Formcap (FRMC) 10-Q/A 27 Oct 15 2015 Q1 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2015	Oct. 15, 2015
Document And Entity Information
Entity Registrant Name	FORMCAP CORP.
Entity Central Index Key	1,102,709
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		88,841,833
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,015

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Current
Cash and Cash Equivalents	$ 66	$ 278
Prepayments	6,875	6,875
Related party Note Receivable	8,170	8,170
Total Current Assets	15,111	15,323
Current Liabilities
Accounts payable and accrued	22,552	23,107
Accounts Payable - Related Parties	104,357	104,357
Convertible Promissory Notes Payable-Related Parties	113,490	113,490
Convertible Promissory Notes Payable	135,650	125,100
Notes Payable	52,059	52,059
Related Parties Payable	111,500	111,500
Royalty and License Fee Payable	135,000	135,000
TOTAL CURRENT LIABILITIES	674,608	664,613
TOTAL LIABILITIES	674,608	664,613
Stockholders' Equity (Deficit)
200,000,000 shares authorized at par value of $0.01; 88,841,833 and 9,223,822 shares issued and outstanding respectively	88,767	88,767
Additional paid in capital	22,228,795	22,228,795
Deficit accumulated during the development stage	(22,977,059)	(22,966,852)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	(659,497)	(649,290)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 15,111	$ 15,323

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2015	Mar. 31, 2014
Stockholder's Equity (Deficit)
Common Stock Par value	$ 0.01	$ 0.01
Common Stock Authorized	200,000,000	200,000,000
Common Stock Issued	88,841,833	88,841,833
Common Stock Outstanding	9,223,822	9,223,822
Preferred Stock Par Value	$ 0.01	$ 0.01
Preferred Stock Authorized	50,000,000	50,000,000

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		288 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015
Renvenues
Revenue			$ 321,889
Cost of Sales			(352,683)
General and Administrative Expenses
Consulting Fees
Professional Fees			10,053
Loss and Impairement of Assets			1,663,008
Financing Expenses			779,100
General and Admin Expenses	$ 10,207	$ 17,715	5,713,173
Total General and Administrative Expenses	$ (10,207)	$ (17,715)	(9,317,967)
Other Income (Loss)
Interest Expenses			864,263
Gain on Settlement of Debt			(286,855)
Loss on Settlement of Debt		$ 1,638,000	13,081,717
Net Loss for the Period	$ (10,207)	$ (1,655,715)	$ (22,977,092)
Net Loss Per Share
Basic and Diluted Loss per Share	0	0
Weighted Average Number of Shares Outstanding	200,000,000	200,000,000	200,000,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash Provided by (Used for) Operating Activities
Net loss for the period	$ (10,207)	$ (1,655,715)
Loss on settlement of debt		1,638,000
Accounts payable and Accrued liabilities	$ (555)	11,999
General and Admin. Expenses		$ 628
Convertible Notes Payable	$ 10,550
Net Cash Provided By (Used In) Operating Activities	$ (212)	$ (5,088)
Financing Activities
Proceeds from convertible notes payable		11,000
Cash provided by financing activities		11,000
Cash (decrease) increase during the year		5,912
Cash , Beginning of year	$ 278	910
Cash, End of year	$ 66	$ 6,822

CONDENSED FINANCIAL STATEMENTS

CONDENSED FINANCIAL STATEMENTS	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONDENSED FINANCIAL STATEMENTS	NOTE 1 - CONDENSED FINANCIAL STATEMENTS The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at March 31, 2015, and for all periods presented herein, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2014 audited financial statements. The results of operations for the periods ended March 31, 2015 and 2014 are not necessarily indicative of the operating results for the full years.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America and are stated in US dollars. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. Actual results may differ from these estimates. Reclassification of Financial Statement Accounts Certain amounts in the condensed financial statements have been reclassified to conform to the presentation adopted in the March 31, 2015 condensed financial statements. Use of Estimates The preparation of financial statements in accordance 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 reportable amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Basic Loss Per Share Basic earnings (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There were no dilutive or potentially dilutive instruments outstanding as of March 31, 2015 and December 31, 2014. Stock Issued in Exchange for Services The valuation of common stock issued in exchange for services is valued at an estimated fair market value as determined by the most readily determinable value of either the stock or services exchanged. Values of the stock are based upon other sales and issuances of the Company’s common stock within the same general time period. Cash and Cash Equivalents Cash equivalents are comprised of certain highly liquid investments with original maturities of three months or less when purchased. The Company maintains its cash in bank deposit accounts which at times may exceed federally insured limits of $250,000. The Company has not experienced any losses related to this concentration of risk. Deposits did not exceed insured limits during the year ended December 31, 2014. Financial Instruments For accounts receivable, accounts payable, accrued liabilities, current portion of long-term debt and long-term debt, the carrying amounts of these financial instruments approximates their fair value. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. Foreign Currency Translation The Company translates foreign currency transactions and balances to its reporting currency, United States Dollars, in accordance with ASC 830 “Foreign Currency Matters”. Monetary assets and liabilities are translated into the functional currency at the exchange rate in effect at the end of the year. Non-monetary assets and liabilities are translated at the exchange rate prevailing when the assets were acquired or the liabilities assumed. Revenue and expenses are translated at the rate approximating the rate of exchange on the transaction date. All exchange gains and losses are included in the determination of net income (loss) for the year. Income Taxes The Company applies ASC 740, which requires the asset and liability method of accounting for income taxes. The asset and liability method requires that the current or deferred tax consequences of all events recognized in the financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered. The Company adopted ASC 740, at the beginning of fiscal year 2008. This interpretation requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. The adoption of ASC 740 had no material impact on the Company’s financial statements.

RECENTLY ENACTED ACCOUNTING STA

RECENTLY ENACTED ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
RECENTLY ENACTED ACCOUNTING STANDARDS	NOTE 3 - RECENTLY ENACTED ACCOUNTING STANDARDS In June 2014, the FASB issued ASU 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The guidance eliminates the definition of a development stage entity thereby removing the incremental financial reporting requirements from U.S. GAAP for development stage entities, primarily presentation of inception to date financial information. The provisions of the amendments are effective for annual reporting periods beginning after December 15, 2014, and the interim periods therein. However, early adoption is permitted. Accordingly, the Company has adopted this standard as of September 30, 2014. The Company does not expect the adoption of any other recent accounting pronouncements to have a material impact on its financial statements.

GOING CONCERN

GOING CONCERN	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 4 - GOING CONCERN The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

PROMISSORY NOTE RECEIVABLE

PROMISSORY NOTE RECEIVABLE	3 Months Ended
	Mar. 31, 2015
Receivables [Abstract]
PROMISSORY NOTE RECEIVABLE	NOTE 5 - PROMISSORY NOTE RECEIVABLE On June 3, 2013 the Company advanced the sum of $11,194 ($11,500 Canadian Dollars) to a related Canadian company. The loan is secured by a promissory note and is due on December 31, 2014. During the year the Borrower repaid $1,097 leaving a balance of $8,170 as of March 31, 2015. The promissory note is non-interest bearing until maturity and bears interest at 3% per annum thereafter. The Promissory note will become due and payable if the company receives financing totalling $5,000,000 in aggregate prior to the maturity date. The promissory note is convertible into common shares of the company either in whole or in part at the option of the Company on terms to be determined by the borrowing company.

EXPLORATION PROPERTY LEASE

EXPLORATION PROPERTY LEASE	3 Months Ended
	Mar. 31, 2015
Leases [Abstract]
EXPLORATION PROPERTY LEASE	NOTE 6 - EXPLORATION PROPERTY LEASE On November 19, 2013 the Company executed a Definitive Agreement with Kerr Energy Group and Keta Oil & Gas LLC (Kerr and Keta) both incorporated in Kansas. Pursuant to the terms of the Agreement the Company agreed to acquire up to 2,400 acres in Cowley County, Kansas at a cost not exceed $200 per acre. In addition, the Company agreed to issue Kerr and Keta a total of 200,000 Rule 144 shares of the common stock of FormCap. The Company will own 100% of the Leases (80% net revenue to FormCap; 20% freehold royalty), and will be the operator. The Company will have the option to purchase additional leases in Cowley County from Kerr and Keta under an Area of Mutual Interest, the terms of which are set forth in the Agreement. FormCap is required to drill one test well in each of the first two years of the lease term in order to maintain its interest in the Leases. During January 2014, Ironridge Global IV, Ltd. ("Ironridge") purchased from Kerr and Keta the Company’s obligation in the aggregate amount of $671,938.90 (the "Claim Amount"). Subsequently, the Company offered to settle the Claim Amount by the issuance of unrestricted and fully tradable shares of the Company's common stock. Ironridge accepted the Company's settlement offer, subject to a hearing on the fairness of the settlement terms. On February 21, 2014, the Company, Ironridge and the CEO of the Company entered into a Stipulation Order for the settlement on the terms agreed on by Ironridge and the Company. On February 21, 2014, a California Superior Court for the County of Los Angeles (the "State Court") held a hearing on the fairness of the Company's settlement offer to Ironridge. Pursuant to the court order issued by the State Court on February 21, 2014, the shares of the Company's common stock will be deemed issued in settlement of the claims (subject to certain adjustments based on the future trading value of the stock) when delivered to Ironridge. On February 24, 2014 the Company's transfer agent delivered to Ironridge 10,000,000 shares of the Company's common stock. The shares issued to Ironridge are freely tradable and exempt from registration under the Securities Act of 1933 and the California Corporations Code. The number of shares to be issued to Ironridge is subject to adjustment based trading price of the Company's stock such that the value of the shares is sufficient to cover the Claim Amount, a 10% agent fee amount and Ironridge's reasonable legal fees and expenses ( the "Final Amount"). Under the Stipulation Order, Ironridge may not be the beneficial owner of more than 9.99% of the Company's outstanding shares of common stock until the Final Amount is paid. Further Ironridge has agreed not to exercise any voting rights of the shares issued to it nor influence or cause any change in control of the Company. On March 11, 2014 Ironridge paid Kerr and Keta $305,000 in full and final settlement of all monies due in connection with the acquisition of 2,400 acres of the Cowley leases. Ironridge was obligated to provide $367,000 to the Company to fund the drilling of two test wells on the Cowley lands within 90 days of the issuance of the shares of Common stock. On May 24, 2014, Ironridge defaulted upon its obligation to fund the two test wells and on July 3, 2014, Ironridge was deregistered. Accordingly, the Company has recorded an impairment of the obligation of $367,000 that Ironridge had pledged to pay towards drilling expenses for Keta and Kerr. As at March 31, 2015 the Company has capitalized $516,802 toward the acquisition of the Cowley Leases. (December 31, 2013 - $101,802)

RELATED PARTY PAYABLES

RELATED PARTY PAYABLES	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY PAYABLES	NOTE 7 - RELATED PARTY PAYABLES The Company from time to time has borrowed funds from or has received services from several individuals and corporations related to the Company for operating purposes As at March 31, 2015 the Company owed related parties $111,500 (December 31, 2013 - $111,500). These amounts bear no interest, are not collateralized, and are due on demand.

PROMISSORY NOTES PAYABLE

PROMISSORY NOTES PAYABLE	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
PROMISSORY NOTES PAYABLE	NOTE 8 - PROMISSORY NOTES PAYABLE As at March 31, 2015 the Company owed $52,059 to several unrelated third parties (December 31, 2013 - $78,653). These amounts bear no interest, are not collateralized and are due on demand.

PROMISSORY NOTES PAYABLE _ RELA

PROMISSORY NOTES PAYABLE – RELATED PARTIES	3 Months Ended
	Mar. 31, 2015
Summary of Investments, Other than Investments in Related Parties [Abstract]
PROMISSORY NOTES PAYABLE – RELATED PARTIES	NOTE 9 - PROMISSORY NOTES PAYABLE – RELATED PARTIES As at March 31, 2015 the Company owed $111,500 to several related parties (December 31, 2013 - $111,500) to several third parties. These amounts bear no interest, are not collateralized and are due on demand.

CONVERTIBLE PROMISSORY NOTES PA

CONVERTIBLE PROMISSORY NOTES PAYABLE	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
CONVERTIBLE PROMISSORY NOTES PAYABLE	NOTE 10 - CONVERTIBLE PROMISSORY NOTES PAYABLE As at March 31, 2015, the Company owed $135,650 to the holders of the Convertible Promissory notes (December 31, 2013 - $111,800) The promissory notes are non-interest bearing until maturity and bear interest at 3% per annum thereafter. The Promissory notes will become due and payable if the Company receives financing totalling $5,000,000 in aggregate prior to the maturity date. The promissory notes are convertible into common shares of the Company either in whole or in part at the option of the Holders.

CONVERTIBLE PROMISSORY NOTES 16

CONVERTIBLE PROMISSORY NOTES PAYABLE – RELATED PARTY	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
CONVERTIBLE PROMISSORY NOTES PAYABLE – RELATED PARTY	NOTE 11 - CONVERTIBLE PROMISSORY NOTES PAYABLE – RELATED PARTY As at March 31, 2015, the Company owed $113,490 to related party holders of Convertible Promissory Notes (December 31, 2013 - $48,990) The promissory notes are non-interest bearing until maturity and bear interest at 3% per annum thereafter. The Promissory notes will become due and payable if the Company receives financing totalling $5,000,000 in aggregate prior to the maturity date. The promissory notes are convertible into common shares of the Company either in whole or in part at the option of the Holder

COMMON STOCK

COMMON STOCK	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
COMMON STOCK	NOTE 12 - COMMON STOCK The Company has two classes of stock authorized as of March 31, 2015. The Company has 50,000,000 shares of preferred stock authorized with no shares outstanding as of March 31, 2015 and December 31, 2014. The Company also has 200,000,000 shares of common stock authorized with 88,841,833 shares issued and outstanding as of March 31, 2015 (December 31, 2013 – 9,823,824) On July 31, 2014, the Company effected a 1 for 10 reverse stock split. All references in these financial statements to number of common shares issued and outstanding, price per share and weighted average number of common shares have been adjusted to reflect the stock split on a retroactive basis, unless otherwise noted. The Company’s authorized preferred stock and authorized common stock remain unchanged. On February 24, 2014, the Company issued 1,000,000 shares of common stock in connection with the purchase of the Cowley leases which were valued at $2,310,000. The Company recognized a loss of $2,005,000 on this transaction. On August 27, 2014, the Company entered in to a contract for financial consulting and advisory services for a six month term, expiring on January 27, 2015. The Company agreed to issue 500,000 restricted shares as compensation to the consultants which were valued using fair market value of the stock price on that date for a total compensation expense of $54,950. On August 27, 2014, the Company entered in a debt settlement agreement with a related party. The Company agreed to settle a debt of $10,000 by the issuance of 50,000,000 shares of common stock with a fair value of $5,495,000. The Company recorded a loss of $5,485,000 on this transaction. On September 3, 2014, the Company entered into an escrow agreement with a creditor. The Company agreed to pay the creditor $2,500 upon the signing of the agreement and to issue 75,000 shares to be held in escrow. The Company is obligated to pay the creditor a further $7,514 forty five days after the Company’s stock becomes DWAC-eligible. Upon payment of the final amount owing the shares will be returned to the Company. The company has not yet paid the creditor and the shares remain in escrow. On December 4, 2014, the Company entered in an Assignment of Creditors and Settlement of Debt agreement. The Company agreed to settle Convertible Promissory Notes Payable in the amount of $62,000 and Notes Payable in the amount of $26,594 by the issuance of 28,000,000 shares of common stock valued at $532,000. The Company recorded a loss of $471,406 on this transaction. During 2014, the company determined that the $17,00 subscription receivable for shares issued in 2007 was uncollectible. The resulting write-off of this amount has been recorded in loss on settlement of debt.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 13 - SUBSEQUENT EVENTS The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and has determined that there are no items to disclose.

SIGNIFICANT ACCOUNTING POLICI19

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America and are stated in US dollars. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. Actual results may differ from these estimates.
Reclassification of Financial Statement Accounts	Reclassification of Financial Statement Accounts Certain amounts in the condensed financial statements have been reclassified to conform to the presentation adopted in the March 31, 2015 condensed financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance 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 reportable amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Basic Loss Per Share	Basic Loss Per Share Basic earnings (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There were no dilutive or potentially dilutive instruments outstanding as of March 31, 2015 and December 31, 2014.
Stock Issued in Exchange for Services	Stock Issued in Exchange for Services The valuation of common stock issued in exchange for services is valued at an estimated fair market value as determined by the most readily determinable value of either the stock or services exchanged. Values of the stock are based upon other sales and issuances of the Company’s common stock within the same general time period.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents are comprised of certain highly liquid investments with original maturities of three months or less when purchased. The Company maintains its cash in bank deposit accounts which at times may exceed federally insured limits of $250,000. The Company has not experienced any losses related to this concentration of risk. Deposits did not exceed insured limits during the year ended December 31, 2014.
Financial Instruments	Financial Instruments For accounts receivable, accounts payable, accrued liabilities, current portion of long-term debt and long-term debt, the carrying amounts of these financial instruments approximates their fair value. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.
Foreign Currency Translation	Foreign Currency Translation The Company translates foreign currency transactions and balances to its reporting currency, United States Dollars, in accordance with ASC 830 “Foreign Currency Matters”. Monetary assets and liabilities are translated into the functional currency at the exchange rate in effect at the end of the year. Non-monetary assets and liabilities are translated at the exchange rate prevailing when the assets were acquired or the liabilities assumed. Revenue and expenses are translated at the rate approximating the rate of exchange on the transaction date. All exchange gains and losses are included in the determination of net income (loss) for the year.
Income Taxes	Income Taxes The Company applies ASC 740, which requires the asset and liability method of accounting for income taxes. The asset and liability method requires that the current or deferred tax consequences of all events recognized in the financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered. The Company adopted ASC 740, at the beginning of fiscal year 2008. This interpretation requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. The adoption of ASC 740 had no material impact on the Company’s financial statements.