Income Taxes

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

INCOME TAXES

NOTE 10 – INCOME TAXES

In 2017, the U.S. enacted the Tax Cuts and Jobs Act which significantly changed U.S. tax law. The Act lowered the U.S. statutory federal income tax rate from 35% to 21% effective January 1, 2018. This had an effect on the value of the Company’s net operating loss carryover, but since the deferred tax asset is fully reserved, it had no impact on the Company’s financial statements. The impact of the change was reflected in the 2018 financial statements.

The income tax provision differs from the amount of income tax determined by applying the U.S. federal and applicable state income tax rates to pretax income from continuing operations for the years ended December 31, 2024 and 2023, due to the following:

		2024		2023
Book Income (Loss)	$	(17,462)	$	(32,637)
Depreciation		-		-
Shares issued for services		-		-
Meals and entertainment		-		-
Amortization of debt discount		-		-
(Gain) Loss on derivative		-		-
Change in valuation allowance	$	17,462	$	32,637

Net deferred tax liabilities consist of the following components as of December 31, 2024, and 2023:

			2024		2023
Deferred tax assets:
	NOL Carryover	$	2,266,924	$	2,198,579
Deferred tax liabilities
	Depreciation		-		-
Valuation allowance			(2,266,924)		(2,198,579)
Net deferred tax asset		$	-	$	-

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations.  If a change in ownership occurs, then net operating loss carryforwards may be limited as to use in future years.  At December 31, 2024, the Company had net operating loss carryforward of approximately $14,616,819 that may be offset against future taxable income from the year 2025 through 2038. The availability of some of the net operating loss will extend into 2039 if not previously utilized. During 2024, the Company evaluated its deferred tax assets and concluded that none of the asset is currently realizable and that a full valuation allowance should be recorded.  

Included in the balance at December 31, 2024, are no tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.  Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period.