Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

Our Company has not filed any federal income tax returns, and we are currently not subject to state income tax filing requirements. As of December 31, 2024, we have net operating loss (“NOL”) carryforwards, on a book basis, of approximately $513,820, which may be available to reduce future years’ federal taxable income. The reduction reflects utilization of approximately $52,842 of NOLs against 2024 taxable income. Future tax benefits which may result from these losses have not been recognized in these financial statements, as their realization is determined not to be likely to occur, and accordingly, we have recorded a valuation allowance for the deferred tax asset relating to the NOL carryforwards.

The following table presents the current income tax provision for federal and state income taxes for the years ended December 31, 2024, and 2023:

	2024		2023
Current tax provisions:
Federal	$	–	$	–
State		–		–
Total provision for income taxes	$	–	$	–

Reconciliations of the U.S. federal statutory rate to the actual tax rate for the years ended December 31, 2024, and 2023:

	2024		2023
US federal statutory income tax rate		21.0%		21.0%
Stock issued for outside and employment services		-13.2%		-13.2%
Gain (loss) on extinguishment of accounts payable		-2.1%		-2.1%
Debt discount amortization		-2.9%		-2.9%
Other		-0.0%		-0.0%
Increase in valuation reserve		-2.8%		-2.8%
Total provision for income taxes		0.0%		0.0%

The components of our deferred tax assets as of December 31, 2024, and 2023 consisted of the following:

	2024			2023
Net operating loss carry forwards.	$	513,820		$	566,662
Deferred tax asset @ 21.00%		107,902			136,459
Less: valuation allowance		(107,902	)		(136,459	)
Net deferred tax assets	$	–		$	–

During the year ended December 31, 2024, the valuation reserve decreased $28,557, reflecting the reduction in NOL carryforwards from current year income, compared to an increase of $27,669 during the year ended December 31, 2023. In assessing the recovery of the deferred tax assets, management considers whether it is more likely than not that the Company will not realize some portion or all of the deferred tax assets. The ultimate realization of deferred tax assets depends on the generation of future taxable income in the periods when those temporary differences become deductible. As of December 31, 2024, management determined that it was more likely than not that the deferred tax assets would not be realized and accordingly maintained a full valuation allowance.