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IA Energy Corp. – ‘10-Q’ for 6/30/20 – ‘EX-101.INS’

On:  Friday, 8/14/20, at 1:27pm ET   ·   For:  6/30/20   ·   Accession #:  1322410-20-7   ·   File #:  333-220706

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/14/20  IA Energy Corp.                   10-Q        6/30/20   31:937K                                   Denos Kenneth I

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    122K 
 2: EX-31.1     CEO 302 Certification                               HTML     14K 
 3: EX-31.2     CFO 302 Certification                               HTML     14K 
 4: EX-32       906 Certification                                   HTML     13K 
11: R1          Document and Entity Information                     HTML     43K 
12: R2          Balance Sheets (Unaudited)                          HTML     44K 
13: R3          Balance Sheets (Parenthetical)                      HTML     26K 
14: R4          Statements of Operations (Unaudited)                HTML     36K 
15: R5          Statements of Operations (Parenthetical)            HTML     12K 
16: R6          Statements of Cash Flows (Unaudited)                HTML     50K 
17: R7          Statements of Stockholders' Equity (Deficit)        HTML     41K 
18: R8          Note 1 - Organization and Description of Business   HTML     14K 
19: R9          Note 2 - Significant Accounting Policies            HTML     20K 
20: R10         Note 3 - Equity Transactions                        HTML     19K 
21: R11         Note 4 - Financial Instruments                      HTML     13K 
22: R12         Note 5 - Going Concern                              HTML     15K 
23: R13         Note 6 - Related Party Transactions                 HTML     15K 
24: R14         Note 2 - Significant Accounting Policies            HTML     43K 
                (Policies)                                                       
25: R15         Note 2 - Significant Accounting Policies (Details   HTML     17K 
                Narrative)                                                       
26: R16         Note 3 - Equity Transactions (Details Narrative)    HTML     35K 
27: R17         Note 5 - Going Concern (Details Narrative)          HTML     13K 
28: R18         Note 6 - Related Party Transactions (Details        HTML     19K 
                Narrative)                                                       
30: XML         IDEA XML File -- Filing Summary                      XML     45K 
29: EXCEL       IDEA Workbook of Financial Reports                  XLSX     27K 
 5: EX-101.INS  XBRL Instance -- iaenergy-20200630                   XML    254K 
 7: EX-101.CAL  XBRL Calculations -- iaenergy-20200630_cal           XML     40K 
 8: EX-101.DEF  XBRL Definitions -- iaenergy-20200630_def            XML     73K 
 9: EX-101.LAB  XBRL Labels -- iaenergy-20200630_lab                 XML    238K 
10: EX-101.PRE  XBRL Presentations -- iaenergy-20200630_pre          XML    180K 
 6: EX-101.SCH  XBRL Schema -- iaenergy-20200630                     XSD     47K 
31: ZIP         XBRL Zipped Folder -- 0001322410-20-000007-xbrl      Zip     30K

‘EX-101.INS’   —   XBRL Instance — iaenergy-20200630

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">IA Energy Corp. (the Company) was incorporated in the State of Wyoming on January 6, 2016. Our operations to date have been devoted primarily to start-up and development activities, which include: (i) formation of the Company; (ii) development of our business plan; (iii) development of our proprietary waste-to-energy technology; and (iv) marketing of our proprietary waste-to-energy technology. We have not completed development of our proprietary waste-to-energy technology and there is no assurance that we will be successful in completing the development.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in">NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. The following policies are considered to be significant:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">a.       Accounting Method</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">The Company recognizes income and expenses based on the accrual method of accounting. The Company has elected a calendar year-end.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">b.       Interim Financial Statements</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">The interim financial statements as of June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 are unaudited and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. These statements reflect all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the information contained herein. Operating results for the six months ended June 30, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the Unites States have been condensed or omitted pursuant to the Securities and Exchange Commission’s rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2019 as included in our report on Form 10-K.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">c.       Cash and Cash Equivalents</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Cash equivalents are generally comprised of certain highly liquid investments with original maturities of less than three months.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">d.       Use of Estimates in the Preparation of Financial Statements</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">e.       Revenue Recognition</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Revenue will be recognized when all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) the price is fixed or determinable, (3) collectability is reasonably assured, and (4) delivery of products or services has occurred. To date, the Company has not recognized any revenues.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">f.       Income Taxes</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">The Company accounts for income taxes using the asset and liability method. Under this method, deferred income taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which differences are expected to reverse. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that all or some portion of such deferred tax assets will not be realized. A full allowance against deferred tax assets was provided as of June 30, 2020 and December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">At June 30, 2020, the Company had net operating loss carryforwards of approximately $575,000 which may be offset against future taxable income. Approximately $280,000 expires in 2036 and 2037 and approximately $295,000 does not expire. No tax benefit has been reported in the financial statements because the potential tax benefits of the net operating loss carryforwards are offset by a valuation allowance of the same amount.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. 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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">NOTE 3 - EQUITY TRANSACTIONS</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">The Company has 500,000,000 shares of common stock authorized with a par value of $0.0001. 25,000,000 shares of common stock were issued to the founder of the Company on incorporation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">During the year ended December 31, 2018, the Company sold a total of 63,800 shares of its common stock (and 63,800 Warrants) to investors at a price of $0.50 per share or $31,900 total.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">On August 1, 2018, the Company issued a total of 10,475,000 shares of its common stock to one consulting firm entity and nine individuals for consulting services to be rendered to the Company pursuant to Consulting Agreements dated August 1, 2018 for terms ranging from 3 to 6 months. The shares were valued at $0.50 per share or $5,237,500 total which was expensed as consulting and</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">business development expenses on the statements of operations over the terms of the respective Consulting Agreements. $1,833,334 (of the $5,237,500 total) was expensed in the three months ended September 30, 2018, $2,574,999 (of the $5,237,500 total) was expensed in the three months ended December 31, 2018, and $829,167 (of the $5,237,500 total) was expensed in the three months ended March 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">During the three months ended March 31, 2019, the Company sold a total of 200,000 shares of its common stock (and 200,000 Warrants) to an investor at a price of $0.50 per share or $100,000 total.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">On January 8, 2020, the Company issued 100,000 restricted shares of its common stock to a third party service provider in consideration of consulting services rendered to the Company. The shares were valued at $0.10 per share or $10,000 total which is included in consulting and business development expenses on the statement of operations for the six months ended June 30, 2020. Because there was no market for the common stock at January 8, 2020, the Company estimated the fair value of the issuance at the estimated fair value of the services rendered by the consultant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"><u>Warrants</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">A summary of Warrants activity for the years ended December 31, 2018 and 2019, and for the six months ended June 30, 2020 follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-indent: -40.65pt; padding-left: 40.65pt">Balance, January 1, 2018</td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">150,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Issued in 2018</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">63,800</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt">Balance, December 31, 2018</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">213,800</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Issued in 2019</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">200,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Expired in 2019</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(150,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt">Balance, December 31, 2019</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">263,800</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt">Issued in the six months ended June 30, 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 5.4pt">Expired in the six months ended June 30, 2020</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt">Balance, June 30, 2020</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">263,800</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Each Warrant is exercisable into shares of our common stock at an exercise price of $1.00 per share and expires two years from the date of its issuance. As of June 30, 2020, there were a total of 263,800 Warrants outstanding (of which 63,800 expire in the three months ending September 30, 2020, and 200,000 expire in the three months ending March 31, 2021.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">NOTE 4 - FINANCIAL INSTRUMENTS</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Our financial instruments consist of cash and cash equivalents, accounts payable and loans payable. The carrying amount of these assets and liabilities approximates fair value due to their short-term nature.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in">NOTE 5 - GOING CONCERN</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has sustained significant net losses which have resulted in an accumulated deficit at June 30, 2020 of $5,947,328 and has experienced periodic cash flow difficulties, all of which raise substantial doubt regarding the Company’s ability to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Continuation of the Company as a going concern is dependent upon obtaining additional working capital. The management of the Company has developed a strategy which it believes will accomplish this objective through short term loans from related parties and additional equity investments which will enable the Company to continue operations for the coming year. However, there is no assurance</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">that these objectives will be met. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from the outcome of this uncertainty.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">NOTE 6 - RELATED PARTY TRANSACTIONS </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"><u>Loans Payable, Related Party</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">The Company periodically receives advances from a corporation controlled by John Munoz, beneficial owner of 25,000,000 shares of our common stock and Chief Executive Officer of the Company from inception on January 6, 2016 to July 25, 2017. These loans are non-interest bearing and due on demand. The amount of loans payable to this corporation as of June 30, 2020 and December 31, 2019 was $168,350 and $96,750, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"><u>Sublease Agreement</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">On July 1, 2017, the Company entered into a Sublease Agreement with another corporation controlled by John Munoz. The Sublease Agreement provided for the Company’s use of office space in Harbor City, California at a Monthly Base Rent of $500 per month. The term of the Sublease commenced on July 1, 2017 and ended October 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Effective November 1, 2019, the Company entered into a Sublease Agreement with the related party described in the first paragraph of Note 6 for the Company’s use of office space in Long Beach, California at a Monthly Base Rent of $500 per month. The Sublease is month to month and terminable by either party upon 30 days written notice.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">For the six months ended June 30, 2020 and 2019, the Company recorded $3,000 and $3,000, respectively, in rent expense which is included in other selling, general and administrative expenses.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">b.       Interim Financial Statements</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">The interim financial statements as of June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 are unaudited and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. These statements reflect all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the information contained herein. Operating results for the six months ended June 30, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the Unites States have been condensed or omitted pursuant to the Securities and Exchange Commission’s rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2019 as included in our report on Form 10-K.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">c.       Cash and Cash Equivalents</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Cash equivalents are generally comprised of certain highly liquid investments with original maturities of less than three months.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">d.       Use of Estimates in the Preparation of Financial Statements</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">e.       Revenue Recognition</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Revenue will be recognized when all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) the price is fixed or determinable, (3) collectability is reasonably assured, and (4) delivery of products or services has occurred. To date, the Company has not recognized any revenues.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">f.       Income Taxes</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">The Company accounts for income taxes using the asset and liability method. Under this method, deferred income taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which differences are expected to reverse. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that all or some portion of such deferred tax assets will not be realized. A full allowance against deferred tax assets was provided as of June 30, 2020 and December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">At June 30, 2020, the Company had net operating loss carryforwards of approximately $575,000 which may be offset against future taxable income. Approximately $280,000 expires in 2036 and 2037 and approximately $295,000 does not expire. No tax benefit has been reported in the financial statements because the potential tax benefits of the net operating loss carryforwards are offset by a valuation allowance of the same amount.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a significant change in ownership occur, net operating loss carryforwards may be limited as to future use.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">g.       Basic and Diluted Net Loss per Share of Common Stock</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Basic net loss per common share is based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period. For the periods presented, the issued and outstanding warrants (See Note 3) were excluded from the calculation of diluted shares outstanding as the effect of their inclusion would be anti-dilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.5in; text-indent: -391.5pt"> </p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.5in; text-indent: -4.75in">h.       Recent Accounting Pronouncements</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">Certain accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and have not yet been adopted by the Company. The impact on the Company’s financial position and results of operations from adoption of these standards is not expected to be material.</p>
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</xbrli:xbrl>

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