Income Taxes

12 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 5 – Income Taxes

There was no income tax expense in fiscal 2023 and 2022 due to the Company’s net taxable losses.

The reconciliation of income tax expense (benefit) for the years ended September 30, 2023 and 2022 computed at the United States federal tax rate of 21% to income tax expense (benefit) is as follows

	2023		2022
Tax expense at the United States statutory rate	$	-	$	160
State income tax, net of federal		-		28
Change in valuation allowance		-		(188	)
Income tax expense (benefits)	$	-	$	-

Tax expense at the United States statutory rate	21.00	%	21.00	%
State income tax, net of federal	4.74	%	4.74	%
Change in valuation allowance	(25.74	)%	(25.74	)%
Income tax expense (benefits)	-		-

The tax effect of temporary differences that give rise to the deferred tax assets is as follows:

	2023			2022
Net operating loss carryforward	$	36,361		$	36,361
Valuation allowance		(36,361	)		(36,361	)
Net deferred tax assets	$	-		$	-

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. At September 30, 2023, the Company has net operating losses (“NOL”) of approximately $637,000. Under IRS Code Section 382, the annual allowable NOL deduction will be limited to $31,000 per year for years 2011-2015 due to a change in control that occurred in 2015. Therefore, the Company’s NOLs available after Section 382 limitations is approximately $147,000.

A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized. Accordingly, a valuation allowance was established at September 30, 2023 and 2022 for the full amount of our deferred tax assets due to the uncertainty of realization. Management believes that based upon its projection of future taxable operating income for the foreseeable future, it is more likely than not that the Company will not be able to realize the benefit of the deferred tax assets at September 30, 2023 and 2022.