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Taxes on Income

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Taxes on Income

NOTE 14 - TAXES ON INCOME

The Company is subject to income taxes under the Israeli and U.S. tax laws:

Corporate tax rates

The Company is subject to Israeli corporate tax rate of 23% for the years ended 2019 and 2018.

The Company was subject to a blended U.S. tax rate (Federal as well as state corporate tax) of 21% for the years ended December 31, 2019 and 2018.

For the year ended December 31, 2019, the Company generated net operating losses in Israel of approximately $3,947 which may be carried forward and offset against taxable income in the future for an indefinite period.

For the year ended December 31, 2019, the Company generated net operating losses in the U.S. of approximately $3,275. Net operating losses in the United States are available through 2035. Utilization of U.S. net operating losses may be subject to substantial annual limitation due to the “change in ownership” provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating losses before utilization.

The Company is still in its development stage and has not yet generated revenues, therefore, it is more likely than not that sufficient taxable income will not be available for the tax losses to be utilized in the future. Therefore, a valuation allowance was recorded to reduce the deferred tax assets to its recoverable amounts.

		Years ended December 31,
		2019				2018
Net operating loss carry-forward		$	503,065			$	495,844
Total deferred tax assets			115,705				114,044
Valuation allowance			-115,705				-114,044
Net deferred tax assets		$	-			$	-

Reconciliation of Income Taxes:

The following is a reconciliation of the taxes on income assuming that all income is taxed at the ordinary statutory corporate tax rate in Israel and the effective income tax rate:

		Years ended December 31,
		2019				2018
Net loss as reported in the statements of operations		$	7,247			$	7,260
Statutory tax rate			21	%			21	%
Income Tax under statutory tax rate			1,522				1,525
Change in valuation allowance			-1,522				-1,525
Actual income tax		$	-			$	-

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- References

No definition available.

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

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