2.4.0.8015 - Disclosure - Income Taxestruefalsefalse1false
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<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">NOTE 7</font></div>
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<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;">INCOME TAXES</font></div><div style='height:0px;width:0px;display:none'>ii733901301l0g0947ig3g913182j638</div>
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<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">No provision was made for federal income tax since the Company has significant net operating losses. From inception to June 30, 2012, the Company had an operating loss of $27,409. The net operating loss carry-forwards may be used to reduce taxable income through the year 2032. The principal difference between the net operating loss for book purposes and income tax purposes results from contributed services by affiliates. The availability of the Company’s net operating loss carry-forwards are subject to limitation if there is a 50% or more positive change in the ownership of the Company’s stock.</font></div>
<div style="text-align: justify; text-indent: 0pt; display: block;"> </div>
<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial statement purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax liabilities and assets as of June 30, 2012, are as follows:</font></div>
<div style="text-indent: 0pt; display: block;"> </div>
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<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Deferred tax assets:</font></div>
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<td align="left" valign="bottom" width="11%" colspan="3"><font style="display: inline; font-family: times new roman; font-size: 10pt;"> </font></td>
<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
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<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Federal net operating loss</font></div>
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<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
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<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></div>
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<td align="right" valign="bottom" width="9%">
<div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">4,100</font></div>
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<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
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<td align="left" style="padding-bottom: 2px;" valign="bottom" width="68%">
<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">State net operating loss</font></div>
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<td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="9%">
<div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">1,600</font></div>
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<td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
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<tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="68%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="right" valign="bottom" width="9%">
<div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">5,700</font></div>
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<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
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<td align="left" valign="bottom" width="68%">
<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total deferred tax assets</font></div>
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<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="right" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
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<td align="left" style="padding-bottom: 2px;" valign="bottom" width="68%">
<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right:
0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Less valuation allowance</font></div>
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<td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="9%">
<div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(5,700</font></div>
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<td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%">
<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></div>
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<td align="left" valign="bottom" width="68%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="right" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
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<tr bgcolor="#cceeff">
<td align="left" valign="bottom" width="68%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="left" valign="bottom" width="1%">
<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">$</font></div>
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<td align="right" valign="bottom" width="9%">
<div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">--</font></div>
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<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
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<div style="text-indent: 0pt; display: block;"> </div>
<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The Company has provided a 100% valuation allowance on the deferred tax assets at June 30, 2012, to reduce such asset to zero, since there is no assurance that the Company will generate future taxable income to utilize such asset. Management will review this valuation allowance requirement periodically and make adjustments as warranted.</font></div>
<div style="text-align: justify; text-indent: 0pt; display: block;"> </div>
<div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The reconciliation of the effective income tax rate to the federal statutory rate for the periods ended June 30, 2012, is as follows:</font></div>
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<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Federal income tax rate</font></div>
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<td align="left" valign="middle" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="right" valign="bottom" width="9%">
<div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">   (15.0</font></div>
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<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)%</font></div>
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<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">State tax, net of federal benefit</font></div>
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<td align="left" valign="middle" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="right" valign="bottom" width="9%">
<div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">   (5.0</font></div>
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<td align="left" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">) </font></td>
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<td align="left" style="padding-bottom: 2px;" valign="bottom" width="68%">
<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Increase in valuation allowance</font></div>
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<td align="left" style="padding-bottom: 2px;" valign="middle" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="left" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="9%">
<div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size:
10pt;">     20.0</font></div>
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<td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"> </td>
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<td align="left" style="padding-bottom: 4px;" valign="bottom" width="68%">
<div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Effective income tax rate</font></div>
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<td align="left" style="padding-bottom: 4px;" valign="middle" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="left" style="border-bottom: black 4px double;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">  </font></td>
<td align="right" style="border-bottom: black 4px double;" valign="bottom" width="9%">
<div align="right" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">          -</font></div>
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<td align="left" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">%</font></td>
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</div>falsefalsefalse | nonnum:textBlockItemTypenaThe 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.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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