Annual report pursuant to Section 13 and 15(d)

Income Taxes

v3.22.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes

Note 6 – Income Taxes

 

As of December 31, 2021, the Company has net operating loss carryforwards (“NOL”) of approximately $181,000, which is available to reduce future taxable income, for federal and state income taxes, respectively. The NOL is scheduled to expire in 2036.

 

The Company has an accumulated deficit of approximately $863,000 at the current federal tax rate of 21% results in the current NOL of $181,000 at December 31, 2021. The Company has no income tax effect due to the recognition of a full valuation allowance on the expected tax benefits of future loss carry forwards based on uncertainty surrounding realization of such assets.

 

The tax effect of the carry forwards that give rise to deferred tax assets at December 31, 2021 consists of the following:

     
Deferred tax benefit:    
Net operating loss   $ 863,000  
Total deferred income tax assets     863,000  
         
Deferred income tax liabilities     —    
Net deferred income tax benefits     863,000  
Valuation allowance     (863,000 )
Deferred tax asset, net of allowance   $ —