DERIVATIVE INSTRUMENTS

3 Months Ended

Mar. 31, 2020

DERIVATIVE INSTRUMENTS [Abstract]

DERIVATIVE INSTRUMENTS

NOTE 3 – DERIVATIVE INSTRUMENTS

The Company had no derivative liability as of March 31, 2020 and December 31, 2019.  

During prior years, the Company issued convertible promissory notes which are convertible into common stock. Due to the Company’s lack of authorized shares necessary to settle all convertible instruments, in accordance with ASC 815-40-25, the Company determined that the conversion features related to these notes are derivative to settle all convertible instruments.  

The Company filed an amendment to its Articles of Incorporation during the fourth quarter of 2019, increasing the number of shares authorized, which authorization was approved by a vote of its shareholders.  The increased number of authorized shares would enable all convertible notes and stock options to be converted.  Therefore, the treatment of these financial instruments as derivatives is no longer required.