INCOME TAXES

12 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 11 – INCOME TAXES

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.

On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”), was signed into law. The Tax Act includes numerous changes to tax laws impacting business, the most significant being a permanent reduction in the federal corporate income tax rate from 34% to 21%. The rate reduction took effect on January 1, 2018.

The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 21% and 27.5% to the net loss before provision for income taxes for the following reasons:

	Year ended June 30,
	2019			2018
Federal Income Tax benefits (expenses) attributable to
Current Operation	$	98,586		$	144,758
Less: Valuation Allowance		(98,586	)		(144,758	)
Net Provision for Federal Income Taxes	$	-		$	-

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

	June 30,			June 30,
	2019				2018
Deferred tax assets	$	275,215		$	176,629
Less: valuation allowance		(275,215	)		(176,629	)
Deferred tax assets, net	$	-		$	-

At June 30, 2019 and 2018, the Company had $1,757,257 and $1,289,249, respectively of the U.S. net operating losses (the “U.S. NOLs”), which begin to expire beginning in 2036. NOLs generated in tax years prior to June 30, 2018, can be carryforward for twenty years, whereas NOLs generated after June 30, 2018 can be carryforward indefinitely.