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Note 10 - Income Tax

12 Months Ended

Dec. 31, 2014

Note 10 – Income Tax

The Company has net operating losses carried forward of $2,357,183 (2013- $591,606) 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, 2014	December 31, 2013
Net income (loss) before income taxes per financial statements
Korea	$ (1,679,089)	$ 532,112
United States	(86,488)	(8,741)
Total	$ (1,765,577)	$ 523,371

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, 2014 and 2013 are as follows:

	December 31, 2014	December 31, 2013
Net operating loss carry forward	2,439,255	148,015
Valuation allowance	(2,439,255)	(148,015)
Net	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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