Income Taxes

12 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 10. Income Taxes

There is no current or deferred income tax expense or benefit for the period ended September 30, 2020. The Company currently has net operating loss carryforwards aggregating approximately $2,251,000 which expire beginning in 2033. The deferred tax asset related to the net operating loss carryforwards has been fully reserved.

The provision for income taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The items causing this difference for the period from April 29, 2016 (date of inception) through September 30, 2020 and 2019 is the valuation allowance as follows.

	September 30, 2020			September 30, 2019
Net operating loss carryforward at statutory tax rate	$	475,000		$	424,000
Valuation allowance		(475,000	)		(424,000	)
Deferred tax benefit, net	$	—		$	—

The Company has not recognized an income tax benefit for the period based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the current period presented is offset by a valuation allowance (100%) established against deferred tax assets arising from operating losses and other temporary differences, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not.

The tax returns for fiscal year 2017 and forward are still open for review by the Internal Revenue Service.