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Income Taxes
 12 Months Ended
Jun. 30, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 4 INCOME TAXES

 

No provision has been made for income taxes in the financial statements because the Company has incurred net operating losses to be carried forward and is incorporated in the State of Nevada, which does not levy a Corporate Income Tax. The tax effects of temporary differences that give rise to significant portions of the deferred tax asset at June 30, 2015 are summarized below.

                 
    Deductible          
Deferred Tax Asset   Amount   Rate     Tax
Net Operating Loss Carryforward                
Federal   231,878   34 %     78,839
Temporary Differences                
Related Party Interest   0   34 %     0
Valuation Allowance               (78,839)
Deferred Tax Asset             $ —

 

A valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. Because of the lack of taxable earnings history, the Company has established a valuation allowance for all future deductible temporary differences. The valuation allowance has increased $5,480, from $73,359, as of June 30, 2015.

 

The Company has the following operating loss carry forwards available at June 30, 2015:

       
Operating Losses
Expires   Amount
2019   $ 9,057
2020     6,828
2021     32,303
2022     26,635
2023     3,945
2024     6,207
2025     14,289
2026     8,906
2027     6,482
2028     6,716
2029     9,400
2030     7,668
2031     9,174
2032     9,513
2033     28,769
2034     -
2035     45,986
Total   $ 231,878

 

The effective tax rate for continuing operations differs from the statutory tax rate as follows:

             
    Years ended June 30,  
    2015     2014  
Federal Statutory Income Tax Rate   34 %   15 %
Non-deductible Expenses   (16 %)      
Valuation Allowance   (18 %)   (15 %)
Effective income tax rate   0 %   0 %

 

Uncertain Tax Positions

 

The Company has evaluated its uncertain tax positions and determined that any required adjustments would not have a material impact on the Company's balance sheet, income statement, or statement of cash flows.

 

A reconciliation of our unrecognized tax benefits for 2015 is presented in the table below:

     
Balance as of July 1, 2014 $ 0.00
Additions based on tax positions related to the current year   0.00
Reductions for tax positions of prior years   0.00
Reductions due to expiration of statute of limitations   0.00
Settlements with taxing authorities   0.00
Balance as of June 30, 2015 $ 0.00

 

All years prior to 2011 are closed by expiration of the statute of limitations. The tax year ended June 30, 2012, closed by expiration of the statute of limitations in August 2015. The years ended June 30, 2013, 2014 and 2015 are open for examination.