Annual report pursuant to Section 13 and 15(d)

Income Taxes

v3.3.1.900
Income Taxes
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

10 INCOME TAXES

 

The income tax provision (benefit) consists of the following:

 

    2015     2014  
             
Federal:                
Current   $ -     $ -  
Deferred     (454,300 )     (2,400 )
Change in valuation allowance     454,300       2,400  
    $ -     $ -  

 

The Company’s income is earned in Nevada, and is thus not subject to state income tax.

 

The expected tax benefit based on the statutory rate is reconciled with actual tax benefit as follows:

 

    2015     2014  
             
U.S. federal statutory rate     -34.0 %     -34.0 %
State income tax, net of federal benefit     0.0 %     0.0 %
Increase (decrease) in valuation allowance     34.0 %     34.0 %
      0.0 %     0.0 %

 

Deferred tax assets consist of the effects of temporary differences attributable to the following:

 

    2015     2014  
Deferred tax assets                
Net operating losses   $ 443,400     $ 2,400  
Option compensation accrual     13,300       -  
Deferred tax assets     456,700       2,400  
Valuation allowance     (456,700 )     (2,400 )
Deferred tax assets, net of valuation allowance   $ -     $ -  

 

At December 31, 2015, the Company has net operating loss carryforwards in the amount of approximately $1,304,000, which expires between 2034 and 2035.