7.INCOME TAXES
|
3 Months Ended | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] |
Potential
benefits of income tax losses are not recognized in the
accounts until realization is more likely than not. At June
30, 2011, the Company has a net operating loss carryforward
of $479,242, which expires $8,538 in 2029, $59,039 in 2030,
$389,742 in 2031 and $21,923 in 2032. 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 three months ended June 30, 2011 and 2010 and for the
period July 3, 2008 (inception) to June 30, 2011, a
reconciliation of the statutory tax rate to the effective tax
rate follows:
|