| - INCOME TAXES | NOTE 9 - INCOME TAXES The Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. As a result of the implementation of ASC 740-10-65-1, the Company recognized no increase in the liability for unrecognized tax benefits. The Company has no tax position as of December 31, 2016 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company does not recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the period presented. The Company had no accruals for interest and penalties as of December 31, 2016. The Company's utilization of any net operating loss carry forward may be unlikely as a result of its intended activities. The valuation allowance as of December 31, 2016 was approximately $3,489 (at year ended December 31, 2015 was approximately $373). The net change in valuation allowance as of year ended December 31, 2016 was $3,115 (and $373 during the year ended December 31, 2015). In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of December 31, 2016. All tax years since inception remains open for examination by taxing authorities. The Company has a net operating loss for tax purposes totaling approximately $10,261 as of December 31, 2016 (and $1,098 at year ended December 31, 2015), expiring through 2035. There is a limitation on the amount of taxable income that can be offset by carryforwards after a change in control (generally greater than a 50% change in ownership). Temporary differences, which give rise to a net deferred tax asset, are as follows: December 31, 2016 December 31, 2015 Non-current deferred tax assets: Net operating loss carryforward $ (3,489) (373) Stock based compensation $ - - Inventory obsolescence $ - - Accrued officer compensation $ - - Total deferred tax assets $ (3,489) (373) Valuation allowance $ 3,489 373 Net deferred tax assets $ - - WIKE CORP. NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2016 AND DECEMBER 31, 2015 NOTE 9 - INCOME TAXES (CONTINUED) The actual tax benefit at the expected rate of 34% differs from the expected tax benefit as of December 31, 2016 and December 31, 2015 as follows: December 31, 2016 December 31,2015 Computed "expected" tax expense (benefit) $ (3,115) (373) Penalties and fines and meals and entertainment $ - - Accrued officer compensation $ - - Change in valuation allowance $ 3,115 373 Actual tax expense (benefit) $ - - Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure None Item 9A(T) Controls and Procedures Disclosure Controls and Procedures. The Company maintains disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) that are designed to ensure that information required to be disclosed in the Company's Securities Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to the Company's management, as appropriate, to allow timely decisions regarding required disclosure. The Company's management, with the participation of our principal executive and principal financial officer evaluated the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, our principal executive and principal financial officer concluded that, as of the end of the period covered by this report, the Company's disclosure controls and procedures were not effective. Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2016. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Changes in Internal Controls over Financial Reporting There was no change in the Company's internal control over financial reporting during the quarterly period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting. Item 9B. Other Information. None. PART III Item 10. Directors, Executive Officers, Promoters and Control Persons of the Company DIRECTORS AND EXECUTIVE OFFICERS The name, age and titles of our executive officer and director are as follows: Name and Address of Executive Officer and/or Director Age Position Corina Safaler Via Arno, 8, 40139 Bologna, Italy 25 President, Treasurer, Secretary and Director (Principal Executive, Financial and Accounting Officer) Corina Safaler has acted as our President, Treasurer, Secretary and Director since our incorporation on November 11, 2014. There was no any arrangement or understanding between Ms. Safaler and any other person(s) pursuant to which she was selected as a director of the company. For the past five years Ms. Safaler worked as designer of decorations at Evolution Events Bologna SRL from November 2010-2015. There was no any arrangement or understanding between Ms. Safaler and any other person(s) pursuant to which she was selected as an officer of the. Ms. Safaler owns 74.26% of the outstanding shares of our common stock. As such, it was unilaterally decided that Ms. Safaler was going to be our sole President, Chief Executive Officer, Treasurer, and Chief Financial Officer, Chief Accounting Officer, Secretary and sole member of our board of directors. Ms. Safaler intends to spend 75% of her time to planning and organizing activities of Wike Corp. During the past ten years, Ms. Safaler has not been the subject to any of the following events: |
