| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis
of Presentation The
accompanying financial statements have been prepared using the accrual basis of accounting in accordance with generally accepted accounting
principles (“GAAP”) promulgated in the United States of America. Inter-company balances and transactions have been eliminated
upon consolidation. Principles
of Consolidation The
Consolidated Financial Statements include the accounts of GiveMePower Corporation and all of its controlled subsidiary companies. All
significant intercompany accounts and transactions have been eliminated. Investments in business entities in which the company does not
have control, but it has the ability to exercise significant influence over operating and financial policies (generally 20 50 COVID-19
Risks, Impacts and Uncertainties COVID-19
Risks, Impacts and Uncertainties — the company is subject to the risks arising from COVID-19’s impacts on the residential
real estate industry. The Company’s management believes that these impacts, which include but are not limited to the following,
could have a significant negative effect on its future financial position, results of operations, and cash flows: (i) prohibitions or
limitations on in-person activities associated with residential real estate transactions; (ii) lack of consumer desire for in-person
interactions and physical home tours; and (iii) deteriorating economic conditions, such as increased unemployment rates, recessionary
conditions, lower yields on individuals’ investment portfolios, and more stringent mortgage financing conditions. In addition,
the company has considered the impacts and uncertainties of COVID-19 in its use of estimates in preparation of its consolidated financial
statements. These estimates include, but are not limited to, likelihood of achieving performance conditions under performance-based equity
awards, net realizable value of inventory, and the fair value of reporting units and goodwill for impairment. In
April 2020, following the government lockdown order, the company asked all employees to begin to work from their homes and the company
also reduced the number of hours available to each of its employees by approximately by approximately 75%. These actions taken in response
to the economic impact of COVID-19 on its business resulted in a reduction of productivity for the year ended December 31, 2023. All
cost related to these actions are included in general and administrative expenses, as these costs were determined to be direct and incremental. Cash
and Cash Equivalents The
Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. Negative
cash balances (bank overdrafts) are reclassified on the balance sheet to “Other current liabilities.” The Company has $ 516 44,592 Use
of Estimates and Assumptions The
preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management
to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could materially
differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and
in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant
judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity
and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative
of future trends. This process may result in actual results differing materially from those estimated amounts used in the preparation
of the financial statements. Acquisitions
of Businesses We
account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control),
which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair
values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition
date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Accounting
for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our
estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where
applicable. In valuing our acquisitions, we estimate fair values based on industry data and trends and by reference to relevant market
rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with
the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant
assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing
businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. Acquisition,
Investments and Disposition of Entities under Common Control Acquisitions
or investments of entities under common control are reflected in a manner similar to pooling of interests. The non-controlling interests,
as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity’s
basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are
allocated to the non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common
control entity, we allocate a gain or loss for financial reporting purposes by first restoring the non-controlling interests, as applicable,
for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating
the remaining gain or loss (“Common Control Gains or Losses”) among non-controlling interests, as applicable, in accordance
with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains
or Losses are allocated in accordance with their respective ownership partnership percentages. Investments Investment
Transactions and Related Investment Income (Loss). Investments
held by our Investment segment are carried at fair value. Our Investment segment applies the fair value option to those investments that
are otherwise subject to the equity method of accounting. Valuation
of Investments Foreign
Currency Transactions. Fair
Values of Financial Instruments. Securities
Sold, Not Yet Purchased. Due
From Brokers. Due
To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds’ investments in securities. Other
Segments and Holding Company Investments
in equity and debt securities are carried at fair value with the unrealized gains or losses reflected in the consolidated statements
of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. Dividend income
is recorded when declared and interest income is recognized when earned. Stock
Based Compensation ASC
718 “Compensation - Stock Compensation” which codified SFAS No. 123 prescribes accounting and reporting standards for all
stock-based payments award to employees, including employee stock options, restricted stock, employee stock purchase plans and stock
appreciation rights, may be classified as either equity or liabilities. Transactions include incurring liabilities, or issuing or offering
to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. The Company
determines if a present obligation to settle the share-based payment transaction in cash or other assets exists. A present obligation
to settle in cash or other assets exists if: ( a b Share-based
payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements
based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange
for the award, known as the requisite service period (usually the vesting period). The
Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50
“Equity - Based Payments to Non-Employees” “EITF 96-18”) “Accounting for Equity Instruments that are Issued to Other Than Employees
for Acquiring or in Conjunction with Selling, Goods or Services.” Sale
and Repurchase of Common Stock Sales
of Common Stock for Cash: We account for common stock sales for cash under the par value method. Common Stock account is credited for
the number of shares sold times the par value per share, and the Paid in Capital account is credited for the remainder. There was no
shares issuance during the fiscal year ended December 2023. During the fiscal year ended December 31, 2022, the Company issued 1,068,117 Treasury
Stock Repurchase: We account for repurchased common stock under the cost method and include such Treasury stock as a component of our
Common shareholders’ equity. Retirement
of Treasury stock is recorded as a reduction of Common stock and Additional paid-in capital at the time such retirement is approved by
our Board of Directors. Receivables
from Sale of Stock: Receivables from the sale of capital stock constitute unpaid capital subscriptions and are reported as deductions
from stockholders’ equity, rather than as assets. However, a receivable from the sale of stock to officers or directors may be
reflected as an asset if the receivable was paid in cash before the financial statements were issued and the payment date is disclosed
in a note to the financial statements. Expenses
of Offering: Specific incremental costs directly attributable to an offering of securities are deferred and applied to the gross proceeds
of the offering through additional paid-in capital. Management salaries and other general and administrative expenses are not included
in costs of an offering. Deferred costs of an aborted offering, which would include a postponement of 90 days or greater, are expensed
in the period incurred. The
company has no no Revenue
Recognition The
Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) 606, Revenue from Contracts with Customers, which requires that five basic steps be followed to recognize revenue:
(1) a legally enforceable contract that meets criteria standards as to composition and substance is identified; (2) performance obligations
relating to provision of goods or services to the customer are identified; (3) the transaction price, with consideration given to any
variable, noncash, or other relevant consideration, is determined; (4) the transaction price is allocated to the performance obligations;
and (5) revenue is recognized when control of goods or services is transferred to the customer with consideration given, whether that
control happens over time or not. Determination of criteria (3) and (4) are based on our management’s judgments regarding the fixed
nature of the selling prices of the products and services delivered and the collectability of those amounts. The adoption of ASC 606
did not result in a change to the accounting for any of the in-scope revenue streams; as such, no cumulative effect adjustment was recorded. The
Company generates revenue primarily from: (1) the sale of homes/properties, (2) commissions and fees charged on each real estate services
transaction closed by our lead agents or partner agents, and (3) principal transactions from sales of trading securities, less original
purchase cost. Principal transaction is net trading revenues consisting primarily of revenues from trading securities earned upon completion
of trade, net of any trading fees. A trading is completed when earned and recognized at a point in time, on a trade-date basis, as the
Company executes trades. The Company records trading revenue on a net basis, trading sales less original purchase cost. Net realized
gains and losses from securities transactions are determined for federal income tax and financial reporting purposes on the first-in,
first-out method and represent proceeds on disposition of investments less the cost basis of investments. Sale of real estate properties
are recognized at the sales price/amount and the total cost (including cost of rehabilitations) associated with the property acquisition
and rehabilitation are classified in Cost of Goods Sold (COGS). The
Company recognized $ 0 490,000 Real
Estate Revenue
Recognition: Revenue from real estate sales and related costs are recognized at the time of closing primarily by specific identification.
We shall account for our leases as follows: (i) for operating leases, revenue is recognized on a straight line basis over the lease term
and (ii) for financing leases (x) minimum lease payments to be received plus the estimated value of the property at the end of the lease
are considered the gross investment in the lease and (y) unearned income, representing the difference between gross investment and actual
cost of the leased property, is amortized to income over the lease term so as to produce a constant periodic rate of return on the net
investment in the lease. We recorded $ 0 490,000 Comprehensive
Income The
Company adopted SFAS No. 130, “Reporting Comprehensive Income,” which requires that an enterprise report, by major components
and as a single total, the changes in equity. The other comprehensive income items result from mark-to-market analysis of the company’s
Marketable Securities. The Company applied the fair value accounting treatment for trading securities per ASC 320, with unrealized gains
and losses recorded in net income each period. Debt securities classified as trading should be measured at fair value in the currency
in which the debt securities are denominated and remeasured into the investor’s functional currency using the spot exchange rate
at the balance sheet date. The company $ 0 0 Selling,
General and Administrative Expenses Selling,
general and administrative expenses include general operating expenses, costs incurred for activities which serve securing sales, administrative
and advertising expenses. Disputed
Liabilities The
Company is involved in a variety of disputes, claims, and proceedings concerning its business operations and certain liabilities. We
determine whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably
estimated. We assess our potential liability by analysing our litigation and regulatory matters using available information. We develop
our views on estimated losses in consultation with outside counsel handling our defense in these matters, which involves an analysis
of potential results, assuming a combination of litigation and settlement strategies. Should developments in any of these matters cause
a change in our determination as to an unfavorable outcome and result in the need to recognize a material accrual, or should any of these
matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on our results
of operations, cash flows and financial position in the period or periods in which such change in determination, judgment or settlement
occurs. As of December 31, 2023 and 2022, the Company has $ 0 Income
Taxes The
Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740-10, “Accounting for Income
Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current
year; and, (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s
financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation
allowance is provided to reduce the deferred tax assets reported if, based on the weight of available positive and negative evidence,
it is more likely than not that some portion or all of the deferred tax assets will not be realized. ASC
740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or
expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may
be recognized only if it is “more likely than not” that the position is sustainable upon examination, based on its technical
merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than
50% As
of March 15, 2023, the Company had analyzed its filing positions in each of the federal and state jurisdictions that required the filing
of income tax returns, as well as all open tax years in these jurisdictions. The U.S. federal and California are identified as the “major”
tax jurisdictions. Generally, the Company remains subject to Internal Revenue Service and California Franchise Board examination of our
2018 through 2023 Tax Returns. However, the Company has certain tax attribute carry forwards, which will remain subject to review and
adjustment by the relevant tax authorities until the statute of limitations closes with respect to the year in which such attributes
are utilized. Management
believed that the income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will
result in a material change to the financial position. Therefore, no reserves for uncertain income tax position have been recorded pursuant
to ASC 740. In addition, the Company not record a cumulative effect adjustment related to the adoption of ASC 740. Related interest and
penalties, if any, are included as components of income tax expense and income taxes payable. Property
and Equipment Property
and equipment are stated at cost and consist solely of computer equipment. Depreciation is calculated using the straight-line method
based on the estimated useful lives of the related assets and starts when the asset is available for use as intended by management. When
significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate components
of property, plant and equipment. Land is not depreciated. The
useful lives of tangible fixed assets are as follows: SCHEDULE
OF USEFUL LIVES OF TANGIBLE ASSETS
● Buildings
33 50
● Permanent
installations 3 25
● Machinery
and equipment 3 14
● Furniture,
fixtures, equipment and vehicles 5 10
● Leasehold
improvements Over
the term of the lease Gains
and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within “Other operating
income” or “Other operating expenses” in the income statement. Residual values, useful lives and methods of depreciation
are reviewed at each financial year-end and adjusted prospectively, if appropriate. As of December 31, 2023 the company has little property
and equipment. Earnings
(Loss) per Share The
Company has adopted ASC Topic 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on
the face of the annual and interim income statement and requires a reconciliation of the numerator and denominator of the basic EPS computation.
In the accompanying financial statements, basic loss per share is computed by dividing Net income available to common stockholders by
the weighted average number of shares of common stock outstanding during the period. The Company’s dilutive loss per share is computed
by taking basic EPS and adjusting for the assumed issuance of all potentially dilutive securities such as options, warrants, share-based
payments, convertible debt and convertible preferred stock for each period since they were issued. This is calculated by dividing Net
income available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted
average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. On
December 31, 2019, the company sold to Goldstein Franklin, Inc., a California corporation, one (1) Special 2019 series A preferred share
(one preferred share is convertible 100,000,000 share of common stocks) of the company, which controls 60% of the company’s total
voting rights. Apart from the above mentioned preferred shares, the Company has no potentially dilutive securities, such as options or
warrants, currently issued and outstanding during year ended December 31, 2023 A
basic earnings per share is computed by dividing net income to common stockholders by the weighted average number of shares outstanding
for the year. Dilutive earnings per share include the effect of any potentially dilutive debt or equity under the treasury stock method,
if including such instruments is dilutive. The Company’s diluted earnings (loss) per share is the same as the basic earnings/loss
per share for the period the year ended December 31, 2023 and 2022, as there are no potential shares outstanding that would have a dilutive
effect. SCHEDULE
OF EARNINGS (LOSS) PER SHARE
Fiscal Year ended December 31, 2023 Fiscal Year Ended December 31, 2022
Net income $ (40,593 ) $ (111,426 )
Dividends
Adjusted Net income attribution to stockholders $ (40,593 ) $ (111,426 )
Weighted-average shares of common stock outstanding
Basic and Diluted 43,792,804 43,792,804
Net income per share
Basic and Diluted $ (0.0009 ) (0.0025 ) Accumulated
Deficit As
of December 31, 2023 and 2022, the Company has accumulated deficit of $ 6,593,000 6,552,407 Concentrations
of Credit Risk The
Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents.
The Company places its cash and cash equivalents with financial institutions of high credit worthiness. The Company maintains cash balances
at financial institutions within the United States which are insured by the Federal Deposit Insurance Corporation (“FDIC”)
up to limits of approximately $ 250,000 Fair
Value of Financial Instruments The
Company’s financial instruments as defined by FASB ASC 825, “Financial Instruments” Financial Instruments FASB
ASC 820 “Fair Value Measurements and Disclosures”
● Level
1. Observable inputs such as quoted prices in active markets;
● Level
2. Inputs, other than the quoted prices in active markets, that are observable either directly
or indirectly; and
● Level
3. Unobservable inputs in which there is little or no market data, which requires the reporting
entity to develop its own assumptions. The
Company’s financial instruments consisted of cash, accounts payable and accrued liabilities, and line of credit. The estimated
fair value of cash, accounts payable and accrued liabilities, due to or from affiliated companies, and notes payable approximates its
carrying amount due to the short maturity of these instruments. Investment Investments
and securities purchased, not yet sold consist of equities, bonds, bank debt and other corporate obligations, all of which are reported
at fair value in our consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment
has certain derivative transactions which are discussed below in “Financial Instruments.” Investment
Securities (Trading): Financial
Instruments In
the normal course of business, the Investment Funds may trade various financial instruments and enter into certain investment activities,
which may give rise to off-balance-sheet risks, with the objective of capital appreciation or as economic hedges against other securities
or the market as a whole. The Investment Funds’ investments may include futures, options, swaps and securities sold, not yet purchased.
These financial instruments represent future commitments to purchase or sell other financial instruments or to exchange an amount of
cash based on the change in an underlying instrument at specific terms at specified future dates. Risks arise with these financial instruments
from potential counterparty non-performance and from changes in the market values of underlying instruments. Credit
concentrations may arise from investment activities and may be impacted by changes in economic, industry or political factors. The Investment
Funds routinely execute transactions with counterparties in the financial services industry, resulting in credit concentration with respect
to the financial services industry. In the ordinary course of business, the Investment Funds may also be subject to a concentration of
credit risk to a particular counterparty. The Investment Funds seek to mitigate these risks by actively monitoring exposures, collateral
requirements and the creditworthiness of its counterparties. The
Investment Funds have entered into various types of swap contracts with other counterparties. These agreements provide that they are
entitled to receive or are obligated to pay in cash an amount equal to the increase or decrease, respectively, in the value of the underlying
shares, debt and other instruments that are the subject of the contracts, during the period from inception of the applicable agreement
to its expiration. In addition, pursuant to the terms of such agreements, they are entitled to receive or obligated to pay other amounts,
including interest, dividends and other distributions made in respect of the underlying shares, debt and other instruments during the
specified time frame. They are also required to pay to the counterparty a floating interest rate equal to the product of the notional
amount multiplied by an agreed-upon rate, and they receive interest on any cash collateral that they post to the counterparty at the
federal funds or LIBOR rate in effect for such period. The
Investment Funds may trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of a standardized
amount of a deliverable grade commodity, security, currency or cash at a specified price and specified future date unless the contract
is closed before the delivery date. Payments (or variation margin) are made or received by the Investment Funds each day, depending on
the daily fluctuations in the value of the contract, and the whole value change is recorded as an unrealized gain or loss by the Investment
Funds. When the contract is closed, the Investment Funds record a realized gain or loss equal to the difference between the value of
the contract at the time it was opened and the value at the time it was closed. The
Investment Funds may utilize forward contracts to seek to protect their assets denominated in foreign currencies and precious metals
holdings from losses due to fluctuations in foreign exchange rates and spot rates. The Investment Funds’ exposure to credit risk
associated with non-performance of such forward contracts is limited to the unrealized gains or losses inherent in such contracts, which
are recognized in other assets and accrued expenses and other liabilities in our consolidated balance sheets. The
Investment Funds may also enter into foreign currency contracts for purposes other than hedging denominated securities. When entering
into a foreign currency forward contract, the Investment Funds agree to receive or deliver a fixed quantity of foreign currency for an
agreed-upon price on an agreed-upon future date unless the contract is closed before such date. The Investment Funds record unrealized
gains or losses on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into
such contracts and the forward rates at the reporting date. Furthermore,
the Investment Funds may also purchase and write option contracts. As a writer of option contracts, the Investment Funds receive a premium
at the outset and then bear the market risk of unfavorable changes in the price of the underlying financial instrument. As a result of
writing option contracts, the Investment Funds are obligated to purchase or sell, at the holder’s option, the underlying financial
instrument. Accordingly, these transactions result in off-balance-sheet risk, as the Investment Funds’ satisfaction of the obligations
may exceed the amount recognized in our consolidated balance sheets. Certain
terms of the Investment Funds’ contracts with derivative counterparties, which are standard and customary to such contracts, contain
certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties
to the derivative instruments could request immediate payment on derivative instruments in net liability positions. Derivatives From
time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures
contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet
at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation.
For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument,
based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains
and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred
and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects
earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative
method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are
recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated
statements of cash flows. For further information regarding our derivative contracts, see Note 6, “Financial Instruments.” Marginal
Loan Payable The
Company entered into a marginal loan agreement as part of its new trading account process in 2019 with brokerage firms, the Company’s
brokerage to continue the purchase of securities and to fund the underfunded balance. The marginal loan payable bears interest at 0 0.00 Leases As
discussed below, on January 1, 2019, we adopted FASB ASC Topic 842, Leases, using the modified retrospective approach, which does not
require the application of this Topic to periods prior to January 1, 2019. The application of this Topic requires the recognition of
right-of-use assets and related lease liabilities on the balance sheet for operating leases in which we are the lessee beginning in 2019.
Financing leases under current U.S. GAAP are classified and accounted for in substantially the same manner as capital leases under prior
U.S. GAAP and therefore, we do not distinguish between financing leases and capital leases unless the context requires. The determination
of whether an arrangement is or contains a lease occurs at inception. We account for arrangements that contain lease and non-lease components
as a single lease component for all classes of underlying assets. The Company does not have operating and financing leases as of December
31, 2023. The adoption of ASC 842 did not materially impact our results of operations, cash flows, or presentation thereof. All
Segments and Holding Company Leases
are |
