| Organization and Summary of Significant Accounting Policies | NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of accounting policies for Capstone Companies, Inc. (“CAPC”),
a Florida corporation and its wholly-owned subsidiaries (collectively referred to as the “Company”, “we”,
“our” or “us”), is presented to assist in understanding the Company's consolidated financial statements.
The accounting policies conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”)
and have been consistently applied in the preparation of the consolidated financial statements. Organization and Basis of Presentation The condensed consolidated financial statements contained in this report are
unaudited. In the opinion of management, the condensed consolidated financial statements include all adjustments, which are of
a normal recurring nature, necessary to present fairly the Company’s financial position as of March 31, 2021 and results
of operations, stockholders’ equity and cash flows for the three months ended March 31, 2021 and 2020. All material intercompany
accounts and transactions are eliminated in consolidation. These condensed consolidated financial statements and notes are presented
in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) relating
to interim financial statements and in conformity with U.S. GAAP. Certain information and note disclosures have been condensed
or omitted in the condensed financial statements pursuant to SEC rules and regulations, although the Company believes that the
disclosures made herein are adequate to make the information not misleading. The condensed consolidated financial statements should
be read in conjunction with the consolidated financial statements and notes in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2020 (the “2020 Annual Report”) filed with the SEC on March 31, 2021. The operating results for any interim period are not necessarily indicative
of the operating results to be expected for any other interim period or the full fiscal year. Effects of COVID-19 The Company’s top priority has been to take appropriate actions to protect
the health and safety of our employees as a result of the COVID-19 pandemic. We have adjusted standard operating procedures within
our business operations to ensure the continued safety of our employees and we continually monitor evolving health guidelines
to ensure ongoing compliance and protection of our employees. These procedures include expanded and more frequent cleaning within
facilities, implementation of appropriate social distancing programs, requiring use of certain personal protective equipment,
screening protocols and work from home programs. In response to COVID-19 and Centers for Disease Control (‘CDC”)
guidelines, the Company has practiced the following actions since March 2020:
• Followed the CDC guidelines for social distancing and safe practices.
• Placed restrictions on business travel for our employees.
• Modified our corporate and division office functions to allow employees to work remotely and attend the office on a rotating schedule. Our business operations and financial performance for the period ended March
31, 2021 continued to be adversely impacted by COVID-19. As of March 31, 2021 net revenue was $438 thousand as compared to $149
thousand in the same period 2020, which was also significantly impacted by the start of the pandemic last year. The net loss for
the quarters ended March 31, 2021 and 2020 was approximately $499 thousand and $597 thousand, respectively. Net
revenue for the period continued to be driven by the uncertainty felt by retail buyers as to the impact on the retail market of
COVID-19 and its overall long-term negative impact on the U.S. economy. The full impact of the COVID-19 outbreak continues to
evolve as of the date of this report. Management is actively monitoring the impact of the global pandemic on the Company’s
financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak
and the global response to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results
of operations, financial condition, or liquidity for fiscal year 2021. The Company has been building its infrastructure to transition into the online
retail business by developing an e-commerce website and has invested in developing a social media presence over the last year
and these systems are now ready to launch and ship its Smart Mirror product in the second quarter 2021. Prior to 2021, the
Company relied on brick and mortar retail for sale of its products to consumers and sought to piggyback off retailers’ e-commerce
websites as well as dedicated online retailers like Amazon. The extent to which COVID-19 pandemic will continue to impact the Company’s
results will depend primarily on future developments, including the severity and duration of the crisis, the speed and effectiveness
of the national vaccine inoculation program, potential mutations of COVID-19 pandemic, and the impact of future actions that will
be taken to contain COVID-19 pandemic or treat its impact. These future developments are highly uncertain and cannot be
predicted with confidence, especially if mutations of the COVID-19 virus become widespread and prove resistant to vaccines. As a result of the continuing economic uncertainties caused by the COVID-19
pandemic, Management determined sufficient indicators existed to trigger the performance of an interim goodwill impairment analysis
as of March 31, 2021. The analysis concluded that the Company’s fair value of its single reporting unit exceeded the carrying
value and a goodwill impairment charge was not required in the quarter ended March 31, 2021 as the fair value of the reporting
unit exceeded the carrying amount based on the Company’s market capitalization. With the continuing economic uncertainties caused by the COVID-19 pandemic,
the capital markets may have a downturn and adversely affect the Company’s stock price which will require the Company to
test its goodwill for impairment in future reporting periods. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act,
which we refer to as the “CARES Act.” was enacted into law. The CARES Act includes several significant income and
other business tax provisions that, among other things, would eliminate the taxable income limit for certain net operating losses
(“NOLs”) and allow businesses to carry back NOLs arising in 2018, 2019, and 2020 to the five prior tax years. The
Company was able to carryback the 2018 and the 2019 NOLs to 2017 tax year and generate an estimated refund of previously paid
income taxes at an approximate 34% federal tax rate. As of December 31, 2020, the Company had an income tax refundable of approximately
$862 thousand of which approximately $576 thousand of income tax was refunded on February 3, 2021 leaving approximately $286 thousand
remaining balance to be refunded as of March 31, 2021. Liquidity and Going Concern The accompanying condensed consolidated financial statements have been prepared
on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in
the normal course of business. The COVID-19 pandemic resurgence in many states or emergence of new
vaccine-resistant strains of the virus could have a continuing negative impact on the brick and mortar retail sector, with consumers’
unwilling to visit retail stores, causing reduced consumer foot traffic and consumer spending. However, with a successful relaunch
of the Smart Mirror portfolio using the online retail platform, the Company will not be as dependent on Big Box retailers for
our revenue streams as in previous years. During the period ended March 31,
2021, the Company generated approximately $238 thousand of cash despite a net operating loss of $499 thousand. As of March 31,
2021, the Company had working capital of approximately $955 thousand and an accumulated deficit of $5.0 million. The Company’s
cash balance as of March 31, 2021 was $1.5 million. On January 4, 2021, the Company entered a $750,000 working capital loan agreement
with Directors, Stewart Wallach and Jeffrey Postal. The short-term loan ends June 30, 2021 (“Initial Period’) but
the Company has the option to extend the Initial Period for an additional six consecutive months, ending December 31, 2021. The
unpaid principal amount and all accrued interest at 1% is due and payable in full at the end of the Initial Period or expiration
of the extended date, being December 31, 2021 (the “Maturity Date”). As of March 31, 2021, the $750,000 credit line
was fully available. Since the termination of the factoring agreement with Sterling National Bank,
the Company has been in discussions with alternate funding sources that offer extensive programs that are more in line with the
Company’s future business model, particularly a facility that provides funding options that are more suitable for the e-commerce
business. The borrowing costs associated with such financing are dependent upon market conditions and our credit rating. We cannot
assure that we will be able to negotiate competitive rates, which could increase our cost of borrowing in the future. During the period ended March 31, 2021, the Company has been in discussions
with an investor group that on April 5, 2021 made an equity investment in the Company that will provide sufficient funding to
purchase the initial Smart Mirror rollout inventory. Management believes that without additional capital or increased cash generated
from operations, there is substantial doubt about the Company’s ability to continue as a going concern and meet its obligations
over the next twelve months from the filing date of this report. As previously reported on Form 8-K dated April 6, 2021, the Company entered
into five separate securities purchase agreements (“SPAs”) whereby the Company privately placed an aggregate of 2,496,667
shares of Company common stock for an aggregate purchase price $1,498,000 (transactions being referred to as the “Private
Placement”). The five investors in the Private Placement consisted of four private equity funds and one individual
– all being “accredited investors” (under Rule 501(a) of Regulation D under the Securities Act of 1933, as amended,
(“Securities Act”). The $1,498,000 in proceeds from the Private Placement will be used mostly to purchase start up
inventory for the Company’s new Smart Mirror product line, for a major online e-commerce fulfilment company, and the remainder
for advertising and working capital (See Note 7). The Company will most likely need additional outside funding in fiscal year
2021 to support the company critical launch of the Smart Mirror product line. At March 31, 2021, the Company remained debt free, except for accounts payable
and accrued liabilities, had a cash balance of $1.5 million and an available credit facility of $750,000. The Company’s factory suppliers in Thailand and China are functioning
and shipping orders. However with the resurgence of the COVID-19 pandemic certain parts of the United States, reluctance
of certain segments of the American population to get vaccinated and the threat of vaccine resistant strains of the virus, the
future impact on the retail marketplace remains uncertain, which places uncertainty on the timing of the Company’s new retail
programs that are planned to be introduced later in the year, which could result in further reduced revenue and continued losses. Management is closely monitoring its operations, liquidity, and capital resources
and is actively working to minimize the current and future impact of this unprecedented situation. Nature of Business Capstone Companies, Inc. is headquartered in Deerfield Beach, Florida. Since
the beginning of fiscal year 2007, the Company through CAPI has been primarily engaged in the business of developing, marketing,
and selling home LED products (“Lighting Products”) through national and regional retailers in North America and in
certain overseas markets. The Company’s products are targeted for applications such as home indoor and outdoor lighting
and have different functionalities to meet consumer’s needs. The Company has developed a smart interactive mirror for residential
use as a variant line for its lighting products, which was launched at the Consumer Electronics Show in early 2020 but its release
to the retail market has been delayed due to product development delays at our suppliers, resulting from the impact of COVID-19
pandemic. The development of the smart interactive mirror or “Smart Mirrors” is part of the Company’s strategic
effort to find new product lines to replace or supplement existing products that are nearing or at the end of their product life
cycle. These products are offered either under the Capstone brand or licensed brands. The Smart Mirrors launch was announced in
February 2021, but product has not shipped as of March 31, 2021. The Company’s products are typically manufactured in Thailand and China
by contract manufacturing companies. As of the date of these condensed consolidated financial statements, the Company’s
future product development effort is focused on the Smart Mirrors category because the Company believes, based on Company’s
management understanding of the industry, the Smart Mirrors have the potential for greater profit margin than the Company’s
historical LED consumer products. Technological developments and changes in consumer tastes could alter the perceived potential
and future viability of Smart Mirrors as a primary product. Aggressive marketing and pricing by larger competitors in the smart
mirror market could also adversely impact the Company’s efforts to establish Smart Mirrors as its core product line.
The Company may change its product development strategies and plans as economic conditions and consumer tastes change, which condition
and changes may be unforeseeable by the Company or may be beyond the ability of the Company to timely or at all adjust its strategic
and product development plans. The Company’s operations consist of one reportable segment for financial
reporting purposes: Lighting Products. Accounts Receivable For product revenue, the Company invoices its customers at the time of shipment
for the sales value of the product shipped. Accounts receivable are recognized at the amount expected to be collected and are
not subject to any interest or finance charges. The Company does not have any off-balance sheet credit exposure related to any
of its customers. Previously in the factoring agreement with Sterling National Bank, accounts receivable served as collateral
when the Company borrowed against its credit facilities. With the termination of the factoring agreement, the accounts receivables
are unencumbered. As of March 31, 2021 and December 31, 2020, accounts receivable had not been
collateralized against debt. Allowance for Doubtful Accounts The Company evaluates the collectability of accounts receivable based on a
combination of factors. In cases where the Company becomes aware of circumstances that may impair a specific customer’s
ability to meet its financial obligations subsequent to the original sale, the Company will recognize an allowance against amounts
due, and thereby reduce the net recognized receivable to the amount the Company reasonably believes will be collected. For all
other customers, the Company recognizes an allowance for doubtful accounts based on the length of time the receivables are past
due and consideration of other factors such as industry conditions, the current business environment and the Company’s historical
payment experience. An allowance for doubtful accounts is established as losses are estimated to have occurred through a provision
for bad debts charged to earnings. This evaluation is inherently subjective and requires estimates that are susceptible to significant
revisions as more information becomes available. As of March 31, 2021 and December 31, 2020, management has determined
that accounts receivable are fully collectible. As such, management has not recorded an allowance for doubtful accounts. The following table summarizes the components of Accounts Receivable, net:
March 31, December 31,
2021 2020
Trade Accounts Receivables at period end $ 244,204 $ 197,166
Reserve for estimated marketing allowances, cash discounts and other incentives (77,102 ) (77,102 )
Total Accounts Receivable, net $ 167,102 $ 120,064 The following table summarizes the changes in the Company’s reserve for
marketing allowances, cash discounts and other incentives which is included in net accounts receivable:
March 31, December 31,
2021 2020
Balance at beginning of the year $ (77,102 ) $ (263,092 )
Accrued allowances - -
Reclassification of allowance from accounts receivable to accounts payable and accrued liabilities - 173,426
Expenditures - 12,564
Balance at year-end $ (77,102 ) $ (77,102 ) Marketing allowances include the cost of underwriting an in store instant
rebate coupon or a target markdown allowance on a specific product. Cash discounts represent discounts offered to the retailer
off outstanding accounts receivable in order to initiate early payment. During 2020, the Company reclassified an accrued allowance from accounts receivable
to accounts payable and accrued liabilities due to the decline in revenues and accounts receivable to offset these credits. The
Company could have to pay cash to settle certain marketing allowances and other incentives issued to customers with no outstanding
accounts receivable. Inventory The Company's inventory, which consists of finished LED lighting products
for resale by Capstone, is recorded at the lower of cost (first-in, first-out) or net realizable value. The Company writes down
its inventory balances for estimates of excess and obsolete amounts. The Company reduces inventory on hand to its net realizable
value on an item-by-item basis when the expected realizable value of a specific inventory item falls below its original cost.
Management regularly reviews the Company’s investment in inventories for such declines in value. The write-downs are recognized
as a component of cost of sales. During the period ended March 31, 2021 and 2020, inventory write downs were $0 for each period.
As of March 31, 2021, and December 31, 2020, respectively, the inventory was valued at $8,775 for each period. Prepaid Expenses The Company’s prepaid expenses consist primarily of deposits on inventory
purchases for future orders as well as prepaid insurance, trade show and subscription expense. As of March 31, 2021 and December
31, 2020, prepaid expenses were $43,289 and $75,622, respectively. Goodwill On September 13, 2006, the Company entered into a Stock Purchase Agreement with Capstone Industries,
Inc., a Florida corporation (“Capstone”). Capstone was incorporated in Florida on May 15, 1996 and is engaged primarily
in the business of wholesaling technology inspired consumer products to distributors and retailers in the United States. Under the Stock Purchase Agreement, the Company acquired 100% of the issued
and outstanding shares of Capstone’s Common Stock, and recorded goodwill of $1,936,020. Goodwill acquired in business combinations
is initially computed as the amount paid by the acquiring company in excess of the fair value of the net assets acquired. Goodwill is tested for impairment on December 31 of each year or more frequently
if events or changes in circumstances indicate that the asset might be impaired. If the carrying amount exceeds its fair value,
an impairment loss is recognized. Goodwill is not amortized. The Company estimates the fair value of its single reporting unit
relative to the Company's market capitalization. As a result of the economic uncertainties caused by the COVID-19 pandemic
during the quarter ended March 31, 2021, management determined sufficient indicators existed to trigger the performance of interim
goodwill impairment analysis for the period ended March 31, 2021. The analysis concluded that the Company’s fair value exceeded
the carrying value of its single reporting unit and a goodwill impairment charge was not required. The following table summarizes the changes in the Company’s goodwill
asset which is included in the total assets in the accompanying consolidated balance sheets:
March 31, March 31,
2021 2020
Balance at the beginning of the period $ 1,312,482 $ 1,936,020
Impairment charges - (290,059 )
Balance at March 31, 2021 $ 1,312,482 $ 1,645,961
March 31, December 31,
2021 2020
Balance at the beginning of the period $ 1,312,482 $ 1,936,020
Impairment charges - (623,538 )
Balance at March 31, 2021 $ 1,312,482 $ 1,312,482 The Company estimates the fair value of its single reporting unit relative to the Company’s
market capitalization which utilizes level 1 inputs. Fair Value Measurement The accounting guidance under Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”), “Fair Value Measurements and Disclosures” (ASC 820-10) requires
the Company to make disclosures about the fair value of certain of its assets and liabilities. ASC 820-10 clarifies the principle
that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes
a fair value hierarchy that prioritizes the information used to develop those assumptions. ASC 820-10 utilizes a fair value hierarchy
that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the
hierarchy are as follows: Level 1: Observable inputs such as quoted prices in active markets for identical
assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset
or liability, either directly or indirectly. Level 3: Significant unobservable inputs. Basic earnings per common share is computed by dividing net income(loss) by
the weighted average number of shares of common stock outstanding as of March 31, 2021 and 2020. Diluted earnings per share reflects
the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into
common stock. For calculation of the diluted earnings per share, the basic weighted average number of shares is increased by the
dilutive effect of stock options and warrants using the treasury stock method. In periods where losses are reported, the weighted
average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.
As of March 31, 2021 and 2020, the total number of potentially dilutive common stock equivalents excluded from the diluted earnings
per share calculation was 1,989,900 and 900,000, respectively. Revenue Recognition The Company generates revenue from developing, marketing and selling consumer
lighting products through national and regional retailers. The Company’s products are targeted for applications such as
home indoor and outdoor lighting and have different functionalities Capstone currently operates in the consumer lighting products
category and is expanding into the Smart Mirror category in the United States and in certain overseas markets. These products
may be offered either under the Capstone brand or licensed brands. A sales contract occurs when the customer-retailer submits a purchase order
to buy a specific product, a specific quantity, at an agreed-fixed price, within a ship window, from a specific location and on
agreed payment terms. The selling price in all of our customers’ orders has been previously
negotiated and agreed to including any applicable discount prior to receiving the customer’s purchase order. The stated
unit price in the customer’s order has already been determined and is fixed at the time of invoicing. The Company recognizes product revenue when the Company’s performance
obligations as per the terms in the customers purchase order have been fully satisfied, specifically, when the specified product
and quantity ordered has been manufactured and shipped pursuant to the customers requested ship window, when the sales price as
detailed in the purchase order is fixed, when the product title and risk of loss for that order has passed to the customer, and
collection of the invoice is reasonably assured. This means that the product ordered and to be shipped has gone through quality
assurance inspection, customs and commercial documentation preparation, the goods have been delivered, title transferred to the
customer and confirmed by a signed cargo receipt or bill of lading. Only at the time of shipment when all performance obligations
have been satisfied will the judgement be made to invoice the customer and complete the sales contract. The Company may enter into a licensing agreement with globally recognized
companies, that allows the Company to market products under a licensed brand to retailers for a designated period of time, and
whereby the Company will pay a royalty fee, typically a percentage of licensed product revenue to the licensor in order to market
the licensed product. The Company expenses license royalty fees and sales commissions when incurred
and these expenses are recognized during the period the related sale is recorded. These costs are recorded within sales and marketing
expenses. The following table presents net revenue by geographic location which is recognized
at a point in time:
For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020
Capstone Brand % of Revenue Capstone Brand % of Revenue
Lighting Products- U.S. $ 141,900 32 % $ 48,303 32 %
Lighting Products-International 296,523 68 % 100,674 68 %
Total Revenue $ 438,423 100 % $ 148,977 100 % We provide our customers with limited rights of return for non-conforming product warranty claims. As
a policy, the Company does not accept product returns from customers, however occasionally as part of a customers in store test for new
product, we may receive back residual inventory. Customer orders received are not long-term orders and are typically shipped
within six months of the order receipt, but certainly within a one-year period. Our payment terms may vary by the type of customer, the customer's credit
standing, the location where the product will be picked up from and for international customers, which country their corporate
office is located. The term between invoicing date and when payment is due may vary between 30 days and 90 days depending on the
customer type. In order to ensure there are no payment issues, overseas customers or new customers may be required to provide
a deposit or full payment before the order is delivered to the customer. The Company selectively supports retailer's initiatives to maximize sales
of the Company's products on the retail floor or to assist in developing consumer awareness of new products launches, by providing
marketing fund allowances to the customer. The Company recognizes these incentives at the time they are offered to the customers
and records a credit to their account with an offsetting charge as either a reduction to revenue, increase to cost of sales, or
marketing expenses depending on the type of sales incentives. Sales reductions for anticipated discounts, allowances and other
deductions are recognized during the period the related revenue is recorded. The reduction of accrued allowances is included in
net revenues and amounted to $7.5 thousand and $30.8 thousand for the periods ended March 31, 2021 and 2020, respectively. Warranties The Company provides the end user with limited rights of return as a consumer
assurance warranty on all products sold, stipulating that the product will function properly for the warranty period. The warranty
period for all products is one year from the date of consumer purchase. Certain retail customers may receive an off-invoice based discount such as
a defective/warranty allowance, that will automatically reduce the unit selling price at the time the order is invoiced. This
allowance will be used by the retail customer to defray the cost of any returned units from consumers and therefore negate the
need to ship defective units back to the Company. Such allowances are charged to cost of sales at the time the order is invoiced. For those customers that do not receive a discount off-invoice, the Company
recognizes a charge to cost of sales for anticipated non-conforming returns based upon an analysis of historical product warranty
claims and other relevant data. We evaluate our warranty reserves based on various factors including historical warranty claims
assumptions about frequency of warranty claims, and assumptions about the frequency of product failures derived from our reliability
estimates. Actual product failure rates that materially differ from our estimates could have a significant impact on our operating
results. Product warranty reserves are reviewed each quarter and recognized at the time we recognize revenue. The following
table summarizes the changes in the Company's product warranty liabilities which are included in accounts payable and accrued liabilities
in the accompanying March 31, 2021 and December 31, 2020 balance sheets:
March 31, December 31,
2021 2020
Balance at the beginning of the period $ 56,465 $ 247,850
Amount accrued 627 46,322
Payments and credits (2,849 ) (237,707 )
Balance at period-end $ 54,243 $ 56,465 Advertising and Promotion Advertising and promotion costs, including advertising, public relations,
and trade show expenses, are expensed as incurred and included in sales and marketing expenses. Advertising and promotion expense
was $4,010 and $188,808 for the three months ended March 31, 2021 and 2020, respectively. Product Development Our research and development team located in Hong Kong working with our designated
factories, are responsible for the design, development, testing, and certification of new product releases. Our engineering efforts
support product development across all products, as well as product testing for specific overseas markets. All research and development
costs are charged to results of operations as incurred. With the reduction of revenue during 2020 resulting from the impact of
the COVID-19 pandemic and combined with the transfer of manufacturing to Thailand, CIHK eliminated several operational support
positions in China. For the three months ended March 31, 2021 and 2020, research and development
expenses were $26,892 and $51,614, respectively. Shipping and Handling The Company's shipping and handling costs are included in sales and marketing
expenses and are recognized as an expense during the period in which they are incurred and amounted to $170 and $13,782 for the
three months ended March 31, 2021 and 2020, respectively. Accounts Payable and Accrued Liabilities The following table summarizes the components of accounts payable and accrued liabilities as of
March 31, 2021 and December 31, 2020, respectively:
March 31, December 31,
2021 2020
Accounts payable $ 352,740 246,158
Accrued warranty reserve 54,243 56,465
Accrued compensation and deferred wages, marketing allowances, customer deposits and other liabilities 564,383 523,067
Total accrued liabilities 618,626 579,532
Total $ 971,366 825,690 Income Taxes The Company is subject to income taxes in the U.S. federal jurisdiction, various state jurisdictions
and certain other jurisdictions. The Company accounts for income taxes under the provisions of 740 Income
Taxes The Company recognizes the tax benefit from an uncertain tax position only
if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical
merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on
the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Tax regulations within each jurisdiction are subject to the interpretation
of the relaxed tax laws and regulations and require significant judgement to apply. The Company is not subject to U.S. federal,
state and local tax examinations by tax authorities generally for a period of 3 years from the later of each return due date or
date filed. On March 27, 2020, the CARES Act was enacted into law. The CARES Act is a
tax and spending package intended to provide economic relief to address the impact of the COVID-19 pandemic. The CARES Act includes
several significant income and other business tax provi |
