| 10 | Income Taxes |
For the tax year beginning January 1, 2015, 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:
| Year Ended December 31, |
Year Ended December 31, |
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| 2016 | 2015 | |||||||
| Income tax benefit computed at the statutory rate | $ | 296,079 | $ | 20,976 | ||||
| Change in valuation allowance | (296,079 | ) | (20,976 | ) | ||||
| 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:
| December 31, 2016 |
December 31, 2015 |
|||||||
| Deferred income tax assets | ||||||||
| Net operating losses | $ | 124,604 | $ | 20,976 | ||||
| Valuation allowance | (124,604 | ) | (20,976 | ) | ||||
| Net deferred income tax assets | $ | – | $ | – | ||||
The Company has net operating loss carry forwards of $356,010 and $59,931 at December 31, 2016 and 2015, which expire commencing in 2036.