Note 3 - New Accounting Standards

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

NOTE

3

–

NEW ACCOUNTING STANDARDS

Recently Adopted Accounting Pronouncements

No

pronouncements were adopted by the Company and

no

pronouncements affected the Company during

2020.

Recent Accounting Pronouncements

Not

Yet Adopted

In

August 2020,

the Financial Accounting Standards Board (“FASB”) issued an accounting pronouncement (ASU

2020

-

06

) related to the measurement and disclosure requirements for convertible instruments and contracts in an entity's own equity. The pronouncement simplifies and adds disclosure requirements for the accounting and measurement of convertible instruments and the settlement assessment for contracts in an entity's own equity. As a smaller reporting company, as defined by the SEC, this pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after

December 15, 2023.

The Company is currently evaluating the impact of this ASU on the consolidated financial statements.