Quarterly report pursuant to Section 13 or 15(d)

Note 1 - Business Organization, Nature of Business and Basis of Presentation

v3.19.3
Note 1 - Business Organization, Nature of Business and Basis of Presentation
9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Business Description and Basis of Presentation [Text Block]
Note
1
– Business Organization, Nature of Business and Basis of Presentation
 
 
Nature of Business
 
The Coretec Group Inc. (the “Group”) (formerly
3DIcon
Corporation) (
“3DIcon”
) was incorporated on
August 11, 1995,
under the laws of the State of Oklahoma as First Keating Corporation. The articles of incorporation were amended
August 1, 2003
to change the name to
3DIcon
Corporation. During
2001,
First Keating Corporation began to focus on the development of
360
-degree holographic technology. From
January 1, 2001,
3DIcon’s
primary activity has been the raising of capital in order to pursue its goal of becoming a significant participant in the development, commercialization and marketing of next generation
3D
display technologies.
 
Coretec Industries, LLC (“Coretec”), a wholly owned subsidiary of the Group (collectively the “Company”), was organized on
June 2, 2015
in the state of North Dakota. Coretec is currently developing, testing, and providing new and/or improved technologies, products, and service solutions for energy-related industries including, but
not
limited to oil/gas, renewable energy, and distributed energy industries. Many of these technologies and products also have application for medical, electronic, photonic, display, and lighting markets among others. Early adoption of these technologies and products is anticipated in markets for energy storage (Li-ion batteries), renewable energy (BIPV), and electronics (Asset Monitoring).
 
Basis of Presentation
 
The accompanying condensed consolidated financial statements of the Company have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures made are adequate to make the information presented
not
misleading. These condensed consolidated financial statements should be read in conjunction with the Company’s year-end audited consolidated financial statements and related footnotes included in the previously filed Form
10
-K, and in the opinion of management, reflects all adjustments necessary to present fairly the condensed consolidated financial position of the Company. The condensed consolidated results of operations for interim periods
may
not
be indicative of the results which
may
be realized for the full year.