Annual report pursuant to Section 13 and 15(d)

6. Income Taxes

v3.20.1
6. Income Taxes
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

Note 6 – Income Taxes 

 

The Company is subject to United States federal income taxes at an approximate rate of 21%. The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows:

 

    Year Ended
December 31, 2019
   

Year Ended
December 31, 2018

 
Income tax benefit computed at the statutory rate   $ 814,200       1,552,300  
Non-deductible expenses     (83,400 )     (1,369,000 )
Change in valuation allowance     (730,800 )     (183,300 )
Provision for income taxes   $        

 

Significant components of the Company’s deferred tax assets after applying enacted corporate income tax rates are as follows:

 

    As of 
December 31, 2019
    As of 
December 31, 2018
 
Deferred income tax assets                
Net operating losses   $ 947,600     $ 216,800  
Valuation allowance     (947,600 )     (216,800 )
Net deferred income tax assets   $     $  

 

The Company has an operating loss carry forward of approximately $4,512,000, which expires commencing in 2037.