v3.25.1
INCOME TAX
 12 Months Ended
Dec. 31, 2024
INCOME TAX  
INCOME TAX

NOTE 8 – INCOME TAX

 

The Company and its two subsidiaries were incorporated in the United States of America and were subject to United States federal taxation at the tax rate of 21%. No provisions for income taxes have been made as the Company and two subsidiaries have no taxable income for the period. As of December 31, 2024, the Company and three subsidiaries had net operating loss carry forwards aggregated $105,801,600 that may be available to reduce future years’ taxable income. Future tax benefits that may arise as a result of these losses have not been recognized in these financial statements as their realization is determined not likely to occur and, accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. No tax benefit has been realized since a 100% valuation allowance has offset deferred tax assets resulting from the net operating losses.

 

Provision for income tax consists of the following:

 

 

 

For the year ended

December 31, 2024

 

 

For the year ended December 31, 2023

 

Current income tax (benefit)

 

 

 

 

 

 

U.S.

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

Deferred income tax

 

 

 

 

 

 

 

 

Deferred tax assets for NOL carry-forwards

 

 

227,020

 

 

 

183,847

 

Valuation allowance

 

 

(227,020)

 

 

(183,847)

Net changes in deferred income tax (benefit)

 

 

-

 

 

 

-

 

Total income tax provision

 

$-

 

 

$-

 

 

The net loss before income taxes and its provision for income taxes as follows:

 

 

 

For the year ended

December 31, 2024

 

 

For the year ended December 31, 2023

 

Net loss before income tax

 

$(1,081,047)

 

$(875,464)

Statutory tax rate

 

 

21%

 

 

21%

Tax expenses (benefit) at the statutory tax rate, net

 

 

(227,020)

 

 

(183,847)

Valuation allowance

 

 

227,020

 

 

 

183,847

 

Income tax expenses, net

 

$-

 

 

$-

 

 

Significant components of the Company’s deferred taxes assets as follows:

 

 

 

For the year ended

December 31, 2024

 

 

For the year ended December 31, 2023

 

Net operating loss carry-forwards

 

$227,020

 

 

$183,847)

Less: Valuation allowance

 

 

(227,020)

 

 

(183,847)

Deferred tax assets, net

 

$-

 

 

$-