COMMITMENTS AND CONTIGENCIES

12 Months Ended

Dec. 31, 2019

COMMITMENTS AND CONTIGENCIES

NOTE 6 - COMMITMENTS AND CONTIGENCIES

Legal matter contingencies

The Company believes, based on current knowledge and after consultation with legal counsel, that it is not currently party to any material proceedings, individually or in the aggregate, the resolution of which would have a material effect on the Company. Provisions for losses are established in accordance with ASC 450, “Contingencies” when warranted. Once established, such provisions are adjusted when there is more information available of when an event occurs requiring a change.

Lease

The Company leases a facility with terms of month to month for its headquarters and had a lease on a facility through April 2021. During the year ended December 31, 2019, the lease was assigned to a third party entity. The lease was able to be cancelled at any time with three months written notice before April 2020 and 2021, the anniversary dates of the lease. The Company adopted ASC 842 on January 1, 2019 and has evaluated that has no impact on the financial statements as under the practical expedient the leases consist of terms less than one year, and therefore is not required to capitalize the lease.