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F. INCOME TAXES | 12 Months Ended
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Dec. 31, 2017
INCOME TAXES |
INCOME TAXES | At December 31, 2017, the Company had net operating loss carry forwards of approximately $9.8 million, which expire between 2018 and 2033. Forms 1120, U.S, Corporation Income Tax Returns, for the years ending December 31, 2017, 2016, 2015 are subject to examination, by the IRS, generally for three years after they are filed. The following table presents the principal reasons for the difference between the Company's effective tax rate and the United States statutory income tax rate.
|  | 2017 |  |  | 2016 |  |  | 2015 |
Earned income tax at statutory rate |  | $ | – |  |  | $ | 7 |  |  | $ | – |
Net operating loss utilization |  |  | – |  |  |  | (7 | ) |  |  | – |
Deferred tax asset from NOL carry forwards |  |  | 2,058 |  |  |  | 3,263 |  |  |  | 3,270 |
Valuation allowance |  |  | (2,058 | ) |  |  | (3,263 | ) |  |  | (3,270 | )
Reported income tax expense (benefit) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Effective income tax rate |  |  | 0.00% |  |  |  | 0.00% |  |  |  | 0.00% |
The Company believes that it is more likely than not the benefit of NOL carryforwards will not be realized. Therefore, a valuation allowance on the related deferred tax assets has been recorded.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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