v3.25.2
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
INCOME TAXES    
INCOME TAXES

NOTE 10 - INCOME TAXES

 

The Company did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. Accounting for Uncertainty in Income Taxes when it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit.

 

The Company provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that the Company will not earn income sufficient to realize the deferred tax assets during the carry forward period.

 

The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the statutory rate to the income tax amount recorded as of December 31, 2024, and 2023 are as follows:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Net operating loss carry forward

 

$(790,942)

 

$(1,011,212)

Effective Tax rate

 

 

21%

 

 

21%

Income tax expenses(benefit)

 

 

(166,098)

 

 

(212,355)

Less: Valuation Allowance

 

 

166,098

 

 

 

212,355

 

Income tax expenses(benefit)

 

$-

 

 

$-

 

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Deferred tax assets

 

 

886,846

 

 

 

720,748

 

Valuation allowance

 

 

(886,846)

 

 

(720,748)

Net deferred tax assets

 

$-

 

 

$-

 

 

As of December 31, 2024, the Company had approximately $4,223,000 in net operating losses (“NOLs”) that may be available to offset future taxable income, NOLs generated in tax years prior to July 31, 2018, can be carryforward for twenty years, whereas NOLs generated after July 31, 2018, can be carryforward indefinitely. In accordance with Section 382 of the U.S. Internal Revenue Code, the usage of the Company’s net operating loss carry forwards are subject to annual limitations following greater than 50% ownership changes.

 

The Company’s tax returns are subject to examination by tax authorities for the years ended December 31,2016 to December 31, 2024.

NOTE 10 - INCOME TAXES

 

The Company did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. Accounting for Uncertainty in Income Taxes when it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit.

 

The Company provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that the Company will not earn income sufficient to realize the deferred tax assets during the carry forward period.

 

The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the statutory rate to the income tax amount recorded as of December 31, 2023, and 2022 are as follows:

 

 

 

December 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Net operating loss carry forward

 

$(1,011,212)

 

$(796,713)

Effective Tax rate

 

 

21%

 

 

21%

Income tax expenses(benefit)

 

 

(212,355)

 

 

(167,310)

Less: Valuation Allowance

 

 

212,355

 

 

 

167,310

 

Income tax expenses(benefit)

 

$-

 

 

$-

 

 

 

 

December 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Deferred tax assets

 

 

720,748

 

 

 

508,393

 

Valuation allowance

 

 

(720,748)

 

 

(508,393)

Net deferred tax assets

 

$-

 

 

$-

 

 

 

As of December 31, 2023, the Company had approximately $3,432,000 in net operating losses (“NOLs”) that may be available to offset future taxable income, NOLs generated in tax years prior to July 31, 2018, can be carryforward for twenty years, whereas NOLs generated after July 31, 2018, can be carryforward indefinitely. In accordance with Section 382 of the U.S. Internal Revenue Code, the usage of the Company’s net operating loss carry forwards are subject to annual limitations following greater than 50% ownership changes.

 

The Company’s tax returns are subject to examination by tax authorities for the years ended December 31,2015 to December 31, 2023.