Annual report pursuant to Section 13 and 15(d)

INCOME TAX (Tables)

v3.20.1
INCOME TAX (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Deferred tax assets

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

 

    2019   2018
Deferred Tax Assets:                
NOL Carryover     1,295,500     $ 1,282,700  
Related party accrual     75,400       75,400  
Depreciation     (5,100 )        
      Payroll accrual     21,800       11,900  
Deferred tax liabilities:                
Less valuation allowance     (1,387,600 )     (1,370,000 )
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:

 

    2019   2018
Book loss   $ (36,300 )   $ (114,900 )
Meals and entertainment     600       1,000  
Depreciation     (100 )        
Other nondeductible expenses     12,100       39,300  
Accrued payroll     9,900       58,900  
Valuation allowance     13,800       15,700  
    $ —       $ —