INCOME TAXES

9 Months Ended

Oct. 31, 2021

INCOME TAXES

NOTE 12 - INCOME TAXES

NOTE 12 – INCOME TAXES

The U.S. corporate income tax rate was reduced to 21% as a result of the Tax Cuts and Jobs Act (TCJA). A reconciliation of income tax expense to the amount computed at the statutory rates is as follows:

	October 31,			January 31,			January 31,			July 31,
	2021			2021			2020			2019
Operating loss (profit) for the periods ended	$	(648,072	)	$	(398,080	)	$	(966,774	)	$	(1,769,908	)
Average statutory tax rate		21	%		21	%		21	%		21	%
Deferred tax asset (liability) attributable to net operating loss carry-forwards	$	(136,095	)	$	(83,597	)	$	(203,023	)	$	(371,681	)

Significant components of the Company’s deferred tax assets and liabilities as of October 31, 2021, January 31, 2021 and 2020 and July 31, 2019, after applying enacted corporate income tax rates, are as follows:

	October 31,			January 31,			January 31,			July 31,
	2021			2021			2020			2019
Deferred tax asset (liability) attributable to net operating loss carry-forwards		(136,095	)		(83,597	)		(203,023	)		(371,681	)
Less: valuation allowance		(1,341,643	)		(1,425,240	)		(1,628,262	)		(1,999,943	)
Tax benefit		1,205,548			1,341,643			1,425,240			1,628,262
Valuation allowance		(1,205,548	)		(1,341,643	)		(1,425,240	)		(1,628,262	)
Net deferred income tax assets		-			-			-			-

The Company has net operating losses carried forward of approximately $5,740,704 for tax purposes which may be recognized in future periods, not to exceed 20 years.