Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 8 – Income Taxes

The Company provides for income taxes under FASB ASC 740, Accounting for Income Taxes. FASB ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect currently.

FASB ASC 740 requires the reduction of deferred tax assets by a valuation allowance, if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In the Company's opinion, it is uncertain whether they will generate sufficient taxable income in the future to fully utilize the net deferred tax asset. Accordingly, a valuation allowance equal to the deferred tax asset has been recorded. The total deferred tax asset is $2,473 which is calculated by multiplying a 21% estimated tax rate by the cumulative net operating loss (NOL) adjusted for the following items:

For the period ended December 31,	2019
Book loss for the year	$	(1,436,367	)
Adjustments:
Accrued expenses		8,300
Stock based compensation		1,400,000
Tax loss for the year		(28,067	)
Estimated effective tax rate		21	%
Deferred tax asset	$	(5,894	)

Details for the last period are as follows:

For the period ended December 31,	2019
Deferred tax asset	$	5,894
Valuation allowance		(5,894	)
Current taxes payable		-
Income tax expense	$	-

Below is a chart showing the estimated corporate federal net operating loss (NOL) and the year in which it will expire. The total NOL carry forward as of December 31, 2018 was $8,481 as itemized below:

Year	Amount		Expiration
2019	$	5,894		2038
2018		2,575		2037