6. INCOME TAXES
The components of deferred tax assets at December 31, 2017 and 2016 are as follows:
| 2017 | 2016 |
Net operating loss carry forwards | $106,110 | $152,843 |
Accrued interest | 1,408 | 957 |
| 107,518 | 153,800 |
Less: Valuation allowance | (107,518) | (153,800) |
Total | $- | $- |
A 100% valuation allowance was provided at December 31, 2017 and 2016 as it is uncertain if the deferred tax assets would be utilized. As result of the tax law changes reducing the tax rate effective in 2018 to 21%, the federal net operating loss carry forwards portion of the deferred tax assets were revalued at 21% causing a decrease in the net operating loss carryforward and the respective valuation allowance.
At December 31, 2017, the Company has unused federal net operating loss carry forwards of approximately $437,700 expiring between 2018 and 2037 and unused New Jersey net operating loss carry forwards of approximately $215,600 expiring between 2029 and 2037.
The Company files its federal and New Jersey income tax returns under varying statutes of limitations. The 2014 through 2017 tax years generally remain subject to examination by the federal and New Jersey tax authorities.