Income Taxes

6 Months Ended

12 Months Ended

Dec. 31, 2011

Jun. 30, 2011

Notes to Financial Statements

Income Taxes

Note 6: Income Taxes

Since inception the Company has been in a cumulative net loss position. The Company had net operating loss carry forwards at December 31, 2011 of $819,953 which expire beginning in 2030. The Company has provided a full valuation allowance for all deferred tax assets because of the uncertainty regarding the utilization of the net operating loss carryforwards.

Note 5:  Income Taxes

The Company has experienced operating losses since inception. The Company had net operating loss carry forwards at June 30, 2011 of $746,140 which expire beginning in 2030.  The Company has provided a full valuation allowance for all deferred tax assets because of the uncertainty regarding the utilization of the net operating loss carryforwards.

Income taxes are summarized as follows for the year ended June 30, 2011 and period from February 22, 2010 (inception date) to June 30, 2010:

	2011		2010
Current expense (benefit)	$	(70,507)	$	(192,141)
Deferred expense		70,507		192,141
Net income tax (benefit) expense	$	-	$	-

A reconciliation of the differences between the effective and statutory income tax rates are as follows for the year ended June 30, 2011 and period from February 22, 2010 (inception date) to June 30, 2010:

	2011			2010
	Amount		Percent	Amount		Percent
Federal statutory rates	$	(61,547)	34%	$	(192,141)	34%
State income taxes		(8,960)	5%		(27,973)	0%
Valuation allowance		70,507	(39)%		220,114	(34)%
Effective rate	$	-		$	-	0%