NOTE E – INCOME TAXES
The income tax provision differs from the amount computed by applying the U.S. Federal and state statutory corporate income tax rates as follows:
| Years Ended December 31, | ||||||||
| 2016 | 2015 | |||||||
| U.S Statutory Corporate Income Tax Rate | (34.0 | )% | (34.0 | )% | ||||
| State Income Tax | (7.0 | )% | (7.0 | )% | ||||
| Change in Valuation Allowance on Deferred Tax Asset | 41.0 | % | 41.0 | % | ||||
| Effective Rate | — | % | — | % | ||||
Net deferred tax assets and liabilities consist of the following components:
| December 31, 2015 | December 31 2015 | |||||||
| Deferred tax assets: | ||||||||
| Net operating loss carry-forward | $ | 142,645 | $ | 130,558 | ||||
| Valuation Allowance | (142,645 | ) | (130,558 | ) | ||||
| Net Deferred tax assets | $ | — | $ | — | ||||
The Company’s net operating loss carry forwards of $347,915 will begin to expire in 2028.