NOTE 15 – INCOME TAXES

As of September 30, 2016, the Company had net operating loss carry forwards of $ 282,586 that may be available to reduce future years’ taxable income through 2033. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. Components of net deferred tax assets, including a valuation allowance, are as follows for September 30, 2016.

Net Operating loss carry-forward                                                     $   643,373

Net adjustments to taxes                                                                       534,495

Adjusted NOL carry-forward                                                                 108,878

Total deferred tax assets                                                                           38,107

Less valuation allowances                                                                       (38,107)

Net deferred tax asset                                                                         $              0

As of September 30, 2015, the Company had net operating loss carry forwards of $173,708 that may be available to reduce future years’ taxable income through 2032. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. Components of net deferred tax assets, including a valuation allowance, are as follows for September 30, 2015.

Net Operating loss carry-forward                                                     $   444,455

Net adjustments to taxes                                                                       270,747

Adjusted NOL carry-forward                                                                 173,708

Total deferred tax assets                                                                           60,798

Less valuation allowances                                                                       (60,798)

Net deferred tax asset                                                                         $              0

In assessing the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not the deferred tax assets would not be realized as of September 30, 2016.