Annual report pursuant to Section 13 and 15(d)

INCOME TAX (Tables)

v3.19.1
INCOME TAX (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets

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

 

    2018   2017
Deferred Tax Assets:                
NOL Carryover     1,282,700     $ 1,212,100  
Related party accrual     75,400       75,400  
      Payroll accrual     11,900       7,800  
Deferred tax liabilities:                
      Depreciation     —         (3,300 )
Less valuation allowance     (1,370,000 )     (1,292,000 )
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:

 

    2018   2017
Book loss   $ (114,900 )   $ (189,400 )
Meals and entertainment     1,000       1,400  
Depreciation     —         (1,100 )
Other nondeductible expenses     39,300       44,600  
Related party accruals     —         75,000  
Accrued payroll     58,900       58,900  
Valuation allowance     15,700       10,600  
    $ —       $ —