5. Income Taxes
The Company is subject to United States federal and state income taxes at an approximate rate of 35%. The reconciliation of the provision for income taxes at the United States federal and state statutory rate compared to the Company’s income tax expense as reported is as follows:
|
|
| 2017 |
| 2016 |
|
|
|
|
|
|
| Income tax benefit computed at the statutory rate | $ | 11,345 | $ | 17,200 |
| Change in valuation allowance |
| (11,345) |
| (17,200) |
|
|
|
|
|
|
| Provision for income taxes | $ | – | $ | – |
Significant components of the Company’s deferred tax assets and liabilities after applying enacted corporate income tax rates, are as follows:
|
|
| 2017 |
| 2016 |
|
|
|
|
|
|
| Deferred income tax assets |
|
|
|
|
| Net operating losses | $ | 45,269 | $ | 33,924 |
| Valuation allowance |
| (45,269) |
| (33,924) |
|
|
|
|
|
|
| Net deferred income tax assets | $ | – | $ | – |
The Company has net operating loss carryforwards of approximately $129,000 subject to limitation for change of control which expire commencing in 2034.