etck_10q.htm

0001477932-18-005497.txt : 20181114 0001477932-18-005497.hdr.sgml : 20181114 20181114113133 ACCESSION NUMBER: 0001477932-18-005497 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 43 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181114 DATE AS OF CHANGE: 20181114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENERTECK CORP CENTRAL INDEX KEY: 0001128353 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS CHEMICAL PRODUCTS [2890] IRS NUMBER: 910757753 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-31981 FILM NUMBER: 181181605 BUSINESS ADDRESS: STREET 1: 10701 CORPORATE DRIVE, SUITE 150 CITY: STAFFORD STATE: TX ZIP: 77477 BUSINESS PHONE: (281) 240-1787 MAIL ADDRESS: STREET 1: 10701 CORPORATE DRIVE, SUITE 150 CITY: STAFFORD STATE: TX ZIP: 77477 FORMER COMPANY: FORMER CONFORMED NAME: ENERTECK CHEMICAL CORP DATE OF NAME CHANGE: 20031126 FORMER COMPANY: FORMER CONFORMED NAME: GOLD BOND RESOURCES INC DATE OF NAME CHANGE: 20001115 10-Q 1 etck_10q.htm FORM 10-Q etck_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2018

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

For the transition period from _________ to ______

Commission file number 0-31981

ENERTECK CORPORATION

(Exact name of Registrant as Specified in its Charter)

Delaware

47-0929885

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

10701 Corporate Drive, Suite 150

Stafford, Texas

77477

(Address of principal

executive offices)

(Zip Code)

(281) 240-1787

(Registrant’s Telephone Number, Including Area Code)

Not applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

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 x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

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 definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

¨

Accelerated filer

¨

Non-accelerated filer

¨

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 by Rule 12b-2 of the Exchange Act). Yes ¨ No x

State the number of shares outstanding of each of the Issuer’s classes of common stock, as of the latest practicable date: Common, $.001 par value per share; 36,380,690 outstanding as of November 14, 2018.

ENERTECK CORPORATION

TABLE OF CONTENTS

			Page
PART I ‑ FINANCIAL INFORMATION

	Item 1.	Financial Statements.	3
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	15
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	18
	Item 4.	Controls and Procedures.	18

PART II - OTHER INFORMATION

	Item 1.	Legal Proceedings.	19
	Item 1A.	Risk Factors.	19
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	19
	Item 3.	Default upon Senior Securities.	19
	Item 4.	Mine Safety Disclosures.	19
	Item 5.	Other Information.	19
	Item 6.	Exhibits.	20

SIGNATURES			21

2

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ENERTECK CORPORATION

Index to Financial Information

Period Ended September 30, 2018

Page

Condensed Consolidated Financial Statements:

Condensed Consolidated Balance Sheets (Unaudited)

4

Condensed Consolidated Statements of Operations (Unaudited)

5

Condensed Consolidated Statements of Changes in Stockholders’ Deficit (Unaudited)

6

Condensed Consolidated Statements of Cash Flows (Unaudited)

7

Notes to Condensed Consolidated Financial Statements (Unaudited)

8

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ENERTECK CORPORATION AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30,

2018

December 31,

2017

ASSETS

Current assets:

Cash

$ 20,971

$ 19,373

Inventory

104,782

124,708

Receivables - trade, net

2,621

19,137

Representative advances

19,031

1,471

Prepaid expenses

30,140

18,838

Total current assets

177,545

183,527

Intellectual property

150,000

150,000

Website, net of accumulated amortization of $22,009 and $17,099, respectively

10,729

15,639

Property and equipment, net of accumulated depreciation of $ 267,980 and $365,741, respectively

1,941

2,959

Total assets

$ 340,215

$ 352,125

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current liabilities:

Accounts payable

$ 133,421

$ 130,631

Customer advances

50,900

87,500

Related party notes and advances

1,772,500

1,380,000

Accrued compensation

3,968,076

3,879,284

Accrued interest

1,290,502

1,138,049

Accrued liabilities - other

150,462

107,755

Total current liabilities

7,365,861

6,723,219

Long term liabilities

Deferred lease liability

4,145

7,535

Accrued interest, net of current interest

-

107,846

Stockholder advances, net of current maturities

-

1,044,250

Total Liabilities

$ 7,370,006

$ 7,882,850

Commitments and contingencies (Note 7)

Stockholders’ deficit

Preferred stock, $.001 par value, 100,000,000 shares authorized, none issued

--

-

Common stock, $.001 par value, 100,000,000 shares authorized 36,380,690 and 31,153,543 shares issued and outstanding, respectively

$ 36,381

$ 31,154

Additional paid-in capital

29,293,021

28,100,037

Accumulated deficit

(36,359,193 )

(35,661,916 )

Total stockholders’ deficit

(7,029,791 )

(7,530,725 )

Total liabilities and stockholders’ deficit

$ 340,215

$ 352,125

The accompanying notes are integral part of these condensed consolidated financial statements.

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ENERTECK CORPORATION AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2018

2017

2018

2017

Revenues

$ 133,371

$ 58,799

$ 155,717

$ 242,247

Cost of goods sold

33,039

12,124

37,798

37,434

Gross profit

100,332

46,675

117,919

204,813

General and administrative expenses:

Wages

132,400

149,461

392,920

479,871

Depreciation and amortization

1,969

2,036

5,929

5,958

Stock based compensation

46,116

4,251

46,116

14,818

Other selling, general and administrative expenses

67,381

59,497

221,330

234,326

Total expenses

247,866

215,245

666,295

734,973

Operating loss

(147,534 )

(168,570 )

(548,376 )

(530,160 )

Interest income

$ -

$ 8

$ 43

$ 9

Other income (expense)

16,542

923

10,077

(1,801 )

Interest expense

(54,015 )

(53,632 )

(159,021 )

(162,268 )

Net loss

$ (185,007 )

$ (221,271 )

$ (697,277 )

$ (694,220 )

Net loss per share: Basic and diluted

$ (0.01 )

$ (0.01 )

$ (0.02 )

$ (0.02 )

Weighted average shares outstanding:

Basic and diluted

36,380,690

31,035,895

34,848,925

30,706,967

The accompanying notes are integral part of these condensed consolidated financial statements.

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ENERTECK CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

Years Ended September 30, 2018 and December 31, 2017

Additional

Common Stock

Paid-in

Accumulated

Shares

Amount

Capital

Deficit

Total

Balances, December 31, 2016

30,653,543

$ 30,654

$ 27,981,469

$ (34,725,397 )

$ (6,713,274 )

Sale of stock

500,000

500

99,500

100,000

Vesting of options

19,068

19,068

Net loss

(936,519 )

(936,519 )

Balances, December 31, 2017

31,153,543

31,154

28,100,037

(35,661,916 )

(7,530,725 )

Stockholder advance conversion

5,227,147

5,227

1,146,868

1,152,095

Extension employee options

31,791

31,791

Issue employee stock options

14,325

14,325

Net loss

(697,277 )

(697,277 )

Balances, September 30, 2018

36,380,690

36,381

29,293,021

(36,359,193 )

(7,029,791 )

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

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ENERTECK CORPORATION AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Nine Months

Ended

Nine Months

Ended

September 30,

September 30,

2018

2017

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$ (697,277 )

$ (694,220 )

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

Depreciation and amortization

5,928

5,958

Options issued for employee plan

46,116

14,818

Changes in operating assets and liabilities:

Accounts receivable

16,516

9,102

Representative advances

(17,560 )

(1,000 )

Employee advances

-

860

Deferred liability

(3,390 )

-

Inventory

19,926

1,394

Prepaid expenses

(11,302 )

(13,950 )

Customer deposits

(36,600 )

-

Accounts payable

2,790

(35,530 )

Accrued interest payable

152,453

156,862

Accrued liabilities

80,398

242,507

Net cash used in operating activities

(442,002 )

(313,199 )

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditures.

-

(2,407 )

Cash used in investing activities.

-

(2,407 )

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from financing prepaid insurance

51,100

-

Proceeds from sale of common stock

-

100,000

Proceeds from related party notes and advances

392,500

214,250

Net cash provided by financing activities

443,600

314,250

NET CHANGE IN CASH AND CASH EQUIVALENTS

$ 1,598

$ (1,356 )

Cash and cash equivalents, beginning of period

19,373

6,372

Cash and cash equivalents, end of period

$ 20,971

$ 5,016

The accompanying notes are integral part of these condensed consolidated financial statements.

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ENERTECK CORPORATION and SUBSIDIARY,

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1 – BASIS OF PRESENTATION

The accompanying unaudited interim condensed consolidated financial statements of Enerteck Corporation (“Enerteck”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in EnerTeck’s Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements for fiscal 2017 as reported in the Form 10-K have been omitted. In preparing the accompanying condensed unaudited interim consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed unaudited interim consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates.

Segment Reporting

The Company has one operating segment based on the guidelines of ASC 280, Segment Reporting. The chief operating decision maker considers the marketing of EnerBurn to be the main factor by which operating segments are determined. All revenues, profit and loss metrics, and assets of the operating segment are consistent with the consolidated financial information presented with the unaudited condensed consolidated financial statements as well as the notes thereto.

Inventory

Inventory primarily consists of market ready EnerBurn plus raw materials required to manufacture the products. With the adoption of ASU 2015-11, inventory is valued at the lower of cost or net realizable value, using the average cost method.

Finished product costs amounted to approximately $32,000 and $52,000 at September 30, 2018 and December 31, 2017, respectively, and includes required blending costs to bring our products to their finished state.

Accounts Receivable

Accounts receivable represent uncollateralized obligations due from customers of the Company and are recorded at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances and charged to the provision for doubtful accounts. The Company calculates this allowance based on historical write-offs, level of past due accounts and relationships with and economic status of the customers. Accounts are written off as bad debts when all collection efforts have failed, and the account is deemed uncollectible. Management has provided allowances for doubtful accounts of approximately $51,000 as of both September 30, 2018 and December 31, 2017.

Revenue Recognition

The Company recognizes revenues when evidence of a completed transaction and customer acceptance exists, and when title passes, if applicable. Effective January 1, 2018, the Company adopted ASC 606, Revenue from Contracts With Customers, using the modified retrospective adoption approach. As the result of adoption, the Company noted there were no changes or modifications required to previously recorded revenues for 2017.

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While the Company has had some direct customers over the years, the principal method of selling our product EnerBurn is through the use of independent distributors, for both domestic and international markets. The transaction price for each sale is explicitly stated within the contract with a customer. The Company does not accept returns nor does it provide warranty on its product’s performance, as control of performance is based on the proper utilization by the final user. Normal payment terms for domestic sales to both customers and distributors shipping within the United States are net 30 days. All foreign shipments are cash in advance of shipment from our location. The Company’s sole performance obligation to our customers and distributors is the manufacturing and shipment of EnerBurn. Revenues from sales of the Company’s product are recognized at the point when a customer order has been completed and shipped. Sales of all product are f.o.b. shipping point, with the distributors responsible for the freight and delivery. Revenue from shipments to related party distributors is recognized when our product is sold to unrelated third-party customers. All negotiation on sales contracts between the individual distributor and end customer and are the responsibility of the individual distributor and the amount of mark up above the distributors’ wholesale price per unit is the purview of the distributor.

In the following table, product sales have disaggregation for the nine months ended September 30:

	2018		2017
Product sales - domestic	$	26,467	$	242,247
Product sales - foreign		129,250		--

Total product sales	$	155,717	$	242,247

As stated above, the Company does not accept returns nor does it provide warranty on its product’s performance, as control of performance is based on the proper utilization by the final user. The Company periodically tests the product manufactured prior to shipment for its proprietary quality standards and guarantees to the distributors that the product will always maintain the level of strict quality standard that is integral to the performance of its product for the end customer. The Company will provide a Certificate of Analysis, (“C of A”) on each shipment of its product, if requested for the customer. The C of A provides proof that the product is manufactured to meet chemical specifications that insure performance standards.

Ability to Continue as a Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the three and nine months ended September 30, 2018, the Company incurred recurring net losses of approximately $185,000 and $697,000, respectively, as compared to $221,000 and $694,000 for the same periods in 2017. Further, most of the Company’s notes payable are overdue and payment may be demanded at any time. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

The Company’s continuation as a going concern is contingent upon its ability to obtain additional financing and to generate revenues and cash flow to meet its obligations on a timely basis. The Company has been able to obtain cash in the past through private placements and issuance of promissory notes and believes that these avenues remain available to the Company. Management believes that these financings are probable of occurring and mitigating the substantial doubt raised by our historical operating results and satisfying the Company’s estimated liquidity needs 12 months from the issuance of the financial statements. No assurance can be made that these efforts will be successful.

NOTE 2 - LOSS PER COMMON SHARE

The basic net loss per common share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding.

Diluted net loss per common share is computed by dividing the net loss applicable to common stockholders, adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. The calculation of diluted weighted-average shares outstanding for the three and nine months ended September 30, 2018 and September 30, 2017, respectively, excludes 1,257,555 and 4,986,334 shares and 1,200,879 and 4,986,334 shares issuable upon the exercise of outstanding stock options and warrants because their effect would be anti-dilutive. Further, the calculation of diluted weighted-average shares outstanding for the three and nine months ended September 30, 2018 and September 30, 2017 exclude potential shares related to the outstanding convertible notes payable, which if converted, would be anti-dilutive and would have a significant impact on the total number of shares outstanding, once exercised.

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NOTE 3 - STOCKHOLDERS’ EQUITY

During the first quarter of 2018, the Company issued 5,227,147 shares of common stock to a shareholder/director in full satisfaction and discharge of certain obligations of the Company with respect to various advances and contributions made by such shareholder/director. The Company accounted for this related party transaction as a capital contribution and, accordingly, did not recognize gain or loss in the condensed consolidated statements of operations. Such transaction was effected pursuant to a 2017 Consolidated Conversion and Subscription Agreement entered into as of January 31, 2018 (the “2017 Conversion Agreement”) pursuant to which (i) such shareholder/director converted $100,000 advanced on July 10, 2010 bearing interest at 8.0% per annum (the “2010 Advance”) into 250,000 shares of common stock at a conversion price of $0.40 per share; (ii) such shareholder/director converted $50,000 advanced on December 31, 2012 bearing interest at 8.0% per annum (the “2012 Advance”) into 166,667 shares of common stock at a conversion price of $0.30 per share; (iii) the Company agreed to issue and such shareholder/director agreed to accept 539,230 shares of common stock at $0.20 per share in full payment of accrued and unpaid interest on the 2010 Advance and 2012 Advance which totaled $107,846; (iv) the Company agreed to issue and such shareholder/director agreed to accept 800,000 shares of common stock at $0.25 per share in full consideration for an aggregate of $200,000, bearing no interest, contributed to the Company between July 29 and December 2, 2015, and expected to be applied to stock subscriptions to be issued at a future date; (v) the Company agreed to issue and such shareholder/director agreed to accept 2,150,000 shares of common stock at $0.20 per share in full consideration for aggregate of $430,000, bearing no interest, contributed to the Company between February 9 and November 30, 2016, and expected to be applied to stock subscriptions to be issued at a future date; and (vi) the Company agreed to issue and such shareholder/director agreed to accept 1,321,250 shares of common stock at $0.20 per share in full consideration for an aggregate of $264,250, bearing no interest, contributed to the Company between January 5 and October 24, 2017 and expected to be applied to stock subscriptions to be issued at a future date. During the third quarter of 2017, the Company issued 500,000 shares of common stock to two accredited investors for an aggregate of $100,000 received in a private placement offering of common stock at $0.20 per share.

NOTE 4 – STOCK WARRANTS AND OPTIONS

Stock Warrants

No warrants were issued or exercised during the nine months ended September 30, 2018 and 2017. No warrants expired during the nine months ended September 30, 2018. A total of 166,667 warrants expired during the nine months ended September 30, 2017.

Warrants outstanding and exercisable as of September 30, 2018 were:

Exercise Price

Number of

Warrants

Weighted Average

Remaining Life

Exercisable Number

of Warrant

$
0.60

3,590,000

2.7

3,590,000

$
0.75

100,000

2.9

100,000

$
0.50

546,334

1.8

546,334

$
0.30

750,000

3.1

750,000

4,986,334

4,986,334

Stock Options

In September 2003, shareholders of the Company approved an employee stock option plan (the “2003 Option Plan”) authorizing the issuance of options to purchase up to 1,000,000 shares of common stock. The 2003 Option Plan is intended to give the Company greater ability to attract, retain, and motivate officers, key employees, directors and consultants; and is intended to provide the Company with the ability to provide incentives more directly linked to the success of the Company’s business and increases in shareholder value. During the third quarter of 2013, the board of directors increased the number of shares reserved for issuance under the 2003 Option Plan from 1,000,000 to 1,250,000 which was increased by the board to 1,750,000 during the third quarter of 2018.

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On July 7, 2018, the Board of Directors authorized and approved the extension of the expiration dates of certain options issued to three employees to acquire 365,867 shares of common stock which were due to expire July 19, 2018 for an additional period of five years from the current expiration dates. Such options which were issued under our 2003 Option Plan have an exercise price of $0.35 per share.

On September 28, 2018 options to acquire 165,010 shares were issued under our 2003 Option Plan to four employees which are immediately exercisable. These options have an exercise price of $0.20 per share and expire in five years from their issue date.

There were 165,010 options issued during the nine months ended September 30, 2018. No options expired during such periods, except options to acquire 108,334 shares, issued to a former employee, who is now deceased, which expired in July 2018. The overall weighted average of the active employee options rose to 2.9 years as of September 30, 2018.

The fair value of options extended during 2018 was $31,791 at the date of grant and was recognized along with $14,325 fair value for the newly issued employee options as non-cash compensation for the years ended December 31, 2018 and 2017 as estimated using the Black-Scholes Model with the following weighted average assumptions:

	2018

Expected dividend yield		0.0	%
Expected term	5 yrs
Expected volatility		148	%
Risk-free interest rate		1.67	%
Fair value per option	$	.09

Information regarding activity for stock options under our plan is as follows as of September 30:

	2018				2017
			Weighted				Weighted
			Average				average
	Number of		Exercise		Number of		exercise
	shares		Price		shares		price

Outstanding at beginning of year		1,200,879	$	0.38		1,200,879	$	0.38
Options granted		165,010	$	0.20		-		-
Options exercised		-		-		-		-
Options forfeited/expired		108,334		0.35		-		-

Outstanding at September 30		1,257,555	$	0.36		1,200,879	$	0.38

Options exercisable at end of period		1,257,555				1,200,879
Non-vested options at end of period		-				-
Weighted-average
Remaining contractual term – all options	2.9 yrs.				1.3 yrs.
Weighted-average
Remaining contractual term – vested options	2.9 yrs.				1.3 yrs.
Fair value of options vested during the period	$	46,116			$	-
Aggregate intrinsic value	$	-			$	-

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NOTE 5- INCOME TAXES

On December 22, 2017, the President signed the Tax Cuts and Jobs Act (“U.S. Tax Reform”), which enacts a wide range of changes to the U.S. Corporate income tax system. The impact of U.S. Tax Reform primarily represents our estimates of revaluing our U.S. deferred tax assets and liabilities based on the rates at which they are expected to be recognized in the future. For U.S. federal purposes the corporate statutory income tax rate was reduced from 35% to 21%, effective for the 2018 tax year. Based on our historical financial performance, we have a net deferred tax asset position that we have re-measured at the lower corporate rate of 21%.

NOTE 6 – RELATED PARTY NOTES AND ADVANCES

Related party notes and advances

On July 7, 2009, the Company entered into a $100,000 unsecured promissory note with an officer, due on demand. Interest is payable at 12% per annum. Also, on December 11, 2009, the Company entered into a $50,000 note with a shareholder/director. Interest is 5% per annum. The principal balance of the note was due on the earlier of December 11, 2013, or upon completion by the Company of equity financing in excess of $1.0 million in gross proceeds. Interest on the loan is payable on the maturity date at the rate of 5% per annum. These notes are now overdue for payment.

On June 1, 2010, the Company entered into a $50,000 convertible promissory note with a shareholder/director which was due on June 1, 2013 and accrues interest at 8.0% per annum payable at maturity and which may be converted at any time into shares of common stock. The assignment of the conversion feature of the note resulted in a loan discount being recorded. The discount amount of $36,207 was fully amortized over the original thirty-six-month term of the debt as additional interest expense. This note is now overdue for payment.

On June 1, 2010, the Company entered into $300,000 of convertible promissory notes with a shareholder/director which was due on June 1, 2013 and accrues interest at 8.0% per annum payable at maturity and which may be converted at any time into shares of common stock the number of which is to be determined at that time. This note is now overdue for payment.

On July 20, 2010, the Company entered into $400,000 convertible promissory notes with a shareholder/director which was due on July 20, 2013 and accrues interest at 8.0% per annum payable at maturity and which may be converted at any time into shares of common stock. This note is now overdue for payment.

On July 20, 2010, the Company entered into a $100,000 convertible promissory note with a shareholder which was due on July 20, 2013 and accrues interest at 8.0% per annum payable at maturity and which may be converted at any time into shares of common stock. This note is now overdue for payment.

On December 10, 2010, the Company entered into $150,000 of convertible promissory notes with a shareholder/director which was due on December 10, 2013 and accrues interest at 8.0% per annum payable at maturity and which may be converted at any time into shares of common stock. This note is now overdue for payment.

On June 20, 2011, the Company entered into a $150,000 convertible promissory note with a shareholder/director which shall be due and payable on June 20, 2014 and accrues interest at 8.0% per annum payable at maturity and which may be converted at any time into shares of common stock. This note is now overdue for payment.

On October 20, 2011, the Company entered into a $70,000 convertible promissory note with a shareholder/director which was due on October 20, 2014 and accrues interest at 8.0% per annum payable at maturity and which may be converted at any time into shares of common stock. This note is now overdue for payment.

During 2010 and 2012, such shareholder/director advanced the Company $100,000 and $370,000 respectively. Such advances are due on demand and bear interest at 8% and 8% per annum respectively. During the second quarter of 2015, $320,000 of the advances during 2012 were converted into 3,173,811 shares of common stock of the Company. During the first quarter of 2018, all of the advances during 2010 totaling $100,000 and the remaining $50,000 of advances during 2012 were converted into shares of common stock of the Company. See Note 3 – Stockholders’ Equity.

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During 2015, such shareholder/director contributed $200,000 to the Company expected to be applied to stock subscriptions to be issued at a future date. Such advances do not bear interest. This amount has been recorded as additional notes payable. During the first quarter of 2018, the Company agreed to issue, and the shareholder/director agreed to accept 800,000 shares of common stock in full consideration for the total amount of $200,000 contributed in 2015. See Note 3 – Stockholders’ Equity.

During 2016, such shareholder/director contributed $430,000 and a second shareholder/director contributed an additional $9,000, respectively, to the Company expected to be applied to stock subscriptions to be issued at a future date. Such advances do not bear interest. These amounts have been recorded as additional notes payable. During the first quarter of 2018, the Company agreed to issue, and the shareholder/director agreed to accept 2,150,000 shares of common stock in full consideration for the total amount of $430,000 contributed in 2016. See Note 3 – Stockholders’ Equity.

During 2017, such shareholder/director contributed $264,250 and a second shareholder/director contributed an additional $1,000, respectively, to the Company expected to be applied to stock subscriptions to be issued at a future date. Such advances do not bear interest. During the first quarter of 2018, the Company agreed to issue, and the shareholder/director agreed to accept 1,321,250 shares of common stock in full consideration for the total amount of $264,250 contributed in 2017. See Note 3 – Stockholders’ Equity.

During the first nine months of 2018, a shareholder/director advanced $355,000 to the Company for working capital requirements. In addition, the Company reclassified a previous customer deposit of $37,500 originally received from a shareholder/director, made on behalf of a now deceased distributor, from customer deposits to shareholder deposits, as the original projected sale in question is no longer viable. The Company expects amounts advanced will be either (i) applied against a stock subscription to be issued at a future date or (ii) repaid at a future date as the parties shall determine. Until otherwise agreed, such amounts advanced have been recorded as an additional payable bearing no interest.

The Company determined it is not practicable to estimate the fair value of outstanding debt as of September 30, 2018 and December 31, 2017, as the outstanding debt is private, there is no clarity as to when interest payments or principal payments will ultimately be made (or be called by the debt holders), and the Company lacks the internal expertise to calculate fair value of these debt instruments and would incur excessive costs to obtain a third-party valuation.

Other related party transactions

As of September 30, 2018, and December 31, 2017, the Company owed approximately $3.9 million to its chief executive officer and other employees of the Company. The CEO and employees agreed to salary deferrals pending available resources to make such payments.

One of the Company’s shareholders owns 100% of BATL Trading, Inc., which is a distributor of EnerBurn. There were no sales to BATL Trading, Inc. during the nine months ended September 30, 2018.

NOTE 7 - COMMITMENTS AND CONTINGENCIES

Office Lease

EnerTeck leases office space under a non-cancelable operating lease.

This lease provides for a rent-free period as well as increasing rental payments. In accordance with generally accepted accounting principles, rent expense for financial statement purposes is being recognized on a straight-line basis over the lease term. A deferred lease liability arises from the timing difference in the recognition of rent expense and the actual payment of rent.

Rent expense for the nine months ended September 30, 2018 and 2017 totaled $37,784 and $38,122, respectively.

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NOTE 8 - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In May 2014, the FASB issued ASU 2014-09, Revenue From Contracts With Customers that introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company has adopted this update. See Note 1 for further discussion.

In July 2015, the FASB issued ASU 2015-11, “Inventory: Simplifying the Measurement of Inventory”, which simplifies the measurement of inventories valued under most methods. Under this new guidance, inventories valued under these methods would be valued at the lower of cost and net realizable value, with net realizable value defined as the estimated selling price less reasonable costs to sell the inventory. The new guidance is effective prospectively for fiscal periods starting after December 15, 2016 and early adoption is permitted. The Company has adopted this update and there is no material impact on its consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize most lease liabilities on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. The update states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The update is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. The Company does not currently believe the impact of this guidance will be material on its consolidated financial statements.

On March 30, 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation” which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. For public business entities, the ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Early adoption will be permitted in any interim or annual period for which financial statements have not yet been issued or have not been made available for issuance. If early adoption is elected, all amendments in the ASU that apply must be adopted in the same period. In addition, if early adoption is elected in an interim period, any adjustments should be reflected as of the beginning of the annual period that includes that interim period. The Company has adopted this update and there is no material impact on its consolidated financial statements.

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.

NOTE 9 – SUBSEQUENT EVENTS

There have been no material subsequent events after the close of the quarter ended September 30, 2018.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following should be read in conjunction with the consolidated financial statements of the Company included elsewhere herein.

Forward Looking Statements

When used in this report, the words “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “intend,” “plans”, and similar expressions are intended to identify forward-looking statements regarding events, conditions and financial trends which may affect our future plans of operations, business strategy, operating results and financial position. Forward looking statements in this report include without limitation statements relating to trends affecting our financial condition or results of operations, our business and growth strategies and our financing plans.

Such statements are not a guarantee of future performance and are subject to risks and uncertainties and actual results may differ materially from those included within the forward-looking statements as a result of various factors. Such factors include, among other things, general economic conditions; cyclical factors affecting our industry; lack of growth in our industry; our ability to comply with government regulations; a failure to manage our business effectively; our ability to sell products at profitable yet competitive prices; and other risks and factors set forth from time to time in our filings with the Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.

Executive Overview

EnerTeck Corporation (the “Company” or “EnerTeck Parent”), formerly named Gold Bond Mining Company and then Gold Bond Resources, Inc., was incorporated in the State of Washington on July 30, 1935. We acquired EnerTeck Chemical Corp. (“EnerTeck Sub”) as a wholly owned subsidiary on January 9, 2003. As a result of this acquisition, we are now acting as a holding company, with EnerTeck Sub as our primary operating business. Subsequent to this transaction, on November 24, 2003 we changed our domicile from the State of Washington to the State of Delaware and changed our name from Gold Bond Resources, Inc. to EnerTeck Corporation. Unless the context otherwise requires, the terms “we,” “us” or “our” refer to EnerTeck Corporation and its consolidated subsidiary.

EnerTeck Sub, our wholly owned operating subsidiary, was incorporated in the State of Texas on November 29, 2000. It was formed for the purpose of commercializing a diesel fuel specific combustion catalyst known as EnerBurn (TM), as well as other combustion enhancement and emission reduction technologies. Nalco/Exxon Energy Chemicals, L.P. (“Nalco/Exxon L.P.”), a joint venture between Nalco Chemical Corporation and Exxon Corporation commercially introduced EnerBurn in 1998. When Nalco/Exxon L.P. went through an ownership change in 2000, our founder, Dwaine Reese, formed EnerTeck Sub. It acquired the EnerBurn trademark and related assets and took over the Nalco/Exxon L.P. relationship with the EnerBurn blender at that time.

We utilize a sales process that includes detailed proprietary customer fleet monitoring protocols in on-road applications that quantify data and assists in managing certain internal combustion diesel engine operating results while utilizing EnerBurn. Test data prepared by Southwest Research Institute and actual customer usage has indicated that the use of EnerBurn in diesel engines improves fuel economy, lowers smoke, and decreases engine wear and the dangerous emissions of both Nitrogen Oxide (NOx) and microscopic airborne solid matter (particulates). Our principal target markets have included the trucking, heavy construction, maritime shipping, railroad and mining industries, as well as federal, state and international government applications. Each of these industries shares certain common financial characteristics, i.e. (i) diesel fuel represents a disproportionate share of operating costs; and (ii) relatively small operating margins are prevalent. Considering these factors, management believes that the use of EnerBurn and the corresponding derived savings in diesel fuel costs can positively affect the operating margins of its customers while contributing to a cleaner environment.

During 2011, we acquired a 40% membership interest in a entity called EnerTeck Environmental, LLC, which was formed for the purpose of marketing and selling a diesel fuel emission reduction technology with the creators of such specific technology.

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Results of Operations

Revenues

We recorded $133,000 and $156,000 sales revenues for the three months and nine months ended September 30, 2018, respectively, compared to sales revenues of $59,000 and $242,000 for the three and nine months ended September 30, 2017, respectively. As testing is either underway or completed with several potential new customers and in new areas with existing customers, it is expected that the remainder of 2018 should show improvement.

Gross Profit

Gross profit, defined as revenues less cost of goods sold, was $100,000 and $118,000 for the three month and nine-month periods ended September 30, 2018, respectively. This amounts to 75.2% and 75.7% of sales for the three months and nine months ended September 30, 2018, respectively, as compared to $47,000 and $205,000 for the three months and nine months ended September 30, 2017, which was 79.4 % and 84.5% for the nine-month period ended September 30, 2017. Even though the overall volumes decreased for the nine months ended September 30, 2018, we feel confident that there will be an improvement in the gross profits and percentage as the year proceeds, as several recently completed successful tests have just reached the negotiation stage and our manufacturing proficiency continues to improve for our core products.

Cost of goods sold was $33,000 and $38,000 for the three-month and nine months ended September 30, 2018, which represented 24.8% of revenues for the three months and 24.3% for the nine months, respectively, as compared to $12,000 and $37,000 for the three months and nine months ended September 30, 2017, which represented 20.6% and 15.5% of sales, respectively during 2017.

Costs and Expenses

Operating expenses were $248,000 and $666,000 for the three months and nine months ended September 30, 2018, respectively, as compared to $215,000 for the three months and $735,000 for the nine months ended September 30, 2017, respectively, with the variations during the nine month period, caused by a decrease in total payroll and stock-based compensation. Costs and expenses in all periods primarily consisted of payroll, professional fees, rent expense, depreciation expense, amortization expense and other general and administrative expenses.

Net Loss

We reported a net loss of $185,000 and $697,000 for the three months and nine months ended September 30, 2018, respectively, as compared to net losses of $221,000 and $694,000 for the three months and nine months ended September 30, 2017. Included in this loss was the extension of previously issued options valued at approximately $32,000 and the issuance of new employee stock options valued at approximately of $14,000 during the third quarter of 2018. The expectation is that sales will increase for the remainder of the 2018 calendar year due to the success of certain completed testing and negotiations for and with new customers.

Operations Outlook

The fuel additive industry has historically been mired by a myriad of technically dubious products. Prospective customers in all targeted market sectors and geographic locations are primarily concerned about the potential business risks associated with the adoption of any new fuel or engine treatment. Our sales process begins with a proof of performance demonstration that is a thorough analysis of the potential customer, including fleet type, size, and opportunity. This is followed with sales presentations at both the executive level and maintenance level.

The majority of our marketing effort since 2005 has been directed at targeting and gaining a foothold in one of several major target areas, including the inland marine diesel market, trucking, heavy construction and mining. Management concedes that sales revenues for the first nine months of 2018, the calendar year 2017 and prior years have been considerably less than earlier anticipated. One of the issues we have faced in recent years has been the very long timeline from initial contact to contract signing subsequent to completion of an evaluation. Although we believe that many times in the past, we have proven the benefits of EnerBurn, various evaluating companies have opted not to move forward for a variety of reasons which we believe were beyond our control.

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Nevertheless, at both the Company and distributor level, we have recently completed or are proceeding with evaluations of EnerBurn in many field trials. As we continue to string together a series of positive evaluations in more industries, we should begin to see more business generated from such results. New trials are either in progress or should be commencing shortly.

Liquidity and Capital Resources

On September 30, 2018, we had working capital deficit of $7,188,000 and a stockholders’ deficit of $7,030,000 compared to a working capital deficit of $6,540,000 and a stockholders’ deficit of $7,531,000 on December 31, 2017. Our continuing deficit levels primarily stems from poor sales. On September 30, 2018, we had $21,000 in cash, total assets of $340,000 and total liabilities of $7,370,000, compared to $19,000 in cash, total assets of $352,000 and total liabilities of $7,883,000 on December 31, 2017.

Net cash used in operating activities was $442,000 for the nine months ended September 30, 2018, compared to net cash used in operating activities of $313,000 for the nine months ended September 30, 2017. The increased usage of cash used in operating activities during the first nine months of 2018 was largely driven by the payment of certain employees’ salaries, both earned during the period and previously accrued, as well as the payment of certain operating expenses, whereas in the first nine months of 2017, most of these similar costs were being accrued.

Cash used in investing activities was $0 for the nine months ended September 30, 2018 and $2,400 for the nine-month period ended September 30, 2017.

Cash provided by financing activities was $444,000 for the nine months ended September 30, 2018 with $51,000 provided by the financing of prepaid expenses and $393,000 from shareholder advances for the future purchase of additional common stock as compared to cash provided by financing activities of $314,000 for the nine months ended September 30, 2017 which was comprised of proceeds from stock sales of $100,000 and $214,000 of related party notes and advances.

We anticipate, based on currently proposed plans and assumptions relating to our operations, that in addition to our current cash and cash equivalents together with projected cash flows from operations and projected revenues, we will require additional investment to satisfy our contemplated cash requirements for the next 12 months. No assurance can be made that we will be able to obtain such investment on terms acceptable to us or at all. We anticipate that our costs and expenses over the next 12 months will be approximately $3.0 million. Our continuation as a going concern is contingent upon our ability to obtain additional financing and to generate revenues and cash flow to meet our obligations on a timely basis. As mentioned above, management acknowledges that sales revenues have been considerably less than earlier anticipated. This was primarily due to a combination of circumstances which have been corrected or are in the process of being corrected and therefore should not reoccur in the future and the general state of the economy. Management expects that sales should show increases in the fourth quarter of 2018 and into 2019. No assurances can be made that we will be able to obtain required financial backing on terms acceptable to us or at all. Our contemplated cash requirements beyond 2018 will depend primarily upon level of sales of our products, inventory levels, product development, sales and marketing expenditures and capital expenditures.

Due to our lack of meaningful revenues, we have been forced to finance our operations primarily from capital which has been raised from third parties and promissory notes and advances from related parties. As of September 30, 2018, such loans and advances from related parties total $1,773,000 as compared to $1,380,000 on December 31, 2017. During the first quarter of 2018, $1,044,000 of these notes and advances along with $108,000 in interest were converted into 5,227,147 shares of the Company’s common stock. Many of these remaining loans are past due and certain others are due on demand. The Company does not expect any of such related parties to demand payment until the Company has adequate resources to pay back such loans and advances, there can be no assurance that such will be the case. This debt presents a significant risk to the Company in that in the event any of such related parties demand payment, the Company may not have the necessary cash to meet such payment obligations, or if it does, such payments may draw significantly on the Company’s cash position. Any of such events will likely have a materially detrimental effect on the Company.

Inflation has not significantly impacted the Company’s operations.

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Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition, revenues, and results of operations, liquidity or capital expenditures.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

Item 4. Controls and Procedures.

Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2018, these disclosure controls and procedures were ineffective to ensure that all information required to be disclosed by us in the reports that we file or submit under the Exchange Act is: (i) recorded, processed, summarized and reported, within the time periods specified in the Commission’s rule and forms; and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure, as a result of material weaknesses in our disclosure controls and internal control over financial reporting. The ineffectiveness was due to the following material weaknesses which are indicative of many small companies: (i) all accounting functions are performed by limited accounting personnel; (ii) lack of formalized controls in the financial close process; (iii) general lack of knowledge of generally accepted accounting principles; and (iv) review of monthly, quarterly and yearly consolidated financial statements was not performed at a sufficient level of precision and specificity in order to detect material errors in the financial statements.

Despite the existence of the material weaknesses, we believe that our consolidated financial statements contained in this Form 10-Q fairly present our financial position, results of operations and cash flows as of and for the periods presented in all material respects.

Changes in Internal Control over Financial Reporting

There have been no material changes in internal control over financial reporting that occurred during the fiscal quarter covered by this report that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting. However, we intend to actively plan for and implement control procedures to improve our overall control environment including but not limited to documenting necessary internal control policies and developing and delivering appropriate internal control training to our personnel. Due to the nature of the remediation process and the need to allow adequate time after implementation to evaluate and test the effectiveness of the controls, as well as our limited cash resources, no assurance can be given as to the timing of achievement of remediation.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

The Company is not currently a party to any pending material legal proceeding nor is it aware of any proceeding contemplated by any individual, company, entity or governmental authority involving the Company.

Item 1A. Risk Factors.

Not required.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

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Item 6. Exhibits.

31.1

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 002 (Rules 13a-14 and 15d-14 of the Exchange Act)

31.2

Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rules 13a-14 and 15d-14 of the Exchange Act)

32.1

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

101

The following financial information from our Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements Changes in Stockholders’ Deficit, (iv) the Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements.

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SIGNATURES

Pursuant to the requirements 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.

ENERTECK CORPORATION

(Registrant)

Dated: November 14, 2018 By: /s/ Gary B. Aman

Gary B. Aman,

President and Acting Chief Executive Officer

(Principal Executive Officer)

Dated: November 14, 2018

By:

/s/ Richard B. Dicks

Richard B. Dicks,

Chief Financial Officer

(Principal Financial Officer)

EX-31.1 2 etck_ex311.htm CERTIFICATION etck_ex311.htm

EXHIBIT 31.1

CERTIFICATION

I, Gary B. Aman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of EnerTeck Corporation;

2. Based on my knowledge, this report does not contain any untrue statements 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 officers 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;

(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 reasonable 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.

Dated: November 14, 2018 By: /s/ Gary B. Aman

Gary B. Aman,

President and Acting Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 etck_ex312.htm CERTIFICATION etck_ex312.htm

EXHIBIT 31.2

CERTIFICATION

I, Richard Dicks, certify that:

Dated: November 14, 2018 By: /s/ Richard Dicks

Richard Dicks

Chief Financial Officer

(Principal Financial Officer)

EX-32.1 4 etck_ex321.htm CERTIFICATION etck_ex321.htm

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of EnerTeck Corporation (the “Company”) on Form 10-Q for the period ended September 30, 2018, as filed with the Securities and Exchange Commission (the “Report”), the undersigned certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of the undersigned’s knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 14, 2018 By: /s/ Gary B. Aman

Gary B. Aman,

President and Acting Chief Executive Officer

(Principal Executive Officer)

Dated: November 14, 2018

By:

/s/ Richard Dicks

Richard Dicks

Chief Financial Officer

(Principal Financial Officer)

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On December 22, 2017, the President signed the Tax Cuts and Jobs Act (“U.S. Tax Reform”), which enacts a wide range of changes to the U.S. Corporate income tax system. The impact of U.S. Tax Reform primarily represents our estimates of revaluing our U.S. deferred tax assets and liabilities based on the rates at which they are expected to be recognized in the future. For U.S. federal purposes the corporate statutory income tax rate was reduced from 35% to 21%, effective for the 2018 tax year. Based on our historical financial performance, we have a net deferred tax asset position that we have re-measured at the lower corporate rate of 21%.

During the first quarter of 2018, the Company issued 5,227,147 shares of common stock to a shareholder/director in full satisfaction and discharge of certain obligations of the Company with respect to various advances and contributions made by such shareholder/director. The Company accounted for this related party transaction as a capital contribution and, accordingly, did not recognize gain or loss in the condensed consolidated statements of operations. Such transaction was effected pursuant to a 2017 Consolidated Conversion and Subscription Agreement entered into as of January 31, 2018 (the “2017 Conversion Agreement”) pursuant to which (i) such shareholder/director converted $100,000 advanced on July 10, 2010 bearing interest at 8.0% per annum (the “2010 Advance”) into 250,000 shares of common stock at a conversion price of $0.40 per share; (ii) such shareholder/director converted $50,000 advanced on December 31, 2012 bearing interest at 8.0% per annum (the “2012 Advance”) into 166,667 shares of common stock at a conversion price of $0.30 per share; (iii) the Company agreed to issue and such shareholder/director agreed to accept 539,230 shares of common stock at $0.20 per share in full payment of accrued and unpaid interest on the 2010 Advance and 2012 Advance which totaled $107,846; (iv) the Company agreed to issue and such shareholder/director agreed to accept 800,000 shares of common stock at $0.25 per share in full consideration for an aggregate of $200,000, bearing no interest, contributed to the Company between July 29 and December 2, 2015, and expected to be applied to stock subscriptions to be issued at a future date; (v) the Company agreed to issue and such shareholder/director agreed to accept 2,150,000 shares of common stock at $0.20 per share in full consideration for aggregate of $430,000, bearing no interest, contributed to the Company between February 9 and November 30, 2016, and expected to be applied to stock subscriptions to be issued at a future date; and (vi) the Company agreed to issue and such shareholder/director agreed to accept 1,321,250 shares of common stock at $0.20 per share in full consideration for an aggregate of $264,250, bearing no interest, contributed to the Company between January 5 and October 24, 2017 and expected to be applied to stock subscriptions to be issued at a future date. During the third quarter of 2017, the Company issued 500,000 shares of common stock to two accredited investors for an aggregate of $100,000 received in a private placement offering of common stock at $0.20 per share.

Related party notes and advances   On July 7, 2009, the Company entered into a $100,000 unsecured promissory note with an officer, due on demand. Interest is payable at 12% per annum. Also, on December 11, 2009, the Company entered into a $50,000 note with a shareholder/director. Interest is 5% per annum. The principal balance of the note was due on the earlier of December 11, 2013, or upon completion by the Company of equity financing in excess of $1.0 million in gross proceeds. Interest on the loan is payable on the maturity date at the rate of 5% per annum. These notes are now overdue for payment.   On June 1, 2010, the Company entered into a $50,000 convertible promissory note with a shareholder/director which was due on June 1, 2013 and accrues interest at 8.0% per annum payable at maturity and which may be converted at any time into shares of common stock. The assignment of the conversion feature of the note resulted in a loan discount being recorded. The discount amount of $36,207 was fully amortized over the original thirty-six-month term of the debt as additional interest expense. This note is now overdue for payment.   On June 1, 2010, the Company entered into $300,000 of convertible promissory notes with a shareholder/director which was due on June 1, 2013 and accrues interest at 8.0% per annum payable at maturity and which may be converted at any time into shares of common stock the number of which is to be determined at that time. This note is now overdue for payment.   On July 20, 2010, the Company entered into $400,000 convertible promissory notes with a shareholder/director which was due on July 20, 2013 and accrues interest at 8.0% per annum payable at maturity and which may be converted at any time into shares of common stock. This note is now overdue for payment.   On July 20, 2010, the Company entered into a $100,000 convertible promissory note with a shareholder which was due on July 20, 2013 and accrues interest at 8.0% per annum payable at maturity and which may be converted at any time into shares of common stock. This note is now overdue for payment.   On December 10, 2010, the Company entered into $150,000 of convertible promissory notes with a shareholder/director which was due on December 10, 2013 and accrues interest at 8.0% per annum payable at maturity and which may be converted at any time into shares of common stock. This note is now overdue for payment.   On June 20, 2011, the Company entered into a $150,000 convertible promissory note with a shareholder/director which shall be due and payable on June 20, 2014 and accrues interest at 8.0% per annum payable at maturity and which may be converted at any time into shares of common stock. This note is now overdue for payment.   On October 20, 2011, the Company entered into a $70,000 convertible promissory note with a shareholder/director which was due on October 20, 2014 and accrues interest at 8.0% per annum payable at maturity and which may be converted at any time into shares of common stock. This note is now overdue for payment.    During 2010 and 2012, such shareholder/director advanced the Company $100,000 and $370,000 respectively. Such advances are due on demand and bear interest at 8% and 8% per annum respectively. During the second quarter of 2015, $320,000 of the advances during 2012 were converted into 3,173,811 shares of common stock of the Company. During the first quarter of 2018, all of the advances during 2010 totaling $100,000 and the remaining $50,000 of advances during 2012 were converted into shares of common stock of the Company. See Note 3 – Stockholders’ Equity.    During 2015, such shareholder/director contributed $200,000 to the Company expected to be applied to stock subscriptions to be issued at a future date. Such advances do not bear interest. This amount has been recorded as additional notes payable. During the first quarter of 2018, the Company agreed to issue, and the shareholder/director agreed to accept 800,000 shares of common stock in full consideration for the total amount of $200,000 contributed in 2015. See Note 3 – Stockholders’ Equity.   During 2016, such shareholder/director contributed $430,000 and a second shareholder/director contributed an additional $9,000, respectively, to the Company expected to be applied to stock subscriptions to be issued at a future date. Such advances do not bear interest. These amounts have been recorded as additional notes payable. During the first quarter of 2018, the Company agreed to issue, and the shareholder/director agreed to accept 2,150,000 shares of common stock in full consideration for the total amount of $430,000 contributed in 2016. See Note 3 – Stockholders’ Equity.   During 2017, such shareholder/director contributed $264,250 and a second shareholder/director contributed an additional $1,000, respectively, to the Company expected to be applied to stock subscriptions to be issued at a future date. Such advances do not bear interest. During the first quarter of 2018, the Company agreed to issue, and the shareholder/director agreed to accept 1,321,250 shares of common stock in full consideration for the total amount of $264,250 contributed in 2017. See Note 3 – Stockholders’ Equity.   During the first nine months of 2018, a shareholder/director advanced $355,000 to the Company for working capital requirements. In addition, the Company reclassified a previous customer deposit of $37,500 originally received from a shareholder/director, made on behalf of a now deceased distributor, from customer deposits to shareholder deposits, as the original projected sale in question is no longer viable. The Company expects amounts advanced will be either (i) applied against a stock subscription to be issued at a future date or (ii) repaid at a future date as the parties shall determine. Until otherwise agreed, such amounts advanced have been recorded as an additional payable bearing no interest.   The Company determined it is not practicable to estimate the fair value of outstanding debt as of September 30, 2018 and December 31, 2017, as the outstanding debt is private, there is no clarity as to when interest payments or principal payments will ultimately be made (or be called by the debt holders), and the Company lacks the internal expertise to calculate fair value of these debt instruments and would incur excessive costs to obtain a third-party valuation.   Other related party transactions   As of September 30, 2018, and December 31, 2017, the Company owed approximately $3.9 million to its chief executive officer and other employees of the Company. The CEO and employees agreed to salary deferrals pending available resources to make such payments.   One of the Company’s shareholders owns 100% of BATL Trading, Inc., which is a distributor of EnerBurn. There were no sales to BATL Trading, Inc. during the nine months ended September 30, 2018.

Office Lease   EnerTeck leases office space under a non-cancelable operating lease.   This lease provides for a rent-free period as well as increasing rental payments. In accordance with generally accepted accounting principles, rent expense for financial statement purposes is being recognized on a straight-line basis over the lease term. A deferred lease liability arises from the timing difference in the recognition of rent expense and the actual payment of rent.   Rent expense for the nine months ended September 30, 2018 and 2017 totaled $37,784 and $38,122, respectively.

Warrants outstanding and exercisable as of September 30, 2018 were:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Exercise Price</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid"> Number of Warrants</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Weighted Average Remaining Life</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Exercisable Number of Warrant</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 2%; text-align: justify">$</td> <td style="width: 21%; text-align: right">0.60</td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td id="ffcell" style="vertical-align: bottom; width: 19%; text-align: right">3,590,000</td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 19%; text-align: right">2.7</td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 19%; text-align: right">3,590,000</td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="text-align: right">0.75</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">100,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">2.9</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">100,000</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="text-align: right">0.50</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">546,334</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1.8</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">546,334</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="text-align: right">0.30</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; 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text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; 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The accompanying unaudited interim condensed consolidated financial statements of Enerteck Corporation (“Enerteck”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in EnerTeck’s Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements for fiscal 2017 as reported in the Form 10-K have been omitted. In preparing the accompanying condensed unaudited interim consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed unaudited interim consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates.   Segment Reporting   The Company has one operating segment based on the guidelines of ASC 280, Segment Reporting. The chief operating decision maker considers the marketing of EnerBurn to be the main factor by which operating segments are determined. All revenues, profit and loss metrics, and assets of the operating segment are consistent with the consolidated financial information presented with the unaudited condensed consolidated financial statements as well as the notes thereto.   Inventory   Inventory primarily consists of market ready EnerBurn plus raw materials required to manufacture the products. With the adoption of ASU 2015-11, inventory is valued at the lower of cost or net realizable value, using the average cost method.   Finished product costs amounted to approximately $32,000 and $52,000 at September 30, 2018 and December 31, 2017, respectively, and includes required blending costs to bring our products to their finished state.   Accounts Receivable   Accounts receivable represent uncollateralized obligations due from customers of the Company and are recorded at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances and charged to the provision for doubtful accounts. The Company calculates this allowance based on historical write-offs, level of past due accounts and relationships with and economic status of the customers. Accounts are written off as bad debts when all collection efforts have failed, and the account is deemed uncollectible. Management has provided allowances for doubtful accounts of approximately $51,000 as of both September 30, 2018 and December 31, 2017.   Revenue Recognition   The Company recognizes revenues when evidence of a completed transaction and customer acceptance exists, and when title passes, if applicable. Effective January 1, 2018, the Company adopted ASC 606, Revenue from Contracts With Customers, using the modified retrospective adoption approach. As the result of adoption, the Company noted there were no changes or modifications required to previously recorded revenues for 2017.    While the Company has had some direct customers over the years, the principal method of selling our product EnerBurn is through the use of independent distributors, for both domestic and international markets. The transaction price for each sale is explicitly stated within the contract with a customer. The Company does not accept returns nor does it provide warranty on its product’s performance, as control of performance is based on the proper utilization by the final user. Normal payment terms for domestic sales to both customers and distributors shipping within the United States are net 30 days. All foreign shipments are cash in advance of shipment from our location. The Company’s sole performance obligation to our customers and distributors is the manufacturing and shipment of EnerBurn. Revenues from sales of the Company’s product are recognized at the point when a customer order has been completed and shipped. Sales of all product are f.o.b. shipping point, with the distributors responsible for the freight and delivery. Revenue from shipments to related party distributors is recognized when our product is sold to unrelated third-party customers. All negotiation on sales contracts between the individual distributor and end customer and are the responsibility of the individual distributor and the amount of mark up above the distributors’ wholesale price per unit is the purview of the distributor.   In the following table, product sales have disaggregation for the nine months ended September 30:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Product sales - domestic</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right">26,467</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">242,247</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Product sales - foreign</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">129,250</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">--</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Total product sales</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">155,717</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">242,247</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   As stated above, the Company does not accept returns nor does it provide warranty on its product’s performance, as control of performance is based on the proper utilization by the final user. The Company periodically tests the product manufactured prior to shipment for its proprietary quality standards and guarantees to the distributors that the product will always maintain the level of strict quality standard that is integral to the performance of its product for the end customer. The Company will provide a Certificate of Analysis, (“C of A”) on each shipment of its product, if requested for the customer. The C of A provides proof that the product is manufactured to meet chemical specifications that insure performance standards.   Ability to Continue as a Going Concern   The accompanying financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the three and nine months ended September 30, 2018, the Company incurred recurring net losses of approximately $185,000 and $697,000, respectively, as compared to $221,000 and $694,000 for the same periods in 2017. Further, most of the Company’s notes payable are overdue and payment may be demanded at any time. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.   The Company’s continuation as a going concern is contingent upon its ability to obtain additional financing and to generate revenues and cash flow to meet its obligations on a timely basis. The Company has been able to obtain cash in the past through private placements and issuance of promissory notes and believes that these avenues remain available to the Company. Management believes that these financings are probable of occurring and mitigating the substantial doubt raised by our historical operating results and satisfying the Company’s estimated liquidity needs 12 months from the issuance of the financial statements. No assurance can be made that these efforts will be successful.

The basic net loss per common share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding.   Diluted net loss per common share is computed by dividing the net loss applicable to common stockholders, adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. The calculation of diluted weighted-average shares outstanding for the three and nine months ended September 30, 2018 and September 30, 2017, respectively, excludes 1,257,555 and 4,986,334 shares and 1,200,879 and 4,986,334 shares issuable upon the exercise of outstanding stock options and warrants because their effect would be anti-dilutive. Further, the calculation of diluted weighted-average shares outstanding for the three and nine months ended September 30, 2018 and September 30, 2017 exclude potential shares related to the outstanding convertible notes payable, which if converted, would be anti-dilutive and would have a significant impact on the total number of shares outstanding, once exercised.

In May 2014, the FASB issued ASU 2014-09, Revenue From Contracts With Customers that introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company has adopted this update. See Note 1 for further discussion.   In July 2015, the FASB issued ASU 2015-11, “Inventory: Simplifying the Measurement of Inventory”, which simplifies the measurement of inventories valued under most methods. Under this new guidance, inventories valued under these methods would be valued at the lower of cost and net realizable value, with net realizable value defined as the estimated selling price less reasonable costs to sell the inventory. The new guidance is effective prospectively for fiscal periods starting after December 15, 2016 and early adoption is permitted. The Company has adopted this update and there is no material impact on its consolidated financial statements.   In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize most lease liabilities on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. The update states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The update is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. The Company does not currently believe the impact of this guidance will be material on its consolidated financial statements.   On March 30, 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation” which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. For public business entities, the ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Early adoption will be permitted in any interim or annual period for which financial statements have not yet been issued or have not been made available for issuance. If early adoption is elected, all amendments in the ASU that apply must be adopted in the same period. In addition, if early adoption is elected in an interim period, any adjustments should be reflected as of the beginning of the annual period that includes that interim period. The Company has adopted this update and there is no material impact on its consolidated financial statements.   Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.

In the following table, product sales have disaggregation for the three and nine months ended September 30:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Product sales - domestic</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right">26,467</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">242,247</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Product sales - foreign</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">129,250</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">--</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Total product sales</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">155,717</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">242,247</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

117919

204813

100332

46675

155717

242247

133371

58799

-548376

-530160

-147534

-168570

666295

734973

247866

215245

221330

234326

67381

59497

46116

14818

46116

4251

5929

5958

1969

2036

392920

479871

132400

149461

-697277

-936519

-694220

-185007

-221271

-697277

-936519

159021

162268

54015

53632

-0.02

-0.01

34848925

30706967

36380690

31035895

Stock Warrants   No warrants were issued or exercised during the nine months ended September 30, 2018 and 2017. No warrants expired during the nine months ended September 30, 2018. A total of 166,667 warrants expired during the nine months ended September 30, 2017.   Warrants outstanding and exercisable as of September 30, 2018 were:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Exercise Price</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid">Number of Warrants</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted Average Remaining Life</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Exercisable Number of Warrant</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 2%; text-align: justify">$</td> <td style="width: 21%; text-align: right">0.60</td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td id="ffcell" style="vertical-align: bottom; width: 19%; text-align: right">3,590,000</td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 19%; text-align: right">2.7</td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 19%; text-align: right">3,590,000</td> <td style="vertical-align: bottom; width: 2%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="text-align: right">0.75</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">100,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">2.9</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">100,000</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="text-align: right">0.50</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">546,334</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1.8</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">546,334</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="text-align: right">0.30</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">750,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">3.1</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">750,000</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">4,986,334</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">4,986,334</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>    Stock Options   In September 2003, shareholders of the Company approved an employee stock option plan (the “2003 Option Plan”) authorizing the issuance of options to purchase up to 1,000,000 shares of common stock. The 2003 Option Plan is intended to give the Company greater ability to attract, retain, and motivate officers, key employees, directors and consultants; and is intended to provide the Company with the ability to provide incentives more directly linked to the success of the Company’s business and increases in shareholder value. During the third quarter of 2013, the board of directors increased the number of shares reserved for issuance under the 2003 Option Plan from 1,000,000 to 1,250,000 which was increased by the board to 1,750,000 during the third quarter of 2018.    On July 7, 2018, the Board of Directors authorized and approved the extension of the expiration dates of certain options issued to three employees to acquire 365,867 shares of common stock which were due to expire July 19, 2018 for an additional period of five years from the current expiration dates. Such options which were issued under our 2003 Option Plan have an exercise price of $0.35 per share.   On September 28, 2018 options to acquire 165,010 shares were issued under our 2003 Option Plan to four employees which are immediately exercisable. These options have an exercise price of $0.20 per share and expire in five years from their issue date.   There were 165,010 options issued during the nine months ended September 30, 2018. No options expired during such periods, except options to acquire 108,334 shares, issued to a former employee, who is now deceased, which expired in July 2018. The overall weighted average of the active employee options rose to 2.9 years as of September 30, 2018.   The fair value of options extended during 2018 was $31,791 at the date of grant and was recognized along with $14,325 fair value for the newly issued employee options as non-cash compensation for the years ended December 31, 2018 and 2017 as estimated using the Black-Scholes Model with the following weighted average assumptions:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2018</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Expected dividend yield</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">0.0</td> <td style="vertical-align: bottom; width: 1%; text-align: justify">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Expected term</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="text-align: right">5 yrs</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Expected volatility</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">148</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Risk-free interest rate</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1.67</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Fair value per option</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">.09</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   Information regarding activity for stock options under our plan is as follows as of September 30:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Weighted</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Weighted</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Average</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">average</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Number of</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Exercise</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Number of</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">exercise</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">shares</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Price</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">shares</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">price</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding at beginning of year</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">1,200,879</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">0.38</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">1,200,879</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">0.38</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Options granted</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">165,010</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">0.20</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Options exercised</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Options forfeited/expired</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">108,334</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">0.35</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Outstanding at September 30</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">1,257,555</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">0.36</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">1,200,879</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">0.38</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Options exercisable at end of period</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,257,555</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,200,879</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Non-vested options at end of period</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Weighted-average </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Remaining contractual term – all options</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="text-align: right">2.9 yrs.</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="text-align: right">1.3 yrs.</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Weighted-average </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Remaining contractual term – vested options</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="text-align: right">2.9 yrs.</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="text-align: right">1.3 yrs.</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Fair value of options vested during the period</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">46,116</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Aggregate intrinsic value</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

There have been no material subsequent events after the close of the quarter ended September 30, 2018.

Information regarding activity for stock options under our plan is as follows as of September 30:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="6" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Weighted</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Weighted</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Average</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">average</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Number of</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Exercise</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">Number of</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: center">exercise</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">shares</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Price</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">shares</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">price</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding at beginning of year</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">1,200,879</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">0.38</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">1,200,879</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">0.38</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Options granted</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">165,010</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">0.20</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Options exercised</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Options forfeited/expired</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">108,334</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">0.35</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Outstanding at September 30</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">1,257,555</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">0.36</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">1,200,879</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">0.38</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Options exercisable at end of period</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,257,555</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,200,879</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Non-vested options at end of period</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Weighted-average </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Remaining contractual term – all options</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="text-align: right">2.9 yrs.</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="text-align: right">1.3 yrs.</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Weighted-average </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Remaining contractual term – vested options</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="text-align: right">2.9 yrs.</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="text-align: right">1.3 yrs.</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Fair value of options vested during the period</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">46,116</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Aggregate intrinsic value</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

52000

32000

51000

1257555

4986334

1257555

4986334

1200879 4986334 1200879 4986334

100000

50000

250000

166667

0.080

0.40

0.30

0.20

0.25

0.20

1000000

1250000

539230

800000

2150000

1321250

107846

200000

430000

264250

4986334

3590000

100000

546334

750000

P2Y8M12D

P2Y10M25D

P1Y9M18D

P3Y1M6D

4986334

3590000

100000

546334

750000

0.000

P5Y

1.48

0.0167

0.09

1200879

1257555

1200879

165010

-108334

0.38

0.36

0.38

0.20

0.35

P2Y10M25D

P1Y3M19D

P2Y10M25D

P1Y3M19D

46116

100000

50000

300000

400000

100000

150000

70000

150000

0.12

0.08

0.05

0.08

2013-06-01

2013-07-20

2013-12-10

2014-10-20

2013-12-11

2014-06-20

1000000 36207

P36M

100000

370000

320000

200000

430000

100000

50000

264250

9000

1000

3173811

The principal balance of the note was due on the earlier of December 11, 2013, or upon completion by the Company of equity financing in excess of $1.0 million in gross proceeds.

1.00 800000 2150000 1321250 200000 430000 264250

37784

38122

1257555

1200879

166667

P5Y

365867

0.35

0.20

2018-07-19

2018-07-31

31791 31791 31791

14325

1750000

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">2018</td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Expected dividend yield</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">0.0</td> <td style="vertical-align: bottom; width: 1%; text-align: justify">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Expected term</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="text-align: right">5 yrs</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Expected volatility</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">148</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Risk-free interest rate</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1.67</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Fair value per option</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">.09</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

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STOCK WARRANTS AND OPTIONS (Details 2) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - STOCK WARRANTS AND OPTIONS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - RELATED PARTY NOTES AND ADVANCES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 etck-20180930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 8 etck-20180930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 9 etck-20180930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Exercise Price Range [Axis] Exercise Price $0.60 [Member] Exercise Price $0.75 [Member] Equity Components [Axis] Common Stock [Member] Additional Paid-In Capital Accumulated Deficit Exercise Price $0.50 [Member] Exercise Price $0.30 [Member] Related Party Transaction [Axis] Officer [Member] Director [Member] Director One [Member] BATL Trading, Inc [Member] 2003 Option Plan [Member] Range [Axis] Maximum [Member] Report Date [Axis] First Quarter 2018 [Member] Products and Services [Axis] Product sales - domestic [Member] Product sales - foreign [Member] Title of Individual [Axis] Plan Name [Axis] 2017 Conversion Agreement [Member] July 10, 2010 [Member] December 31, 2012 [Member] 2010 Advance and 2012 Advance [Member] July 29 and December 2, 2015 [Member] February 9 and November 30, 2016 [Member] January 5 and October 24, 2017 [Member] Sale of Stock [Axis] Private Placement [Member] Related Party [Axis] Two Accredited Investors [Member] Common Stock Additional Paid-in Capital Board of Directors [Member] Former Employee [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity's Reporting Status Current? Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Entity Emerging Growth Company Entity Small Business Statement of Financial Position [Abstract] ASSETS Current assets: Cash Inventory Receivables - trade, net Representative advances Prepaid expenses Total current assets Intellectual Property Website, net of accumulated amortization of $22,009 and $17,099, respectively Property and equipment, net of accumulated depreciation of $ 267,980 and $365,741, respectively Total assets LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable Customer advances Related party notes and advances Accrued compensation Accrued interest Accrued liabilities - other Total current liabilities Long term liabilities Deferred lease liability Accrued interest, net of current interest Stockholder advances, net of current maturities Total Liabilities Commitments and contingencies (Note 7) Stockholders' deficit Preferred stock, $.001 par value, 100,000,000 shares authorized, none issued Common stock, $.001 par value, 100,000,000 shares authorized 36,380,690 and 31,153,543 shares issued and outstanding, respectively Additional paid-in capital Accumulated deficit Total stockholders' deficit Total liabilities and stockholders' deficit Current assets Accumulated amortization on website costs, net Accumulated depreciation on property and equipment, net Stockholders' equity (deficit) Preferred stock, par value Preferred stock, Authorized Preferred stock, Issued Common stock, par value Common stock, Authorized Common stock, Issued Common stock, outstanding Condensed Consolidated Statements Of Operations Revenues Cost of goods sold Gross profit General and administrative expenses: Wages Depreciation and amortization Stock based compensation Other selling, general and administrative expenses Total expenses Operating loss Interest income Other income (expense) Interest expense Net loss Net loss per share: Basic and diluted Weighted average shares outstanding: Basic and diluted Statement [Table] Statement [Line Items] Beginning Balance, Shares Beginning Balance, Amount Sale of stock, Shares Sale of stock, Amount Vesting of options Stockholder advance conversion,Shares Stockholder advance conversion, Amount Extension employee options Issue employee stock options Net loss Ending Balance, Shares Ending Balance, Amount Condensed Consolidated Statements Of Cash Flows CASH FLOWS FROM OPERATING ACTIVITIES Adjustments to reconcile net loss to cash used in operating activities: Depreciation and amortization Options issued for employee plan Changes in operating assets and liabilities: Accounts receivable Representative advances Employee advances Deferred liability Inventory Prepaid expenses Customer deposits Accounts payable Accrued interest payable Accrued liabilities Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures Cash used in investing activities. 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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Nov. 14, 2018
Document And Entity Information
Entity Registrant Name	ENERTECK CORPORATION
Entity Central Index Key	0001128353
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		36,380,690
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2018
Entity Emerging Growth Company	false
Entity Small Business	true

XML 12 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash	$ 20,971	$ 19,373
Inventory	104,782	124,708
Receivables - trade, net	2,621	19,137
Representative advances	19,031	1,471
Prepaid expenses	30,140	18,838
Total current assets	177,545	183,527
Intellectual Property	150,000	150,000
Website, net of accumulated amortization of $22,009 and $17,099, respectively	10,729	15,639
Property and equipment, net of accumulated depreciation of $ 267,980 and $365,741, respectively	1,941	2,959
Total assets	340,215	352,125
Current liabilities:
Accounts payable	133,421	130,631
Customer advances	50,900	87,500
Related party notes and advances	1,772,500	1,380,000
Accrued compensation	3,968,076	3,879,284
Accrued interest	1,290,502	1,138,049
Accrued liabilities - other	150,462	107,755
Total current liabilities	7,365,861	6,723,219
Long term liabilities
Deferred lease liability	4,145	7,535
Accrued interest, net of current interest		107,846
Stockholder advances, net of current maturities		1,044,250
Total Liabilities	7,370,006	7,882,850
Commitments and contingencies (Note 7)
Stockholders' deficit
Preferred stock, $.001 par value, 100,000,000 shares authorized, none issued
Common stock, $.001 par value, 100,000,000 shares authorized 36,380,690 and 31,153,543 shares issued and outstanding, respectively	36,381	31,154
Additional paid-in capital	29,293,021	28,100,037
Accumulated deficit	(36,359,193)	(35,661,916)
Total stockholders' deficit	(7,029,791)	(7,530,725)
Total liabilities and stockholders' deficit	$ 340,215	$ 352,125

XML 13 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Current assets
Accumulated amortization on website costs, net	$ 22,009	$ 17,099
Accumulated depreciation on property and equipment, net	$ 267,980	$ 365,741
Stockholders' equity (deficit)
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, Authorized	100,000,000	100,000,000
Preferred stock, Issued	0	0
Common stock, par value	$ 0.001	$ .001
Common stock, Authorized	100,000,000	100,000,000
Common stock, Issued	36,380,690	31,153,543
Common stock, outstanding	36,380,690	31,153,543

XML 14 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Consolidated Statements Of Operations
Revenues	$ 133,371	$ 58,799	$ 155,717	$ 242,247
Cost of goods sold	33,039	12,124	37,798	37,434
Gross profit	100,332	46,675	117,919	204,813
General and administrative expenses:
Wages	132,400	149,461	392,920	479,871
Depreciation and amortization	1,969	2,036	5,929	5,958
Stock based compensation	46,116	4,251	46,116	14,818
Other selling, general and administrative expenses	67,381	59,497	221,330	234,326
Total expenses	247,866	215,245	666,295	734,973
Operating loss	(147,534)	(168,570)	(548,376)	(530,160)
Interest income		8	43	9
Other income (expense)	16,542	923	10,077	(1,801)
Interest expense	(54,015)	(53,632)	(159,021)	(162,268)
Net loss	$ (185,007)	$ (221,271)	$ (697,277)	$ (694,220)
Net loss per share: Basic and diluted	$ (0.01)	$ (0.01)	$ (0.02)	$ (0.02)
Weighted average shares outstanding: Basic and diluted	36,380,690	31,035,895	34,848,925	30,706,967

XML 15 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT - USD ($)	Common Stock [Member]	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Shares at Dec. 31, 2016	30,653,543
Beginning Balance, Amount at Dec. 31, 2016	$ 30,654	$ 27,981,469	$ (34,725,397)	$ (6,713,274)
Sale of stock, Shares	500,000
Sale of stock, Amount	$ 500	99,500		100,000
Vesting of options		19,068		19,068
Net loss			(936,519)	(936,519)
Ending Balance, Shares at Dec. 31, 2017	31,153,543
Ending Balance, Amount at Dec. 31, 2017	$ 31,154	28,100,037	(35,661,916)	(7,530,725)
Stockholder advance conversion,Shares	5,227,147
Stockholder advance conversion, Amount	$ 5,227	1,146,868		1,152,095
Extension employee options		31,791		31,791
Issue employee stock options		14,325		14,325
Net loss			(697,277)	(697,277)
Ending Balance, Shares at Sep. 30, 2018	36,380,690
Ending Balance, Amount at Sep. 30, 2018	$ 36,381	$ 29,293,021	$ (36,359,193)	$ (7,029,791)

XML 16 R6.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (697,277)	$ (694,220)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	5,928	5,958
Options issued for employee plan	46,116	14,818
Changes in operating assets and liabilities:
Accounts receivable	16,516	9,102
Representative advances	(17,560)	(1,000)
Employee advances		860
Deferred liability	(3,390)
Inventory	19,926	1,394
Prepaid expenses	(11,302)	(13,950)
Customer deposits	(36,600)
Accounts payable	2,790	(35,530)
Accrued interest payable	152,453	156,862
Accrued liabilities	80,398	242,507
Net cash used in operating activities	(442,002)	(313,199)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(2,407)
Cash used in investing activities.		(2,407)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from financing of prepaid insurance	51,100
Proceeds from sale of common stock		100,000
Proceeds from related party notes and advances	392,500	214,250
Net cash from financing activities	443,600	314,250
NET CHANGE IN CASH AND CASH EQUIVALENTS	1,598	(1,356)
Cash and cash equivalents, beginning of period	19,373	6,372
Cash and cash equivalents, end of period	$ 20,971	$ 5,016

XML 17 R7.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 1 - BASIS OF PRESENTATION

Segment Reporting

Inventory

Accounts Receivable

Revenue Recognition

In the following table, product sales have disaggregation for the nine months ended September 30:

	2018		2017
Product sales - domestic	$	26,467	$	242,247
Product sales - foreign		129,250		--

Total product sales	$	155,717	$	242,247

Ability to Continue as a Going Concern

XML 18 R8.htm IDEA: XBRL DOCUMENT

LOSS PER COMMON SHARE

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 2 - LOSS PER COMMON SHARE

The basic net loss per common share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding.

XML 19 R9.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 3 - STOCKHOLDERS' EQUITY

XML 20 R10.htm IDEA: XBRL DOCUMENT

STOCK WARRANTS AND OPTIONS

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 4 - STOCK WARRANTS AND OPTIONS

Stock Warrants

Warrants outstanding and exercisable as of September 30, 2018 were:

Exercise Price		Number of Warrants		Weighted Average Remaining Life		Exercisable Number of Warrant
$	0.60		3,590,000		2.7		3,590,000
$	0.75		100,000		2.9		100,000
$	0.50		546,334		1.8		546,334
$	0.30		750,000		3.1		750,000

			4,986,334				4,986,334

Stock Options

	2018

Expected dividend yield		0.0	%
Expected term	5 yrs
Expected volatility		148	%
Risk-free interest rate		1.67	%
Fair value per option	$	.09

Information regarding activity for stock options under our plan is as follows as of September 30:

	2018				2017
			Weighted				Weighted
			Average				average
	Number of		Exercise		Number of		exercise
	shares		Price		shares		price

Outstanding at beginning of year		1,200,879	$	0.38		1,200,879	$	0.38
Options granted		165,010	$	0.20		-		-
Options exercised		-		-		-		-
Options forfeited/expired		108,334		0.35		-		-

Outstanding at September 30		1,257,555	$	0.36		1,200,879	$	0.38

Options exercisable at end of period		1,257,555				1,200,879
Non-vested options at end of period		-				-
Weighted-average
Remaining contractual term – all options	2.9 yrs.				1.3 yrs.
Weighted-average
Remaining contractual term – vested options	2.9 yrs.				1.3 yrs.
Fair value of options vested during the period	$	46,116			$	-
Aggregate intrinsic value	$	-			$	-

XML 21 R11.htm IDEA: XBRL DOCUMENT

INCOME TAXES

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 5 - INCOME TAXES

XML 22 R12.htm IDEA: XBRL DOCUMENT

RELATED PARTY NOTES AND ADVANCES

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Related party notes and advances

Other related party transactions

One of the Company’s shareholders owns 100% of BATL Trading, Inc., which is a distributor of EnerBurn. There were no sales to BATL Trading, Inc. during the nine months ended September 30, 2018.

XML 23 R13.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 7 - COMMITMENTS AND CONTINGENCIES

Office Lease

EnerTeck leases office space under a non-cancelable operating lease.

Rent expense for the nine months ended September 30, 2018 and 2017 totaled $37,784 and $38,122, respectively.

XML 24 R14.htm IDEA: XBRL DOCUMENT

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 8 - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

XML 25 R15.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 9 - SUBSEQUENT EVENTS

There have been no material subsequent events after the close of the quarter ended September 30, 2018.

XML 26 R16.htm IDEA: XBRL DOCUMENT

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)

9 Months Ended

Sep. 30, 2018

Recently Issued Accounting Pronouncements

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

XML 27 R17.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION (Tables)

9 Months Ended

Sep. 30, 2018

Basis Of Presentation

Schedule for sale of product

In the following table, product sales have disaggregation for the three and nine months ended September 30:

	2018		2017
Product sales - domestic	$	26,467	$	242,247
Product sales - foreign		129,250		--

Total product sales	$	155,717	$	242,247

XML 28 R18.htm IDEA: XBRL DOCUMENT

STOCK WARRANTS AND OPTIONS (Tables)

9 Months Ended

Sep. 30, 2018

Stock Warrants And Options

Warrants outstanding and exercisable

Warrants outstanding and exercisable as of September 30, 2018 were:

Exercise Price		Number of Warrants		Weighted Average Remaining Life		Exercisable Number of Warrant
$	0.60		3,590,000		2.7		3,590,000
$	0.75		100,000		2.9		100,000
$	0.50		546,334		1.8		546,334
$	0.30		750,000		3.1		750,000

			4,986,334				4,986,334

Fair value of option

	2018

Expected dividend yield		0.0	%
Expected term	5 yrs
Expected volatility		148	%
Risk-free interest rate		1.67	%
Fair value per option	$	.09

Activity for stock options

Information regarding activity for stock options under our plan is as follows as of September 30:

	2018				2017
			Weighted				Weighted
			Average				average
	Number of		Exercise		Number of		exercise
	shares		Price		shares		price

Outstanding at beginning of year		1,200,879	$	0.38		1,200,879	$	0.38
Options granted		165,010	$	0.20		-		-
Options exercised		-		-		-		-
Options forfeited/expired		108,334		0.35		-		-

Outstanding at September 30		1,257,555	$	0.36		1,200,879	$	0.38

Options exercisable at end of period		1,257,555				1,200,879
Non-vested options at end of period		-				-
Weighted-average
Remaining contractual term – all options	2.9 yrs.				1.3 yrs.
Weighted-average
Remaining contractual term – vested options	2.9 yrs.				1.3 yrs.
Fair value of options vested during the period	$	46,116			$	-
Aggregate intrinsic value	$	-			$	-

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 29 R19.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION (Details) - USD ($)	9 Months Ended
BASIS OF PRESENTATION (Details) - USD ($)	Sep. 30, 2018	Sep. 30, 2017
Total product sales	$ 155,717	$ 242,247
Product sales - domestic [Member]
Total product sales	26,467	242,247
Product sales - foreign [Member]
Total product sales	$ 129,250

XML 30 R20.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
BASIS OF PRESENTATION (Details Narrative) - USD ($)	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Basis Of Presentation Details Narrative Abstract
Cost of finished goods	$ 32,000		$ 32,000		$ 52,000
Allowances for doubtful accounts	51,000		51,000		51,000
Net loss	$ (185,007)	$ (221,271)	$ (697,277)	$ (694,220)	$ (936,519)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 31 R21.htm IDEA: XBRL DOCUMENT

LOSS PER COMMON SHARE (Details Narrative) - shares	3 Months Ended		9 Months Ended
LOSS PER COMMON SHARE (Details Narrative) - shares	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Loss Per Common Share
Potentially dilutive securities excluded from the computation of EPS	1,257,555	4,986,334	1,257,555	4,986,334
Common stock shares issuable upon exercise of options and warrants	1,200,879	4,986,334	1,200,879	4,986,334

XML 32 R22.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	9 Months Ended
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Common stock value	$ 36,381	$ 31,154
Common stock, shares issued	36,380,690	31,153,543
Director [Member]
Common stock, shares issued	5,227,147
2017 Conversion Agreement [Member] \| Director [Member] \| January 5 and October 24, 2017 [Member]
Common stock price per share	$ 0.20
Common stock shares issuable upon conversion of debt	1,321,250
Convertible debt	$ 264,250
2017 Conversion Agreement [Member] \| Director [Member] \| February 9 and November 30, 2016 [Member]
Common stock price per share	$ 0.20
Common stock shares issuable upon conversion of debt	2,150,000
Convertible debt	$ 430,000
2017 Conversion Agreement [Member] \| Director [Member] \| July 29 and December 2, 2015 [Member]
Common stock price per share	$ 0.25
Common stock shares issuable upon conversion of debt	800,000
Convertible debt	$ 200,000
2017 Conversion Agreement [Member] \| Director [Member] \| 2010 Advance and 2012 Advance [Member]
Common stock price per share	$ 0.20
Common stock shares issuable upon conversion of debt	539,230
Accrued and unpaid interest	$ 107,846
2017 Conversion Agreement [Member] \| Director [Member] \| December 31, 2012 [Member]
Debt conversion converted amount	$ 50,000
Debt conversion converted instrument, shares issued	166,667
Interest rate	8.00%
Conversion price per share	$ 0.30
2017 Conversion Agreement [Member] \| Director [Member] \| July 10, 2010 [Member]
Debt conversion converted amount	$ 100,000
Debt conversion converted instrument, shares issued	250,000
Interest rate	8.00%
Conversion price per share	$ 0.40
Private Placement [Member] \| Two Accredited Investors [Member]
Common stock value			$ 100,000
Common stock, shares issued			500,000
Common stock price per share			$ 0.20

XML 33 R23.htm IDEA: XBRL DOCUMENT

STOCK WARRANTS AND OPTIONS (Details)	9 Months Ended
STOCK WARRANTS AND OPTIONS (Details)	Sep. 30, 2018 shares
Number of Warrants	4,986,334
Exercisable Number of Warrants	4,986,334
Exercise Price $0.60 [Member]
Number of Warrants	3,590,000
Weighted Average Remaining Life	2 years 8 months 12 days
Exercisable Number of Warrants	3,590,000
Exercise Price $0.75 [Member]
Number of Warrants	100,000
Weighted Average Remaining Life	2 years 10 months 25 days
Exercisable Number of Warrants	100,000
Exercise Price $0.50 [Member]
Number of Warrants	546,334
Weighted Average Remaining Life	1 year 9 months 18 days
Exercisable Number of Warrants	546,334
Exercise Price $0.30 [Member]
Number of Warrants	750,000
Weighted Average Remaining Life	3 years 1 month 6 days
Exercisable Number of Warrants	750,000

XML 34 R24.htm IDEA: XBRL DOCUMENT

STOCK WARRANTS AND OPTIONS (Details 1)	9 Months Ended
STOCK WARRANTS AND OPTIONS (Details 1)	Sep. 30, 2018 $ / shares
Stock Warrants And Options Details 1Abstract
Expected dividend yield	0.00%
Expected term	5 years
Expected volatility	148.00%
Risk-free interest rate	1.67%
Fair value per option	$ 0.09

XML 35 R25.htm IDEA: XBRL DOCUMENT

STOCK WARRANTS AND OPTIONS (Details 2) - USD ($)	9 Months Ended
STOCK WARRANTS AND OPTIONS (Details 2) - USD ($)	Sep. 30, 2018	Sep. 30, 2017
Number of shares
Outstanding at beginning of year	1,200,879	1,200,879
Options granted	165,010	165,010
Options exercised
Options forfeited/expired	108,334
Outstanding at end of year	1,257,555	1,200,879
Options exercisable at end of year	1,257,555	1,200,879
Non-vested options at end of year
Weighted average exercise price
Outstanding at beginning of year	$ 0.38	$ 0.38
Options granted	0.20
Options exercised
Options forfeited/expired	0.35
Outstanding at end of year	$ 0.36	$ 0.38
Weighted-average Remaining contractual term all options	2 years 10 months 25 days	1 year 3 months 19 days
Weighted-average Remaining contractual term vested options	2 years 10 months 25 days	1 year 3 months 19 days
Fair value of options vested during the period	$ 46,116
Aggregate intrinsic value

XML 36 R26.htm IDEA: XBRL DOCUMENT

STOCK WARRANTS AND OPTIONS (Details Narrative) - USD ($)		1 Months Ended	9 Months Ended
	Jul. 07, 2018	Sep. 28, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2013	Sep. 30, 2003
Number of warrants expired				166,667
Number of stock option outstanding			1,257,555	1,200,879	1,200,879	1,200,879
Options granted			165,010	165,010
Options forfeited/expired			108,334
Weighted-average active employee options			2 years 10 months 25 days	1 year 3 months 19 days
Extension employee options			$ 31,791	$ 31,791
Issue employee stock options			$ 14,325	$ 14,325
2003 Option Plan [Member]
Common stock, shares reserved for future issuance							1,250,000
Increased shares in future issuance							1,750,000
Maximum [Member] \| 2003 Option Plan [Member]
Common stock, shares reserved for future issuance								1,000,000
Former Employee [Member]
Options forfeited/expired				108,334
Expire period				Jul. 31, 2018
Weighted-average active employee options				2 years 10 months 25 days
Board of Directors [Member] \| 2003 Option Plan [Member]
Contractual life	5 years	5 years
Employee stock option shares	365,867
Employee stock option per share	$ 0.35	$ 0.20
Options granted		165,010
Expire period	Jul. 19, 2018

XML 37 R27.htm IDEA: XBRL DOCUMENT

RELATED PARTY NOTES AND ADVANCES (Details Narrative) - USD ($)					1 Months Ended			9 Months Ended		12 Months Ended
	Dec. 10, 2010	Jun. 01, 2010	Dec. 11, 2009	Jul. 07, 2009	Oct. 20, 2011	Jun. 20, 2011	Jul. 20, 2010	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2012	Dec. 31, 2010	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2015
Accrued compensation								$ 3,968,076					$ 3,879,284
Proceeds from related party notes and advances								392,500	$ 214,250
Customer deposit								$ 50,900					87,500
BATL Trading, Inc [Member]
Holding percentage								100.00%
Director [Member]
Convertible promissory note	$ 150,000	$ 50,000	$ 50,000		$ 70,000	$ 150,000	$ 400,000
Interest rate	8.00%	8.00%	5.00%		8.00%	8.00%	8.00%			8.00%	8.00%
Note due date	Dec. 10, 2013	Jun. 01, 2013	Dec. 11, 2013		Oct. 20, 2014	Jun. 20, 2014	Jul. 20, 2013
Equity financing			$ 1,000,000
Discount amount		$ 36,207
Debt discount amortized period		36 months
Due to related party										$ 370,000	$ 100,000		264,250	$ 430,000	$ 200,000	$ 320,000
Converted shares																3,173,811
Principal balance term			The principal balance of the note was due on the earlier of December 11, 2013, or upon completion by the Company of equity financing in excess of $1.0 million in gross proceeds.
Director [Member] \| First Quarter 2018 [Member]
Due to related party										$ 50,000	$ 100,000
Common stock issuable shares												1,321,250		2,150,000	800,000
Common stock issuable shares, value												$ 264,250		$ 430,000	$ 200,000
Officer [Member]
Convertible promissory note				$ 100,000
Interest rate				12.00%
Director One [Member]
Convertible promissory note		$ 300,000					$ 100,000
Interest rate		8.00%					8.00%
Note due date		Jun. 01, 2013					Jul. 20, 2013
Due to related party													$ 1,000	$ 9,000
Director [Member]
Customer deposit								$ 37,500

XML 38 R28.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Commitments And Contingencies
Rent expense	$ 37,784	$ 38,122

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Delaware		47-0929885
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

10701 Corporate Drive, Suite 150 Stafford, Texas		77477
(Address of principal executive offices)		(Zip Code)

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	x
Emerging growth company	¨

		Page
Condensed Consolidated Financial Statements:

Condensed Consolidated Balance Sheets (Unaudited)		4

Condensed Consolidated Statements of Operations (Unaudited)		5

Condensed Consolidated Statements of Changes in Stockholders’ Deficit (Unaudited)		6

Condensed Consolidated Statements of Cash Flows (Unaudited)		7

Notes to Condensed Consolidated Financial Statements (Unaudited)		8

	September 30, 2018			December 31, 2017
ASSETS
Current assets:
Cash	$	20,971		$	19,373
Inventory		104,782			124,708
Receivables - trade, net		2,621			19,137
Representative advances		19,031			1,471
Prepaid expenses		30,140			18,838
Total current assets		177,545			183,527

Intellectual property		150,000			150,000
Website, net of accumulated amortization of $22,009 and $17,099, respectively		10,729			15,639
Property and equipment, net of accumulated depreciation of $ 267,980 and $365,741, respectively		1,941			2,959

Total assets	$	340,215		$	352,125

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	133,421		$	130,631
Customer advances		50,900			87,500
Related party notes and advances		1,772,500			1,380,000
Accrued compensation		3,968,076			3,879,284
Accrued interest		1,290,502			1,138,049
Accrued liabilities - other		150,462			107,755
Total current liabilities		7,365,861			6,723,219

Long term liabilities
Deferred lease liability		4,145			7,535
Accrued interest, net of current interest		-			107,846
Stockholder advances, net of current maturities		-			1,044,250
Total Liabilities	$	7,370,006		$	7,882,850
Commitments and contingencies (Note 7)
Stockholders’ deficit
Preferred stock, $.001 par value, 100,000,000 shares authorized, none issued		--			-
Common stock, $.001 par value, 100,000,000 shares authorized 36,380,690 and 31,153,543 shares issued and outstanding, respectively	$	36,381		$	31,154
Additional paid-in capital		29,293,021			28,100,037
Accumulated deficit		(36,359,193	)		(35,661,916	)
Total stockholders’ deficit		(7,029,791	)		(7,530,725	)

Total liabilities and stockholders’ deficit	$	340,215		$	352,125

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017

Revenues	$	133,371		$	58,799		$	155,717		$	242,247
Cost of goods sold		33,039			12,124			37,798			37,434
Gross profit		100,332			46,675			117,919			204,813

General and administrative expenses:
Wages		132,400			149,461			392,920			479,871
Depreciation and amortization		1,969			2,036			5,929			5,958
Stock based compensation		46,116			4,251			46,116			14,818
Other selling, general and administrative expenses		67,381			59,497			221,330			234,326
Total expenses		247,866			215,245			666,295			734,973
Operating loss		(147,534	)		(168,570	)		(548,376	)		(530,160	)

Interest income	$	-		$	8		$	43		$	9
Other income (expense)		16,542			923			10,077			(1,801	)
Interest expense		(54,015	)		(53,632	)		(159,021	)		(162,268	)
Net loss	$	(185,007	)	$	(221,271	)	$	(697,277	)	$	(694,220	)

Net loss per share: Basic and diluted	$	(0.01	)	$	(0.01	)	$	(0.02	)	$	(0.02	)

Weighted average shares outstanding:
Basic and diluted		36,380,690			31,035,895			34,848,925			30,706,967

					Additional
	Common Stock				Paid-in		Accumulated
	Shares		Amount		Capital		Deficit			Total
Balances, December 31, 2016		30,653,543	$	30,654	$	27,981,469	$	(34,725,397	)	$	(6,713,274	)

Sale of stock		500,000		500		99,500					100,000
Vesting of options						19,068					19,068
Net loss								(936,519	)		(936,519	)
Balances, December 31, 2017		31,153,543		31,154		28,100,037		(35,661,916	)		(7,530,725	)

Stockholder advance conversion		5,227,147		5,227		1,146,868					1,152,095
Extension employee options						31,791					31,791
Issue employee stock options						14,325					14,325
Net loss								(697,277	)		(697,277	)

Balances, September 30, 2018		36,380,690		36,381		29,293,021		(36,359,193	)		(7,029,791	)

	Nine Months Ended			Nine Months Ended
	September 30,			September 30,
	2018			2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(697,277	)	$	(694,220	)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization		5,928			5,958
Options issued for employee plan		46,116			14,818
Changes in operating assets and liabilities:
Accounts receivable		16,516			9,102
Representative advances		(17,560	)		(1,000	)
Employee advances		-			860
Deferred liability		(3,390	)		-
Inventory		19,926			1,394
Prepaid expenses		(11,302	)		(13,950	)
Customer deposits		(36,600	)		-
Accounts payable		2,790			(35,530	)
Accrued interest payable		152,453			156,862
Accrued liabilities		80,398			242,507
Net cash used in operating activities		(442,002	)		(313,199	)

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures.		-			(2,407	)
Cash used in investing activities.		-			(2,407	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from financing prepaid insurance		51,100			-
Proceeds from sale of common stock		-			100,000
Proceeds from related party notes and advances		392,500			214,250
Net cash provided by financing activities		443,600			314,250

NET CHANGE IN CASH AND CASH EQUIVALENTS	$	1,598		$	(1,356	)
Cash and cash equivalents, beginning of period		19,373			6,372
Cash and cash equivalents, end of period	$	20,971		$	5,016

31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 002 (Rules 13a-14 and 15d-14 of the Exchange Act)

31.2		Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rules 13a-14 and 15d-14 of the Exchange Act)

32.1		Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

101		The following financial information from our Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements Changes in Stockholders’ Deficit, (iv) the Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements.

	ENERTECK CORPORATION
	(Registrant)

Dated: November 14, 2018	By:	/s/ Gary B. Aman
		Gary B. Aman,
		President and Acting Chief Executive Officer
		(Principal Executive Officer)

Dated: November 14, 2018	By:	/s/ Richard B. Dicks
		Richard B. Dicks,
		Chief Financial Officer
		(Principal Financial Officer)

1.	I have reviewed this quarterly report on Form 10-Q of EnerTeck Corporation;

2.	Based on my knowledge, this report does not contain any untrue statements 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 officers 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;

	(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 reasonable likely to materially affect, the registrant’s internal control over financial reporting; and

	(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.


Dated: November 14, 2018	By:	/s/ Richard Dicks
		Richard Dicks Chief Financial Officer
		(Principal Financial Officer)

	(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.