Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 26, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | CHASE PACKAGING CORPORATION | |
Entity Central Index Key | 1,025,771 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 15,536,275 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Ex Transition Period | false |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 764,829 | $ 805,743 |
TOTAL ASSETS | 764,829 | 805,743 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 3,979 | 9,550 |
TOTAL CURRENT LIABILITIES | 3,979 | 9,550 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, $.10 par value 200,000,000 shares authorized; 16,033,862 shares issued and 15,536,275 shares outstanding as of September 30, 2018 and December 31, 2017 | 1,603,387 | 1,603,387 |
Treasury Stock, $.10 par value 497,587 shares as of September 30, 2018 and December 31, 2017 | (49,759) | (49,759) |
Additional paid-in capital | 2,623,189 | 2,623,189 |
Accumulated deficit | (5,483,743) | (5,448,400) |
TOTAL STOCKHOLDERS' EQUITY | 760,850 | 796,193 |
TOTAL LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS' EQUITY | 764,829 | 805,743 |
Series A Convertible Preferred stock [Member] | ||
STOCKHOLDERS' EQUITY: | ||
PREFERRED STOCK, value | $ 2,067,776 | $ 2,067,776 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
STOCKHOLDERS' EQUITY: | ||
Preferred Stock, Par Value | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 4,000,000 | 4,000,000 |
Preferred Stock, Liquidation Preference, Value | $ 3,656,200 | $ 3,656,200 |
Common Stock, Par Value | $ 0.10 | $ 0.10 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued | 16,033,862 | 16,033,862 |
Common Stock, Shares, Outstanding | 15,536,275 | 15,536,275 |
Treasury Stock, Par Value | $ 0.10 | $ 0.10 |
Treasury Stock, Shares | 497,587 | 497,587 |
Series A Convertible Preferred stock [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred Stock, Shares Authorized | 50,000 | 50,000 |
Preferred Stock, Shares Issued | 36,562 | 36,562 |
Preferred Stock, Shares Outstanding | 36,562 | 36,562 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Statements Of Operations | ||||
NET SALES | ||||
EXPENSES: | ||||
General and administrative expense | 13,453 | 13,211 | 41,773 | 42,673 |
LOSS FROM OPERATIONS | (13,453) | (13,211) | (41,773) | (42,673) |
OTHER INCOME (EXPENSE) | ||||
Warrants modification expense | (27,707) | (27,707) | ||
Interest and other income | 3,233 | 1,519 | 6,430 | 1,561 |
TOTAL OTHER INCOME (EXPENSE) | 3,233 | (26,188) | 6,430 | (26,146) |
LOSS BEFORE INCOME TAXES | (10,220) | (39,399) | (35,343) | (68,819) |
Provision for income taxes | ||||
NET LOSS | $ (10,220) | $ (39,399) | $ (35,343) | $ (68,819) |
BASIC AND DILUTED LOSS PER COMMON SHARE | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 15,536,275 | 15,536,275 | 15,536,275 | 15,536,275 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (10,220) | $ (39,399) | $ (35,343) | $ (68,819) |
Adjustment to reconcile to net loss to net cash used in operating activities: | ||||
Warrants modification expense | 27,707 | 27,707 | ||
Change in assets and liabilities: | ||||
Accounts payable and accrued expenses | (5,571) | (7,487) | ||
Net cash used in operating activities | (40,914) | (48,599) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
NET INCREASE (DECREASE) IN CASH | (40,914) | (48,599) | ||
Cash, at beginning of period | 805,743 | 864,323 | ||
CASH, END OF PERIOD | $ 764,829 | $ 815,724 | 764,829 | 815,724 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||
Cash paid for: Interest | ||||
Cash paid for: Income taxes |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 1 - BASIS OF PRESENTATION | Chase Packaging Corporation (“the Company”), a Texas Corporation, previously manufactured woven paper mesh for industrial applications, polypropylene mesh fabric bags for agricultural use, and distributed agricultural packaging manufactured by other companies. Management’s plans for the Company include securing a merger or acquisition, raising additional capital, and other strategies designed to optimize shareholder value. However, no assurance can be given that management will be successful in its efforts. The failure to achieve these plans will have a material adverse effect on the Company’s financial position, results of operations, and ability to continue as a going concern. The interim condensed financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to provide for fair presentation and a reasonable understanding of the information presented. The Interim Condensed Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this Form 10-Q should be read in conjunction with the financial statements and the related notes, as well as Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, previously filed with the SEC. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of financial position as of September 30, 2018, results of operations for the nine months and three months ended September 30, 2018 and 2017, and cash flows for the nine months ended September 30, 2018 and 2017, as applicable, have been made. The results of operations for the nine months and three months ended September 30, 2018 are not necessarily indicative of the operating results for the full fiscal year or any future periods. The accounting policies followed by the Company are set forth in Note 3 to the Company’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2017, which is incorporated herein by reference. Specific reference is made to that report for a description of the Company’s securities and the notes to financial statements. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 2 - NEW ACCOUNTING PRONOUNCEMENTS | Recent accounting pronouncements issued by FASB (including EITF), the AICPA and the SEC did not or are not believed by management to have a material impact on the Company’s present or future financial statements. Going Concern ASU 2014-15 – “Presentation of Financial Statements—Going Concern—Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”).” In August 2014, the FASB issued ASU 2014-15 requiring management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. ASU 2014-15 is effective for annual periods, and interim periods within those annual periods, starting December 15, 2016. Management believes that the adoption of this guidance will not have a material impact on our financial statements. Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 will be effective for the Company beginning in its first quarter of 2019. Management believes that the adoption of this guidance will not have a material impact on our financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which modifies the measurement of expected credit losses of certain financial instruments. ASU 2016-13 will be effective for the Company beginning in its first quarter of 2021 and early adoption is permitted. Management believes that the adoption of this guidance will not have a material impact on our financial statements. Leases In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842). The guidance requires that a lessee recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right of use asset representing its right to use the underlying asset for the lease term. For finance leases: the right-of-use asset and a lease liability will be initially measured at the present value of the lease payments, in the statement of financial position; interest on the lease liability will be recognized separately from amortization of the right-of-use asset in the statement of comprehensive income; and repayments of the principal portion of the lease liability will be classified within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows. For operating leases: the right-of-use asset and a lease liability will be initially measured at the present value of the lease payments, in the statement of financial position; a single lease cost will be recognized, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis; and all cash payments will be classified within operating activities in the statement of cash flows. Under Topic 842 the accounting applied by a lessor is largely unchanged from that applied under previous GAAP. The amendments in Topic 842 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Management believes that the adoption of this guidance will not have a material impact on our financial statements. Stock Compensation In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which simplified certain aspects of the accounting for share-based payment transactions, including income taxes, classification of awards and classification on the statement of cash flows. ASU 2016-09 will be effective for the Company beginning in its first quarter of 2018. Management believes that the adoption of this guidance will not have a material impact on our financial statements. Income Taxes In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-16, Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other than Inventory (“ASU 2016-16”), which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. ASU 2016-06 will be effective for the Company in its first quarter of 2019. Management believes that the adoption of this guidance will not have a material impact on our financial statements. Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. ASU 2014-09 will be effective for the Company beginning in its first quarter of 2019, and early adoption is permitted. Subsequently, the FASB has issued the following standards related to ASU 2014-09: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”); ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”); and ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”). The Company must adopt ASU 2016-08, ASU 2016-10 and ASU 2016-12 with ASU 2014-09 (collectively, the “new revenue standards”). The new revenue standards may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company adopted the new revenue standards in its first quarter of 2018 utilizing the full retrospective transition method; the adoption of ASU 2016-10 has not had a material impact on the financial statements. Intangibles, Goodwill and Other In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment” (“ASU No. 2017-04”). To simplify the subsequent measurement of goodwill, ASU No. 2017-04 eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, ASU No. 2017-04 requires an entity to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU No. 2017-04 also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU No. 2017-04 is effective for fiscal years beginning after December 15, 2019. The Company will adopt ASU No. 2017-04 commencing in the first quarter of fiscal 2021. The Company does not believe this standard will have a material impact on its financial statements or the related footnote disclosures. Statement of Cash Flows In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)” (“ASU No. 2016-15”). ASU No. 2016-15 clarifies how certain cash receipts and payments should be presented in the statement of cash flows. ASU No. 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company will adopt ASU No. 2016-15 commencing in the first quarter of fiscal 2019. The Company does not believe this standard will have a material impact on its financial statements or the related footnote disclosures. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. Cash and Cash Equivalents The Company considers all highly liquid investments that are readily convertible into cash with a remaining maturity of three months or less at the time of acquisition to be cash equivalents. The Company maintains its cash and cash equivalents balances with high credit quality financial institutions. As of September 30, 2018, and December 31, 2017, the Company had cash in insured accounts in the amount of $45,195 and $156,160, respectively, and cash equivalents (US treasury bills) held in financial institutions that were uninsured by Federal Deposit Insurance Corporation in the amount of approximately $719,634 and $649,583 respectively. Income Taxes The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carry forwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured assuming enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such asset will be realized. The Company adopted FASB Interpretation of “Accounting for Uncertainty in Income Taxes”. There was no impact on the Company’s financial position, results of operations, or cash flows as a result of implementing this guidance. At September 30, 2018, and December 31, 2017, the Company evaluated its tax positions and did not have any unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company currently has no federal or state tax examinations in progress. |
BASIC AND DILUTED NET LOSS PER
BASIC AND DILUTED NET LOSS PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 4 - BASIC AND DILUTED NET LOSS PER COMMON SHARE | Basic loss per common share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding. Diluted loss per share is computed by dividing the net loss by the sum of the weighted-average number of shares of common stock outstanding plus the dilutive effect of shares issuable through the exercise of common stock equivalents. We have excluded 43,471,000 and 40,447,000 common stock equivalents (preferred stock, warrants and stock options) from the calculation of diluted loss per share for the nine months ended September 30, 2018 and 2017 respectively, which, if included, would have an antidilutive effect. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 5 - INCOME TAXES | In December 2017, the federal government enacted numerous amendments to the Internal Revenue Code of 1986 pursuant to an act known by the Tax Cuts and Jobs Act (the “TCJA”). The TCJA will impact the Company’s income tax expense (benefit) from continuing operations in future periods (approximate 25% effective combined Federal and State corporate tax rate). The Company has recorded a full valuation allowance on its net deferred tax assets and therefore any impact on the value of the company’s deferred tax assets will be offset by a change in the valuation allowance. Our tax provision is determined using an estimate of our annual effective tax rate adjusted for discrete items, if any, that are taken into account in the relevant period. The 2017 and 2016 annual effective tax rate is estimated to be a combined 35% for the U.S. federal and state statutory tax rates. We review tax uncertainties in light of changing facts and circumstances and adjust them accordingly. As of September 30, 2018 and December 31, 2017, there were no tax contingencies or unrecognized tax positions recorded. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting, and the amounts recognized for income tax purposes. The significant components of deferred tax assets (at an approximate 25% effective tax rate) as of September 30, 2018 and December 31, 2017, respectively, are as follows: September 30, 2018 December 31, 2017 Deferred tax assets and valuation allowances consist of: Deferred tax assets: Net operating loss carry forwards $ 320,000 $ 497,000 Less valuation allowance (320,000 ) (497,000 ) Net deferred tax assets $ - $ - We have a net operating loss carry forward for federal and state tax purposes of approximately $1,278,000 at September 30, 2018, that is potentially available to offset future taxable income. The TCJA changes the rules on net operating loss carry forwards. The 20-year limitation was eliminated, giving the taxpayer the ability to carry forward losses indefinitely. However, net operating loss carry forward arising after January 1, 2018, will now be limited to 80 percent of taxable income. For financial reporting purposes, no deferred tax asset was recognized because at September 30, 2018 and December 31, 2017, management estimates that it is more likely than not that substantially all of the net operating losses will expire unused. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences are deductible. The timing and manner in which we can utilize our net operating loss carry forward and future income tax deductions in any year may be limited by provisions of the Internal Revenue Code regarding the change in ownership of corporations. Such limitation may have an impact on the ultimate realization of our carry forwards and future tax deductions. Section 382 of the Internal Revenue Code (“Section 382”) imposes limitations on a corporation’s ability to utilize net operating losses if it experiences an “ownership change.” In general terms, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percentage points over a three-year period. Any unused annual limitation may be carried over to later years, and the amount of the limitation may under certain circumstances be increased by the built-in gains in assets held by us at the time of the change that are recognized in the five-year period after the change. Upon review of the ownership shifts, there has not been an ownership change as defined under Section 382. On December 22, 2017, the SEC issued Staff Accounting Bulletin No. 118 (SAB 118) which addresses income tax accounting implications of the 2017 Tax Act. The purpose of SAB 118 was to address any uncertainty or diversity of view in applying ASC Topic 740, Income Taxes in the reporting period in which the 2017 Tax Act was enacted. SAB 118 addresses situations where the accounting is incomplete for certain income tax effects of the 2017 Tax Act upon issuance of a company’s financial statements for the reporting period which include the enactment date. SAB 118 allows for a provisional amount to be recorded if it is a reasonable estimate of the impact of the 2017 Tax Act. Additionally, SAB 118 allows for a measurement period to finalize the impacts of the 2017 Tax Act, not to extend beyond one year from the date of enactment. Due to the timing of the enactment and the complexity involved in applying the provisions of the 2017 Tax Act, we have made reasonable estimates for certain effects of the 2017 Tax Act and recorded provisional amounts in our financial statements as of December 31, 2017. As we collect and prepare necessary data and interpret the 2017 Tax Act and any additional guidance issued by the U.S. Treasury Department, the IRS, and other standard-setting bodies, we may make adjustments to the provisional amounts. Those adjustments may materially impact our provision for income taxes tax rate in the period in which the adjustments are made. We expect to complete our accounting for the tax effects of the 2017 Tax Act in 2018. The following is a reconciliation of the tax derived by applying the statutory rate to the earnings before income taxes, and comparing that to the recorded income tax (expense) benefits: Nine months ended September 30, 2018 2017 Tax benefits (expense) at statutory rate 25 % 35 % Unrecognized tax benefits (expense) of current period tax losses (25 )% (35 )% Effective tax rate - - The Company had no uncertain tax positions that would necessitate recording of a tax related liability. |
PRIVATE PLACEMENT OFFERING
PRIVATE PLACEMENT OFFERING | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 6 - PRIVATE PLACEMENT OFFERING | On September 7, 2007, the Company completed a private placement, pursuant to which 13,334 units (the “Units”) were sold at a per Unit cash purchase price of $150, for a total subscribed amount of $2,000,100. Each Unit consists of: (1) one share of Series A 10% convertible preferred stock, par value $1.00, stated value $100 (the “Preferred Stock”); (2) 500 shares of the Company’s common stock, par value $0.10 (the “Common Stock”); and (3) 500 warrants (the “Warrants”) exercisable into Common Stock on a one-for-one basis. The proceeds of $2,000,100 were allocated to the instruments as follows: Warrant liabilities $ 141,027 Redeemable and Convertible Preferred Stock 1,388,367 Common Stock 470,706 Total allocated gross proceeds: $ 2,000,100 Warrants 2017 Extension of Warrant Terms On August 24, 2017, 6,909,000 common share purchase warrants issued by the Company were modified to extend their maturity date to September 7, 2019. The exercise price and all other terms of the original warrant agreement remain the same. The warrants modification expense of $31,478 was computed as the incremental value of the modified warrants over the unmodified warrants on the modification date using a per share price of $0.15 per share, which was the contemporaneous private placement offering price. Assumptions used in the Black Scholes option-pricing model for these warrants were as follows: Average risk-free interest rate 1.27 % Average expected life- years 2 Expected volatility 135.42 % Expected dividends 0 % As of September 30, 2018, warrants to purchase 6,909,000 shares were outstanding, having exercise prices at $0.15 and an expiration date of September 7, 2019. Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2017 6,909,000 $ 0.15 1.68 Granted - - - Exercised - - - Forfeited/expired - - - Outstanding at September 30, 2018 6,909,000 $ 0.15 0.94 Exercisable at September 30, 2018 6,909,000 $ 0.15 0.94 As of September 30, 2018 and December 31, 2017, the average remaining contractual life of the outstanding warrants was 0.94 years and 1.68 year, respectively. The Warrants will expire on September 7, 2019. Series A 10% Convertible Preferred Stock The principal terms of the Series A 10% Convertible Preferred Stock were as follows: Voting rights Dividend rights Conversion rights Redemption rights – Liquidation entitlement At any time on or after August 2, 2011, the Holders of 66 2/3% or more of the Preferred Stock then outstanding could have requested liquidation of their Preferred Stock. In the event that, at the time of such requested liquidation, the Company’s cash funds (in excess of a $50,000 reserve fund) then available to effect such requested liquidation were inadequate for such purpose, then such requested liquidation should have taken place (on a ratable basis) only to the extent such excess cash funds were available for such purpose. Other provisions Effective June 30, 2012, the holders of the Convertible Preferred Stock agreed to an amendment to the Series A 10% Convertible Preferred Stock which deleted the liquidation provisions. As a result, the Convertible Preferred Stock has been classified as equity (rather than temporary equity) in all filings beginning with the quarter ended June 30, 2012. |
DIVIDENDS
DIVIDENDS | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 7 - DIVIDENDS | On October 6, 2017, the Board of Directors declared a ten percent stock dividend on its outstanding Series A 10% Convertible Preferred Stock for shareholders of record as of November 15, 2017, and such shareholders will receive the stock dividend for each share of Series A Preferred Stock owned on that date, payable December 1, 2017. As of October 31, 2017, the Company had 33,238 shares of Preferred Stock outstanding; the total dividend to be paid consisted of 3,324 shares of Series A Preferred Stock (which are convertible into 3,324,000 shares of Common Stock) with a fair value of $332,400 and a total of 11.9 fractional shares which will be accumulated until whole shares can be issued. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 8 - STOCKHOLDERS' EQUITY | The Company’s 2008 Stock Awards Plan was approved April 9, 2008 by the Board of Directors and ratified at the Company’s annual meeting of stockholders held on June 3, 2008. The 2008 Plan became effective June 24, 2008 and will terminate on June 24, 2018. Subject to certain adjustments, the number of shares of Common Stock that may be issued pursuant to awards under the 2008 Plan is 2,000,000 shares. A maximum of 80,000 shares may be granted in any one year in any form to any one participant, of which a maximum of (i) 50,000 shares may be granted to a participant in the form of stock options and (ii) 30,000 shares may be granted to a participant in the form of Common Stock or restricted stock. The 2008 Plan will be administered by a committee of the Board of Directors. Employees, including any employee who is also a director or an officer, consultants, and outside directors of the Company are eligible to participate in the 2008 Plan. The 2008 Stock Awards Plan expired Jun 24, 2018; the Board of directors has not adopted a new stock awards plan. The following table summarizes all stock option activity under the expired plan: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2018 300,000 $ 0.03 0.48 $ - Granted - - - - Exercised - - - - Forfeited/expired (300,000 ) - - - Outstanding at September 30, 2018 - $ - - $ - Exercisable at September 30, 2018 - $ - - $ - |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 9 - FAIR VALUE MEASUREMENTS | ASC 820, “Fair Value Measurements and Disclosure,” (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs. ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels are described below: Level 1 Inputs — Unadjusted quoted prices in active markets for identical assets or liabilities that is accessible by the Company; Level 2 Inputs — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; Level 3 Inputs — Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants. There were no transfers in or out of any level during the nine months ended September 30, 2018 and the year ended December 31, 2017. Except for those assets and liabilities which are required by authoritative accounting guidance to be recorded at fair value in the Company’s balance sheets, the Company has elected not to record any other assets or liabilities at fair value, as permitted by ASC 820. No events occurred during the year ended December 31, 2017 which would require adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis. The Company determines fair values for its investment assets as follows: Cash equivalents at fair value — the Company’s cash equivalents, at fair value, consist of money market funds — marked to market. The Company’s money market funds are classified within Level 1 of the fair value hierarchy since they are valued using quoted market prices from an exchange. The following tables provide information on those assets measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017, respectively: Carrying Amount In Balance Sheet September 30, Fair Value September 30, Fair Value Measurement Using 2018 2018 Level 1 Level 2 Level 3 Assets: Treasury Bills $ 719,634 $ 719,634 $ 719,634 Money Market Funds 45,195 45,195 45,195 Total Assets $ 764,829 $ 764,829 $ 764,829 $ — $ — Carrying Amount In Balance Sheet December 31, Fair Value December 31, Fair Value Measurement Using 2017 2017 Level 1 Level 2 Level 3 Assets: Treasury Bills $ 649,583 $ 649,583 $ 649,583 Money Market Funds 156,160 156,160 156,160 Total Assets $ 805,743 $ 805,743 $ 805,743 $ — $ — |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
NOTE 10 - COMMITMENTS AND CONTINGENCIES | The Company’s Board of Directors has agreed to pay the Company’s Chief Financial Officer an annual salary of $17,000. No other officers or directors of the Company receive compensation other than reimbursement of out-of-pocket expenses incurred in connection with Company business and development. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Summary Of Significant Accounting Policies | |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. |
Cash and Cash Equivalents | The Company considers all highly liquid investments that are readily convertible into cash with a remaining maturity of three months or less at the time of acquisition to be cash equivalents. The Company maintains its cash and cash equivalents balances with high credit quality financial institutions. As of September 30, 2018, and December 31, 2017, the Company had cash in insured accounts in the amount of $45,195 and $156,160, respectively, and cash equivalents (US treasury bills) held in financial institutions that were uninsured by Federal Deposit Insurance Corporation in the amount of approximately $719,634 and $649,583 respectively. |
Income Taxes | The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carry forwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured assuming enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such asset will be realized. The Company adopted FASB Interpretation of “Accounting for Uncertainty in Income Taxes”. There was no impact on the Company’s financial position, results of operations, or cash flows as a result of implementing this guidance. At September 30, 2018, and December 31, 2017, the Company evaluated its tax positions and did not have any unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company currently has no federal or state tax examinations in progress. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Income Taxes Tables Abstract | |
Summary of deferred tax assets | September 30, 2018 December 31, 2017 Deferred tax assets and valuation allowances consist of: Deferred tax assets: Net operating loss carry forwards $ 320,000 $ 497,000 Less valuation allowance (320,000 ) (497,000 ) Net deferred tax assets $ - $ - |
Summary of income tax (expense) benefits | Nine months ended September 30, 2018 2017 Tax benefits (expense) at statutory rate 25 % 35 % Unrecognized tax benefits (expense) of current period tax losses (25 )% (35 )% Effective tax rate - - |
PRIVATE PLACEMENT OFFERING (Tab
PRIVATE PLACEMENT OFFERING (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Allocated to the instruments as follows | Warrant liabilities $ 141,027 Redeemable and Convertible Preferred Stock 1,388,367 Common Stock 470,706 Total allocated gross proceeds: $ 2,000,100 |
Schedule of Share-based Compensation, Warrant Options | Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2017 6,909,000 $ 0.15 1.68 Granted - - - Exercised - - - Forfeited/expired - - - Outstanding at September 30, 2018 6,909,000 $ 0.15 0.94 Exercisable at September 30, 2018 6,909,000 $ 0.15 0.94 |
2017 Extension of Warrant Terms [Member] | |
Assumptions used in Black Scholes option-pricing model | Average risk-free interest rate 1.27 % Average expected life- years 2 Expected volatility 135.42 % Expected dividends 0 % |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders Equity | |
Schedule of option activities | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2018 300,000 $ 0.03 0.48 $ - Granted - - - - Exercised - - - - Forfeited/expired (300,000 ) - - - Outstanding at September 30, 2018 - $ - - $ - Exercisable at September 30, 2018 - $ - - $ - |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Measurements | |
Assets and liabilities measured at fair value on a recurring basis | The following tables provide information on those assets measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017, respectively: Carrying Amount In Balance Sheet September 30, Fair Value September 30, Fair Value Measurement Using 2018 2018 Level 1 Level 2 Level 3 Assets: Treasury Bills $ 719,634 $ 719,634 $ 719,634 Money Market Funds 45,195 45,195 45,195 Total Assets $ 764,829 $ 764,829 $ 764,829 $ — $ — Carrying Amount In Balance Sheet December 31, Fair Value December 31, Fair Value Measurement Using 2017 2017 Level 1 Level 2 Level 3 Assets: Treasury Bills $ 649,583 $ 649,583 $ 649,583 Money Market Funds 156,160 156,160 156,160 Total Assets $ 805,743 $ 805,743 $ 805,743 $ — $ — |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Summary Of Significant Accounting Policies Details Narrative Abstract | ||
FDIC uninsured amount | $ 719,634 | $ 649,583 |
FDIC insured amount | $ 45,195 | $ 156,160 |
BASIC AND DILUTED NET LOSS PE_2
BASIC AND DILUTED NET LOSS PER COMMON SHARE (Details Narrative) - shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Disclosure Basic And Diluted Net Loss Per Common Share Details Narrative Abstract | ||
Common stock equivalents (preferred stock and warrants) | 43,471,000 | 40,447,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Net operating loss carry forwards | $ 320,000 | $ 497,000 |
Less valuation allowance | (320,000) | (497,000) |
Net deferred tax assets |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes Details 1Abstract | ||||
Tax benefits (expense) at statutory rate | 25.00% | 35.00% | 35.00% | 35.00% |
Unrecognized tax benefits (expense) of current period tax losses | (25.00%) | (35.00%) | ||
Effective tax rate |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes Details Narrative Abstract | ||||
Federal statutory income tax rate, percent | 25.00% | 35.00% | 35.00% | 35.00% |
Net operating loss carry-forwards | $ 1,278,000 |
PRIVATE PLACEMENT OFFERING (Det
PRIVATE PLACEMENT OFFERING (Details) | Sep. 30, 2018USD ($) |
Private Placement Offering | |
Warrant liabilities | $ 141,027 |
Redeemable and Convertible Preferred Stock | 1,388,367 |
Common Stock | 470,706 |
Total allocated gross proceeds: | $ 2,000,100 |
PRIVATE PLACEMENT OFFERING (D_2
PRIVATE PLACEMENT OFFERING (Details 1) | 9 Months Ended |
Sep. 30, 2018 | |
Private Placement Offering Details 1Abstract | |
Average risk-free interest rate | 1.27% |
Average expected life- years | 2 years |
Expected volatility | 135.42% |
Expected dividends | 0.00% |
PRIVATE PLACEMENT OFFERING (D_3
PRIVATE PLACEMENT OFFERING (Details 2) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Number of Warrants | ||
Number of warrants/options outstanding, beginning | 6,909,000 | |
Granted | ||
Exercised | ||
Forfeited/expired | ||
Number of warrants/options outstanding, ending | 6,909,000 | 6,909,000 |
Weighted Average Exercise Price | ||
Weighted average exercise price outstanding, beginning | $ 0.15 | |
Granted | ||
Exercised | ||
Forfeited/expired | ||
Weighted average exercise price outstanding, ending | $ 0.15 | $ 0.15 |
Weighted Average Remaining Contractual Life (Years) | ||
Weighted Average Remaining Contractual Life (Years), Beginning | 1 year 8 months 5 days | |
Weighted Average Remaining Contractual Life (Years), Outstanding | 11 months 8 days | 1 year 8 months 5 days |
Weighted Average Remaining Contractual Life (Years), Exercisable | 11 months 8 days |
PRIVATE PLACEMENT OFFERING (D_4
PRIVATE PLACEMENT OFFERING (Details Narrative) | Sep. 07, 2007USD ($)Unit$ / sharesshares | Aug. 24, 2017USD ($)$ / sharesshares | Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($) | Dec. 31, 2017$ / sharesshares |
Number of warrants/options outstanding, beginning | shares | 6,909,000 | 6,909,000 | 6,909,000 | ||||
Weighted average exercise price outstanding | $ 0.15 | $ 0.15 | $ 0.15 | ||||
Expiry date | September 7, 2019 | ||||||
Number of units sold | Unit | 13,334 | ||||||
Number of units sold, per unit | $ 150 | ||||||
Number of units sold for gross proceeds | $ | $ 2,000,100 | ||||||
Percentage of convertible preferred stock | 10.00% | ||||||
Preferred Stock, Par Value | $ 1 | 1 | $ 1 | 1 | |||
Preferred Stock, Stated value | $ | $ 100 | ||||||
Common Stock, Par Value | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | |||
Shares issued | shares | 500 | ||||||
Warrants exercisable into common stock | shares | 500 | ||||||
Warrants modification expense | $ | $ 27,707 | $ 27,707 | |||||
Average remaining contractual life | 11 months 8 days | 1 year 8 months 5 days | |||||
Series A 10% Convertible Preferred Stock [Member] | |||||||
Liquidation entitlement description | <font style="font: 10pt Times New Roman, Times, Serif">Series A 10% Convertible Preferred Stock shall be entitled to receive, in preference to the holders of common stock, an amount equal to $100 per share of Series A 10% Convertible Preferred Stock plus all accrued and unpaid dividends</font></p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At any time on or after August 2, 2011, the Holders of 66 2/3% or more of the Preferred Stock then outstanding could have requested liquidation of their Preferred Stock. In the event that, at the time of such requested liquidation, the Company's cash funds (in excess of a $50,000 reserve fund) then available to effect such requested liquidation were inadequate for such purpose, then such requested liquidation should have taken place (on a ratable basis) only to the extent such excess cash funds were available for such purpose </font></p>" id="sjs-F17"><p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Series A 10% Convertible Preferred Stock shall be entitled to receive, in preference to the holders of common stock, an amount equal to $100 per share of Series A 10% Convertible Preferred Stock plus all accrued and unpaid dividends</font></p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At any time on or after August 2, 2011, the Holders of 66 2/3% or more of the Preferred Stock then outstanding could have requested liquidation of their Preferred Stock.  In the event that, at the time of such requested liquidation, the Company's cash funds (in excess of a $50,000 reserve fund) then available to effect such requested liquidation were inadequate for such purpose, then such requested liquidation should have taken place (on a ratable basis) only to the extent such excess cash funds were available for such purpose </font></p> | ||||||
Warrant (Member) | 2017 Extension of Warrant Terms [Member] | |||||||
Number of warrants/options outstanding, beginning | shares | 6,909,000 | ||||||
Expiry date | September 7, 2019 | ||||||
Warrants modification expense | $ | $ 31,478 | ||||||
Per share price | $ 0.15 |
DIVIDENDS (Details Narrative)
DIVIDENDS (Details Narrative) - Series A Preferred Stock [Member] | Oct. 31, 2017USD ($)shares |
Preferred Stock, Shares Outstanding | 33,238 |
Dividend payable | $ | $ 3,324 |
Common shares, converted | 3,324,000 |
Common shares, converted, fair value | $ | $ 332,400 |
Fractional shares | 11.9 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Number of Options | ||
Number of warrants/options outstanding, beginning | 6,909,000 | |
Number of Options, Granted | ||
Number of Options, Exercised | ||
Number of Options, Forfeited/expired | ||
Number of warrants/options outstanding, ending | 6,909,000 | 6,909,000 |
Weighted Average Exercise Price | ||
Weighted average exercise price outstanding, beginning | $ 0.15 | |
Weighted Average Exercise Price, Forfeited/expired | ||
Weighted average exercise price outstanding, ending | $ 0.15 | $ 0.15 |
Weighted Average Remaining Contractual Life (Years) | ||
Weighted Average Remaining Contractual Life (Years), Beginning | 1 year 8 months 5 days | |
Weighted Average Remaining Contractual Life (Years), Outstanding | 11 months 8 days | 1 year 8 months 5 days |
Weighted Average Remaining Contractual Life (Years), Exercisable | 11 months 8 days | |
Stock options [Member] | ||
Number of Options | ||
Number of warrants/options outstanding, beginning | 300,000 | |
Number of Options, Granted | ||
Number of Options, Exercised | ||
Number of Options, Forfeited/expired | (300,000) | |
Number of warrants/options outstanding, ending | 300,000 | |
Number of warrants/options, Exercisable | ||
Weighted Average Exercise Price | ||
Weighted average exercise price outstanding, beginning | $ 0.03 | |
Weighted Average Exercise Price, Granted | ||
Weighted Average Exercise Price, Exercised | ||
Weighted Average Exercise Price, Forfeited/expired | ||
Weighted average exercise price outstanding, ending | $ 0.03 | |
Weighted Average Exercise Price, Exercisable | ||
Weighted Average Remaining Contractual Life (Years) | ||
Weighted Average Remaining Contractual Life (Years), Beginning | 5 months 23 days | |
Weighted Average Remaining Contractual Life (Years), Outstanding | 0 years | |
Weighted Average Remaining Contractual Life (Years), Exercisable | 0 years | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value outstanding, beginning | ||
Aggregate Intrinsic Value outstanding, ending | ||
Aggregate Intrinsic Value , Exercisable |
STOCKHOLDERS' EQUITY (Details N
STOCKHOLDERS' EQUITY (Details Narrative) - shares | Sep. 30, 2018 | Dec. 31, 2017 | Apr. 09, 2008 |
Common stock, shares issued | 16,033,862 | 16,033,862 | |
2008 Stock Awards Plan [Member] | |||
Common stock, shares issued | 2,000,000 | ||
Maximum shares granted | 80,000 | ||
Restricted Stock [Member] | |||
Maximum shares granted | 30,000 | ||
Stock options [Member] | |||
Maximum shares granted | 50,000 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value [Member] | ||
Assets at fair value on recurring basis | $ 764,829 | $ 805,743 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets at fair value on recurring basis | 764,829 | 805,743 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets at fair value on recurring basis | ||
Fair Value, Inputs, Level 3 [Member] | ||
Assets at fair value on recurring basis | ||
Carrying Value [Member] | ||
Assets at fair value on recurring basis | 764,829 | 805,743 |
Treasury Bills [Member] | ||
Assets at fair value on recurring basis | 719,634 | 649,583 |
Treasury Bills [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets at fair value on recurring basis | 719,634 | 649,583 |
Treasury Bills [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets at fair value on recurring basis | ||
Treasury Bills [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets at fair value on recurring basis | ||
Treasury Bills [Member] | Carrying Value [Member] | ||
Assets at fair value on recurring basis | 719,634 | 649,583 |
Money Market Funds [Member] | ||
Assets at fair value on recurring basis | 45,195 | 156,160 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets at fair value on recurring basis | 45,195 | 156,160 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets at fair value on recurring basis | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets at fair value on recurring basis | ||
Money Market Funds [Member] | Carrying Value [Member] | ||
Assets at fair value on recurring basis | $ 45,195 | $ 156,160 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Chief Financial Officer [Member] | |
Annual salary | $ 17,000 |