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Note 9 - Income Tax

12 Months Ended

Dec. 31, 2013

Note 9 – Income Tax

The Company has net operating losses carried forward of $591,606 (2012-$1,114,977) available to offset taxable income in the future years which expire within 20 years (Korea 10 years).

The Company is subject to Korean Corporate Tax at approximate rate of 22% and to United States federal and state income taxes at approximate rate of 35%. The reconciliation of the provision for income taxes to the Company’s income tax expense as reported is as follows:

	December 31, 2013	December 31, 2012
Net income (loss) before income taxes per financial statements
Korea	$ 532,112	$ (322,704)
United States	(8,741)	0
Total	523,371	(322,704)

Provision for taxes
Korea	$ 0	$ 0
United States	0	0
Total	$ 0	$ 0
Effective tax rate	0	0

The significant components of deferred income tax assets and liabilities at December

31, 2013 and 2012 are as follows:

	December 31, 2013	December 31, 2012
Net operating loss carry forward	148,015	245,295
Valuation allowance	(148,015)	(245,295)
Net deferred income tax assets	0	0

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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