x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2012 | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ECO PLANET CORP.
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(Exact name of Registrant as specified in its charter)
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Delaware
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46-0525801
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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93 S Jackson St, #34786, Seattle, WA 98104-2818,
Telephone Number –
Fax: 866-885-5653
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(Address of principal executive offices) (zip code)
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Telephone: 888 375 8633
Facsimile: 866-885-5653
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(Registrant’s telephone number, including area code)
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N/A
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(Former name, former address and former fiscal year, if changed since last report)
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Large accelerated filer
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o |
Accelerated filer
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o |
Non-accelerated filer
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Smaller reporting company
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x |
(Do not check if a smaller reporting company)
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Item 1. Financial Statements – Unaudited
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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10
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
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12
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Item 4. Controls and Procedures
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12
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Part II – Other Information
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Item 1. Legal Proceedings
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13
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Item 1A. Risk Factors
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13
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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13
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Item 3. Defaults upon Senior Securities | 13 |
Item 4. Mine Safety Disclosures | 13 |
Item 5. Other Information | 13 |
Item 6. Exhibits | 13 |
Signatures
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14
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ASSETS
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As of
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As of
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March 31,
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December 31,
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2012
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2011
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(Unaudited)
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(Audited)
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Current Assets:
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Cash or cash equivalents
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$ | 14,329 | $ | 19,980 | ||||
Deferred offering costs
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9,500 | 4,500 | ||||||
Total current assets
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23,829 | 24,480 | ||||||
Total Assets
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$ | 23,829 | $ | 24,480 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current Liabilities:
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Accounts payable and accrued expenses
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$ | 9,897 | $ | 4,797 | ||||
Total Current Liabilities
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9,897 | 4,797 | ||||||
Commitments and Contingencies
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- | - | ||||||
Stockholders' Equity:
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Common stock, par value $0.0001 per share, 150,000,000 shares authorized; 1,700,000 shares issued and outstanding
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170 | 170 | ||||||
Additional paid-in capital
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20,230 | 20,230 | ||||||
Earnings (Deficit) accumulated during development stage
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(6,468 | ) | (717 | ) | ||||
Total stockholders' equity
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13,932 | 19,683 | ||||||
Total Liabilities and Stockholders' Equity
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$ | 23,829 | $ | 24,480 |
Three Months
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Three Months
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Cumulative
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||||||||||
Ended
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Ended
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From
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March 31, 2012
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March 31, 2011
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Inception
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Revenues
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$ | - | $ | - | $ | - | ||||||
Expenses:
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General and administrative -
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Professional fees
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2,154 | - | 2,154 | |||||||||
Consulting fees
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1,000 | - | 1,000 | |||||||||
Filing fees
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1,997 | - | 2,294 | |||||||||
Franchise tax expense
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400 | - | 400 | |||||||||
Other
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200 | - | 620 | |||||||||
Total general and administrative expenses
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5,751 | - | 6,468 | |||||||||
(Loss) from Operations
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(5,751 | ) | - | (6,468 | ) | |||||||
Provision for income taxes
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- | - | - | |||||||||
Net (Loss)
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$ | (5,751 | ) | $ | - | $ | (6,468 | ) | ||||
(Loss) Per Common Share:
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(Loss) per common share - Basic and Diluted
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$ | (0.00 | ) | $ | - | |||||||
Weighted Average Number of Common Shares Outstanding - Basic and Diluted
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1,700,000 | - |
(Deficit)
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Accumulated
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Additional
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During the
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Common stock
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Paid-in
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Development
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Description
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Shares
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Amount
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Capital
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Stage
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Totals
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Balance - at inception
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- | $ | - | $ | - | $ | - | $ | - | |||||||||||
Common stock issued for cash ($0.012/share)
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1,700,000 | 170 | 20,230 | - | 20,400 | |||||||||||||||
Net (loss) for the period
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- | - | - | (717 | ) | (717 | ) | |||||||||||||
Balance -December 31, 2011
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1,700,000 | 170 | 20,230 | (717 | ) | 19,683 | ||||||||||||||
Net (loss) for the period
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- | - | - | (5,751 | ) | (5,751 | ) | |||||||||||||
Balance -March 31, 2012
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1,700,000 | 170 | 20,230 | (6,468 | ) | 13,932 |
Three Months
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Three Months
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Cumulative
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Ended
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Ended
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From
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March 31, 2012
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March 31, 2011
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Inception
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Operating Activities:
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Net (loss)
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$ | (5,751 | ) | $ | - | $ | (6,468 | ) | ||||
Adjustments to reconcile net (loss) to net cash provided by operating activities:
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Deferred offering costs
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(5,000 | ) | - | (9,500 | ) | |||||||
Accounts payable and accrued liabilities
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5,100 | - | 9,897 | |||||||||
Net Cash Used in Operating Activities
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(5,651 | ) | - | (6,071 | ) | |||||||
Investing Activities:
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Cash provided by investing activities
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- | - | - | |||||||||
Net Cash Provided by Investing Activities
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- | - | - | |||||||||
Financing Activities:
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Proceeds from common stock
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- | - | 20,400 | |||||||||
Net Cash Provided by Financing Activities
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- | - | 20,400 | |||||||||
Net (Decrease) Increase in Cash
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(5,651 | ) | - | 14,329 | ||||||||
Cash - Beginning of Period
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19,980 | - | - | |||||||||
Cash - End of Period
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$ | 14,329 | $ | - | $ | 14,329 | ||||||
Supplemental Disclosure of Cash Flow Information:
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Cash paid during the period for:
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Interest
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$ | - | $ | - | $ | - | ||||||
Income taxes
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$ | - | $ | - | $ | - |
Current Tax Provision:
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Federal-
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Taxable income
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$ | - | ||
Total current tax provision
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$ | - | ||
Deferred Tax Provision:
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Federal-
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Loss carryforwards
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$ | 863 | ||
Change in valuation allowance
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(863 | ) | ||
Total deferred tax provision
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$ | - |
2012
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2011
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Loss carryforwards
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$ | 970 | $ | 108 | ||||
Less - Valuation allowance
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(970 | ) | (108 | ) | ||||
Total net deferred tax assets
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$ | - | $ | - |
·
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Commissions from third-party supplier web sites; and
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·
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Profit from acquisition and sale of inventory; and
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·
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Advertising on our website
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Exhibit No.
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Description
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3.1
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Articles of Incorporation (Incorporated by reference from our Registration Statement on Form S-1).
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3.2
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Bylaws (Incorporated by reference from our Registration Statement on Form S-1).
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31*
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Section 302 Certification of the Sarbanes-Oxley Act of 2002 of Elka Yaron.
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32*
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Section 906 Certification of the Sarbanes-Oxley Act of 2002 of Elka Yaron.
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/s/ Elka Yaron
President, Chief Executive Officer, Chief Financial Officer and a member of the Board of Directors
(who also performs as the Principal Executive and Principal Financial and Accounting Officer)
June 1, 2012
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Common Stock
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3 Months Ended |
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Mar. 31, 2012
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Notes to Financial Statements | |
Common Stock |
3. Common Stock
On September 21, 2011, the Company issued 1,700,000 shares of common stock to the directors of the Company at a price of $0.012 per share, for a $20,400 subscription receivable. Payments of the subscription were received on December 21, 2011.
The Company has commenced a capital formation activity by filing a Registration Statement on Form S-1 to the SEC to register and sell in a self-directed offering 800,000 shares of newly issued common stock at an offering price of $0.15 per share for proceeds of up to $120,000. As of March 31, 2012, the Company accrued $9,500 of audit deferred offering costs related to this capital formation activity. |
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Development Stage Activities and Going Concern
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3 Months Ended |
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Mar. 31, 2012
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Notes to Financial Statements | |
Development Stage Activities and Going Concern |
2. Development Stage Activities and Going Concern
The Company is currently in the development stage, and has limited operations. The business plan of the Company is to become online seller of low-cost LED lighting.
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States, which contemplate continuation of the Company as a going concern. The Company has not established any source of revenues to cover its operating costs, and as such, has incurred an operating loss since inception. Further, as of March 31, 2012, the cash resources of the Company were insufficient to meet its current business plan. These and other factors raise substantial doubt about the Companys ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
Balance Sheets (Unaudited) (USD $)
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Mar. 31, 2012
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Dec. 31, 2011
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Current Assets: | ||
Cash or cash equivalents | $ 14,329 | $ 19,980 |
Deferred offering costs | 9,500 | 4,500 |
Total current assets | 23,829 | 24,480 |
Total Assets | 23,829 | 24,480 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 9,897 | 4,797 |
Total Current Liabilities | 9,897 | 4,797 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common stock, par value $0.0001 per share, 150,000,000 shares authorized; 1,700,000 shares issued and outstanding | 170 | 170 |
Additional paid-in capital | 20,230 | 20,230 |
Earnings (Deficit) accumulated during development stage | (6,468) | (717) |
Total stockholders' equity | 13,932 | 19,683 |
Total Liabilities and Stockholders' Equity | $ 23,829 | $ 24,480 |
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Statements of Cash Flows (Unaudited) (USD $)
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3 Months Ended | 6 Months Ended |
---|---|---|
Mar. 31, 2012
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Mar. 31, 2012
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Operating Activities: | ||
Net (loss) | $ (5,751) | $ (6,468) |
Adjustments to reconcile net (loss) to net cash provided by operating activities: | ||
Deferred offering costs | (5,000) | (9,500) |
Accounts payable and accrued liabilities | 5,100 | 9,897 |
Net Cash Used in Operating Activities | (5,651) | (6,071) |
Investing Activities: | ||
Cash provided by investing activities | ||
Net Cash Provided by Investing Activities | ||
Financing Activities: | ||
Proceeds from common stock | 20,400 | |
Net Cash Provided by Financing Activities | 20,400 | |
Net (Decrease) Increase in Cash | (5,651) | 14,329 |
Cash - Beginning of Period | 19,980 | |
Cash - End of Period | 14,329 | 14,329 |
Cash paid during the period for: | ||
Interest | ||
Income taxes |
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Summary of Significant Accounting Policies
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3 Months Ended |
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Mar. 31, 2012
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Notes to Financial Statements | |
Summary of Significant Accounting Policies |
1. Summary of Significant Accounting Policies
Basis of Presentation and Organization
Eco Planet Corp. (the Company) is in the development stage, and has limited operations. The Company was incorporated under the laws of the State of Delaware on September 14, 2011. The business plan of the Company is to become online seller of low-cost LED lighting. The accompanying financial statements of the Company were prepared from the accounts of the Company under the accrual basis of accounting.
Unaudited Interim Financial Statements
The interim financial statements of the Company as of March 31, 2012, and for the periods then ended, and cumulative from inception, are unaudited. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary to present fairly the Companys financial position as of March 31, 2012, and the results of its operations and its cash flows for the periods ended March 31, 2012, and cumulative from inception. These results are not necessarily indicative of the results expected for the calendar year ending December 31, 2012. The accompanying financial statements and notes thereto do not reflect all disclosures required under accounting principles generally accepted in the United States. Refer to the Companys audited financial statements as of December 31, 2011, filed with the SEC, for additional information, including significant accounting policies.
Cash and Cash Equivalents
For purposes of reporting within the statement of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.
Revenue Recognition
The Company is in the development stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable.
Loss per Common Share
Basic loss per share is computed by dividing the net loss attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the period. Fully diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There were no dilutive financial instruments issued or outstanding for the period ended March 31, 2012.
Income Taxes
The Company accounts for income taxes pursuant to FASB ASC 740. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.
The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Companys financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws.
Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate.
Fair Value of Financial Instruments
The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. The carrying value of accounts payable-trade and accrued liabilities approximated fair value due to the short-term nature and maturity of these instruments.
Deferred Offering Costs
The Company defers as other assets the direct incremental costs of raising capital until such time as the offering is completed. At the time of the completion of the offering, the costs are charged against the capital raised. Should the offering be terminated, deferred offering costs are charged to operations during the period in which the offering is terminated.
Common Stock Registration Expenses
The Company considers incremental costs and expenses related to the registration of equity securities with the SEC, whether by contractual arrangement as of a certain date or by demand, to be unrelated to original issuance transactions. As such, subsequent registration costs and expenses are reflected in the accompanying financial statements as general and administrative expenses, and are expensed as incurred.
Lease Obligations
All non cancellable leases with an initial term greater than one year are categorized as either capital leases or operating leases. Assets recorded under capital leases are amortized according to the methods employed for property and equipment or over the term of the related lease, if shorter.
Estimates
The financial statements are prepared on the basis of accounting principles generally accepted in the United States. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and expenses. Actual results could differ from those estimates made by management.
Fiscal Year End
The Company has adopted a fiscal year end of December 31. |
Balance Sheets (Parenthetical) (USD $)
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Mar. 31, 2012
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Dec. 31, 2011
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---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued and outstanding | $ 1,700,000 | $ 1,700,000 |
Document and Entity Information
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3 Months Ended | |
---|---|---|
Mar. 31, 2012
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May 31, 2012
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Document And Entity Information | ||
Entity Registrant Name | ECO PLANET CORP | |
Entity Central Index Key | 0001537528 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2012 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 1,700,000 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2012 |
Statements of Operations (Unaudited) (USD $)
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3 Months Ended | 6 Months Ended | |
---|---|---|---|
Mar. 31, 2012
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Mar. 31, 2011
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Mar. 31, 2012
|
|
Income Statement [Abstract] | |||
Revenues | |||
General and administrative - | |||
Professional fees | 2,154 | 2,154 | |
Consulting fees | 1,000 | 1,000 | |
Filing fees | 1,997 | 2,294 | |
Franchise tax expense | 400 | 400 | |
Other | 200 | 620 | |
Total general and administrative expenses | 5,751 | 6,468 | |
(Loss) from Operations | (5,751) | (6,468) | |
Provision for income taxes | |||
Net (Loss) | $ (5,751) | $ (6,468) | |
(Loss) Per Common Share: | |||
(Loss) per common share - Basic and Diluted | $ 0.00 | ||
Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 1,700,000 |
Recent Accounting Pronouncements
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3 Months Ended |
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Mar. 31, 2012
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Notes to Financial Statements | |
Recent Accounting Pronouncements |
6. Recent Accounting Pronouncements
In May 2011, the FASB issued ASU 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards ("IFRSs")." Under ASU 2011-04, the guidance amends certain accounting and disclosure requirements related to fair value measurements to ensure that fair value has the same meaning in U.S. GAAP and in IFRS and that their respective fair value measurement and disclosure requirements are the same. ASU 2011-04 is effective for public entities during interim and annual periods beginning after December 15, 2011. Early adoption is not permitted. The Company does not believe that the adoption of ASU 2011-04 will have a material impact on the Company's results of operation and financial condition.
In June 2011, the FASB issued ASU No. 2011-05, "Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income," ("ASU 2011-05") which amends current comprehensive income guidance. This accounting update eliminates the option to present the components of other comprehensive income as part of the statement of shareholders' equity. Instead, comprehensive income must be reported in either a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but consecutive statements. ASU 2011-05 will be effective for public companies during the interim and annual periods beginning after Dec. 15, 2011 with early adoption permitted. The Company does not believe that the adoption of ASU 2011-05 will have a material impact on the Company's results of operation and financial condition.
There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries. None of the updates are expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
Related Party Loans and Transactions
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3 Months Ended |
---|---|
Mar. 31, 2012
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|
Notes to Financial Statements | |
Related Party Loans and Transactions |
5. Related Party Loans and Transactions
On September 21, 2011, the Company issued 1,700,000 shares of common stock to the director and the secretary of the Company at a price of $0.012 per share, for a $20,400 subscription receivable. Payments of the subscriptions were received on December 21, 2011.
The Company's director provides rent-free office space to the Company. |
Shareholders Equity (USD $)
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Common Stock Shares
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Common stock Amount
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Additional Paid-in Capital
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(Deficit) Accumulated During the Development Stage
|
Total
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---|---|---|---|---|---|
Balance - at inception at Sep. 13, 2011 | |||||
Common stock issued for cash ($0.012/share) | $ 1,700,000 | $ 170 | $ 20,230 | $ 20,400 | |
Net (loss) for the period | (717) | (717) | |||
Balance -December 31, 2011 | 1,700,000 | 170 | 20,230 | (717) | 19,683 |
Net (loss) for the period | $ (5,751) | $ (5,751) | |||
Balance -March 31, 2012 at Mar. 31, 2012 | 1,700,000 | 170 | 20,230 | (6,468) | 13,932 |
Income Taxes
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
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Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
4. Income Taxes
The provision (benefit) for income taxes for the period ended March 31, 2012 was as follows (assuming a 15% effective tax rate):
The Company had deferred income tax assets as of March 31, 2012 and December 31, 2011 as follows:
The Company provided a valuation allowance equal to the deferred income tax assets for periods ended March 31, 2012 and December 31, 2011 because it is not presently known whether future taxable income will be sufficient to utilize the loss carryforwards.
As of March 31, 2012, the Company had approximately $6,470 in tax loss carryforwards that can be utilized future periods to reduce taxable income, and expire by the year 2032.
The Company did not identify any material uncertain tax positions The Company did not recognize any interest or penalties for unrecognized tax benefits.
The federal income tax returns of the Company are subject to examination by the IRS, generally for three years after they are filed. |