Note 9: Income Taxes

3 Months Ended

Sep. 30, 2012

Note 9: Income Taxes:

Note 9: Income Taxes

Note 9: Income Taxes           

As of September 30, 2012, the Company had net operating loss carry forwards of approximately $1,472,067 that may be available to reduce future years’ taxable income through 2032. Future tax benefits, which may arise as a result of these losses, have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

The provision for federal income tax consists of the following for the nine months ended:     

	September  30, 2012	September 30, 2011
Federal income tax benefit attributable to:
Current Operations	$ 41,264	$ 17,258
Less: valuation allowance	$(41,264)	$(17,258)
Net provision for Federal income taxes	~	~

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows:

	September  30, 2012	December  31,  2011
Deferred tax asset attributable to:
Net operating loss carryover	$ 502,331	$ 461,067
Less: valuation allowance	$(502,331)	$(461,067)
Net deferred tax asset	~	~

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $1,472,067 for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, the net operating loss carry forwards may be limited as to use in future years.