v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

Note 8 - Income Taxes

 

The components of income tax balances for the six months ended June 30, 2026 and the year ended December 31, 2025 are as follows:

 

   June 30, 2026   December 31, 2025 
Net losses before taxes   63,280    40,223 
Adjustments to arrive at taxable income/loss          
Permanent differences:          
Temporary differences:          
Taxable loss / (income)   63,280    40,223 
Current period taxable income (loss)  $63,280   $40,223 
NOL carried forward from prior period   605,379    565,156 
NOL carried forward at period end  $668,659   $605,379 
Deferred Tax Asset - Federal Rate (21%)   140,418    127,130 
Deferred Tax Asset - State Rate (5.5%)   36,776    33,296 
Total Deferred Tax Asset  $177,194   $160,426 
Valuation Allowance   (177,194)   (160,426)
Deferred tax per books   -    - 

 

Due to the changes in the Tax Reform Act of 1986 and the Tax Cut and Jobs Act of 2017, net operating loss carry forwards for Federal Income tax reporting purposes are subject to additional limitations. Should certain changes in ownership occur, our net operating loss carry forwards may be limited to use in future years. In addition, tax rates on corporations were reduced and certain other deductions limited. These changes may affect the income tax benefit calculation and related allowance during subsequent fiscal years. The IRS requires all domestic corporations in existence for any part of the tax year to file an income tax return whether or not they have taxable income. The Company incurred a loss for the six months ended June 30, 2026 and fiscal year ended December 31, 2025. Reported tax benefits and valuation allowances are the Company’s best estimate of its tax positions and have not been reviewed by the taxing authority.