Income Taxes

12 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Income Taxes

Note 3. Income Taxes

As of June 30, 2018 and 2017, the Company has net operating loss carryforwards of approximately $82,000 and $38,000, respectively, to reduce future federal and state taxable income, which results in a deferred tax asset of approximately $17,000 and $13,000, respectively, against which a full valuation allowance has been recorded.

The Company currently has no federal or state tax examinations in progress nor has it had any federal or state examinations since its inception. All of the Company’s tax years are subject to federal and state tax examination.

On December 22, 2017, the enactment date, the Tax Cuts and Jobs Act ("Act") was signed into law. The Act effectively reduces the top corporate tax rate from 35 percent to a flat 21 percent beginning January 1, 2018 and eliminates the corporate Alternative Minimum Tax. The Company has adjusted its deferred tax calculations to reflect this reduction in its tax rate.

The benefit from income taxes consists of the following:

	Year Ended June 30, 2018			For the period from May 31, 2017 (Inception) to June 30, 2017
Current expense:
Federal	$	-		$	-
Deferred tax benefit:
Federal		4,000			13,000
Valuation allowance		(4,000	)		(13,000	)
Total	$	-		$	-

The difference between the tax provision at the statutory federal income tax rate on June 30, 2018 and 2017 and the tax provision attributable to loss before income taxes is as follows:

	2018			2017
Statutory federal income tax rates		21.0	%		34.0	%
Valuation allowance		(21.0	%)		(34.0	%)
Effective income rate, net		-			-