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Income Taxes

12 Months Ended

Dec. 31, 2020

4. Income Taxes

The Company has a net operating loss carried forward of approximately $3,553,581 available to offset taxable income in future years which commence expiring in fiscal 2027. The Company is subject to United States federal and state income taxes at an approximate rate of 21%. As of December 31, 2020, and 2019, the Company had no uncertain tax positions.

The tax effects of temporary differences that give rise to the Company’s net deferred tax liability as of December 31, 2020 and 2019 are as follows:

The significant components of deferred income tax assets and liabilities at December 31, 2020 and 2019 are as follows:


	2020	2019

Net operating loss carried forward	746,200	728,500

Valuation allowance	(746,200)	(728,500)

Net deferred income tax asset	–	–

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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