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7. INCOME TAXES
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Jun. 30, 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 June
30, 2012, the Company has a net operating loss carryforward
of $543,274, which expires $8,538 in 2029, $59,039 in 2030,
$389,742 in 2031, $74,121 in 2032, and $11,834 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 three months ended June 30, 2012 and 2011 and for the
period July 3, 2008 (inception) to June 30, 2012, a
reconciliation of the statutory tax rate to the effective tax
rate follows:
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