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5. Adoption of ASU 2017-11
 12 Months Ended
Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]  
Adoption of ASU 2017-11

Note 5 – Adoption of ASU 2017-11

 

The Company changed its method of accounting for its convertible note through the adoption of ASU 2017-11 on January 1, 2019 on a modified retrospective basis. Accordingly, the outstanding derivative liability of $14,730 associated with a convertible note payable was eliminated as an adjustment to the beginning accumulated deficit. The following table provides a reconciliation of the derivative liability and accumulated deficit upon adoption on January 1, 2019:

 

    Derivative
Liability		     Accumulated
Deficit		  
Balance January 1, 2019 (before adoption of ASU 2017-11)   $ 14,730     $ (9,255,432 )
Reclassified derivative liability and cumulative effect of adoption     (14,730 )     14,730  
Balance January 1, 2019 (after adoption of ASU 2017-11)   $ –     $ (9,240,702 )