INCOME TAXES

12 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 9 – INCOME TAXES

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.  A full valuation allowance is established against the remaining net deferred tax assets as of March 31, 2022 and 2021 based on estimates of recoverability.  The Company determined that such a valuation allowance was necessary given the current and expected near term losses and the uncertainty with respect to its ability to generate sufficient profits from its business model.  The Company's deferred tax assets, liabilities, and valuation allowance have been adjusted to reflect the impact of the new tax law.

The components of deferred tax assets consist of: 

	March 31,
	2022			2021
Net operating loss	$	162,908		$	717,819
Valuation allowance		(162,908	)		(717,819	)
Deferred tax assets, net of allowance	$	–		$	–

The reconciliation of the effective income tax rate to the federal statutory rate is as follows:

	March 31, 2022			March 31, 2021
US Federal statutory rate		(21%	)		(21%	)
State income tax, net of federal benefit		(6%	)		(6%	)
Change in valuation allowance		27%			27%
Income tax benefit		-%			-%

The Company has recorded as of March 31, 2022 and 2021 a valuation allowance of $162,908 and $717,819, respectively, as management believes that it is more likely than not that the deferred tax assets will not be realized in future years. Management has based its assessment on the Company's lack of profitable operating history.

The Company has net operating loss carry-forwards of approximately $162,908.  Such amounts are subject to IRS code section 382 limitations and begin to expire in 2029. The tax years from 2019 to 2022 are still subject to audit.