NOTE 8 – INCOME TAXES
As of March 31, 2017 and 2106, the Company had net operating loss (“NOL”) carry forwards of $89,497 of $13,175, respectively. The NOL carryforwards may be available to reduce future years’ taxable income through 2037 and 2036, respectively.
|
|
| As of March 31, 2017 |
| As of March 31, 2016 |
|
|
|
|
|
|
| Deferred tax assets: |
|
|
|
|
| Net operating tax carryforwards | $ | 31,324 | $ | 4,611 |
| Other |
| - |
| - |
| Gross deferred tax assets |
| 31,324 |
| 4,611 |
| Valuation allowance |
| (31,324) |
| (4,611) |
|
|
|
|
|
|
| Net deferred tax assets | $ | - | $ | - |
Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance.
Reconciliation between statutory rate and the effective tax rate for both periods presented and as of March 31, 2017:
| Federal statutory rate |
|
| (35.0)% |
| State taxes, net of federal benefit |
|
| (0.00)% |
| Change in valuation allowance |
|
| 35.0% |
| Effective tax rate |
|
| 0.0% |