Basis of Presentation and Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Revenue Recognition

Revenue Recognition

In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2014-09 (Topic 606), "Revenue from Contracts with Customers." Topic 606 supersedes the revenue recognition requirements in Topic 605, "Revenue Recognition" and requires entities to recognize revenues when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The principles in the standard are applied in five steps: 1) identify the contract(s) with a customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company adopted Topic 606 as of January 1, 2018 using the modified retrospective transition method. The Company recognized the cumulative effect of adopting this guidance as an adjustment to our opening balance of retained earnings. Prior periods will not be retrospectively adjusted. The adoption of Topic 606 does not have a material impact to our consolidated financial statements, including the presentation of revenues in our Consolidated Statements of Operations, which were not broken down by revenue stream or geographic areas since the Company only sells within the United States and has only one revenue stream.

Leases

Leases

Effective January 1, 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02") using the required modified retrospective approach. The most significant changes under the new guidance include clarification of the definition of a lease, and the requirements for lessees to recognize a Right of Use ("ROU") asset and a lease liability for all qualifying leases with terms longer than twelve months in the consolidated balance sheet. In addition, under Topic 842, additional disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. See Footnote #13 below for more detail on the Company's accounting with respect to lease accounting.

Income Per Common Share

Income (Loss) Per Common Share

Basic net income (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted average number of shares outstanding. Diluted net income (loss) per common share is computed similar to basic net income (loss) per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The dilutive effect of the Company's options and warrants is computed using the treasure stock method.

The following table sets for the computation of basic and diluted income (loss) per share:

	For the Three Months Ended					For the Nine Months Ended
	Sept 30,		Sept 30,			Sept 30,			Sept 30,
	2019		2018			2019			2018
Numerator:
Net Income (Loss)	$	574,296	$	(1,189,866	)	$	(475,064	)	$	(3,944,256	)
Numerator for basic and diluted EPS - income (loss) available to common Shareholders	$	574,296	$	(1,189,866	)	$	(475,064	)	$	(3,944,256	)
Denominator:
Denominator for basic EPS - Weighted average shares		27,527,860		9,182,470			27,232,357			9,182,470
Dilutive Effect of Warrants and Options		5,348,767		-			-			-
Denominator for diluted EPS - adjusted Weighted average shares and assumed Conversions		32,876,627		9,182,470			27,232,357			9,182,470
Basic and Diluted income (loss) per common share	$	0.02	$	(0.13	)	$	(0.02	)	$	(0.43	)

Stock-Based Compensation

Stock-Based Compensation

Effective January 1, 2019, the Company adopted ASU No. 2018-07, Compensation – Stock Based Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting ("ASU 2018-7"), which aligns accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based payments to nonemployees under Subtopic 505-50, Equity – Equity-Based Payments to Non-Employees. The adoption of ASU 2018-07 did not have a material impact on the Company's consolidated financial statements.