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Income Taxes
 6 Months Ended
Jun. 30, 2016
Income Taxes [Abstract]  
Income Taxes
4.Income Taxes

 

The Company is not expected to have taxable income in 2016 and incurred a loss for the year ended December 31, 2015 and accordingly, no provision for federal income tax has been made in the accompanying financial statements. At December 31, 2015, the Company had available net operating loss carryforwards of approximately $2,730,000, expiring during various years through 2035.

 

A summary of the deferred tax asset using an approximate 34% tax rate is as follows:

 

 Deferred Tax Asset $930,000 
 Valuation allowance  (930,000)
 Total $- 

 

The net operating loss carryforwards could be subject to limitation in any given year in the event of a change in ownership as defined by IRC Section 382.

 

The deferred tax benefit included in the statement of operations represents the change in the deferred tax liability at each balance sheet date.

 

The difference between the statutory and the effective tax rate is primarily due to a change in valuation allowance on deferred taxes, as the Company has fully reserved the deferred tax asset resulting from available net operating loss carryforwards.