6. Income Taxes
The Company is subject to United States federal and state income taxes at an approximate rate of 45%. 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:
|
| December 31, 2016 |
| December 31, 2015 |
|
|
|
|
|
| Income tax benefit computed at the statutory rate | $ 42,026 |
| $ 59,695 |
| Change in valuation allowance | (42,026) |
| (59,695) |
|
|
|
|
|
| Provision for income taxes | $ – |
| $ – |
|
|
|
|
|
Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2016 and 2015 after applying enacted corporate income tax rates, are as follows:
|
| December 31, 2016 |
| December 31, 2015 |
| Deferred income tax assets |
|
|
|
| Net operating losses | $ 195,099 |
| $ 153,073 |
| Valuation allowance | (195,099) |
| (153,073) |
|
|
|
|
|
| Net deferred income tax assets | $ – |
| $ – |
The Company has net operating loss carry forwards of $433,553 which expire commencing in 2035.