4. INCOME TAXES

6 Months Ended

Jun. 30, 2021

Notes

4. INCOME TAXES

4.INCOME TAXES 

Income taxes are provided based upon the liability method. Under this approach, deferred income taxes are recorded to reflect the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year-end. A valuation allowance is recorded against deferred tax assets if management does not believe the Company has met the “more likely than not” standard imposed by accounting standards to allow recognition of such an asset.

Deferred tax assets/liabilities were as follows as of June 30, 2021 and 2020:

Description	2021	2020
Net operating loss carry forward	$8,318,413	$8,267,798
Valuation allowance	(8,318,413)	(8,267,798)
Total	$-	$-

As of June 30, 2021, the Company expected no net deferred tax assets to be recognized, resulting from net operating loss carry forwards. Deferred tax assets were offset by a corresponding allowance of 100%.