7. INCOME TAXES
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Dec. 31, 2012
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Income Tax Disclosure [Text Block] |
7. INCOME
TAXES
Potential
benefits of income tax losses are not recognized in the
accounts until realization is more likely than not. At
December 31, 2012, the Company has a net operating loss
carryforward of $553,793, which expires $8,538 in 2029,
$59,039 in 2030, $389,742 in 2031, $74,121 in 2032, and
$22,353 in 2033. Pursuant to ASC 740, the Company is required
to compute tax asset benefits for net operating losses
carried forward. Potential benefit of net operating losses
have not been recognized in these financial statements
because the Company cannot be assured it is more likely than
not it will utilize the net operating losses carried forward
in future years.
The
components of the net deferred tax asset are as
follows:
For
the nine months ended December 31, 2012 and 2011 and for the
period July 3, 2008 (inception) to December 31, 2012, a
reconciliation of the statutory tax rate to the effective tax
rate follows:
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