| 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 ORGANIZATION AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES The Company was incorporated in Florida
on July 31, 2001. On September 21, 2001 the Company was acquired by PlaNet.Com, Inc., a Nevada public, non-reporting corporation.
Pla.Net.Com, Inc. was considered a shell at the time of acquisition and therefore the acquisition was treated as a reverse merger
(the acquired company is treated as the acquiring company for accounting purposes). Pla.Net.Com, Inc. changed its name to Inpatient
Clinical Solutions, Inc. immediately after the merger. In April 2012, the Company changed its name to Integrated Inpatient
Solutions, Inc. The Company provides interior design
services targeting budget-minded individuals. The business operates under the trade name Integrated Interior Design. The Company
earns revenues from providing decorator services, which are billed on hourly and per diem rates. The interior design business operates
in South Florida. The business provides interior design, interior staging, accompanied shopping, paint color selection, architectural
drawing and other design services. On August 26, 2014, the Company entered
into a Share Exchange Agreement pursuant to which the Company agreed to acquire all of the outstanding capital Shares of Integrated
Timeshare Solutions, Inc., a Nevada corporation (ITS) in exchange for newly issued shares of the Companys
Common Shares. Accordingly, as a result of the exchange, ITS is now a wholly owned subsidiary of the Company. ITS was established
on July 2, 2014 as a real estate consulting firm specializing in timeshare liquidation and mortgage relief. The Company has discontinued
operations of this subsidiary. On December 31, 2015, Integrated Inpatient
Solutions, Inc. (the Company), entered into an Asset Purchase Agreement (the Purchase Agreement) pursuant
to which the Company agreed to acquire all of the assets and liabilities of Boston Carriers LTD, a corporation organized under
the laws of the Republic of the Marshall Islands (Boston Carriers) in exchange for newly issued shares of the Companys
Series B Preferred Shares, $0.0001 par value per share (the Series B Preferred Shares), which were issued to the
former sole Shareholder of Boston Carriers (the Exchange) as described herein. Included in the assets acquired was
all outstanding Shares in Poseidon Navigation Corp. a corporation organized under the laws of the Republic of the Marshall Islands
(Poseidon). Accordingly, as a result of the Exchange, Poseidon is now a wholly owned subsidiary of the Company. In
connection with the execution of the Purchase Agreement, the Company filed a Certificate of Designations with the Secretary of
State of the State of Nevada regarding the creation of the Series B Preferred Shares and an aggregate of 1,850,000 shares of Series
B Preferred Shares were issued to the former Boston Carriers Shareholder. Also on December 31, 2015, the
Companys then existing Directors appointed Antonis Bertsos, Harris Frangos and Fred Pier to the Companys Board of
Directors and concurrent with the closing of the Exchange (the Closing Date), the Companys former sole
officer and all former directors resigned. Subsequently, the Companys former sole officer was retained as a consultant
and, pursuant to the terms of Consulting Agreement, effective January 1, 2016, will be issued a total of 26,274,987 shares of
the Companys Common Shares. (see Note 11) Also, the Company has agreed to issue an additional 10,000,000 shares of its
Common Shares to an outside service provider in lieu of cash payment upon the filing of Form 8-K to disclose the Purchase
Agreement with the Securities Exchange Commission. (See note 11) The Company has also reserved for issuance 1,850,000,000
shares of Common Shares which may be issued upon the conversion of shares of the Series B Preferred Shares. Upon issuance of
the Series B Preferred, the former sole Shareholder of Boston Carriers will initially hold approximately 92.5% of our issued and
outstanding Common Shares. The Series B Preferred Shares will automatically
convert, with no action by the holders thereof, into shares of Common Shares of the Corporation at a rate of 1,000 shares of Common
Shares for each Series B Preferred share, on the date that is five (5) business days following the distribution by the Corporation
of a cash dividend to the shareholders of its Common Shares of all amounts received by the Corporation as a refund to the Corporation
from the United States Internal Revenue Service in connection with the Corporation's 2014 federal tax return less a maximum of
$20,000 which would solely be used to pay the Corporations obligation under a settlement agreement relating to the Strong
v. Strong lawsuit (the "Dividend"). The Series B Preferred Shares are not participating shares and prior to conversion
the holders thereof shall not receive any dividend or other distribution from the Corporation and no portion of the Dividend will
be distributed for the benefit of the holders of Series B Preferred Shares. Prior to conversion; however, the holders of Series
B Preferred Shares shall be entitled to vote on all matters on which holders of Common Shares are entitled to vote and shall vote
as if such Series B shares had converted, provided however, that the holders of Series B Preferred Shares shall not be entitled
to vote on any matter which would amend the terms of and restrictions on the Series B Preferred Shares. In connection with the Exchange, the
Company and Boston Carriers contributed $75,000 and $100,000, respectively into an escrow account in which the Company is contributing
all funds in its bank accounts at December 31, 2015 less amounts necessary to cover outstanding checks. The Escrow Account is maintained
by our legal counsel, The Law Office of James G. Dodrill II, P.A., which will disburse funds as directed by Osnah Bloom, our former
CEO and current consultant to the Company, to pay obligations of the Company outstanding at the Closing Date as well as to hold
a reserve for payment of anticipated costs associated with ongoing lawsuits in which the Company is a party and which relate to
discontinued operations of the Company. Also as a result of the Exchange, the
Company assumed Boston Carriers liabilities, including those associated with: (1) a Share Subscription Agreement between
Boston Carriers and YP Holdings, LLC, a Texas company (the Subscription Agreement) and (2) a Bareboat Hire purchase
agreement (BBHP) between Poseidon Navigation, Inc. (See note 4). In order to comply with the terms of
the Subscription Agreement, the Company will need to make certain amendments to our Certificate of Incorporation. Pursuant to the
terms of the Subscription Agreement, YP Holdings, LLC (YP) invested $1,000,000 to acquire Boston Carriers
preferred Shares (the BC Preferred Shares) which is convertible into shares of Boston Carriers Common Shares
(the BC Common Shares) as described in the Subscription Agreement. The terms of the Subscription Agreement required
that the issuer also issue an equal number of shares of BC Preferred Shares to YP as a commitment fee for YP to make its investment.
Because the Company has assumed all liabilities of Boston Carriers, the Company is ultimately responsible to issue shares of our
Common Shares to satisfy the terms of the Subscription Agreement. On February 29, 2016, the Company agreed
to file Articles of Conversion with the Nevada Secretary of State and Articles of Domestications with the Registrar of the Republic
of the Marshall Islands effective March 21, 2016. Additionally, the Company agreed to adopt a Plan of Conversion whereby the Company
becomes a Marshall Islands company effective March 21, 2016. Concurrent with this plan the Company agreed to change its name to
Boston Carriers, Inc. (See Note 11) Upon filing of the Articles of Conversion,
the Company switched the names of its Series B Preferred Shares to Series A Preferred Shares to more accurately describe the related
rights and preferences (See note 11). The Series B Preferred Shares, totaling 1,850,000 shares, was renamed to Series A Preferred
Shares. The non-redeemable, convertible preferred Shares totaling 250,000 shares, that are issued and outstanding as of December
31, 2015 and 2014, respectively, was renamed to Series B Preferred Shares. Use of Estimates The preparation of financial statements
in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. The areas involving the most significant use of estimates include legal contingencies, deferred
tax benefits, refundable income taxes, estimated realizable value of accounts receivable. These estimates are based on knowledge
of current events and anticipated future events. The Company adjusts these estimates each period as more current information becomes
available. The impact of any changes in estimates is included in the determination of earnings in the period in which the estimate
is adjusted. Actual results may ultimately differ materially from those estimates. Cash The Company considers cash in banks
and other highly liquid investments with insignificant interest rate risk and maturities of three months or less at the time of
acquisition to be cash and cash equivalents. At December 31, 2015 and December 31, 2014, the Company had no cash equivalents. The
Company maintains cash accounts in financial institutions that are guaranteed by the Federal Deposit Insurance Corporation (FDIC),
as well as in financial institutions that are not guaranteed by FDIC. Deposits in excess of the FDIC insurance amount of $250,000
totaled $385,628 at December 31, 2015 and $80,000 at December 31, 2014. Management of the Company, considers the probability of
incurring a loss deriving from the valuation of cash accounts in financial institutions that are not covered by FDIC, as remote. Accounts Receivable The determination of bad debt allowances
constitutes a significant estimate. Accounts receivable represent amounts due from interior design customers. Accounts receivable
are recorded and stated at the amount expected to be collected and have been adjusted to reflect the differences between charges
and the estimated reimbursable amounts. Accounts receivable represent amounts
due from customers for design services and customers relinquishing their Timeshares. Accounts receivable from customers for design
services are recorded and stated at the amount expected to be collected and reflect an allowance for uncollectible amounts of $3,022
and $6,987 at December 31, 2015 and December 31, 2014, respectively, Accounts receivable from customers relinquishing their
Timeshares was $0 and $9,000 at December 31, 2015 and December 31, 2014, respectively. Inventory Inventories consist of finished goods
and are stated at the lower of cost and market. Property and Equipment Property and equipment are recorded
at cost and depreciated on a straight-line basis over the estimated useful life of the asset. Expenditures for major renewals and
betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are
charged to expense as incurred. Principles of Consolidation The accompanying consolidated financial
statements include the accounts of Boston Carriers, Inc. (formerly known as Integrated Inpatient Solutions, Inc.) and its wholly
owned subsidiaries; Integrated Timeshare Solutions, Inc. and Poseidon Navigation Corp. (from December 31, 2015). All intercompany
transactions and balances have been eliminated in consolidation. As described previously, the Company
completed the Share Exchange Agreement on August 26, 2014. The agreement resulted in the purchase of 100% of the outstanding shares
of Integrated Timeshare Solutions, Inc. for 47,278,938 shares of the Companys Common Shares with a fair value of $378,231.
Purchase Price $ 378,231
Cash 10,106
Notes receivable related party 7,000
Accounts Payable (3,250)
Due to Related Party (8,590)
Purchase Price Differential $ 372,965 Impairment of Goodwill and Long-Lived
Assets The Company assesses the recoverability
of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or
group of long-lived assets over their remaining estimated useful lives, against their respective carrying amounts. Impairment,
if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined
using the assets expected future discounted cash flows or market value, if readily determinable. If long-lived
assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally
estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. The
Company determined that there were $0 and $372,965 of impairment of long-lived assets as of December 31, 2015 and December 31,
2014, respectively. During the year ended December 31, 2014, $372,965 of impairment on the goodwill was associated with its purchase
of all of the outstanding capital Shares of Integrated Timeshare Solutions, Inc. Fair Value of Financial Instruments
U.S. GAAP for fair value measurements
establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three levels.
The fair value hierarchy gives the highest priority to quoted market prices (unadjusted) in active markets for identical assets
or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 inputs are inputs, other than quoted
prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. The fair
value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities
and the lowest priority to unobservable inputs. The carrying amounts of the Companys
financial assets and liabilities, such as cash, accounts receivable, deposits, accounts payable and accrued liabilities, approximate
their fair values because of the short maturity of these instruments. Revenue Recognition The Company follows ASC 605-10-S99-1
of the FASB Accounting Standards Codification for revenue recognition. The Company recognizes revenue when it is realized or realizable
and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement that
the services have been rendered to the customer, the sales price is fixed or determinable, and collectability is reasonably assured. Interior Design Timeshare Liquidation Maritime Transport Voyage revenues for the transportation
of cargo will be recognized ratably over the estimated relative transit time of each voyage. A voyage will be deemed to commence
when a vessel is available for loading and will be deemed to end upon the completion of the discharge of the current cargo. Estimated
losses on voyages are provided for in full at the time such losses become evident. Under a voyage charter, the Company agrees to
provide a vessel for the transportation of specific goods between specific ports in return for payment of an agreed upon freight
rate per ton of cargo. Revenues will be recorded net of address
commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed
upon charter rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no
identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as
a reduction of revenue. Revenue from time chartering and bareboat
chartering will be earned and recognized on a daily basis as the service is delivered. Revenue arising from contracts that provide
our customers with continuous access to convoy capacity is recognized ratably over the period of the contracts. Demurrage income represents payments
made by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and
will be recognized as it is earned. Revenues arising from contracts that
provide our customers with continuous access to convoy capacity will be recognized ratably over the period of the contracts. Revenues from time
chartering of vessels will be accounted for as operating leases and are thus recognized on a straight line basis as the average
revenue over the rental periods of such charter agreements as service is performed, except for loss generating time charters, in
which case the loss will be recognized in the period when such loss is determined. A time charter involves placing a vessel at
the charterers disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified
daily hire rate. Short period charters for less than three months will be referred to as spot-charters. Charters extending three
months to a year are generally referred to as medium-term charters. All other charters will be considered long-term. Under time
charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. Income Taxes The Company adopted section 740-10-25
of the FASB Accounting Standards Codification (Section 740-10-25). Section 740-10-25 addresses the determination
of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under
Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not
that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The
Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section
740-10-25. The Companys tax returns for
the years ended 2012, 2013, 2014 and 2015 remain open for audit by the Internal Revenue Service. On March 21, 2016, the Company redomiciled
to a Marshall Islands Corporation. Pursuant to various treaties and the United States Internal Revenue Code, the Company believes
that substantially all its operations will be exempt from income taxes in the Marshall Islands and the United States of America
effective March 21, 2016. Marshall Islands and Liberia do not
impose a tax on international shipping income. Under the laws of Marshall Islands and Liberia, the countries of incorporation of
the Company and its subsidiary and the vessels registration, the companies are subject to registration and tonnage taxes
which will be included in direct vessel expenses in the accompanying consolidated statements of operations. Earnings (Loss) Per Share The Company computes earnings (loss)
per share in accordance with the provisions of FASB ASC Topic 260, "Earnings Per Share," which specifies the computation,
presentation and disclosure requirements for earnings (loss) per share for entities with publicly held Common Shares. Basic
earnings (loss) per share are computed by dividing net earnings (loss) available to common shareholders by the weighted average
number of common shares outstanding during the period. Diluted earnings (loss) per share are computed assuming the exercise
of dilutive Shares options under the treasury Shares method and the related income tax effects. As of December 31, 2015 and 2014
the Company has 1,850,000 and 0 shares of Series A Preferred Shares issued and outstanding convertible into 1,850,000,000 and 0
shares of Common Share, respectively. As of December 31, 2015 and 2014, the Company had 250,000 shares of Series B Preferred Shares
outstanding convertible into 2,500,000 shares of Common Share. Reclassification Certain reclassifications, including
discontinued operations, have been made to the prior years data to conform to current year presentation. These reclassifications
had no effect on net income (loss). Recent Accounting Pronouncements In April 2015, FASB issued Accounting
Standards Update (ASU) No. 2015-03, Interest Imputation of Interest (Subtopic 835-30): Simplifying
the Presentation of Debt Issuance Costs, is to simplify presentation of debt issuance costs by requiring that debt issuance
costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of
that debt liability, consistent with debt discounts. The ASU does not affect the recognition and measurement guidance for debt
issuance costs. For public companies, the ASU is effective for financial statements issued for fiscal years beginning after December
15, 2015, and interim periods within those fiscal years. Early application is permitted. We are currently reviewing the provisions
of this ASU to determine if there will be any impact on our results of operations, cash flows or financial condition. We are currently
reviewing the provisions of this ASU to determine if there will be any impact on our results of operations, cash flows or financial
condition. In April
2015, FASB issued Accounting Standards Update (ASU) No. 2015-04, Compensation Retirement Benefits
(Topic 715): Practical Expedient for the Measurement Date of an Employers Defined Benefit Obligation and Plan Assets,
permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entitys
fiscal year-end and apply that practical expedient consistently from year to year. The ASU is effective for public business entities
for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years.
Early application is permitted. We are currently reviewing the provisions of this ASU to determine if there will be any impact
on our results of operations, cash flows or financial condition. In April
2015, FASB issued Accounting Standards Update (ASU) No. 2015-05, Intangibles Goodwill and Other
Internal-Use Software (Subtopic 350-40): Customers Accounting for Fees Paid in a Cloud Computing Arrangement, provides
guidance to customers about whether a cloud computing arrangement includes a software license. If such an arrangement includes
a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition
of other software licenses. If the arrangement does not include a software license, the customer should account for it as a service
contract. For public business entities, the ASU is effective for annual periods, including interim periods within those annual
periods, beginning after December 15, 2015. Early application is permitted. We are currently reviewing the provisions of this ASU
to determine if there will be any impact on our results of operations, cash flows or financial condition. In April
2015, FASB issued Accounting Standards Update (ASU) No. 2015-06, Earnings Per Share (Topic 260): Effects on
Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions, specifies that, for purposes of calculating
historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a drop
down transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per
unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not
change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before
and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required.
The ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier
application is permitted. We are currently reviewing the provisions of this ASU to determine if there will be any impact on our
results of operations, cash flows or financial condition. In May 2015, FASB issued Accounting
Standards Update (ASU) No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain
Entities That Calculate Net Asset Value per Share (or Its Equivalent) removes the requirement to categorize within the fair
value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments
also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using
the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has
elected to measure the fair value using that practical expedient. This ASU is effective for public business entities for fiscal
years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments
in this ASU are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. A
reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that
an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair
value hierarchy in all periods presented in an entitys financial statements. Earlier application is permitted. We are currently
reviewing the provisions of this ASU to determine if there will be any impact on our results of operations, cash flows or financial
condition. In June 2015, FASB issued Accounting
Standards Update (ASU) No. 2015-10, Technical Corrections and Improvements covers a wide range of Topics
in the Codification. The amendments represent changes to clarify the Codification, correct unintended application of guidance,
or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice
or create a significant administrative cost to most entities. Additionally, some of the amendments will make the Codification easier
to understand and easier to apply by eliminating inconsistencies, providing needed clarifications, and improving the presentation
of guidance in the Codification. Transition guidance varies based on the amendments in this ASU. The amendments in this ASU that
require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning
after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective
upon the issuance of this ASU. We are currently reviewing the provisions of this ASU to determine if there will be any impact on
our results of operations, cash flows or financial condition. In July 2015, FASB issued Accounting
Standards Update (ASU) No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory
more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting
Standards (IFRS). The amendments in this ASU do not apply to inventory that is measured using last-in, first-out (LIFO) or the
retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in,
first-out (FIFO) or average cost. An entity should measure inventory within the scope of this Update at the lower of cost and net
realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable
costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the
retail inventory method. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2016,
including interim periods within those fiscal years. For all other entities, this ASU is effective for fiscal years beginning after
December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments in this ASU should
be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We are
currently reviewing the provisions of this ASU to determine if there will be any impact on our results of operations, cash flows
or financial condition. In August 2015, FASB issued Accounting
Standards Update (ASU) No. 2015-13, Derivatives and Hedging (Topic 815): Application of the Normal Purchases
and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets specifies that the use of
locational marginal pricing by an independent system operator does not constitute net settlement of a contract for the purchase
or sale of electricity on a forward basis that necessitates transmission through, or delivery to a location within, a nodal energy
market, even in scenarios in which legal title to the associated electricity is conveyed to the independent system operator during
transmission. Consequently, the use of locational marginal pricing by the independent system operator does not cause that contract
to fail to meet the physical delivery criterion of the normal purchases and normal sales scope exception. If the physical delivery
criterion is met, along with all of the other criteria of the normal purchases and normal sales scope exception, an entity may
elect to designate that contract as a normal purchase or normal sale. This ASU is effective upon issuance and should be applied
prospectively. Therefore, an entity will have the ability to designate on or after the date of issuance any qualifying contracts
as normal purchases or normal sales. We are currently reviewing the provisions of this ASU to determine if there will be any impact
on our results of operations, cash flows or financial condition. In August 2015, FASB issued Accounting
Standards Update (ASU) No.2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective
Date defers the effective date ASU No. 2014-09 for all entities by one year. Public business entities, certain not-for-profit
entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning
after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only
as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period.
All other entities should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2018, and
interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance
in ASU No. 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods
within that reporting period. All other entities also may apply the guidance in Update 2014-09 earlier as of an annual reporting
period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after
the annual reporting period in which the entity first applies the guidance in ASU No. 2014-09. We are currently reviewing the provisions
of this ASU to determine if there will be any impact on our results of operations, cash flows or financial condition. In November 2015, FASB issued Accounting
Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,
which requires deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position.
The amendments in this Update apply to all entities that present a classified statement of financial position. The current requirement
that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not
affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial
statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all
other entities, the amendments in this Update are effective for financial statements issued for annu |
