v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
INCOME TAXES  
INCOME TAXES

NOTE 8 – INCOME TAXES

 

The Company follows ASC 740, Accounting for Income Taxes. In the years ended December 31, 2025 and 2024, deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry forwards. For federal income tax purposes, the Company uses the accrual basis of accounting, the same that is used for financial reporting purposes.

 

The Company did not have taxable income for the three months ended March 31, 2026 or the year ended December 31, 2025.

 

Federal income tax returns have not been examined and reported upon by the Internal Revenue Service and returns of the years since December 31, 2022 are still open.

 

Net deferred tax assets consist of the following components as of March 31, 2026 and December 31, 2025:

 

 

 

2026

 

 

2025

 

Deferred tax assets:

 

 

 

 

 

 

NOL Carryover

 

$1,737,959

 

 

$1,728,385

 

Valuation allowance

 

 

(1,737,959)

 

 

(1,728,385)

Net deferred tax asset

 

$-

 

 

$-

 

 

The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rates to pretax income from continuing operations for the three months ended March 31, 2026 and 2025 due to the following:

 

 

 

2026

 

 

2025

 

Federal Tax (21%)

 

$(9,575)

 

$(684)

Change in Valuation allowance

 

 

9,575

 

 

 

684

 

 

As of March 31, 2026 and December 31, 2025, the Company’s accumulated net operating loss carryforward was approximately $8,965,498 and $8,919,937, respectively.