v3.25.2
INCOME TAX
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAX

NOTE 8 – INCOME TAX

 

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards.

 

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be covered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. An allowance has been recorded as of December 31, 2024 due to uncertainty of the realization of deferred tax asset in future periods.

 

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted by the end of the reporting period, and any adjustment to tax payable in respect of previous years.

 

In accordance with FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, included in ASC Topic 740, Income Taxes, the Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. There were no uncertain tax positions that required recognition by the Company. As of the date of these consolidated financial statements, the Company’s federal and various state tax returns will generally remain open for the last three years.

 

The Company’s provision for income taxes attributable to income before income taxes for the periods ended December 31, 2024 and December 31, 2023, consisted of the following:

 

               
   December 31,   December 31,   December 31, 
   2024   2023   2022 
Deferred tax assets related to:               
NOL Carryover  $589,868   $403,605   $59,323 
Deferred tax liability related to:               
Property and equipment   (18,050)   (8,715)   (86,260)
Deferred tax assets, gross   571,818    394,890    (26,937)
Less: allowance   (394,890)   (394,890)   – 
                
Net deferred tax asset (liability)  $176,928   $–   $(26,937)
                
Current expense               
Federal  $–   $–   $– 
State   –    –    – 
                
   $–   $–   $– 
                
Deferred income tax expense (benefit)  $–   $(26,937)  $26,937