Due to the Company’s net loss position from inception on September 14, 2009 to March 31, 2017, there is no provision for income taxes recorded. As a result of the Company’s losses to date, there exists doubt as to the ultimate realization of the deferred tax assets. Accordingly, a valuation allowance equal to the total deferred tax assets has been recorded at March 31, 2017 and 2016.

The components of net deferred tax assets are as follows:

The Company had federal net operating loss carryforwards for tax purposes of approximately $175,281 and $64,187 at March 31, 2017 and 2016, respectively, which may be available to offset future taxable income and which, if not used, begin to expire in 2027. Utilization of the net operating loss carry forwards may be subject to substantial annual limitations due to the ownership change limitations provided by Section 381 of the Internal Revenue Code of 1986, as amended. The annual limitation may result in the expiration of net operating loss carry forwards before utilization.