v3.21.1
Income Taxes
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 4. INCOME TAXES


The components of the Company’s deferred tax asset are as follows:


   December 31,
2020		   December 31,
2019		 
Net operating loss carry forward  $29,138   $14,611 
Valuation allowance   (29,138)   (14,611)
Net deferred tax asset  $-   $- 

The Company had a net operating loss carryforward of approximately $999,988 and $930,814 for the years ended December 31, 2020 and 2019, of which $269,575 carryforward indefinitely and $730,413 carryforward 20 years. The net operating losses may be subject to limitations under Internal Revenue Code Section 382 should there be a 50% ownership change as determined under regulations.


The reconciliation of income tax rate at the U.S. statutory rate of 21% to the Company’s effective tax rate is as follows:


   2020   2019 
US Statutory rate   21%   21%
Valuation allowance   -21%   -21%
Income tax provision   -    - 

The Company files income tax returns in the United States. The Company has filed its U.S. federal return for the year ended December 31, 2020 in 2021, and as a result the U.S. federal returns for 2020, 2019 and 2018 will be considered as open tax years subject to examination.  No tax returns are currently under examination by any tax authorities. The Company has not accrued any additional interest or penalties for the delinquency of outstanding tax returns as the Company has incurred net losses in those periods still outstanding.


In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, management has established a full valuation allowance against the entire deferred tax asset relating to NOLs for every period because it is more likely than not that all of the deferred tax asset will not be realized.