Components of the Company’s deferred tax asset at December 31, 2018 are as follows:

Net operating loss	5,635
Valuation allowance	(5,635	)
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The Company established a valuation allowance of approximately $5,635 as of December 31, 2018, which fully offsets the deferred tax asset as of December 31, 2018 of approximately $5,635. The deferred tax asset results from applying an effective combined federal and state tax rate of 25.63% to net operating loss of approximately 21,985 as of December 31, 2018. The Company’s net operating losses will expire beginning 2038.

The Company has evaluated tax positions taken or expected to be taken in the course of preparing the financial statements to determine if the tax positions are “more likely than not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more likely than not” threshold would be recorded as a tax benefit or expense in the current year. The Company has concluded that there was no impact related to uncertain tax positions on the results of its operations for the period ended December 31, 2018. As of December 31, 2018, the Company has no accrued interest or penalties related to uncertain tax positions. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company’s conclusions regarding tax positions will be subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations, and interpretations thereof.