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Note 2 - Significant Accounting Policies: Income Tax, Policy (Policies)
 12 Months Ended
Dec. 31, 2014
Policies  
Income Tax, Policy

 

Income Taxes

 

The Company accounts for income taxes under SFAS No. 109 (now contained in FASB Codification Topic 740-10-25, Accounting for Uncertainty in Income Taxes), which requires the asset and liability approach to accounting for income taxes.  Under this method, deferred tax assets and liabilities are measured based on differences between financial reporting and tax bases of assets and liabilities measured using enacted tax rates and laws that are expected to be in effect when differences are expected to reverse. As of December 31, 2014, we had a net operating loss carry forward of $(2,090,938) and a deferred tax asset of $810,185 using the statutory rate of 34%. The deferred tax asset may be recognized in future periods, not to exceed 20 years.  However, due to the uncertainty of future events we have booked valuation allowance of $(810,185).

 

December 31, 2014

December 31, 2013

Deferred Tax Asset

   $                          710,900 

   $                          341,872 

Valuation Allowance

                             (710,900)

                             (341,872)

Deferred Tax Asset (Net)

   $                                       - 

   $                                       - 

 

We are subject to taxation in the U.S. and the states of California and Utah.  Further, the Company currently has no open tax years subject to audit prior to December 31, 2011.  The Company is current on its federal and state tax returns.