NOTE 7. INCOME TAXES
As of September 30, 2017
| Deferred tax assets: | ||||
| Net operating tax carry forwards | $ | 4,332,226 | ||
| 181Other | -0- | |||
| Gross deferred tax assets | 4,332,226 | |||
| Valuation allowance | (4,332,226 | |||
| Net deferred tax assets | $ | -0- | ||
As of September 30, 2017 the Company has a Deferred Tax Asset of $4,332,226 completely attributable to net operating loss carry forwards of approximately $12,741,843 (which expire 20 years from the date the loss was incurred).
Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carry forwards are expected to be available to reduce taxable income. The achievement of required future taxable income is uncertain. As a result, the Company has recorded a valuation allowance reducing all deferred tax assets to 0.
Income tax is calculated at the 34% Federal Corporate Rate.