INCOME TAXES

6 Months Ended

Dec. 31, 2017

Notes to Financial Statements

NOTE 8 - INCOME TAXES

Based on the available information and other factors, management believes it is more likely than not that the net deferred tax assets at, June 30, 2017 and June 30, 2016 will not be fully realizable. Accordingly, management has recorded a full valuation allowance against its net deferred tax assets at December 31, 2017 and June 30, 2017. At December 31, 2017 and June 30, 2017, the Company had federal net operating loss carry-forwards of approximately $5,214,000 and $4,755,000, respectively, expiring beginning in 2032.

Deferred tax assets consist of the following components:

	December 31, 2017			June 30, 2017
Net loss carryforward	$	1,561,000		$	1,425,000
Valuation allowance		(1,561,000	)		(1,425,000	)
Total deferred tax assets	$	-		$	-