|12 Months Ended|
Dec. 31, 2021
|Income Tax Disclosure [Abstract]|
NOTE 10 – INCOME TAXES
All of the Company’s operations are domestic and due to losses, no provision for income taxes for federal or state has been recorded for any period presented.
Deferred taxes are determined by applying the provisions of enacted tax laws and rates for the jurisdictions in which the Company operates to the estimated future tax effects of the differences between the tax basis of assets and liabilities and their reported amounts in the Company's financial statements. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that the related tax benefits will not be realized. The components of income tax expense (benefit) for the year ended December 31, 2021 and the period from February 21, 2020 (inception) to December 31, 2020 are as follows:
Significant components of the Company's deferred tax assets and liabilities at December 31, 2021 and 2020 are as follows:
Management currently believes that since the Company has a history of losses it is more likely than not that the deferred tax regarding the loss carry forwards and other temporary differences will not be realized in the foreseeable future. The Company believes that carryforward limitations will be applied to the historical net operating losses due to the recent change of control transition. The Company's cumulative net operating loss carry forward of approximately $24,181,308 as of December 31, 2021, may be limited in future years depending on future taxable income in any given fiscal year. The net operating losses can be carried forward indefinitely.
The Company has recorded no liability for income taxes associated with unrecognized tax benefits at the date of adoption and has not recorded any liability associated with unrecognized tax benefits. Accordingly, the Company has not recorded any interest or penalty in regard to any unrecognized benefit.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef