cpka_10k.htm

0001477932-20-001540.txt : 20200327 0001477932-20-001540.hdr.sgml : 20200327 20200327060415 ACCESSION NUMBER: 0001477932-20-001540 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 43 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200327 DATE AS OF CHANGE: 20200327 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHASE PACKAGING CORP CENTRAL INDEX KEY: 0001025771 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE SERVICES [0700] IRS NUMBER: 931216127 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21609 FILM NUMBER: 20747757 BUSINESS ADDRESS: STREET 1: PO BOX 126 CITY: RUMSON STATE: NJ ZIP: 07760 BUSINESS PHONE: 732-741-1500 MAIL ADDRESS: STREET 1: PO BOX 126 CITY: RUMSON STATE: NJ ZIP: 07760 10-K 1 cpka_10k.htm FORM 10-K cpka_10k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 0-21609

CHASE PACKAGING CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		93-1216127
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

PO Box 126, Rumson, NJ 07760

(Address of principal executive offices and zip code)

(732) 741.1500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: Common Stock, par value $.00001 per share

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405) is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	¨	Accelerated Filer	¨
Non-Accelerated Filer	x	Smaller reporting company	x
		Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

The aggregate market value of voting and non-voting common equity held by non-affiliates as of June 30, 2019 was approximately $3,766,624 based upon 41,851,379 shares held by non-affiliates and the last reported sales price of $0.09 per share on such date.

Number of shares of common stock outstanding as of March 23, 2020: 60,982,172

Documents incorporated by reference

Listed below are documents, parts of which are incorporated herein by reference, and the part of this report into which the document is incorporated: None

CHASE PACKAGING CORPORATION

FORM 10-K

For the Fiscal Year Ended December 31, 2019

TABLE OF CONTENTS

		PAGE NO
PART I

ITEM 1	BUSINESS		4
ITEM 1A	RISK FACTORS		5
ITEM 1B	UNRESOLVED STAFF COMMENTS		5
ITEM 2	PROPERTIES		5
ITEM 3	LEGAL PROCEEDINGS		5
ITEM 4	MINE SAFETY DISCLOSURES		5

PART II

ITEM 5	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES		6
ITEM 6	SELECTED FINANCIAL DATA		6
ITEM 7	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		7
ITEM 7A	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		9
ITEM 8	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA		9
ITEM 9	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE		9
ITEM 9A	CONTROLS AND PROCEDURES		10
ITEM 9B	OTHER INFORMATION		11

PART III

ITEM 10	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE		12
ITEM 11	EXECUTIVE COMPENSATION		13
ITEM 12	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS		14
ITEM 13	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE		16
ITEM 14	PRINCIPAL ACCOUNTANT FEES AND SERVICES		16

PART IV

ITEM 15	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES		17
SIGNATURES			19

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FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, and Section 27A of the Securities Act of 1933. Any statements contained in this report that are not statements of historical fact may be forward-looking statements. When we use the words “intends,” “estimates,” “predicts,” “potential,” “continues,” “anticipates,” “plans,” “expects,” “believes,” “should,” “could,” “may,” “will” or the negative of these terms or other comparable terminology, we are identifying forward-looking statements. Forward-looking statements involve risks and uncertainties, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. These factors include our capital needs and our ability to find a suitable merger partner wishing to go public or a suitable private company to acquire to create investment value for the Company. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

Except as may be required by applicable law, we do not undertake or intend to update or revise our forward-looking statements, and we assume no obligation to update any forward-looking statements contained in this report as a result of new information or future events or developments. Thus, you should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. You should carefully review and consider the various disclosures we make in this report and our other reports filed with the Securities and Exchange Commission that attempt to advise interested parties of the risks, uncertainties and other factors that may affect our business.

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PART I

ITEM 1. BUSINESS.

General

The Company is a Delaware corporation which, prior to 1998, was engaged in the specialty packaging business, primarily as a supplier of packaging products to the agricultural industry. During 1997, the Company commenced an orderly liquidation of its assets (described below) which was completed in 1997. At present, management of the Company is seeking to secure a suitable merger partner wishing to go public or to acquire private companies to create investment value for the Company. For purposes of Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company is considered a shell company.

History

Prior Business Operations

The Company was established in July of 1993 as a wholly-owned subsidiary of Dawson Geophysical Company (“Dawson” and formerly known TGC Industries, Inc.). On July 30, 1993, the Company purchased certain assets of Union Camp Corporation’s packaging division for a purchase price of approximately $6.14 million. The assets purchased included substantially all of the business of weaving and constructing Saxolin Ò paper mesh and polypropylene plastic mesh bagging material for agricultural and industrial applications and substantially all of the properties related to Union Camp’s packaging division. The properties acquired by Chase consisted of Union Camp’s plant facilities located in Portland, Oregon, and Idaho Falls, Idaho, and all machinery, equipment, and inventories connected with these facilities.

The Company experienced losses from 1994 through 1997, and in 1997 the Company’s secured lender decided not to renew the Company’s operating line of credit. The Company’s Board of Directors therefore determined that it was in the best interest of the Company and all of its creditors to liquidate in an orderly fashion.

Effective July 21, 1997, the Company sold its operations at Idaho Falls, Idaho, to Lockwood Packing Corporation (“Lockwood”). The assets sold included substantially all of the Company’s equipment, furniture, fixtures, and other assets located in the Idaho Falls, Idaho, facility for a total of $75,000. In addition, the Company sold inventory from the Idaho Falls operation to Lockwood for $255,000. The proceeds from these sales were used to reduce the Company’s loan balance with its lender.

On July 25, 1997, the Company notified its creditors by mail that the Company would begin an orderly liquidation of all of its remaining assets, outside of a formal bankruptcy or receivership proceeding, in a manner intended to maximize the asset values. The Company retained the firm of Edward Hostmann, Inc. to assist the Company in such liquidation which was completed during 1997.

Post-Liquidation Operations

Since 1999, the Board of Directors has devoted its efforts to establishing a new business or engaging in a merger or other reorganization transaction.

The Company closed a private placement of 13,334 units (the “Units”) on September 7, 2007. Each Unit was sold for $150 and consisted of: one share of Series A 10% Convertible Preferred Stock ($100 stated value) convertible into 1,000 shares of the Company’s common stock (the “common stock”); 500 shares of common stock; and 500 five-year warrants, each warrant exercisable for one share of common stock at $0.15 per share. Gross proceeds from the offering were $2,000,100, expenses of the offering were approximately $38,000, and net proceeds were approximately $1,962,000.

The Company is reporting that effective on December 31, 2018, the Company successfully completed a voluntary early conversion of its outstanding Series A 10% Convertible Preferred Stock to common stock. As a result, the Company no longer has any of the Preferred Stock outstanding. .

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ITEM 1A. RISK FACTORS.

As a smaller reporting company, we are not required to provide the information required by this item.

ITEM 1B. UNRESOLVED STAFF COMMENTS.

None.

ITEM 2. PROPERTIES.

The Company neither rents nor owns any properties. The Company utilizes the office space and equipment of its management at no cost. The Company currently has no policy with respect to investment or interests in real estate, real estate mortgages, or securities of, or interests in, persons primarily engaged in real estate activities.

ITEM 3. LEGAL PROCEEDINGS.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES.

The Company’s common stock trades in the Pink Sheets under the symbol “CPKA.” American Stock Transfer and Trust Company has determined that there were approximately 229 holders of record on December 31, 2019. Trading volume in the Company’s securities has been nominal. The last reported high and low prices on December 31, 2019 were $0.14 and $0.13, respectively, and the last trade was $0.13.

High and low closing stock prices for the Company’s common stock in the years ended December 31, 2019 and December 31, 2018 are displayed in the following table:

	2019 Market Price				2018 Market Price
Quarter Ended	High		Low		High		Low

March 31	$	0.060	$	0.030	$	0.030	$	0.015
June 30	$	0.160	$	0.045	$	0.090	$	0.040
September 30	$	0.185	$	0.090	$	0.049	$	0.030
December 31	$	0.140	$	0.130	$	0.070	$	0.038

The Company has never paid cash dividends on its shares of common stock and does not anticipate the payment of dividends on its shares of common stock in the foreseeable future.

ITEM 6. SELECTED FINANCIAL DATA.

Not Applicable.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION.

Results of Operations

For the years ended December 31, 2019 and 2018

Revenue

The Company had no operations and no revenue for the years ended December 31, 2019 and 2018 and its only income was from interest income on its short-term investments which are classified as cash and cash equivalents.

Operating Expenses

The following table presents our total operating expenses for the years ended December 31, 2019 and 2018.

	Year Ended December 31,
	2019		2018
Audit and professional fees		50,814		21,679
Payroll		18,867		20,361
Other general and administrative expense		114,474		11,827
	$	184,155	$	53,867

Operating expenses consist of i) audit, accounting and legal fees, ii) payroll, and iii) other general and administrative expenses, including directors’ compensation of $92,100 paid in stock, transfer agent and EDGAR filer services and other service expenses directly related to the maintenance of the corporate entity and the preparation and filing of reports with the Securities and Exchange Commission. The increase in audit and professional fees in 2019 was mainly due to the increase in legal, audit, and accounting fees, and other general and administrative expenses including investment banking fees.

Loss from Operation

The Company incurred loss from operation of $184,155 and $53,867 for the years ended December 31, 2019 and 2018, respectively. ($92,100 in 2019 was payable in stock, a non-cash payment)

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Other Income (Expense)

The following table presents our total Other Income (Expense) for the years ended December 31, 2019 and 2018.

	Year Ended December 31,
	2019			2018
Warrant modification expense		(567,194	)		-
Interest and other income		8,681			10,276

Other income (expense) decreased by $568,789 for the year ended December 31, 2019 as compared to the year ended December 31, 2018. The decrease was caused by less interest income due to fewer investable funds and lower interest rates along with a one-time warrant modification expense of $567,194.

Net Loss

The Company had a net loss of $742,668 for the year ended December 31, 2019, compared with a net loss of $43,591 for the year ended December 31, 2018

Losses per share for the years ended December 31, 2019 and 2018 were $(0.01) and $(0.02) per share, respectively, based on the weighted-average shares issued and outstanding.

It is anticipated that future operating expenses will increase as the Company complies with its periodic reporting requirements and effects a business combination, although there can be no assurance that the Company will be successful in effecting a business combination.

Two major items classified as expenses had a significant impact on reported loss; both expenses were non-cash and had no effect on the Company’s cash position. Directors and the CFO received compensation paid in stock ($92,100); this and the warrant modification expense ($567,194) were treated as expenses with a corresponding increase in additional paid-in capital. See Note 7 in the footnotes to the accompanying financial statements.

Liquidity and Capital Resources

At December 31, 2019 the Company had cash and cash equivalents of approximately $679,147 consisting mostly of money market funds and U.S. Treasury and government securities maturing in 3 months or less. Management believes that its cash and cash equivalents are sufficient for its business activities for at least the next twelve months and for the costs of seeking an acquisition of an operating business.

The following table provides detailed information about our net cash flow for all financial statements years presented in this Report.

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Cash Flow

	Year Ended December 31,
	2019			2018
Net cash used in operating activities	$	(76,724	)	$	(49,872	)
Net cash provided by investing activities		-			-
Net cash provided by financing activities		-			-
Net cash outflow	$	(76,724	)	$	(49,872	)

Net cash of $(76,724) and $(49,872) were used in operations during the year ended December 31, 2019 and 2018, respectively.

The use of cash of $(76,724) used in operating activities for the year ended December 31, 2019, principally resulted from our net loss of $(742,668), as adjusted for non-cash charges for warrants modification expense of $567,194, stock based compensation of $92,100, and changes in accounts payable and accrued expenses of $6,650.

The use of cash of $(49,872) used in operating activities for the year ended December 31, 2018, principally resulted from our net loss of $(43,591), and changes in accounts payable and accrued expenses of $(6,281).

No cash flows were used in or provided by investing activities during the year ended December 31, 2019 and 2018.

No cash proceeds were used in or provided by financing activities during the year ended December 31, 2019 and 2018.

New Accounting Pronouncements

Refer to the discussion of recently adopted/issued accounting pronouncements under Part II, Item 8, Notes to Financial Statements, Note 3: Significant Accounting Policies.

Factors Which May Affect Future Results

Future earnings of the Company are dependent on interest rates earned on the Company’s invested balances and expenses incurred. The Company expects to incur significant expenses in connection with its objective of identifying a merger partner or acquiring an operating business.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not Applicable.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

The full text of our audited financial statements as of and for the years ended December 31, 2019 and 2018 begins on page F-1 of this Report.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None

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ITEM 9A. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures.

Our management, with the participation of our principal executive and financial officer, evaluated the effectiveness of our disclosure controls and procedures. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports, such as this report, that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on that evaluation, our chief executive officer and chief financial officer concluded that as of December 31, 2019, our disclosure controls and procedures were effective.

Management’s Annual Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

	•	Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and the dispositions of the assets of the Company;

	•	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorization of management and the board of directors of the Company; and

	•	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluations of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions or because of declines in the degree of compliance with the policies or procedures.

Our management, with the participation of the Principal Executive and Financial Officer, assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2019. In making this assessment, the Company’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework 2013.

Management has concluded that we did maintain effective internal control over financial reporting as of December 31, 2019 based on those criteria.

Management’s report was not subject to attestation by the Company’s independent registered public accounting firm since the Company is classified as a smaller reporting company.

Changes in Internal Controls over Financial Reporting.

We regularly review our system of internal control over financial reporting.

During the year ended December 31, 2019, there were no changes in our internal controls over financial reporting that have materially affected, or are reasonably likely to affect materially, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION.

None

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

Board of Directors

Information concerning each member of Chase’s Board of Directors is set forth below:

Name, Age, and Business Experience		Positions with Company
William J. Barrett, 80 Secretary of the Company since 2001, Director of the Company from 1996 to 1997, rejoined the Board of Directors in 2001; Director of Dawson Geophysical Company (formerly TGC Industries, Inc. (“TGC”)), a company engaged in the geophysical services industry since 1980; Secretary of TGC from 1986 to November 1997; President of W. J. Barrett Associates, Inc., a private merchant banking firm, since June 2009; President of Barrett-Gardner Associates, Inc., a private merchant banking firm, from November 2002 until June 2009; previously Senior Vice President of Janney Montgomery Scott LLC, an investment banking firm, from 1978 to 2002; Director, Executive Vice President, and Secretary of Supreme Industries, Inc. (“Supreme”), a manufacturer of specialized truck bodies, from 1979 through September 2017 when Supreme was acquired by Wabash National Corporation. Mr. Barrett brings to the Board keen business and financial judgment and an extraordinary understanding of the Company’s business, history, and organization, as well as extensive leadership experience.		Lead Director

Herbert M. Gardner, 80 Vice President of the Company since 2001, Director of the Company from 1996 to 1997 and rejoined the Board of Directors in 2001; Director of TGC Industries, Inc. (“TGC”), a company engaged in the geophysical services industry, from 1980 until February 2015 when Dawson Geophysical Company acquired TGC; Executive Vice President of Barrett-Gardner Associates, Inc., a private merchant banking firm, from November 2002 until June 2009; previously Senior Vice President of Janney Montgomery Scott LLC, an investment banking firm, from 1978 to 2002; Chairman of the Board of Supreme Industries, Inc. (“Supreme”), a manufacturer of specialized truck bodies, from 1979 through September 2017 when Wabash National Corporation acquired Supreme, Chief Executive Officer of Supreme from 1979 to January 2011, President of Supreme from June 1992 to February 2006; former Director of Nu-Horizons Electronics Corp., an electronics component distributor, from 1984 until January 2011; and former Director of MKTG, Inc., a marketing and sales promotion company from 1997 until January 2010. Mr. Gardner was selected to serve as a director of the Company because of his strong executive management skills, his business acumen, and his experience as chief executive officer of another public company.		Director

Edward L. Flynn, 85 Director of the Company since 2007; Director of Dawson Geophysical Company (formerly TGC Industries, Inc.), a company engaged in the geophysical services industry, from 1999 until February 2015; Owner of Flynn Meyer Company, a management company for the restaurant industry, since 1976; and Director and Treasurer of Citri-Lite Co., a soft drink company, since 1994. Mr. Flynn is an experienced leader of large organizations and brings to the Board strong executive management skills and experience serving on the boards of other public companies.		Director

John A. Forbes, 59 Joined the Board of Directors in 2019, a partner with Outcomes LLC and Full Sails LLC, two firms engaged in new product development and strategic business consulting, since June 2017. Previously, Mr. Forbes was the President of Utilimaster, a business unit of Spartan Motors USA, Inc., from July 2010 to June 2017. Mr. Forbes currently serves as the Chairman of Patrick Industries, Inc. Corporate Governance and Nominations Committee, and as a member of Patrick’s Audit Committee and Compensation Committee. Mr. Forbes has over 32 years of experience in serving various manufacturing industries and has extensive experience with operations management, acquisitions, strategic planning, risk management, and banking relations. He has been determined to be an “audit committee financial expert” under the rules and regulations of the Securities and Exchange Commission (the "SEC").		Director

Matthew W. Long CPA, MBA, age 57 Joined the Board of Directors in 2019, served as Interim Chief Financial Officer for Spartan Motors, Inc. a publicly traded manufacturer of specialty vehicles until their Chief Financial Officer returned from medical leave at the end of 2018. Mr. Long served as a member of Board of Directors of Skyline Corporation serving on the Audit and Compensation Committees in 2017 and 2018 until the company was acquired in 2018. Mr. Long served as Chief Financial Officer, Treasurer, and Assistant Secretary of Supreme Industries, Inc. a publicly traded leading manufacturer of truck bodies and specialized commercial vehicles from April 2011 until the company was acquired in September 2017 where he played a critical role in improving the company’s profitability.		Director

Mark C. Neilson, 61 Joined the Board of Directors in 2019, Founder/Managing Partner of Accretive CFO Services of San Diego LLC and Accretive LLC (Indiana), a financial consulting services firm since December 2010; Director of Supreme Industries, Inc. from May 2003 to September 2017; Director of SmokerCraft, Inc., a manufacturer of pontoon and fishing boats, since December 2010; Director of Earthway Products, Inc., a manufacturer of fertilizer spreaders since December 2016; and Director of EVS, Ltd., a manufacturer of emergency vehicle safety seating products since 1999. Mr. Neilson qualifies as an “audit committee financial expert” under guidelines of the Securities and Exchange Commission		Director

Wayne A. Whitener, 68 Joined the Board of Directors in 2009. Mr. Whitener, was Director of Dawson Geophysical Company (formerly TGC Industries, Inc.), a company engaged in the geophysical services industry, from 1984 until retiring in 2019 ; Executive Vice Chairman of Dawson since February 2015 until retirement, President of Dawson from July 1986 until February 2015; and Chief Executive Officer of Dawson from 1999 until February 2015. As the principal executive officer of another public company, Mr. Whitener provides valuable insight and guidance on the issues of corporate strategy and risk management.		Director

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Executive Officers

The following table sets forth certain information concerning the persons who serve as executive officers of the Company and who will continue to serve in such positions at the discretion of the Board of Directors.

Ann C. W. Green

Principal Executive Officer, Chief Financial Officer and Assistant Secretary

Ms. Green has served as Chief Financial Officer and Assistant Secretary of the Company since 2001. She is Vice President of W. J. Barrett Associates, Inc., a private merchant banking firm. Ms. Green previously served for over 20 years as Assistant Secretary of each of Supreme Corporation, a specialized manufacturer of truck bodies, and Dawson Geophysical Company (formerly known as TGC Industries, Inc.), a company engaged in the geophysical services industry, and for 15 years as Assistant Vice President of Janney Montgomery Scott, LLC, an investment banking firm.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Securities Exchange Act of 1934, as amended, requires the Company’s directors and executive officers, and persons who own more than 10% of the Company’s common stock, par value $.00001 per share (the “ Common Stock “), to file with the SEC certain reports of beneficial ownership of Common Stock. Based solely on copies of such reports furnished to the Company and written representations that no other reports were required, the Company believes that all applicable Section 16(a) filing requirements were complied with by its directors, officers, and 10% shareholders during the last fiscal year.

Committees

The Board of Directors has not established a separate audit committee within the meaning of the Exchange Act. Instead, the entire Board acts as the audit committee and will continue to do so for the foreseeable future. The Board of Directors has determined that William J. Barrett qualifies as an audit committee financial expert. He is not an independent director.

Code of Ethics

The Board of Directors has not adopted a code of ethics that applies to its executive officers. Since the Company is a development stage company with no operations and since only one of its executive officers receives compensation, the Board of Directors believes that a code of ethics is not necessary to deter wrongdoing and to promote honest and ethical conduct and accurate disclosure in the Company’s public communications.

ITEM 11. EXECUTIVE COMPENSATION.

Commencing November 1, 2007, the Company’s Board of Directors agreed to pay the Company’s Chief Financial Officer an annual salary of $17,000. Board members are reimbursed for out-of-pocket expenses incurred in connection with Company business and development. There were no equity awards at fiscal year-end.

Summary Compensation Table

Name and Principal Position	Year	Salary		Bonus		Stock Awards		Option Awards		Non-Equity Incentive Plan Compensation ($)		Nonqualified Deferred Compensation Earnings ($)		All Other Compensation		Total

Ann C.W. Green, Chief Financial Officer	2019	$	17,000		-0-		9,300		-0-		-0-		-0-		-0-	$	17,000
	2018	$	17,000		-0-		-0-		-0-		-0-		-0-		-0-	$	17,000

Director Compensation

Directors of the Company are not paid fees, but are reimbursed for expenses incurred in connection with attendance at meetings of the Board of Directors and out-of-pocket expenses incurred in connection with Company business and development. In 2019 the members of the Board of Directors and the CFO received common stock in lieu of cash for services rendered in 2019. See Note 7 in the footnotes to the accompanying financial statements.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

Name and Address of Beneficial Owner	Title of Class	Amount and Nature of Beneficial Ownership			Approximate Percentage of Class (1)

William J. Barrett PO Box 126, Rumson, NJ 07760	Common		8,854,524	(2)(5)		14.52	%

Herbert M. Gardner PO Box 126, Rumson, NJ 07760	Common		5,742,683	(3)(5)		9.42	%

Edward L. Flynn 7511 Myrtle Avenue Glendale, NY 11385	Common		3,112,007	(4)(5)		5.10	%

John A. Forbes 51820 Waterford Green Dr., Granger, IN 46530	Common		401,800			0.66	%

Matthew W. Long 25580 North Shore Dr., Elkhart, IN 46514	Common		300,000			0.49	%

Mark C. Neilson 7140 Calabria Court #B, San Diego, CA 92122	Common		300,000			0.49	%

Wayne A. Whitener 101 E. Park Blvd., Ste 955 Plano, TX 75074	Common		372,738	(5)		0.61	%

Ann C. W. Green PO Box 126, Rumson, NJ 07760	Common		1,457,541	(5)		2.39	%

All directors & officers as a group (5 persons)	Common		20,541,293	(2)(3)(4)(5)		33.68	%

____________

(1)	The percentage calculations have been made in accordance with Rule 13d-3(d)(1) promulgated under the Securities Exchange Act of 1934, as amended, based on number of shares outstanding plus the Common Stock underlying the warrants.

(2)	Includes 1,492,169 shares of Common Stock (includes the Common Stock underlying warrants) owned by William J. Barrett’s wife. Mr. Barrett has disclaimed beneficial ownership of these shares.

(3)	Includes 804,826 shares of Common Stock (includes the Common Stock underlying warrants) owned by the Generation Skipping Marital Trust U/W/O Mary K. Gardner. Mr. Gardner has disclaimed beneficial ownership of these shares.

(4)	Includes 1,372,824 shares of Common Stock (includes the Common Stock underlying warrants) owned by Edward L. Flynn’s wife. Mr. Flynn has disclaimed beneficial ownership of these shares.

(5)	Includes the Common Stock underlying warrants held by the following directors and executive officers:

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Beneficial Owner	Number of Common Shares Underlying Warrants Beneficially Owned

William J. Barrett (1)		245,500
Herbert M. Gardner (2)		712,500
Edward L. Flynn (3)		334,000
John A. Forbes		-
Matthew W. Long		-
Mark C. Neilson		-
Wayne A. Whitener		-
Ann C. W. Green		118,500
Total		1,410,500

_____________

(1)	Includes 167,000 shares of Common Stock underlying warrants held by the named person’s spouse. Mr. Barrett has disclaimed beneficial ownership of the shares

(2)	Includes 89,000 shares of Common Stock underlying warrants held by the Generation Skipping Marital Trust U/W/O Mary K. Gardner. Mr. Gardner has disclaimed beneficial ownership of the shares..

(3)	Includes 167,000 shares of Common Stock underlying warrants, respectively, held by the named person’s spouse. Mr. Flynn has disclaimed beneficial ownership of the shares.

Depositories such as The Depository Trust Company (Cede & Company) as of February 25, 2019 held, in the aggregate, more than 5% of the then outstanding Common Stock voting shares. The Company understands that such depositories hold such shares for the benefit of various participating brokers, banks, and other institutions which are entitled to vote such shares according to the instructions of the beneficial owners thereof. The Company has no reason to believe that any of such beneficial owners hold more than 5% of the Company’s outstanding voting securities.

EQUITY COMPENSATION PLANS

There are no equity compensation plans which have been approved by the Company’s stockholders.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

Independence

The Common Stock is quoted on the over-the-counter market operated by Pink OTC Markets Inc., which does not impose any director independence requirements. Using the director independence requirements set forth in NASDAQ rule 5605(a)(2), the Company has five independent directors, Messrs. Edward L. Flynn, John A. Forbes, Matthew Long, Mark C. Neilson and Wayne A. Whitener.

Transactions and Relationships Involving Our Directors and Executive Officers

The Company did not engage in any transaction during the 2019 fiscal year, and does not currently propose to enter into any transaction, in which any related person had or will have a direct or indirect material interest in excess of $120,000.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The Company paid or accrued the following fees in the prior two fiscal years to Heaton & Company, PLLC (dba Pinnacle Accountancy Group of Utah), which served as the Company’s independent registered public accounting firm since January 2019 and to ZBS Group LLP which served as the Company’s independent registered public accounting firm from October 2013 through October 2018 .

	Fiscal year ended December 31,
	2019		2018
1. Audit fees	$	12,000	$	9,000
2. Audit-related fees		-		-
3. Tax fees		500		2,500
4. All other fees		-		-
Totals	$	12,500	$	11,500

We have considered whether the provision of any non-audit services, currently or in the future, is compatible with our auditors maintaining its independence and have determined that these services do not compromise their independence.

“Audit Fees” consisted of the fees billed for professional services rendered for the audit of our annual financial statements and the reviews of the financial statements included in our Forms 10-K and for any other services that were normally provided by our independent auditors in connection with our statutory and regulatory filings or engagements.

“Tax Fees” consisted of the fees billed for professional services rendered for tax compliance, tax advice and tax planning. Included in such Tax Fees were fees for preparation of our tax returns and consultancy and advice on other tax planning matters.

The Board of Directors, which functions as the audit committee, makes reasonable inquiry as to the independence of the Company’s independent registered public accounting firm based upon the considerations set forth in Rule 2-01 of Regulation S-X, including the examination of representation letters furnished by the independent registered public accounting firm.

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PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

(a)	The following documents are filed as a part of this report:

	(1)	Financial Statements included in Item 8 above are filed as part of this annual report.

	(2)	Financial Statement Schedules included in Item 8 herein:

		All schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and therefore, have been omitted.

	(3)	Exhibits: The information required by this Item 15(a)(3) is set forth in the Index to Exhibits accompanying this Annual Report on Form 10-K.

Number		Description

3.1		Articles of Incorporation, as amended, of the Company filed as Exhibit 3.1 to the Company’s Form 10-SB, as amended, dated October 24, 1996, filed with the Securities and Exchange Commission and incorporated herein by reference.

3.2		Articles of Amendment to the Articles of Incorporation of the Company filed as Exhibit 3.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on June 9, 2008, and incorporated herein by reference.

3.3		Amended and Restated Bylaws of the Company dated March 28, 2008, filed as Exhibit 3.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on April 3, 2008, and incorporated herein by reference .

4.1		Form of Registration Rights Amendment, dated as of September 7, 2007, by and among the Company and certain purchasers named therein, filed as Exhibit 4.1 to the Company’s Form 10-QSB/A for the quarterly period ended September 30, 2007, filed with the Securities and Exchange Commission on May 5, 2008, and incorporated herein by reference.

4.2		Form of Amendment Number One to Registration Rights Agreement, dated as of April 30, 2008, by and among the Company and certain purchasers named therein, filed as Exhibit 4.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on May 5, 2008, and incorporated herein by reference.

4.3		Form of Securities Purchase and Subscription Agreement, dated as of September 7, 2007, by and among the Company and certain purchasers named therein, filed as Exhibit 10.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on September 11, 2007, and incorporated herein by reference.

4.4		Statement of Resolution Establishing Series A 10% Convertible Preferred Stock of the Company, filed as Exhibit 10.3 to the Company’s Form 8-K filed with the Securities and Exchange Commission on September 11, 2007, and incorporated herein by reference.

4.5		Form of Warrant Agreement and Warrant Certificate dated as of September 7, 2007, filed as Exhibit 10.4 to the Company’s Form 8-K filed with the Securities and Exchange Commission on September 11, 2007, and incorporated herein by reference.

4.6		Statement of Resolution Regarding Series of Preferred Stock of the Company dated November 9, 2007, filed as Exhibit 4.6 to the Company’s Form 10-Q for the quarterly period ended June 30, 2008, filed with the Securities and Exchange Commission on August 13, 2008, and incorporated herein by reference.

4.7		Statement of Resolution Regarding Series of Preferred Stock of the Company, filed as Exhibit 4.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on May 21, 2008, and incorporated herein by reference:

4.8		Form of Agreement dated March 30, 2012, among the Company and various holders of Chase Packaging Corporation’s Series A 10% Convertible Preferred Stock, filed as Exhibit 10.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on April 5, 2012, and incorporated herein by reference.

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4.9		Statement of Resolution Regarding Series of Preferred Stock of the Company, filed as Exhibit 4.1 to the Company’s Form 8-K filed with the Securities and Exchange Commission on September 10, 2012, and incorporated herein by reference.

4.10		Form of Amendment No. 2 to Warrant Agreement filed as Exhibit 10.1 to the Company’s Form 10-Q for the quarterly period ended September 30, 2014, filed with the Securities and Exchange Commission on November 13, 2014, and incorporated herein by reference.

4.11		Form of Amendment No. 3 to Warrant Agreement filed as Exhibit 10.1 to the Company’s Form 10-Q for the quarterly period ended September 30, 2015, filed with the Securities and Exchange Commission on October 22, 2015, and incorporated herein by reference.

31.1*		Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*		XBRL Instance Document

101.SCH*		XBRL Taxonomy Extension Schema Document

101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*		XBRL Taxonomy Extension Labels Linkbase Document

101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document

_______________

*	filed herewith

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CHASE PACKAGING CORPORATION

Date: March 27, 2020	By:	/s/ Ann C. W. Green
		Ann C. W. Green
		Principal Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: March 27, 2020	By:	/s/ Ann C.W. Green
		Ann C. W. Green
		Chief Financial Officer and Assistant Secretary
		(Principal Executive, Financial and Accounting Officer)

Date: March 27, 2020	By:	/s/ William J. Barrett
		William J. Barrett
		Lead Director

Date: March 27, 2020	By:	/s/ Edward L. Flynn
		Edward L. Flynn
		Director

Date: March 27, 2020	By:	/s/ John A. Forbes
		John A. Forbes
		Director

Date: March 27, 2020	By:	/s/ Herbert M. Gardner
		Herbert M. Gardner
		Director

Date: March 27, 2020	By:	/s/ Matthew W. Long
		Matthew W. Long
		Director

Date: March 27, 2020	By:	/s/ Mark C. Neilson
		Mark C. Neilson
		Director

Date: March 27, 2020	By:	/s/ Wayne Whitener
		Wayne Whitener
		Director

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CHASE PACKAGING CORPORATION

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

- INDEX TO FINANCIAL STATEMENTS -

	Pages

Report of Independent Registered Public Accounting Firm		F-2

Balance Sheets		F-3

Statements of Operations		F-4

Statements of Stockholders’ Equity		F-5

Statements of Cash Flows		F-6

Notes to Financial Statements		F-7

F-1

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders

Chase Packaging Corporation

Rumson, NJ 07760

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Chase Packaging Corporation (the Company) as of December 31, 2019 and 2018, and the related statements of operations, stockholders’ equity, and cash flows for the years then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Heaton & Company, PLLC

We have served as the Company’s auditor since 2018.

Heaton & Company, PLLC

Farmington, Utah

March 25, 2020

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CHASE PACKAGING CORPORATION

BALANCE SHEETS

	December 31,			December 31,
	2019			2018

ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	679,147		$	755,871

TOTAL ASSETS	$	679,147		$	755,871

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses	$	9,919		$	3,269
TOTAL CURRENT LIABILITIES		9,919			3,269

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY:
Preferred stock, $1.00 par value; 4,000,000 authorized: Series A 10% Convertible preferred stock; 50,000 shares authorized; no shares issued and outstanding		-			-
Common stock, $0.00001 par value 200,000,000 shares authorized; 61,479,759 shares issued and 60,982,172 outstanding as of December 31, 2019; and 59,079,759 shares issued and 58,582,172 outstanding as of December 31, 2018		615			591
Treasury stock, $0.00001 par value 497,587 shares as of December 31, 2019 and $0.10 par value as of December 31, 2018		(49,759	)		(49,759	)
Additional paid-in capital		6,953,031			6,293,761
Accumulated deficit		(6,234,659	)		(5,491,991	)
TOTAL STOCKHOLDERS’ EQUITY		669,228			752,602

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	679,147		$	755,871

The accompanying notes are an integral part of these financial statements.

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CHASE PACKAGING CORPORATION

STATEMENTS OF OPERATIONS

	For The Year Ended December 31,
	2019			2018

NET SALES	$	-		$	-

OPERRATING EXPENSES:
General and administrative expense		184,155			53,867

LOSS FROM OPERATIONS		(184,155	)		(53,867	)

OTHER INCOME (EXPENSE)
Warrant modification expense		(567,194	)		-
Interest and other income		8,681			10,276

TOTAL OTHER INCOME (EXPENSE)		(558,513	)		(10,276	)

LOSS BEFORE INCOME TAXES		(742,668	)		(43,591	)

Provision for income taxes		-			-

NET LOSS	$	(742,668	)		(43,591	)
Preferred stock dividend		-			(261,504	)

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS		(742,668	)		(305,095	)

LOSS PER COMMON SHARE – BASIC AND DILUTED	$	(0.01	)	$	(0.02	)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – BASIC AND DILUTED		60,982,172			15,654,275

The accompanying notes are an integral part of these financial statements.

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CHASE PACKAGING CORPORATION

STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

	Preferred						Common				Additional Paid-in			Accumulated			Treasury Stock
	Shares			Amount			Shares		Amount		Capital			Deficit			Shares			Amount			Total

Balance at December 31, 2017		36,562		$	2,067,776			16,033,862	$	160	$	4,226,416		$	(5,448,400	)		(497,587	)	$	(49,759	)	$	796,193

Preferred stock dividend paid by Common stock		27			27			6,456,882		26		(53	)		-			-			-			-
Conversion of preferred stock to 43,045,897 restricted Common stock		(36,589	)		(2,067,803	)		36,589,015		405		2,067,398			-			-			-			-
Net loss for the year ended December 31, 2018		-			-			-		-		-			(43,591	)		-			-			(43,591	)

Balance at December 31, 2018		-		$	-			59,079,759	$	591	$	6,293,761		$	(5,491,991	)		(497,587	)	$	(49,759	)	$	752,602

Stock based compensation expense								2,400,000		24		92,076												92,100
Modification of warrants, expiration of 6,909,000 warrants extended to September 6, 2021												567,194												567,194
Net loss for the year ended December 31, 2019		-			-			-		-		-			(742,668	)		-			-			(742,668	)

Balance at December 31, 2019		-		$	-			61,479,759	$	615	$	6,953,031		$	(6,234,659	)		(497,587	)	$	(49,759	)	$	669,228

The accompanying notes are an integral part of these financial statements.

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CHASE PACKAGING CORPORATION

STATEMENTS OF CASH FLOWS

	For The Year Ended December 31,
	2019			2018

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(742,668	)	$	(43,591	)

Adjustments to reconcile net loss to net cash used in operating activities:
Warrant modification expense		567,194			-
Stock based compensation		92,100			-
Change in assets and liabilities:
Accounts payable and accrued expenses		6,650			(6,281	)

Net cash used in operating activities		(76,724	)		(49,872	)

CASH FLOWS FROM INVESTING ACTIVITIES		-			-

CASH FLOWS FROM FINANCING ACTIVITIES		-			-

NET DECREASE IN CASH AND CASH EQUIVALENTS		(76,724	)		(49,872	)

Cash and cash equivalents, at beginning of year		755,871			805,743

CASH AND CASH EQUIVALENTS, END OF YEAR	$	679,147		$	755,871

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for:
Interest	$	-		$	-
Income taxes	$	-		$	-

SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
Preferred stock issued as stock dividend	$	-		$	261,504
Conversion of preferred stock to common stock	$	-		$	4,043,087

The accompanying notes are an integral part of these financial statements.

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CHASE PACKAGING CORPORATION

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

NOTE 1 - BASIS OF PRESENTATION:

Chase Packaging Corporation (“the Company”), a Delaware Corporation, previously manufactured woven paper mesh for industrial applications, polypropylene mesh fabric bags for agricultural use, and distributed agricultural packaging manufactured by other companies. Management’s plans for the Company include securing a merger or acquisition, raising additional capital, and other strategies designed to optimize shareholder value. However, no assurance can be given that management will be successful in its efforts. The failure to achieve these plans will have a material adverse effect on the Company’s financial position, results of operations, and ability to continue as a going concern.

NOTE 2 - NEW ACCOUNTING PRONOUNCEMENTS:

Recently Adopted Accounting Pronouncements

Leases — In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 amends existing lease accounting guidance and requires recognition of most lease arrangements on the balance sheet. The adoption of this standard will result in the Company recognizing a right-of-use asset representing its rights to use the underlying asset for the lease term with an offsetting lease liability. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The adoption of this standard did not have a material impact on the Company’s financial position, results of operations or cash flows.

Compensation – Stock Compensation — In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 allows companies to account for nonemployee awards in the same manner as employee awards. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. The Company adopted this ASU on January 1, 2019. The adoption of ASU 2018-07 did not have a material impact on the Company’s financial position, results of operations or cash flows.

Recent Accounting Pronouncements – To Be Adopted

Intangibles, Goodwill and Other — In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment” (“ASU No. 2017-04”). To simplify the subsequent measurement of goodwill, ASU No. 2017-04 eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, ASU No. 2017-04 requires an entity to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU No. 2017-04 also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU No. 2017-04 is effective for fiscal years beginning after December 15, 2019. The Company will adopt ASU No. 2017-04 commencing in the first quarter of fiscal 2020. The Company does not believe this standard will have a material impact on its financial statements or the related footnote disclosures.

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ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement — This ASU modifies the disclosure requirements on fair value measurements in Topic 820, including the removal, modification to, and addition of certain disclosure requirements. This ASU will be effective for fiscal years beginning after December 15, 2019 with early adoption permitted. The majority of the disclosure changes are to be applied on a prospective basis. Although this ASU has a significant impact to the Company’s fair value disclosures, no additional impact is expected to the Company’s condensed financial statements.

The Company does not believe that other standards, which have been issued but are not yet effective, will have a significant impact on its financial statements.

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Use of Estimates:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments that are readily convertible into cash with a remaining maturity of three months or less at the time of acquisition to be cash equivalents. The Company maintains its cash and cash equivalents balances with high credit quality financial institutions. As of December 31, 2019 and 2018, the Company had cash in insured accounts in the amount of $179,147 and $46,713, respectively, and cash equivalents (Treasury and government securities) held in financial institutions that were uninsured by Federal Deposit Insurance Corporation in the amount of approximately $500,000 and $709,158 respectively.

Income Taxes

The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carry forwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured assuming enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such asset will be realized.

The Company adopted FASB Interpretation of “Accounting for Uncertainty in Income Taxes.” There was no impact on the Company’s financial position, results of operations, or cash flows as a result of implementing this guidance. At December 31, 2019 and December 31, 2018, the Company evaluated its tax positions and did not have any unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company currently has no federal or state tax examinations in progress.

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Accounting for Stock Based Compensation

The stock-based compensation expense incurred by the Company for employees and directors is based on the employee model of ASC 718, and the fair market value of the options is measured at the grant date. Under ASC 718 employee is defined as “An individual over whom the grantor of a share-based compensation award exercises or has the right to exercise sufficient control to establish an employer-employee relationship based on common law as illustrated in case law and currently under U.S. “tax regulations.” Our consultants do not meet the employer-employee relationship as defined by the IRS and therefore are accounted for under ASC 505-50. Effective January 1, 2019, the Company adopted ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.

The Company followed the accounting guidance in ASC 505-50-30-11, until January 1, 2019 which provides that an issuer shall measure the fair value of the equity instruments in these transactions using the stock price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date:

	i.	The date at which a commitment for performance by the counterparty to earn the equity instruments is reached (a performance commitment); and

	ii.	The date at which the counterparty’s performance is complete.

Upon the adoption of ASU 2018-07, the Company measured the fair value of equity instruments for nonemployee based payment awards on the grant date.

NOTE 4 - BASIC AND DILUTED NET LOSS PER COMMON SHARE:

Basic loss per common share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding. Diluted loss per share is computed by dividing the net loss by the sum of the weighted-average number of shares of common stock outstanding plus the dilutive effect of shares issuable through the exercise of common stock equivalents.

We have excluded 6,909,000 common stock equivalents (warrants and stock options) from the calculation of diluted loss per share for the years ended December 31, 2019 and 2018, which, if included, would have an antidilutive effect.

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NOTE 5 - WARRANTS AND PREFERRED STOCKS:

Warrants

2019 Extension of Warrant Terms

On July 9, 2019, 6,909,000 common share purchase warrants issued by the Company were modified to extend their maturity date to September 7, 2021. The exercise price and all other terms of the original warrant agreement remain the same. The warrants modification expense of $567,194 was computed as the incremental value of the modified warrants over the unmodified warrants on the modification date using a per share price of $0.15 per share, which was the contemporaneous private placement offering price. Assumptions used in the Black Scholes option-pricing model for these warrants were as follows:

Average risk-free interest rate	1.58	%
Average expected life-years	2
Expected volatility	172.88	%
Expected dividends	0	%

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)

Outstanding at December 31, 2018		6,909,000		$	0.15		0.68
Granted		-			-		-
Extended		6,909,000			0.15		2
Exercised		-			-		-
Forfeited/expired		(6,909,000	)		0.15		-
Outstanding at December 31, 2019		6,909,000		$	0.15		1.69
Exercisable at December 31, 2019		6,909,000		$	0.15		1.69

As of December 31, 2019 and 2018, the average remaining contractual life of the outstanding warrants was 1.68 years and 0.68 year, respectively. The warrants will expire on September 7, 2021.

Series A 10% Convertible Preferred Stock

On December 31, 2018, all 36,562 Series A 10% Convertible Preferred Stocks were converted to 43,045,897 restricted Common stock, including 6,456,882 restricted Common stock paid for preferred shares dividend of $261,504. As of December 31, 2019, there was no preferred stock outstanding.

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NOTE 6 - DIVIDENDS:

NOTE 7 - STOCKHOLDERS’ EQUITY:

The Company’s 2008 Stock Awards Plan was approved April 9, 2008 by the Board of Directors and ratified at the Company’s annual meeting of stockholders held on June 3, 2008. The 2008 Plan became effective June 24, 2008 and terminated on June 24, 2018. Subject to certain adjustments, the number of shares of Common Stock that could be issued pursuant to awards under the 2008 Plan was 2,000,000 shares. A maximum of 80,000 shares may be granted in any one year in any form to any one participant, of which a maximum of (i) 50,000 shares may be granted to a participant in the form of stock options and (ii) 30,000 shares may be granted to a participant in the form of Common Stock or restricted stock. The 2008 Plan was administered by a committee of the Board of Directors. Employees, including any employee who is also a director or an officer, consultants, and outside directors of the Company are eligible to participate in the 2008 Plan. The 2008 Stock Awards Plan expired June 24, 2018; the Board of directors has not adopted a new stock awards plan.

On March 12, 2019, the Board of Directors authorized the issuance of 300,000 shares each to 6 directors and to the CFO/Asst. Sect, valued at approximately $9,300 each based on the closing bid price as quoted on the OTC on March 12, 2019 at $0.031 per share, and on June 18, 2019 the Board of Directors authorized the issuance of 300,000 shares, to be issued June 28, 2019 to Matthew W. Long, a newly appointed board member. The shares issued to Mr. Long were valued at approximately $27,000 based on the closing bid price as quoted on the OTC on June 18, 2019 of $0.09 per share. The 2,400,000 restricted shares, were held in escrow, and are for merger/acquisition services to be performed in 2019. The shares were released from escrow upon shareholder approval at the December 6, 2019 Annual Meeting of the change of state of incorporation to Delaware and the subsequent amendment to the Certificate of Incorporation reducing the par value of Common stock from $0.10 to $0.00001.

The par value of the Company’s common stock has been adjusted retroactively in this filing.

NOTE 8 – RELATED PARTIES

In 2019 the members of the Board of Directors and the CFO received common stock in lieu of cash for services rendered in 2019. See Note 7 above.

NOTE 9 - FAIR VALUE MEASUREMENTS:

ASC 820, “Fair Value Measurements and Disclosure,” (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs. ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

F-11

Table of Contents

The three levels are described below:

Level 1 Inputs — Unadjusted quoted prices in active markets for identical assets or liabilities that is accessible by the Company;

Level 2 Inputs — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;

Level 3 Inputs — Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants.

There were no transfers in or out of any level during the years ended December 31, 2019 or 2018.

Except for those assets and liabilities which are required by authoritative accounting guidance to be recorded at fair value in the Company’s balance sheets, the Company has elected not to record any other assets or liabilities at fair value, as permitted by ASC 820. No events occurred during the years ended December 31, 2019 or 2018 which would require adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis.

The Company determines fair values for its investment assets as follows:

Cash equivalents at fair value — the Company’s cash equivalents, at fair value, consist of money market funds — marked to market. The Company’s money market funds are classified within Level 1 of the fair value hierarchy since they are valued using quoted market prices from an exchange.

The following tables provide information on those assets measured at fair value on a recurring basis as of December 31, 2019 and December 31, 2018, respectively:

	Carrying Amount In Balance Sheet December 31,		Fair Value December 31,		Fair Value Measurement Using
	2019		2019		Level 1		Level 2		Level 3
Assets:
Treasury and government securities	$	500,000	$	500,000	$	500,000	$	—	$	—
Money Market Funds		179,147		179,147		179,147		—		—
Total Assets	$	679,147	$	679,147	$	679,147	$	—	$	—

F-12

Table of Contents

	Carrying Amount In Balance Sheet December 31,		Fair Value December 31,		Fair Value Measurement Using
	2018		2018		Level 1		Level 2		Level 3
Assets:
Treasury Bills	$	709,158	$	709,158	$	709,158	$	—	$	—
Money Market Funds		46,713		46,713		46,713		—		—
Total Assets	$	755,871	$	755,871	$	755,871	$	—	$	—

NOTE 10 - COMMITMENTS AND CONTINGENCIES:

The Company’s Board of Directors has agreed to pay the Company’s Chief Financial Officer an annual salary of $17,000. No other officers or directors of the Company receive compensation other than reimbursement of out-of-pocket expenses incurred in connection with Company business and development.

NOTE 11 - SUBSEQUENT EVENTS

The Company has evaluated subsequent events from December 31, 2019 through the issuance date of these financial statements, and there are no events requiring disclosure.

F-13

EX-31.1 2 cpka_ex311.htm CERTIFICATION cpka_ex311.htm

EXHIBIT 31.1

Certification of Principal Executive Officer and Principal Financial Officer

I, Ann C. W. Green, certify that:

1.	I have reviewed this Annual Report on Form 10-K of Chase Packaging Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 27, 2020	By:	/s/ Ann C. W. Green
		Ann C. W. Green
		Chief Financial Officer and Assistant Secretary
		(Principal Executive, Financial and Accounting Officer)

EX-32.1 3 cpka_ex321.htm CERTIFICATION cpka_ex321.htm

EXHIBIT 32.1

Certification of

Principal Executive Officer and Principal Financial Officer of

Chase Packaging Corporation

Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

This certification is furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and accompanies the annual report on Form 10-K (the Form 10-K ) for the fiscal year ended December 31, 2019, of Chase Packaging Corporation (the Company ). I, Ann C. W. Green, the Chief Financial Officer of the Company, certify that, to the best of my knowledge:

(1)

The Form 10-K fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company as of, and for, the periods presented in the Form

10-K.

The foregoing certification is being furnished as an exhibit to the Form 10-K pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and, accordingly, is not being filed as part of the Form 10-K for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Date: March 27, 2020

By:

/s/ Ann C. W. Green

Ann C. W. Green

Chief Financial Officer and Assistant Secretary

(Principal Executive, Financial and Accounting Officer)

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<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">Chase Packaging Corporation (“the Company”), a Delaware Corporation, previously manufactured woven paper mesh for industrial applications, polypropylene mesh fabric bags for agricultural use, and distributed agricultural packaging manufactured by other companies. Management’s plans for the Company include securing a merger or acquisition, raising additional capital, and other strategies designed to optimize shareholder value. However, no assurance can be given that management will be successful in its efforts. The failure to achieve these plans will have a material adverse effect on the Company’s financial position, results of operations, and ability to continue as a going concern.</div>

<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">Recently Adopted Accounting Pronouncements   Leases — In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 amends existing lease accounting guidance and requires recognition of most lease arrangements on the balance sheet. The adoption of this standard will result in the Company recognizing a right-of-use asset representing its rights to use the underlying asset for the lease term with an offsetting lease liability. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The adoption of this standard did not have a material impact on the Company’s financial position, results of operations or cash flows.   Compensation – Stock Compensation — In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 allows companies to account for nonemployee awards in the same manner as employee awards. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. The Company adopted this ASU on January 1, 2019. The adoption of ASU 2018-07 did not have a material impact on the Company’s financial position, results of operations or cash flows.   Recent Accounting Pronouncements – To Be Adopted   Intangibles, Goodwill and Other — In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment” (“ASU No. 2017-04”). To simplify the subsequent measurement of goodwill, ASU No. 2017-04 eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, ASU No. 2017-04 requires an entity to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU No. 2017-04 also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU No. 2017-04 is effective for fiscal years beginning after December 15, 2019. The Company will adopt ASU No. 2017-04 commencing in the first quarter of fiscal 2020. The Company does not believe this standard will have a material impact on its financial statements or the related footnote disclosures.   ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement — This ASU modifies the disclosure requirements on fair value measurements in Topic 820, including the removal, modification to, and addition of certain disclosure requirements. This ASU will be effective for fiscal years beginning after December 15, 2019 with early adoption permitted. The majority of the disclosure changes are to be applied on a prospective basis. Although this ASU has a significant impact to the Company’s fair value disclosures, no additional impact is expected to the Company’s condensed financial statements.   The Company does not believe that other standards, which have been issued but are not yet effective, will have a significant impact on its financial statements.</div>

<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">Use of Estimates:   The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.   Cash and Cash Equivalents   The Company considers all highly liquid investments that are readily convertible into cash with a remaining maturity of three months or less at the time of acquisition to be cash equivalents. The Company maintains its cash and cash equivalents balances with high credit quality financial institutions. As of December 31, 2019 and 2018, the Company had cash in insured accounts in the amount of $179,147 and $46,713, respectively, and cash equivalents (Treasury and government securities) held in financial institutions that were uninsured by Federal Deposit Insurance Corporation in the amount of approximately $500,000 and $709,158 respectively.   Income Taxes   The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carry forwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured assuming enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such asset will be realized.   The Company adopted FASB Interpretation of “Accounting for Uncertainty in Income Taxes.” There was no impact on the Company’s financial position, results of operations, or cash flows as a result of implementing this guidance. At December 31, 2019 and December 31, 2018, the Company evaluated its tax positions and did not have any unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company currently has no federal or state tax examinations in progress.   Accounting for Stock Based Compensation   The stock-based compensation expense incurred by the Company for employees and directors is based on the employee model of ASC 718, and the fair market value of the options is measured at the grant date. Under ASC 718 employee is defined as “An individual over whom the grantor of a share-based compensation award exercises or has the right to exercise sufficient control to establish an employer-employee relationship based on common law as illustrated in case law and currently under U.S. “tax regulations.” Our consultants do not meet the employer-employee relationship as defined by the IRS and therefore are accounted for under ASC 505-50. Effective January 1, 2019, the Company adopted ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.   The Company followed the accounting guidance in ASC 505-50-30-11, until January 1, 2019 which provides that an issuer shall measure the fair value of the equity instruments in these transactions using the stock price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date:   <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="width:4%;vertical-align:top;">  </td> <td style="width:4%;vertical-align:top;"> i.</td> <td style="width:92%;"> The date at which a commitment for performance by the counterparty to earn the equity instruments is reached (a performance commitment); and</td></tr> <tr> <td></td> <td></td> <td></td></tr> <tr> <td style="vertical-align:top;">  </td> <td style="vertical-align:top;"> ii.</td> <td> The date at which the counterparty’s performance is complete.</td></tr></table>   Upon the adoption of ASU 2018-07, the Company measured the fair value of equity instruments for nonemployee based payment awards on the grant date.</div>

<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">Basic loss per common share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding. Diluted loss per share is computed by dividing the net loss by the sum of the weighted-average number of shares of common stock outstanding plus the dilutive effect of shares issuable through the exercise of common stock equivalents.   We have excluded 6,909,000 common stock equivalents (warrants and stock options) from the calculation of diluted loss per share for the years ended December 31, 2019 and 2018, which, if included, would have an antidilutive effect.</div>

<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">Warrants   2019 Extension of Warrant Terms   On July 9, 2019, 6,909,000 common share purchase warrants issued by the Company were modified to extend their maturity date to September 7, 2021. The exercise price and all other terms of the original warrant agreement remain the same. The warrants modification expense of $567,194 was computed as the incremental value of the modified warrants over the unmodified warrants on the modification date using a per share price of $0.15 per share, which was the contemporaneous private placement offering price. Assumptions used in the Black Scholes option-pricing model for these warrants were as follows:   <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> Average risk-free interest rate </td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:9%;vertical-align:bottom;"> 1.58</td> <td style="width:1%;vertical-align:bottom;"> %</td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> Average expected life-years </td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:9%;vertical-align:bottom;"> 2</td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> Expected volatility </td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:9%;vertical-align:bottom;"> 172.88</td> <td style="width:1%;vertical-align:bottom;"> %</td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> Expected dividends </td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:9%;vertical-align:bottom;"> 0</td> <td style="width:1%;vertical-align:bottom;"> %</td></tr></table>   <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Number of Warrants</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Weighted Average Exercise Price</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Weighted Average Remaining Contractual Life (Years)</td> <td style="vertical-align:bottom;"></td></tr> <tr> <td></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> Outstanding at December 31, 2018</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:9%;vertical-align:bottom;"> 6,909,000</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 0.15</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:9%;vertical-align:bottom;"> 0.68</td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> Granted</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:9%;vertical-align:bottom;"> -</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:9%;vertical-align:bottom;"> -</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:9%;vertical-align:bottom;"> -</td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> Extended</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:9%;vertical-align:bottom;"> 6,909,000</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:9%;vertical-align:bottom;"> 0.15</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:9%;vertical-align:bottom;"> 2</td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> Exercised</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:9%;vertical-align:bottom;"> -</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:9%;vertical-align:bottom;"> -</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:9%;vertical-align:bottom;"> -</td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> Forfeited/expired</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> (6,909,000</td> <td style="width:1%;vertical-align:bottom;"> )</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 0.15</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> -</td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> Outstanding at December 31, 2019</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 6,909,000</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 0.15</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 1.69</td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> Exercisable at December 31, 2019</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 6,909,000</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 0.15</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 1.69</td> <td style="width:1%;vertical-align:bottom;"></td></tr></table>   As of December 31, 2019 and 2018, the average remaining contractual life of the outstanding warrants was 1.68 years and 0.68 year, respectively. The warrants will expire on September 7, 2021.   Series A 10% Convertible Preferred Stock   On December 31, 2018, all 36,562 Series A 10% Convertible Preferred Stocks were converted to 43,045,897 restricted Common stock, including 6,456,882 restricted Common stock paid for preferred shares dividend of $261,504. As of December 31, 2019, there was no preferred stock outstanding.  </div>

<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">On December 31, 2018, all 36,562 Series A 10% Convertible Preferred Stocks were converted to 43,045,897 restricted Common stock, including 6,456,882 restricted Common stock paid for preferred shares dividend of $261,504.</div>

<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">The Company’s 2008 Stock Awards Plan was approved April 9, 2008 by the Board of Directors and ratified at the Company’s annual meeting of stockholders held on June 3, 2008. The 2008 Plan became effective June 24, 2008 and terminated on June 24, 2018. Subject to certain adjustments, the number of shares of Common Stock that could be issued pursuant to awards under the 2008 Plan was 2,000,000 shares. A maximum of 80,000 shares may be granted in any one year in any form to any one participant, of which a maximum of (i) 50,000 shares may be granted to a participant in the form of stock options and (ii) 30,000 shares may be granted to a participant in the form of Common Stock or restricted stock. The 2008 Plan was administered by a committee of the Board of Directors. Employees, including any employee who is also a director or an officer, consultants, and outside directors of the Company are eligible to participate in the 2008 Plan. The 2008 Stock Awards Plan expired June 24, 2018; the Board of directors has not adopted a new stock awards plan.   On March 12, 2019, the Board of Directors authorized the issuance of 300,000 shares each to 6 directors and to the CFO/Asst. Sect, valued at approximately $9,300 each based on the closing bid price as quoted on the OTC on March 12, 2019 at $0.031 per share, and on June 18, 2019 the Board of Directors authorized the issuance of 300,000 shares, to be issued June 28, 2019 to Matthew W. Long, a newly appointed board member. The shares issued to Mr. Long were valued at approximately $27,000 based on the closing bid price as quoted on the OTC on June 18, 2019 of $0.09 per share. The 2,400,000 restricted shares, were held in escrow, and are for merger/acquisition services to be performed in 2019. The shares were released from escrow upon shareholder approval at the December 6, 2019 Annual Meeting of the change of state of incorporation to Delaware and the subsequent amendment to the Certificate of Incorporation reducing the par value of Common stock from $0.10 to $0.00001.   The par value of the Company’s common stock has been adjusted retroactively in this filing.</div>

<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">In 2019 the members of the Board of Directors and the CFO received common stock in lieu of cash for services rendered in 2019. See Note 7 above.</div>

<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">ASC 820, “Fair Value Measurements and Disclosure,” (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs. ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).   The three levels are described below:   Level 1 Inputs — Unadjusted quoted prices in active markets for identical assets or liabilities that is accessible by the Company;   Level 2 Inputs — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;   Level 3 Inputs — Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants.   There were no transfers in or out of any level during the years ended December 31, 2019 or 2018.   Except for those assets and liabilities which are required by authoritative accounting guidance to be recorded at fair value in the Company’s balance sheets, the Company has elected not to record any other assets or liabilities at fair value, as permitted by ASC 820. No events occurred during the years ended December 31, 2019 or 2018 which would require adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis.   The Company determines fair values for its investment assets as follows:   Cash equivalents at fair value — the Company’s cash equivalents, at fair value, consist of money market funds — marked to market. The Company’s money market funds are classified within Level 1 of the fair value hierarchy since they are valued using quoted market prices from an exchange.   The following tables provide information on those assets measured at fair value on a recurring basis as of December 31, 2019 and December 31, 2018, respectively:   <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="width:9%;vertical-align:bottom;"> Carrying Amount In Balance Sheet December 31,</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="width:9%;vertical-align:bottom;"> Fair Value December 31,</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="10"> Fair Value Measurement Using</td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> 2019</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> 2019</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Level 1</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Level 2</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Level 3</td> <td style="vertical-align:bottom;">  </td></tr> <tr> <td style="vertical-align:top;"> Assets:</td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> Treasury and government securities</td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 500,000</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 500,000</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 500,000</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> Money Market Funds</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 179,147</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 179,147</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 179,147</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> Total Assets</td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 679,147</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 679,147</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 679,147</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td></tr></table>   <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="width:9%;vertical-align:bottom;"> Carrying Amount In Balance Sheet December 31,</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="width:9%;vertical-align:bottom;"> Fair Value December 31,</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="10"> Fair Value Measurement Using</td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> 2018</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> 2018</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Level 1</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Level 2</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Level 3</td> <td style="vertical-align:bottom;">  </td></tr> <tr> <td style="vertical-align:top;"> Assets:</td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> Treasury Bills</td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 709,158</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 709,158</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 709,158</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> Money Market Funds</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 46,713</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 46,713</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 46,713</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> Total Assets</td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 755,871</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 755,871</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 755,871</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td></tr></table>  </div>

<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">The Company’s Board of Directors has agreed to pay the Company’s Chief Financial Officer an annual salary of $17,000. No other officers or directors of the Company receive compensation other than reimbursement of out-of-pocket expenses incurred in connection with Company business and development.</div>

<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">The Company has evaluated subsequent events from December 31, 2019 through the issuance date of these financial statements, and there are no events requiring disclosure.</div>

<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div>

<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">The Company considers all highly liquid investments that are readily convertible into cash with a remaining maturity of three months or less at the time of acquisition to be cash equivalents. The Company maintains its cash and cash equivalents balances with high credit quality financial institutions. As of December 31, 2019 and 2018, the Company had cash in insured accounts in the amount of $179,147 and $46,713, respectively, and cash equivalents (Treasury and government securities) held in financial institutions that were uninsured by Federal Deposit Insurance Corporation in the amount of approximately $500,000 and $709,158 respectively.</div>

<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carry forwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured assuming enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such asset will be realized.   The Company adopted FASB Interpretation of “Accounting for Uncertainty in Income Taxes.” There was no impact on the Company’s financial position, results of operations, or cash flows as a result of implementing this guidance. At December 31, 2019 and December 31, 2018, the Company evaluated its tax positions and did not have any unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company currently has no federal or state tax examinations in progress.</div>

<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">The stock-based compensation expense incurred by the Company for employees and directors is based on the employee model of ASC 718, and the fair market value of the options is measured at the grant date. Under ASC 718 employee is defined as “An individual over whom the grantor of a share-based compensation award exercises or has the right to exercise sufficient control to establish an employer-employee relationship based on common law as illustrated in case law and currently under U.S. “tax regulations.” Our consultants do not meet the employer-employee relationship as defined by the IRS and therefore are accounted for under ASC 505-50. Effective January 1, 2019, the Company adopted ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.   The Company followed the accounting guidance in ASC 505-50-30-11, until January 1, 2019 which provides that an issuer shall measure the fair value of the equity instruments in these transactions using the stock price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date:   <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="width:4%;vertical-align:top;">  </td> <td style="width:4%;vertical-align:top;"> i.</td> <td style="width:92%;"> The date at which a commitment for performance by the counterparty to earn the equity instruments is reached (a performance commitment); and</td></tr> <tr> <td></td> <td></td> <td></td></tr> <tr> <td style="vertical-align:top;">  </td> <td style="vertical-align:top;"> ii.</td> <td> The date at which the counterparty’s performance is complete.</td></tr></table>   Upon the adoption of ASU 2018-07, the Company measured the fair value of equity instruments for nonemployee based payment awards on the grant date.</div>

<div style="font: 10pt TIMES NEW ROMAN; text-align: justify;">  <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="width:9%;vertical-align:bottom;"> Carrying Amount In Balance Sheet December 31,</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="width:9%;vertical-align:bottom;"> Fair Value December 31,</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="10"> Fair Value Measurement Using</td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> 2019</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> 2019</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Level 1</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Level 2</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Level 3</td> <td style="vertical-align:bottom;">  </td></tr> <tr> <td style="vertical-align:top;"> Assets:</td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> Treasury and government securities</td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 500,000</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 500,000</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 500,000</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> Money Market Funds</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 179,147</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 179,147</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 179,147</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> Total Assets</td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 679,147</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 679,147</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 679,147</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td></tr></table>   <table style="border-collapse:collapse;text-align:justify;font:10pt times new roman;width:100%"> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="width:9%;vertical-align:bottom;"> Carrying Amount In Balance Sheet December 31,</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="width:9%;vertical-align:bottom;"> Fair Value December 31,</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="10"> Fair Value Measurement Using</td> <td style="vertical-align:bottom;"></td></tr> <tr> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> 2018</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> 2018</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Level 1</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Level 2</td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> Level 3</td> <td style="vertical-align:bottom;">  </td></tr> <tr> <td style="vertical-align:top;"> Assets:</td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td colspan="2" style="width:9%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> Treasury Bills</td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 709,158</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 709,158</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> 709,158</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="width:1%;vertical-align:bottom;"> $</td> <td style="width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#ffffff;"> <td style="vertical-align:top;"> Money Market Funds</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 46,713</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 46,713</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> 46,713</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;"></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;">  </td></tr> <tr style="background-color:#cceeff;"> <td style="vertical-align:top;"> Total Assets</td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 755,871</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 755,871</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> 755,871</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td> <td style="width:1%;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> $</td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> —</td> <td style="width:1%;vertical-align:bottom;"></td></tr></table>  </div>

179147

46713

500000

709158

6909000

0.0158

P2Y

1.7288

0.00

6909000

-6909000

6909000

0.15

P0Y8M5D

P2Y P1Y8M9D P1Y8M9D 2021-09-07

P1Y8M5D

P0Y8M5D

2021-09-07

567194

6909000

0.15 Series A 10% Convertible Preferred Stocks were converted to 43,045,897 restricted Common stock, including 6,456,882 restricted Common stock paid for preferred shares dividend of $261,504. 36562 6456882 261504 43045897 The shares were released from escrow upon shareholder approval at the December 6, 2019 Annual Meeting of the change of state of incorporation to Delaware and the subsequent amendment to the Certificate of Incorporation reducing the par value of Common stock from $0.10 to $0.00001. 2400000

2000000

80000 30000 50000

300000

6 27000 9300 0.09 0.031

679147

755871

679147

755871

679147

755871

179147

46713

179147

46713

179147

46713

500000

709158

500000

709158

500000

709158

17000

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Disclosure - STOCKHOLDERS' EQUITY (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 000028 - Disclosure - FAIR VALUE MEASUREMENTS (Details) link:presentationLink link:calculationLink link:definitionLink 000029 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.LAB 6 cpka-20191231_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Amendment Flag Entity Voluntary Filers Current Fiscal Year End Date Entity Well Known Seasoned Issuer Entity Small Business Entity Shell Company Entity Emerging Growth Company Entity Current Reporting Status Document Period End Date Entity Filer Category Document Fiscal Period Focus Document Fiscal Year Focus Entity Common Stock Shares Outstanding Entity Public Float EntityFileNumber EntityAddressAddressLine1 EntityAddressPostalZipCode EntityTaxIdentificationNumber EntityAddressCityOrTown LocalPhoneNumber CityAreaCode EntityAddressStateOrProvince BALANCE SHEETS CURRENT ASSETS: Cash and cash equivalents TOTAL ASSETS [Assets] CURRENT LIABILITIES: Accounts payable and accrued expenses TOTAL CURRENT LIABILITIES COMMITMENTS AND CONTINGENCIES [Commitments and Contingencies] STOCKHOLDERS' EQUITY: Preferred stock, $1.00 par value; 4,000,000 authorized: Series A 10% Convertible preferred stock; 50,000 shares authorized; no shares issued and outstanding Common stock, $0.00001 par value 200,000,000 shares authorized; 61,479,759 shares issued and 60,982,172 outstanding as of December 31, 2019; and 59,079,759 shares issued and 58,582,172 outstanding as of December 31, 2018 Treasury stock, $0.00001 par value 497,587 shares as of December 31, 2019 and $0.10 par value as of December 31, 2018 Additional paid-in capital Accumulated deficit TOTAL STOCKHOLDERS' EQUITY [Stockholders' Equity Attributable to Parent] TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY [Liabilities and Equity] Statement [Table] Statement [Line Items] Class of Stock [Axis] 10% Series A Convertible Preferred Stock [Member] STOCKHOLDERS' EQUITY Preferred stock, shares par value Preferred stock, shares authorized Common stock, shares par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Treasury stock, shares par value Trasury Stock, shares issued Preferred stock, shares issued Preferred stock, shares outstanding STATEMENTS OF OPERATIONS NET SALES OPERRATING EXPENSES: General and administrative expense LOSS FROM OPERATIONS OTHER INCOME (EXPENSE) Warrants modification expense Interest and other income TOTAL OTHER INCOME (EXPENSE) LOSS BEFORE INCOME TAXES Provision for income taxes NET LOSS Preferred stock dividend NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS LOSS PER COMMON SHARE - BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED STATEMENTS OF STOCKHOLDERS' EQUITY Equity Components [Axis] Preferred Stock [Member] Common Stock [Member] Additional Paid-in Capital [Member] Accumulated Deficit [Member] Treasury Stock [Member] Balance, shares [Shares, Issued] Balance, amount Conversion of preferred stock to 43,045,897 restricted Common stock, amount Preferred stock dividend paid by Common stock, amount Conversion of preferred stock to 43,045,897 restricted Common stock, shares Preferred stock dividend paid by Common stock, shares Net Income (Loss) Stock based compensation expense, shares Stock based compensation expense, amount Modification of warrants, expiration of 6,909,000 warrants extended to September 6, 2021, amount Balance, shares Balance, amount STATEMENTS OF CASH FLOWS CASH FLOWS FROM OPERATING ACTIVITIES Net loss Adjustment to reconcile to net loss to net cash used in operating activities: Warrants modification expense Stock based compensation Change in assets and liabilities: Accounts payable and accrued expenses [Accounts payable and accrued expenses] Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES NET DECREASE IN CASH AND CASH EQUIVALENTS Cash and cash equivalents, at beginning of year CASH AND CASH EQUIVALENTS, END OF YEAR SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for: Interest Income taxes SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: Preferred stock issued as stock dividend Conversion of preferred stock to common stock BASIS OF PRESENTATION NOTE 1 - BASIS OF PRESENTATION NEW ACCOUNTING PRONOUNCEMENTS Note 2 - NEW ACCOUNTING PRONOUNCEMENTS NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIC AND DILUTED NET LOSS PER COMMON SHARE NOTE 4 - BASIC AND DILUTED NET LOSS PER COMMON SHARE WARRANTS AND PREFERRED STOCKS NOTE 5 - WARRANTS AND PREFERRED STOCKS: DIVIDENDS NOTE 6 - DIVIDENDS NOTE 7 - STOCKHOLDERS' EQUITY RELATED PARTIES NOTE 8 - RELATED PARTIES FAIR VALUE MEASUREMENTS NOTE 9 - FAIR VALUE MEASUREMENTS COMMITMENTS AND CONTINGENCIES Commitments and Contingencies Disclosure [Abstract] NOTE 10 - COMMITMENTS AND CONTINGENCIES SUBSEQUENT EVENTS NOTE 11 - SUBSEQUENT EVENTS Use of Estimates Cash and Cash Equivalents Income Taxes Accounting for Stock Based Compensation WARRANTS AND PREFERRED STOCKS (Tables) Assumptions used in Black Scholes option-pricing model Schedule of Share-based Compensation, Warrant Options Assets and liabilities measured at fair value on a recurring basis Cash, FDIC insured Cash, FDIC uninsured Common stock equivalents (preferred stock and warrants) Average risk-free interest rate Average expected life- years Expected volatility Expected dividends Number of Warrants Number of warrants/options outstanding, beginning [Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number] Granted Extended Exercised Forfeited/expired Number of warrants/options outstanding, Ending Exercisable Weighted Average Exercise Price Weighted average exercise price outstanding, beginning [Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price] Granted [Granted] Extended [Extended] Exercised [Exercised] Forfeited/expired [Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price] Weighted average exercise price outstanding, Ending Weighted average exercise price outstanding, Exercisable Weighted Average Remaining Contractual Life (Years) Weighted average remaining contractual life outstanding, beginning Granted [Granted 1] Extended [Extended 1] Exercised [Exercised 1] Forfeited/expired [Forfeited/expired] Weighted average remaining contractual life outstanding, Ending Weighted average remaining contractual life outstanding, Exercisable Award Type Axis Class Of Warrant Or Right Axis Warrant (Member) 2017 Extension of Warrant Terms [Member] Series A 10% Convertible Preferred Stock [Member] Expiry date Average remaining contractual life Weighted average remaining contractual life outstanding, beginning Warrants modification expense Number of warrants/options outstanding, beginning Per share price Preferred Stock conversion description Dividends Axis Series A Convertible Preferred stock [Member] Dividend [Member] Restricted Stock [Member] Convertible preferred stock, shares converted EX-101.CAL 7 cpka-20191231_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.PRE 8 cpka-20191231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE EX-101.DEF 9 cpka-20191231_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE XML 10 R21.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
BASIS OF PRESENTATION
Cash, FDIC insured	$ 179,147	$ 46,713
Cash, FDIC uninsured	$ 500,000	$ 709,158

XML 11 R5.htm IDEA: XBRL DOCUMENT

STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Treasury Stock [Member]
Balance, shares at Dec. 31, 2017		36,562	16,033,862			(497,587)
Balance, amount at Dec. 31, 2017	$ 796,193	$ 2,067,776	$ 160	$ 4,226,416	$ (5,448,400)	$ (49,759)
Conversion of preferred stock to 43,045,897 restricted Common stock, amount		(2,067,803)	405	2,067,398
Preferred stock dividend paid by Common stock, amount		$ 27	$ 26	(53)
Conversion of preferred stock to 43,045,897 restricted Common stock, shares		(36,589)	36,589,015
Preferred stock dividend paid by Common stock, shares		27	6,456,882
Net Income (Loss)	$ (43,591)				$ (43,591)
Balance, shares at Dec. 31, 2018			59,079,759			(497,587)
Balance, amount at Dec. 31, 2018	$ 752,602		$ 591	$ 6,293,761	$ (5,491,991)	$ (49,759)
Net Income (Loss)	(742,668)				$ (742,668)
Stock based compensation expense, shares			2,400,000
Stock based compensation expense, amount	92,100		$ 24	92,076
Modification of warrants, expiration of 6,909,000 warrants extended to September 6, 2021, amount	$ 567,194			$ 567,194
Balance, shares at Dec. 31, 2019			61,479,759			(497,587)
Balance, amount at Dec. 31, 2019	$ 669,228		$ 615	$ 6,953,031	$ (6,234,659)	$ (49,759)

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Document and Entity Information - USD ($)
12 Months Ended

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Mar. 23, 2020

Jun. 30, 2019

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WARRANTS AND PREFERRED STOCKS (Details Narrative) - USD ($)
12 Months Ended

Jul. 09, 2019

Dec. 31, 2019

Dec. 31, 2018

Expiry date Sep. 07, 2021

Average remaining contractual life 1 year 8 months 5 days 8 months 5 days

Weighted average remaining contractual life outstanding, beginning 8 months 5 days

Warrants modification expense $ (567,194)

Number of warrants/options outstanding, beginning 6,909,000 6,909,000

Warrant (Member) | 2017 Extension of Warrant Terms [Member]

Expiry date Sep. 07, 2021

Warrants modification expense $ 567,194

Number of warrants/options outstanding, beginning 6,909,000

Per share price $ 0.15

Series A 10% Convertible Preferred Stock [Member]

Preferred Stock conversion description Series A 10% Convertible Preferred Stocks were converted to 43,045,897 restricted Common stock, including 6,456,882 restricted Common stock paid for preferred shares dividend of $261,504.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended

Dec. 31, 2019

BASIS OF PRESENTATION

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments that are readily convertible into cash with a remaining maturity of three months or less at the time of acquisition to be cash equivalents. The Company maintains its cash and cash equivalents balances with high credit quality financial institutions. As of December 31, 2019 and 2018, the Company had cash in insured accounts in the amount of $179,147 and $46,713, respectively, and cash equivalents (Treasury and government securities) held in financial institutions that were uninsured by Federal Deposit Insurance Corporation in the amount of approximately $500,000 and $709,158 respectively.

Income Taxes

The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carry forwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured assuming enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such asset will be realized.

The Company adopted FASB Interpretation of “Accounting for Uncertainty in Income Taxes.” There was no impact on the Company’s financial position, results of operations, or cash flows as a result of implementing this guidance. At December 31, 2019 and December 31, 2018, the Company evaluated its tax positions and did not have any unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company currently has no federal or state tax examinations in progress.

Accounting for Stock Based Compensation

The stock-based compensation expense incurred by the Company for employees and directors is based on the employee model of ASC 718, and the fair market value of the options is measured at the grant date. Under ASC 718 employee is defined as “An individual over whom the grantor of a share-based compensation award exercises or has the right to exercise sufficient control to establish an employer-employee relationship based on common law as illustrated in case law and currently under U.S. “tax regulations.” Our consultants do not meet the employer-employee relationship as defined by the IRS and therefore are accounted for under ASC 505-50. Effective January 1, 2019, the Company adopted ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.

The Company followed the accounting guidance in ASC 505-50-30-11, until January 1, 2019 which provides that an issuer shall measure the fair value of the equity instruments in these transactions using the stock price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date:

i.

The date at which a commitment for performance by the counterparty to earn the equity instruments is reached (a performance commitment); and

ii.

The date at which the counterparty’s performance is complete.

Upon the adoption of ASU 2018-07, the Company measured the fair value of equity instruments for nonemployee based payment awards on the grant date.

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COMMITMENTS AND CONTINGENCIES (Details Narrative)
12 Months Ended

Dec. 31, 2019

USD ($)

Chief Financial Officer [Member]

Annual salary $ 17,000

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STOCKHOLDERS' EQUITY
12 Months Ended

Dec. 31, 2019

STOCKHOLDERS' EQUITY:

NOTE 7 - STOCKHOLDERS' EQUITY
The Company’s 2008 Stock Awards Plan was approved April 9, 2008 by the Board of Directors and ratified at the Company’s annual meeting of stockholders held on June 3, 2008. The 2008 Plan became effective June 24, 2008 and terminated on June 24, 2018. Subject to certain adjustments, the number of shares of Common Stock that could be issued pursuant to awards under the 2008 Plan was 2,000,000 shares. A maximum of 80,000 shares may be granted in any one year in any form to any one participant, of which a maximum of (i) 50,000 shares may be granted to a participant in the form of stock options and (ii) 30,000 shares may be granted to a participant in the form of Common Stock or restricted stock. The 2008 Plan was administered by a committee of the Board of Directors. Employees, including any employee who is also a director or an officer, consultants, and outside directors of the Company are eligible to participate in the 2008 Plan. The 2008 Stock Awards Plan expired June 24, 2018; the Board of directors has not adopted a new stock awards plan.

On March 12, 2019, the Board of Directors authorized the issuance of 300,000 shares each to 6 directors and to the CFO/Asst. Sect, valued at approximately $9,300 each based on the closing bid price as quoted on the OTC on March 12, 2019 at $0.031 per share, and on June 18, 2019 the Board of Directors authorized the issuance of 300,000 shares, to be issued June 28, 2019 to Matthew W. Long, a newly appointed board member. The shares issued to Mr. Long were valued at approximately $27,000 based on the closing bid price as quoted on the OTC on June 18, 2019 of $0.09 per share. The 2,400,000 restricted shares, were held in escrow, and are for merger/acquisition services to be performed in 2019. The shares were released from escrow upon shareholder approval at the December 6, 2019 Annual Meeting of the change of state of incorporation to Delaware and the subsequent amendment to the Certificate of Incorporation reducing the par value of Common stock from $0.10 to $0.00001.

The par value of the Company’s common stock has been adjusted retroactively in this filing.

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SUBSEQUENT EVENTS
12 Months Ended

Dec. 31, 2019

SUBSEQUENT EVENTS

NOTE 11 - SUBSEQUENT EVENTS
The Company has evaluated subsequent events from December 31, 2019 through the issuance date of these financial statements, and there are no events requiring disclosure.

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DIVIDENDS
12 Months Ended

Dec. 31, 2019

DIVIDENDS

NOTE 6 - DIVIDENDS
On December 31, 2018, all 36,562 Series A 10% Convertible Preferred Stocks were converted to 43,045,897 restricted Common stock, including 6,456,882 restricted Common stock paid for preferred shares dividend of $261,504.

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COMMITMENTS AND CONTINGENCIES
12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

NOTE 10 - COMMITMENTS AND CONTINGENCIES
The Company’s Board of Directors has agreed to pay the Company’s Chief Financial Officer an annual salary of $17,000. No other officers or directors of the Company receive compensation other than reimbursement of out-of-pocket expenses incurred in connection with Company business and development.

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NEW ACCOUNTING PRONOUNCEMENTS
12 Months Ended

Dec. 31, 2019

NEW ACCOUNTING PRONOUNCEMENTS

Note 2 - NEW ACCOUNTING PRONOUNCEMENTS
Recently Adopted Accounting Pronouncements

Leases — In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 amends existing lease accounting guidance and requires recognition of most lease arrangements on the balance sheet. The adoption of this standard will result in the Company recognizing a right-of-use asset representing its rights to use the underlying asset for the lease term with an offsetting lease liability. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The adoption of this standard did not have a material impact on the Company’s financial position, results of operations or cash flows.

Compensation – Stock Compensation — In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 allows companies to account for nonemployee awards in the same manner as employee awards. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. The Company adopted this ASU on January 1, 2019. The adoption of ASU 2018-07 did not have a material impact on the Company’s financial position, results of operations or cash flows.

Recent Accounting Pronouncements – To Be Adopted

Intangibles, Goodwill and Other — In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment” (“ASU No. 2017-04”). To simplify the subsequent measurement of goodwill, ASU No. 2017-04 eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, ASU No. 2017-04 requires an entity to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU No. 2017-04 also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU No. 2017-04 is effective for fiscal years beginning after December 15, 2019. The Company will adopt ASU No. 2017-04 commencing in the first quarter of fiscal 2020. The Company does not believe this standard will have a material impact on its financial statements or the related footnote disclosures.

ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement — This ASU modifies the disclosure requirements on fair value measurements in Topic 820, including the removal, modification to, and addition of certain disclosure requirements. This ASU will be effective for fiscal years beginning after December 15, 2019 with early adoption permitted. The majority of the disclosure changes are to be applied on a prospective basis. Although this ASU has a significant impact to the Company’s fair value disclosures, no additional impact is expected to the Company’s condensed financial statements.

The Company does not believe that other standards, which have been issued but are not yet effective, will have a significant impact on its financial statements.

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FAIR VALUE MEASUREMENTS (Details) - USD ($)

Dec. 31, 2019

Dec. 31, 2018

Fair Value [Member]

Assets at fair value on recurring basis $ 679,147 $ 755,871

Fair Value [Member] | Money Market Funds [Member]

Assets at fair value on recurring basis 179,147 46,713

Fair Value [Member] | Treasury and government securities [Member]

Assets at fair value on recurring basis 500,000 709,158

Fair Value, Inputs, Level 1 [Member]

Assets at fair value on recurring basis 679,147 755,871

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Assets at fair value on recurring basis 179,147 46,713

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Assets at fair value on recurring basis 500,000 709,158

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Assets at fair value on recurring basis

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Assets at fair value on recurring basis

Fair Value, Inputs, Level 3 [Member]

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Assets at fair value on recurring basis

Fair Value, Inputs, Level 3 [Member] | Treasury and government securities [Member]

Assets at fair value on recurring basis

Carrying Value [Member]

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Carrying Value [Member] | Money Market Funds [Member]

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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended

Dec. 31, 2019

FAIR VALUE MEASUREMENTS

Assets and liabilities measured at fair value on a recurring basis

Carrying

Amount In

Balance Sheet

December 31,

Fair Value

December 31,

Fair Value Measurement Using

2019

2019

Level 1

Level 2

Level 3

Assets:

Treasury and government securities

$

500,000

$

500,000

$

500,000

$

—

$

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Money Market Funds

179,147

179,147

179,147

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679,147

$

679,147

$

679,147

$

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$

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December 31,

Fair Value

December 31,

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2018

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Level 2

Level 3

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Treasury Bills

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709,158

$

709,158

$

709,158

$

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$

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Money Market Funds

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46,713

46,713

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755,871

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755,871

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755,871

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STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

STATEMENTS OF OPERATIONS

NET SALES

OPERRATING EXPENSES:

General and administrative expense 184,155 53,867

LOSS FROM OPERATIONS (184,155) (53,867)

OTHER INCOME (EXPENSE)

Warrants modification expense (567,194)

Interest and other income 8,681 10,276

TOTAL OTHER INCOME (EXPENSE) (558,513) (10,276)

LOSS BEFORE INCOME TAXES (742,668) (43,591)

Provision for income taxes

NET LOSS (742,668) (43,591)

Preferred stock dividend (261,504)

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (742,668) $ (305,095)

LOSS PER COMMON SHARE - BASIC AND DILUTED $ (0.01) $ (0.02)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED 60,982,172 15,654,275

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WARRANTS AND PREFERRED STOCKS (Details 1)
12 Months Ended

Dec. 31, 2019

$ / shares

shares

Number of Warrants

Number of warrants/options outstanding, beginning | shares 6,909,000

Granted | shares

Extended | shares 6,909,000

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Forfeited/expired | shares (6,909,000)

Number of warrants/options outstanding, Ending | shares 6,909,000

Exercisable | shares 6,909,000

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Extended | $ / shares 0.15

Exercised | $ / shares

Forfeited/expired | $ / shares 0.15

Weighted average exercise price outstanding, Ending | $ / shares 0.15

Weighted average exercise price outstanding, Exercisable | $ / shares $ 0.15

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Weighted average remaining contractual life outstanding, beginning 8 months 5 days

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BASIC AND DILUTED NET LOSS PER COMMON SHARE
12 Months Ended

Dec. 31, 2019

BASIC AND DILUTED NET LOSS PER COMMON SHARE

NOTE 4 - BASIC AND DILUTED NET LOSS PER COMMON SHARE
Basic loss per common share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding. Diluted loss per share is computed by dividing the net loss by the sum of the weighted-average number of shares of common stock outstanding plus the dilutive effect of shares issuable through the exercise of common stock equivalents.

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RELATED PARTIES
12 Months Ended

Dec. 31, 2019

RELATED PARTIES

NOTE 8 - RELATED PARTIES
In 2019 the members of the Board of Directors and the CFO received common stock in lieu of cash for services rendered in 2019. See Note 7 above.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
12 Months Ended

Dec. 31, 2019

BASIS OF PRESENTATION

Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents
The Company considers all highly liquid investments that are readily convertible into cash with a remaining maturity of three months or less at the time of acquisition to be cash equivalents. The Company maintains its cash and cash equivalents balances with high credit quality financial institutions. As of December 31, 2019 and 2018, the Company had cash in insured accounts in the amount of $179,147 and $46,713, respectively, and cash equivalents (Treasury and government securities) held in financial institutions that were uninsured by Federal Deposit Insurance Corporation in the amount of approximately $500,000 and $709,158 respectively.

Income Taxes
The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carry forwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured assuming enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such asset will be realized.

The Company adopted FASB Interpretation of “Accounting for Uncertainty in Income Taxes.” There was no impact on the Company’s financial position, results of operations, or cash flows as a result of implementing this guidance. At December 31, 2019 and December 31, 2018, the Company evaluated its tax positions and did not have any unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company currently has no federal or state tax examinations in progress.

Accounting for Stock Based Compensation
The stock-based compensation expense incurred by the Company for employees and directors is based on the employee model of ASC 718, and the fair market value of the options is measured at the grant date. Under ASC 718 employee is defined as “An individual over whom the grantor of a share-based compensation award exercises or has the right to exercise sufficient control to establish an employer-employee relationship based on common law as illustrated in case law and currently under U.S. “tax regulations.” Our consultants do not meet the employer-employee relationship as defined by the IRS and therefore are accounted for under ASC 505-50. Effective January 1, 2019, the Company adopted ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.

The Company followed the accounting guidance in ASC 505-50-30-11, until January 1, 2019 which provides that an issuer shall measure the fair value of the equity instruments in these transactions using the stock price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date:

i.

The date at which a commitment for performance by the counterparty to earn the equity instruments is reached (a performance commitment); and

ii.

The date at which the counterparty’s performance is complete.

Upon the adoption of ASU 2018-07, the Company measured the fair value of equity instruments for nonemployee based payment awards on the grant date.

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Dec. 31, 2019

Dec. 31, 2018

BASIC AND DILUTED NET LOSS PER COMMON SHARE

Common stock equivalents (preferred stock and warrants) 6,909,000 6,909,000

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STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss $ (742,668) $ (43,591)

Adjustment to reconcile to net loss to net cash used in operating activities:

Warrants modification expense 567,194

Stock based compensation 92,100

Change in assets and liabilities:

Accounts payable and accrued expenses 6,650 (6,281)

Net cash used in operating activities (76,724) (49,872)

CASH FLOWS FROM INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

NET DECREASE IN CASH AND CASH EQUIVALENTS (76,724) (49,872)

Cash and cash equivalents, at beginning of year 755,871 805,743

CASH AND CASH EQUIVALENTS, END OF YEAR 679,147 $ 755,871

SUPPLEMENTAL CASH FLOW INFORMATION:

Cash paid for:

Interest

Income taxes

SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:

Preferred stock issued as stock dividend $ 261,504

Conversion of preferred stock to common stock $ 4,043,087

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XML 33 R2.htm IDEA: XBRL DOCUMENT v3.20.1

BALANCE SHEETS - USD ($)

Dec. 31, 2019

Dec. 31, 2018

CURRENT ASSETS:

Cash and cash equivalents $ 679,147 $ 755,871

TOTAL ASSETS 679,147 755,871

CURRENT LIABILITIES:

Accounts payable and accrued expenses 9,919 3,269

TOTAL CURRENT LIABILITIES 9,919 3,269

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:

Preferred stock, $1.00 par value; 4,000,000 authorized: Series A 10% Convertible preferred stock; 50,000 shares authorized; no shares issued and outstanding

Common stock, $0.00001 par value 200,000,000 shares authorized; 61,479,759 shares issued and 60,982,172 outstanding as of December 31, 2019; and 59,079,759 shares issued and 58,582,172 outstanding as of December 31, 2018 615 591

Treasury stock, $0.00001 par value 497,587 shares as of December 31, 2019 and $0.10 par value as of December 31, 2018 (49,759) (49,759)

Additional paid-in capital 6,953,031 6,293,761

Accumulated deficit (6,234,659) (5,491,991)

TOTAL STOCKHOLDERS' EQUITY 669,228 752,602

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 679,147 $ 755,871

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BASIS OF PRESENTATION
12 Months Ended

Dec. 31, 2019

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NOTE 1 - BASIS OF PRESENTATION
Chase Packaging Corporation (“the Company”), a Delaware Corporation, previously manufactured woven paper mesh for industrial applications, polypropylene mesh fabric bags for agricultural use, and distributed agricultural packaging manufactured by other companies. Management’s plans for the Company include securing a merger or acquisition, raising additional capital, and other strategies designed to optimize shareholder value. However, no assurance can be given that management will be successful in its efforts. The failure to achieve these plans will have a material adverse effect on the Company’s financial position, results of operations, and ability to continue as a going concern.

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Dec. 31, 2018

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WARRANTS AND PREFERRED STOCKS (Tables)
12 Months Ended

Dec. 31, 2019

WARRANTS AND PREFERRED STOCKS (Tables)

Assumptions used in Black Scholes option-pricing model

Average risk-free interest rate

1.58

%

Average expected life-years

2

Expected volatility

172.88

%

Expected dividends

0

%

Schedule of Share-based Compensation, Warrant Options

Number of Warrants

Weighted

Average

Exercise

Price

Weighted Average

Remaining Contractual

Life (Years)

Outstanding at December 31, 2018

6,909,000

$

0.15

0.68

Granted

-

-

-

Extended

6,909,000

0.15

2

Exercised

-

-

-

Forfeited/expired

(6,909,000

)

0.15

-

Outstanding at December 31, 2019

6,909,000

$

0.15

1.69

Exercisable at December 31, 2019

6,909,000

$

0.15

1.69

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WARRANTS AND PREFERRED STOCKS
12 Months Ended

Dec. 31, 2019

WARRANTS AND PREFERRED STOCKS

NOTE 5 - WARRANTS AND PREFERRED STOCKS:
Warrants

2019 Extension of Warrant Terms

On July 9, 2019, 6,909,000 common share purchase warrants issued by the Company were modified to extend their maturity date to September 7, 2021. The exercise price and all other terms of the original warrant agreement remain the same. The warrants modification expense of $567,194 was computed as the incremental value of the modified warrants over the unmodified warrants on the modification date using a per share price of $0.15 per share, which was the contemporaneous private placement offering price. Assumptions used in the Black Scholes option-pricing model for these warrants were as follows:

Average risk-free interest rate

1.58

%

Average expected life-years

2

Expected volatility

172.88

%

Expected dividends

0

%

Number of Warrants

Weighted

Average

Exercise

Price

Weighted Average

Remaining Contractual

Life (Years)

Outstanding at December 31, 2018

6,909,000

$

0.15

0.68

Granted

-

-

-

Extended

6,909,000

0.15

2

Exercised

-

-

-

Forfeited/expired

(6,909,000

)

0.15

-

Outstanding at December 31, 2019

6,909,000

$

0.15

1.69

Exercisable at December 31, 2019

6,909,000

$

0.15

1.69

As of December 31, 2019 and 2018, the average remaining contractual life of the outstanding warrants was 1.68 years and 0.68 year, respectively. The warrants will expire on September 7, 2021.

Series A 10% Convertible Preferred Stock

On December 31, 2018, all 36,562 Series A 10% Convertible Preferred Stocks were converted to 43,045,897 restricted Common stock, including 6,456,882 restricted Common stock paid for preferred shares dividend of $261,504. As of December 31, 2019, there was no preferred stock outstanding.

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FAIR VALUE MEASUREMENTS
12 Months Ended

Dec. 31, 2019

FAIR VALUE MEASUREMENTS

NOTE 9 - FAIR VALUE MEASUREMENTS
ASC 820, “Fair Value Measurements and Disclosure,” (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs. ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

The three levels are described below:

Level 1 Inputs — Unadjusted quoted prices in active markets for identical assets or liabilities that is accessible by the Company;

Level 2 Inputs — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;

Level 3 Inputs — Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants.

There were no transfers in or out of any level during the years ended December 31, 2019 or 2018.

Except for those assets and liabilities which are required by authoritative accounting guidance to be recorded at fair value in the Company’s balance sheets, the Company has elected not to record any other assets or liabilities at fair value, as permitted by ASC 820. No events occurred during the years ended December 31, 2019 or 2018 which would require adjustment to the recognized balances of assets or liabilities which are recorded at fair value on a nonrecurring basis.

The Company determines fair values for its investment assets as follows:

Cash equivalents at fair value — the Company’s cash equivalents, at fair value, consist of money market funds — marked to market. The Company’s money market funds are classified within Level 1 of the fair value hierarchy since they are valued using quoted market prices from an exchange.

The following tables provide information on those assets measured at fair value on a recurring basis as of December 31, 2019 and December 31, 2018, respectively:

Carrying

Amount In

Balance Sheet

December 31,

Fair Value

December 31,

Fair Value Measurement Using

2019

2019

Level 1

Level 2

Level 3

Assets:

Treasury and government securities

$

500,000

$

500,000

$

500,000

$

—

$

—

Money Market Funds

179,147

179,147

179,147

—

—

Total Assets

$

679,147

$

679,147

$

679,147

$

—

$

—

Carrying

Amount In

Balance Sheet

December 31,

Fair Value

December 31,

Fair Value Measurement Using

2018

2018

Level 1

Level 2

Level 3

Assets:

Treasury Bills

$

709,158

$

709,158

$

709,158

$

—

$

—

Money Market Funds

46,713

46,713

46,713

—

—

Total Assets

$

755,871

$

755,871

$

755,871

$

—

$

—

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2019	Mar. 23, 2020	Jun. 30, 2019
Document And Entity Information
Entity Registrant Name	CHASE PACKAGING CORP
Entity Central Index Key	0001025771
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2019
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Entity Common Stock Shares Outstanding		60,982,172
Entity Public Float			$ 3,766,624
EntityFileNumber	0-21609
EntityAddressAddressLine1	PO Box 126
EntityAddressPostalZipCode	07760
EntityTaxIdentificationNumber	931216127
EntityAddressCityOrTown	Rumson
LocalPhoneNumber	7411500
CityAreaCode	732
EntityAddressStateOrProvince	NEW JERSEY

WARRANTS AND PREFERRED STOCKS (Details Narrative) - USD ($)		12 Months Ended
	Jul. 09, 2019	Dec. 31, 2019	Dec. 31, 2018
Expiry date		Sep. 07, 2021
Average remaining contractual life		1 year 8 months 5 days	8 months 5 days
Weighted average remaining contractual life outstanding, beginning		8 months 5 days
Warrants modification expense		$ (567,194)
Number of warrants/options outstanding, beginning		6,909,000	6,909,000
Warrant (Member) \| 2017 Extension of Warrant Terms [Member]
Expiry date	Sep. 07, 2021
Warrants modification expense	$ 567,194
Number of warrants/options outstanding, beginning	6,909,000
Per share price	$ 0.15
Series A 10% Convertible Preferred Stock [Member]
Preferred Stock conversion description			Series A 10% Convertible Preferred Stocks were converted to 43,045,897 restricted Common stock, including 6,456,882 restricted Common stock paid for preferred shares dividend of $261,504.

COMMITMENTS AND CONTINGENCIES (Details Narrative)	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details Narrative)	Dec. 31, 2019 USD ($)
Chief Financial Officer [Member]
Annual salary	$ 17,000

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2019
STOCKHOLDERS' EQUITY:
NOTE 7 - STOCKHOLDERS' EQUITY	The Company’s 2008 Stock Awards Plan was approved April 9, 2008 by the Board of Directors and ratified at the Company’s annual meeting of stockholders held on June 3, 2008. The 2008 Plan became effective June 24, 2008 and terminated on June 24, 2018. Subject to certain adjustments, the number of shares of Common Stock that could be issued pursuant to awards under the 2008 Plan was 2,000,000 shares. A maximum of 80,000 shares may be granted in any one year in any form to any one participant, of which a maximum of (i) 50,000 shares may be granted to a participant in the form of stock options and (ii) 30,000 shares may be granted to a participant in the form of Common Stock or restricted stock. The 2008 Plan was administered by a committee of the Board of Directors. Employees, including any employee who is also a director or an officer, consultants, and outside directors of the Company are eligible to participate in the 2008 Plan. The 2008 Stock Awards Plan expired June 24, 2018; the Board of directors has not adopted a new stock awards plan. On March 12, 2019, the Board of Directors authorized the issuance of 300,000 shares each to 6 directors and to the CFO/Asst. Sect, valued at approximately $9,300 each based on the closing bid price as quoted on the OTC on March 12, 2019 at $0.031 per share, and on June 18, 2019 the Board of Directors authorized the issuance of 300,000 shares, to be issued June 28, 2019 to Matthew W. Long, a newly appointed board member. The shares issued to Mr. Long were valued at approximately $27,000 based on the closing bid price as quoted on the OTC on June 18, 2019 of $0.09 per share. The 2,400,000 restricted shares, were held in escrow, and are for merger/acquisition services to be performed in 2019. The shares were released from escrow upon shareholder approval at the December 6, 2019 Annual Meeting of the change of state of incorporation to Delaware and the subsequent amendment to the Certificate of Incorporation reducing the par value of Common stock from $0.10 to $0.00001. The par value of the Company’s common stock has been adjusted retroactively in this filing.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2019
SUBSEQUENT EVENTS
NOTE 11 - SUBSEQUENT EVENTS	The Company has evaluated subsequent events from December 31, 2019 through the issuance date of these financial statements, and there are no events requiring disclosure.

DIVIDENDS	12 Months Ended
DIVIDENDS	Dec. 31, 2019
DIVIDENDS
NOTE 6 - DIVIDENDS	On December 31, 2018, all 36,562 Series A 10% Convertible Preferred Stocks were converted to 43,045,897 restricted Common stock, including 6,456,882 restricted Common stock paid for preferred shares dividend of $261,504.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
NOTE 10 - COMMITMENTS AND CONTINGENCIES	The Company’s Board of Directors has agreed to pay the Company’s Chief Financial Officer an annual salary of $17,000. No other officers or directors of the Company receive compensation other than reimbursement of out-of-pocket expenses incurred in connection with Company business and development.

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Fair Value [Member]
Assets at fair value on recurring basis	$ 679,147	$ 755,871
Fair Value [Member] \| Money Market Funds [Member]
Assets at fair value on recurring basis	179,147	46,713
Fair Value [Member] \| Treasury and government securities [Member]
Assets at fair value on recurring basis	500,000	709,158
Fair Value, Inputs, Level 1 [Member]
Assets at fair value on recurring basis	679,147	755,871
Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Assets at fair value on recurring basis	179,147	46,713
Fair Value, Inputs, Level 1 [Member] \| Treasury and government securities [Member]
Assets at fair value on recurring basis	500,000	709,158
Fair Value, Inputs, Level 2 [Member]
Assets at fair value on recurring basis
Fair Value, Inputs, Level 2 [Member] \| Money Market Funds [Member]
Assets at fair value on recurring basis
Fair Value, Inputs, Level 2 [Member] \| Treasury and government securities [Member]
Assets at fair value on recurring basis
Fair Value, Inputs, Level 3 [Member]
Assets at fair value on recurring basis
Fair Value, Inputs, Level 3 [Member] \| Money Market Funds [Member]
Assets at fair value on recurring basis
Fair Value, Inputs, Level 3 [Member] \| Treasury and government securities [Member]
Assets at fair value on recurring basis
Carrying Value [Member]
Assets at fair value on recurring basis	679,147	755,871
Carrying Value [Member] \| Money Market Funds [Member]
Assets at fair value on recurring basis	179,147	46,713
Carrying Value [Member] \| Treasury and government securities [Member]
Assets at fair value on recurring basis	$ 500,000	$ 709,158

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
STATEMENTS OF OPERATIONS
NET SALES
OPERRATING EXPENSES:
General and administrative expense	184,155	53,867
LOSS FROM OPERATIONS	(184,155)	(53,867)
OTHER INCOME (EXPENSE)
Warrants modification expense	(567,194)
Interest and other income	8,681	10,276
TOTAL OTHER INCOME (EXPENSE)	(558,513)	(10,276)
LOSS BEFORE INCOME TAXES	(742,668)	(43,591)
Provision for income taxes
NET LOSS	(742,668)	(43,591)
Preferred stock dividend		(261,504)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (742,668)	$ (305,095)
LOSS PER COMMON SHARE - BASIC AND DILUTED	$ (0.01)	$ (0.02)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED	60,982,172	15,654,275

WARRANTS AND PREFERRED STOCKS (Details 1)	12 Months Ended
WARRANTS AND PREFERRED STOCKS (Details 1)	Dec. 31, 2019 $ / shares shares
Number of Warrants
Number of warrants/options outstanding, beginning \| shares	6,909,000
Granted \| shares
Extended \| shares	6,909,000
Exercised \| shares
Forfeited/expired \| shares	(6,909,000)
Number of warrants/options outstanding, Ending \| shares	6,909,000
Exercisable \| shares	6,909,000
Weighted Average Exercise Price
Weighted average exercise price outstanding, beginning \| $ / shares	$ 0.15
Granted \| $ / shares
Extended \| $ / shares	0.15
Exercised \| $ / shares
Forfeited/expired \| $ / shares	0.15
Weighted average exercise price outstanding, Ending \| $ / shares	0.15
Weighted average exercise price outstanding, Exercisable \| $ / shares	$ 0.15
Weighted Average Remaining Contractual Life (Years)
Weighted average remaining contractual life outstanding, beginning	8 months 5 days
Granted
Extended	2 years
Exercised
Forfeited/expired
Weighted average remaining contractual life outstanding, Ending	1 year 8 months 9 days
Weighted average remaining contractual life outstanding, Exercisable	1 year 8 months 9 days

BASIC AND DILUTED NET LOSS PER COMMON SHARE	12 Months Ended
BASIC AND DILUTED NET LOSS PER COMMON SHARE	Dec. 31, 2019
BASIC AND DILUTED NET LOSS PER COMMON SHARE
NOTE 4 - BASIC AND DILUTED NET LOSS PER COMMON SHARE	Basic loss per common share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding. Diluted loss per share is computed by dividing the net loss by the sum of the weighted-average number of shares of common stock outstanding plus the dilutive effect of shares issuable through the exercise of common stock equivalents. We have excluded 6,909,000 common stock equivalents (warrants and stock options) from the calculation of diluted loss per share for the years ended December 31, 2019 and 2018, which, if included, would have an antidilutive effect.

RELATED PARTIES	12 Months Ended
RELATED PARTIES	Dec. 31, 2019
RELATED PARTIES
NOTE 8 - RELATED PARTIES	In 2019 the members of the Board of Directors and the CFO received common stock in lieu of cash for services rendered in 2019. See Note 7 above.

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (742,668)	$ (43,591)
Adjustment to reconcile to net loss to net cash used in operating activities:
Warrants modification expense	567,194
Stock based compensation	92,100
Change in assets and liabilities:
Accounts payable and accrued expenses	6,650	(6,281)
Net cash used in operating activities	(76,724)	(49,872)
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
NET DECREASE IN CASH AND CASH EQUIVALENTS	(76,724)	(49,872)
Cash and cash equivalents, at beginning of year	755,871	805,743
CASH AND CASH EQUIVALENTS, END OF YEAR	679,147	$ 755,871
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for:
Interest
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
Preferred stock issued as stock dividend		$ 261,504
Conversion of preferred stock to common stock		$ 4,043,087

DIVIDENDS (Details Narrative) - Series A Convertible Preferred stock [Member]	Dec. 31, 2018 USD ($) shares
Convertible preferred stock, shares converted	36,562
Restricted Stock [Member]
Conversion of convertible preferred stock, shares issued	43,045,897
Dividend [Member]
Conversion of convertible preferred stock, shares issued	6,456,882
Convertible preferred stock, dividend converted \| $	$ 261,504

WARRANTS AND PREFERRED STOCKS (Details)	12 Months Ended
WARRANTS AND PREFERRED STOCKS (Details)	Dec. 31, 2019
WARRANTS AND PREFERRED STOCKS
Average risk-free interest rate	1.58%
Average expected life- years	2 years
Expected volatility	172.88%
Expected dividends	0.00%

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
STOCKHOLDERS' EQUITY
Preferred stock, shares par value	$ 1.00	$ 1.00
Preferred stock, shares authorized	4,000,000	4,000,000
Common stock, shares par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	61,479,759	59,079,759
Common stock, shares outstanding	60,982,172	58,582,172
Treasury stock, shares par value	$ 0.00001	$ 0.10
Trasury Stock, shares issued	497,587	497,587
10% Series A Convertible Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred stock, shares authorized	50,000	50,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

STOCKHOLDERS' EQUITY (Details Narrative)	9 Months Ended
STOCKHOLDERS' EQUITY (Details Narrative)	Sep. 30, 2019	Dec. 31, 2019 shares	Jun. 18, 2019 USD ($) $ / shares shares	Mar. 12, 2019 USD ($) integer $ / shares shares	Dec. 31, 2018 shares	Jun. 24, 2008 shares
Reduction in par value description	The shares were released from escrow upon shareholder approval at the December 6, 2019 Annual Meeting of the change of state of incorporation to Delaware and the subsequent amendment to the Certificate of Incorporation reducing the par value of Common stock from $0.10 to $0.00001.
Common stock shares held, shares		2,400,000
Common stock, shares issued		61,479,759			59,079,759
Common stock, shares authorized		200,000,000			200,000,000
Directors And CFO [Member]
Common stock, shares authorized			300,000	300,000
Number of directors \| integer				6
Common stock, shares authorized, value \| $			$ 27,000	$ 9,300
Closing bid price \| $ / shares			$ 0.09	$ 0.031
Stock options [Member]
Maximum shares granted						50,000
2008 Stock Awards Plan [Member]
Common stock, shares issued						2,000,000
Maximum shares granted						80,000
Restricted Stock [Member]
Maximum shares granted						30,000