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7.INCOME TAXES
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Dec. 31, 2011
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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, 2011, the Company has a net operating loss
carryforward of $501,165, which expires $8,538 in 2029,
$59,039 in 2030, $389,742 in 2031 and $43,846 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 periods ended December 31, 2011 and 2010 and for the
period July 3, 2008 (inception) to December 31, 2011, a
reconciliation of the statutory tax rate to the effective tax
rate follows:
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