowance increased by $107,318 and $110,291 during the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company had approximately $4.9 million in net operating losses (“NOLs”) that may be available to offset future taxable income, which begin to expire between 2034 and 2037. NOLs generated in tax years prior to December 31, 2017, can be carryforward for twenty years, whereas NOLs generated after December 31, 2017 can be carryforward indefinitely. In accordance with Section 382 of the U.S. Internal Revenue Code, the usage of the Company’s net operating loss carry forwards is subject to annual limitations following greater than 50% ownership changes. Tax returns for the years ended 2014 through 2023 are subject to review by the tax authorities.