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Flexpoint Sensor Systems Inc – ‘10-K’ for 12/31/19 – ‘R16’

On:  Monday, 3/30/20, at 4:06pm ET   ·   For:  12/31/19   ·   Accession #:  1548123-20-38   ·   File #:  0-24368

Previous ‘10-K’:  ‘10-K’ on 4/1/19 for 12/31/18   ·   Next:  ‘10-K’ on 3/31/21 for 12/31/20   ·   Latest:  ‘10-K’ on 4/8/24 for 12/31/23   ·   11 References:   

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

 3/30/20  Flexpoint Sensor Systems Inc      10-K       12/31/19   55:4.5M                                   Goff Shelley/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report on Form 10K for the Year Ended        HTML    361K 
                December 31, 2019                                                
 2: EX-4        Description of Securities                           HTML     17K 
 3: EX-10       Office Building Lease                               HTML    173K 
 4: EX-31       302 Certification of Clark M. Mower                 HTML     21K 
 5: EX-31       302 Certification of Clark M. Mower                 HTML     21K 
 6: EX-32       1350 Certification                                  HTML     17K 
39: R1          Document and Entity Information                     HTML     57K 
22: R2          Consolidated Balance Sheets                         HTML     96K 
28: R3          Consolidated Balance Sheets (Parenthetical)         HTML     51K 
52: R4          Consolidated Statements of Operations               HTML     66K 
36: R5          Consolidated Statements of Stockholders' Equity     HTML     38K 
21: R6          Consolidated Statements of Cash Flows               HTML     97K 
25: R7          Nature of Business and Significant Accounting       HTML     92K 
                Policies                                                         
54: R8          Derivative Instruments                              HTML     58K 
35: R9          Property and Equipment                              HTML     32K 
30: R10         Goodwill and Intangible Assets                      HTML     40K 
15: R11         Income Taxes                                        HTML     41K 
44: R12         Convertible Notes Payable                           HTML     29K 
49: R13         Capital Stock                                       HTML     21K 
29: R14         Stock Option Plans                                  HTML     44K 
14: R15         Commitments and Contingencies                       HTML     21K 
43: R16         Related Party Transactions                          HTML     25K 
48: R17         Subsequent Events                                   HTML     19K 
31: R18         Nature of Business and Significant Accounting       HTML    151K 
                Policies (Policies)                                              
13: R19         Nature of Business and Significant Accounting       HTML     57K 
                Policies (Tables)                                                
38: R20         Derivative Instruments (Tables)                     HTML     59K 
53: R21         Property and Equipment (Tables)                     HTML     32K 
27: R22         Goodwill and Intangible Assets (Tables)             HTML     35K 
23: R23         Income Taxes (Tables)                               HTML     36K 
37: R24         Stock Option Plans (Tables)                         HTML     40K 
51: R25         Nature of Business and Significant Accounting       HTML     85K 
                Policies (Details)                                               
26: R26         Nature of Business and Significant Accounting       HTML     31K 
                Policies (Schedule of Disaggregated Revenues)                    
                (Details)                                                        
20: R27         Derivative Instruments (Narrative) (Details)        HTML     36K 
34: R28         Derivative Instruments (Schedule of Changes in      HTML     32K 
                Level 3 Financial Liabilities) (Details)                         
55: R29         Derivative Instruments (Schedule of Liabilities     HTML     34K 
                Measured at Fair Value on Recurring Basis)                       
                (Details)                                                        
46: R30         Property and Equipment (Details)                    HTML     42K 
40: R31         Goodwill and Intangible Assets (Details)            HTML     34K 
16: R32         Income Taxes (Narrative) (Details)                  HTML     21K 
32: R33         Income Taxes (Schedule of Deferred Tax Assets)      HTML     39K 
                (Details)                                                        
47: R34         Income Taxes (Schedule of Effective Income Tax      HTML     40K 
                Rate Reconciliation) (Details)                                   
41: R35         Convertible Notes Payable (Details)                 HTML     79K 
17: R36         Capital Stock (Details)                             HTML     56K 
33: R37         Stock Option Plans (Narrative) (Details)            HTML     73K 
45: R38         Stock Option Plans (Schedule of Stock Option        HTML     69K 
                Activity) (Details)                                              
42: R39         Commitments and Contingencies (Details)             HTML     31K 
50: R40         Related Party Transactions (Details)                HTML     68K 
19: XML         IDEA XML File -- Filing Summary                      XML     92K 
18: EXCEL       IDEA Workbook of Financial Reports                  XLSX     53K 
10: EX-101.INS  XBRL Instance -- flxt-20191231                       XML    963K 
12: EX-101.CAL  XBRL Calculations -- flxt-20191231_cal               XML    132K 
 7: EX-101.DEF  XBRL Definitions -- flxt-20191231_def                XML    367K 
 8: EX-101.LAB  XBRL Labels -- flxt-20191231_lab                     XML    846K 
 9: EX-101.PRE  XBRL Presentations -- flxt-20191231_pre              XML    578K 
11: EX-101.SCH  XBRL Schema -- flxt-20191231                         XSD    135K 
24: ZIP         XBRL Zipped Folder -- 0001548123-20-000038-xbrl      Zip    105K

‘R16’   —   Related Party Transactions

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.20.1
RELATED PARTY TRANSACTIONS
 12 Months Ended
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 11 – RELATED PARTY TRANSACTIONS


At December 31, 2019 and 2018, the Company had accounts payable of $2,197 and $20,000 to its Chief Executive Officer for reimbursement of various operating expenses paid by him and a loan which he made the Company.


Between July 1, 2016 and August 28, 2018, the Company issued promissory notes totaling $125,000 to officers of the Company. Additionally, On July 12, 2017 two officers assumed responsibility for $54,513 of debt owed by the Company.  The officers are making payments against those debts until such time that the obligation is paid in full, or until the Company is able to make the payments on its own behalf.


At December 31, 2018 there are related party convertible notes outstanding with principal balances of $147,257 and $32,257 which are due to the CEO and the Chairman of the Board of the Company, respectively. Of the total balance, $114,514 are convertible notes bearing a 8% annual rate of interest (with a 12% default rate) and are convertible into shares of common stock at the rate of $0.07 per share and $65,000 are convertible notes bearing 8% annual interest (with a 12% default rate) and are convertible into shares of common stock at the rate of $0.06 per share. All the convertible note payable related parties have a maturity date of March 31, 2021.  


Due to the Company’s lack of authorized shares necessary to settle these convertible instruments, in accordance with ASC 815-40-25, the Company determined that the conversion features related to these notes are derivative instruments since we do not have control to increase the number of authorized shares to settle these convertible instruments. The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of the Notes and to fair value as of each subsequent reporting date. At December 31, 2018 the Company determined the fair value of the derivatives to be $284,857.


During 2019, the Company and the Company’s CEO and the Chairman of the Board agreed to convert $17,000 and $22,000, respectively, of accounts payable into convertible debt bearing 8% annual interest (with a 12% default rate) and are convertible into shares of common stock at the rate of $0.06 per share. At December 31, 2019 there are related party convertible notes outstanding with principal balances of $164,257 and $54,257 which are due to the CEO and the Chairman of the Board of the Company, respectively. Of the total balance, $114,514 are convertible notes bearing a 8% annual rate of interest (with a 12% default rate) and are convertible into shares of common stock at the rate of $0.07 per share and $104,000 are convertible notes bearing 8% annual interest (with a 12% default rate) and are convertible into shares of common stock at the rate of $0.06 per share. All the convertible note payable related parties has a maturity date of March 31, 2021. 


The Company filed an amendment to their Articles of Incorporation whereby the shareholders approved an increase in the number of shares of common stock authorized.  With the filing of the amendment the Company now has sufficient authorized shares to convert all convertible notes and stock options and therefore no longer needs to treat those financial instruments as derivatives. The notes are secured by the business equipment of the Company.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
3/31/21
Filed on:3/30/20
For Period end:12/31/19
12/31/1810-K
8/28/18
7/12/17
7/1/16
 List all Filings 

11 Subsequent Filings that Reference this Filing

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

11/14/23  Flexpoint Sensor Systems Inc.     10-Q        9/30/23   44:3M                                     Goff Shelley/FA
 8/14/23  Flexpoint Sensor Systems Inc.     10-Q        6/30/23   44:3M                                     Goff Shelley/FA
 5/15/23  Flexpoint Sensor Systems Inc.     10-Q        3/31/23   44:2.8M                                   Goff Shelley/FA
 4/10/23  Flexpoint Sensor Systems Inc.     10-K       12/31/22   58:3.9M                                   Goff Shelley/FA
11/14/22  Flexpoint Sensor Systems Inc.     10-Q        9/30/22   44:3.1M                                   Goff Shelley/FA
 8/15/22  Flexpoint Sensor Systems Inc.     10-Q        6/30/22   44:3M                                     Goff Shelley/FA
 5/16/22  Flexpoint Sensor Systems Inc.     10-Q        3/31/22   43:2.5M                                   Goff Shelley/FA
 3/31/22  Flexpoint Sensor Systems Inc.     10-K       12/31/21   51:4M                                     Goff Shelley/FA
 8/17/21  Flexpoint Sensor Systems Inc.     10-Q        6/30/21   42:3.2M                                   Goff Shelley/FA
 5/17/21  Flexpoint Sensor Systems Inc.     10-Q        3/31/21   42:2.3M                                   Goff Shelley/FA
 3/31/21  Flexpoint Sensor Systems Inc.     10-K       12/31/20   53:3.6M                                   Burningham Leonard W/FA
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Filing Submission 0001548123-20-000038   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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