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EXCEL - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncFinancial_Report.xls
10-K - FORM 10-K - Sputnik Enterprises, Incspni_10k.htm
v2.4.0.8
Income Taxes
12 Months Ended
Dec. 31, 2013
Income Taxes  
NOTE 7 - INCOME TAXES

The Company uses the liability method, where deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. During fiscal 2013 and 2012, the Company incurred a net loss and therefore has no tax liability. The net deferred tax asset generated by the loss carry-forward has been fully reserved. The cumulative net operating loss carry-forward is approximately $2,217,000 and $2,021,000 at December 31, 2013 and 2012, respectively, and will begin to expire in the year 2024.

  

At December 31, 2013 and 2012, deferred tax assets at the statutory rate consisted of the following:

 

Deferred tax assets   2013     2012  
Net operating losses   $ 34,400     $ 22,300  
Less: valuation allowance     (34,400 )     (22,300 )
Net deferred tax asset   $ -     $ -