INCOME TAXES

12 Months Ended

Sep. 30, 2020

INCOME TAXES

NOTE 4 - INCOME TAXES

The Company follows Accounting Standards Codification 740, Accounting for Income Taxes. During 2009, there was a change in control of the Company.

Under section 382 of the Internal Revenue Code such a change in control negates much of the tax loss carry forward and deferred income tax. Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry forwards. For federal income tax purposes, the Company uses the accrual basis of accounting, the same that is used for financial reporting purposes.

The Company did not have taxable income for the years ended September 30, 2020 or 2019 The Company’s deferred tax assets consisted of the following as of September 30, 2020, and 2019

	2020			2019
Net tax loss carry forward	$	693,864		$	435,096
Less: Valuation allowance		(693,864	)		(435,096	)
Net deferred tax asset	$	--		$	--

The Company had a net loss of $2,745,564 for the year ended September 30, 2020 and $1,717,376 for the year ended September 30, 2019. As of September 30, 2020 the Company’s net tax loss carry forward was $3,304,112 will begin to expire in the year 2040. All tax years from inception of the Company are open to review by appropriate taxing authorities.

A reconciliation of income taxes at the federal statutory rate to amounts provided for the years ended September 30, 2020 and 2019 is as follows:

	2020			2019
U.S. federal statutory rate		21	%		21	%
Net operating loss	(21		)%	(21		)%
Effective tax rate	--		%	--		%

The Company due to its losses has not filed US Corporate tax returns and is subject to examination back to inception.