v3.26.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
INCOME TAXES

NOTE 5 - INCOME TAXES

 

As of December 31, 2024, the Company had net operating loss carry forwards of approximately $16,600,000 that may be available to reduce future years’ taxable income through 2037. Future tax benefits which may arise as a result of these losses have not been recognized in these consolidated 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. The difference between the Company’s tax rate and the statutory rate is due to a full valuation allowance.

 

The provision for Federal income tax consists of the following:

 

   December 31,   December 31, 
   2024   2023 
Federal income tax benefit attributable to:        
Current operations  $386,358   $45,250 
Less: valuation allowance   (386,358)   (45,250)
Net provision of income taxes  $
-
   $
-
 

The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows:

 

   December 31,   December 31, 
   2024   2023 
Deferred tax asset attributable to:        
Net operating loss carryforward  $5,353,538   $4,967,180 
Less: valuation allowance   (5,353,538)   (4,967,180)
Net deferred tax asset  $
-
   $
-
 

 

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years. The Company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Company believes they are no longer subject to income tax examinations for years prior to 2012.