Note 6. Income Taxes
There is no current or deferred income tax expense or benefit for the period ended January 31, 2017.
The provision for income taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The items causing this difference for the periods ended January 31, 2017 and 2016 are as follows.
| 2017 | 2016 | |||||||
| Tax benefit at U.S. statutory rate | $ | 303,734 | $ | 504,924 | ||||
| less: amortization of beneficial conversion feature | (155,660 | ) | (131,125 | ) | ||||
| less: stock based expenses | — | (168,270 | ) | |||||
| less: valuation allowance | (148,074 | ) | (205,529 | ) | ||||
| Tax benefit, net | $ | — | $ | — | ||||
We have net operating loss carryforwards of approximately $1,865,781.