Annual report pursuant to Section 13 and 15(d)

INCOME TAX (Tables)

v3.21.1
INCOME TAX (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Deferred tax assets

Net deferred tax assets consist of the following components as of December 31:

 

    2020   2019
Deferred Tax Assets:                
NOL Carryover   $ 1,295,500     $ 1,295,500  
Related party accrual     75,400       75,400  
Depreciation     (800 )     (5,100 )
      Payroll accrual     18,800       21,800  
Deferred tax liabilities:                
Less valuation allowance     (1,388,900 )     (1,387,600 )
Net deferred tax assets   $ —       $ —    
Schedule of Income Tax Provision

The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the period ended December 31, due to the following:

 

    2020   2019
Book income (loss)   $ 141,300     $ (36,300 )
Meals and entertainment     —         600  
Depreciation     —         (100 )
Other nondeductible expenses     2,400       12,100  
Accrued payroll     58,900       9,900  
Valuation allowance     (202,600 )     13,800  
    $ —       $ —