INCOME TAXES

9 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 6-INCOME TAXES

At December 31, 2020, the Company had a net operating loss carryforward of $811,884, which begins to expire in fiscal year ending March 31, 2035. Components of net deferred tax asset, including a valuation allowance, are as follows for December 31, 2020 and March 31, 2020:

	December 31, 2020			March 31, 2020
Deferred tax asset:
Net operating loss carryforward	$	170,495		$	153,736
Total deferred tax asset		170,495			153,736
Less: Valuation allowance		(170,495	)		(153,736	)
Net deferred tax asset	$	-		$	-

Valuation allowance for deferred tax asset as of December 31, 2020 and March 31, 2020 was $170,495 and $153,736, respectively. In assessing the recovery of the deferred tax asset, management considers whether it is more likely than not that some or all of the deferred tax asset will not be realized. The realization of the deferred tax asset is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not that our deferred tax asset will not be realized and recorded a 100% valuation allowance for the period.

Reconciliation between statutory rate and the effective tax rate for the three-month and nine-month periods ended December 31, 2020 and December 31, 2019:

Federal statutory rate	(21.0	)%	(35.0	)%
State taxes, net of federal benefit	(0.00	)%	(0.00	)%
Change in valuation allowance	21.0	%	35.0	%
Effective tax rate	0.0	%	0.0	%

On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted by the U.S. government which included a wide range of tax reform affecting businesses including the corporate tax rates, international tax provisions, tax credits and deduction with the majority of tax provision effective after December 31, 2017.

The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits. The federal income tax returns of the Company are subject to examination by the IRS generally for three years after filing with the service.