NOTE 1 - ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Income Taxes (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Policies | |
| Income Taxes | Income Taxes – Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes. Deferred taxes are provided on differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, and tax carry forwards. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. No provision has been made for income taxes as the Company has not recorded or received any revenues.
For the three and six months ended June 30, 2025, the Company recorded a full valuation allowance against the deferred tax asset of $2,530 and $7,581, respectively. For the three and six months ended June 30, 2026, the Company recorded a full valuation allowance against the deferred tax asset of $2,280 and $9,478, respectively. As the Company currently has no revenues there is reasonable doubt as to the realizability of this deferred tax asset. With the allowance taken as of June 30, 2026, the Company has a cumulative valuation allowance of $68,760. |