5. INCOME TAXES

3 Months Ended

Mar. 31, 2022

Notes

5. INCOME TAXES

5.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 March 31, 2022 and December 31, 2021:

Description	2022	2021
Net operating loss carry forward	$         8,640,420	$         8,582,651
Valuation allowance	(8,640,420)	(8,281,740)
Total	$                      -	$                      -

As of March 31, 2022, 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%.