United Health Products (UEEC) 10-Q 13 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 12, 2024
Cover [Abstract]
Entity Registrant Name	UNITED HEALTH PRODUCTS, INC.
Entity Central Index Key	0001096938
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding		248,433,222
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	84-1517723
Entity Address Address Line 1	520 Fellowship Road
Entity Address Address Line 2	Suite #D-406
Entity Address City Or Town	Mt. Laurel
Entity Address State Or Province	NJ
Entity Address Postal Zip Code	08054
City Area Code	475
Local Phone Number	755-1005
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-27781
Entity Interactive Data Current	Yes

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 18,754	$ 95,420
Inventory	0	33,598
Prepaid and other current assets	7,540	22,804
Total current assets	26,294	151,822
Deferred offering costs	0	21,051
Operating lease right-of-use asset	62,169	76,520
Security deposit	2,850	2,850
Patents, net	30,375	32,400
TOTAL ASSETS	121,688	284,643
Current Liabilities
Accounts payable and accrued expenses	1,027,618	987,567
Accrued liabilities - related parties	325,437	226,475
Operating lease liability - current	30,277	28,838
Convertible notes payable, net of debt discount	207,500	207,500
Convertible notes payable - related party, net of debt discount	500,000	500,000
Total current liabilities	2,090,832	1,950,380
Operating lease liability - long-term	33,277	48,489
TOTAL LIABILITIES	2,124,109	1,998,869
Commitments and Contingencies	0	0
Stockholders' Deficit
Common Stock - $0.001 par value, 300,000,000 shares Authorized, 248,233,222 and 244,783,222 shares issued and outstanding at June 30, 2024 and December 31, 2023	248,233	244,783
Additional Paid-In Capital	75,332,515	74,740,201
Accumulated Deficit	(77,583,169)	(76,699,210)
Total Stockholders' Deficit	(2,002,421)	(1,714,226)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	121,688	284,643
Series A Convertible Preferred Stock [Member]
Stockholders' Deficit
Series A Convertible Preferred Stock - $0.001 par value, 1,000,000 shares Authorized and 0 shares issued and outstanding	$ 0	$ 0

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	248,233,222	244,783,222
Common stock, shares outstanding	248,233,222	244,783,222
Series A Convertible Preferred Stock [Member]
Preferred stock, shares par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Condensed Statements of Operations (Unaudited)
Revenues	$ 0	$ 0	$ 0	$ 0
Operating Costs and Expenses
Selling, general and administrative expenses	339,457	370,343	648,999	1,205,642
Research and development	65,720	105,113	181,272	323,789
Total Operating Expenses	405,177	475,456	830,271	1,529,431
Loss from Operations	(405,177)	(475,456)	(830,271)	(1,529,431)
Other Income (Expenses)
Interest expense	(7,613)	(8,329)	(15,226)	(16,656)
Interest expense - related party	(19,231)	(19,532)	(38,462)	(38,998)
Loss on settlement of debt	0	(19,594)	0	(80,532)
Total Other Income (Expenses)	(26,844)	(47,455)	(53,688)	(136,186)
Net Loss	$ (432,021)	$ (522,911)	$ (883,959)	$ (1,665,617)
Net Loss per Common Share:
Basic and diluted	$ 0	$ 0	$ 0	$ (0.01)
Weighted average number of shares outstanding	247,717,837	238,269,719	246,734,321	235,376,226

Condensed Statement of Stockhol

Condensed Statement of Stockholders Equity (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Subscription Receivable	Accumulated Deficit
Balance, shares at Dec. 31, 2022		230,871,034
Balance, amount at Dec. 31, 2022	$ (2,064,927)	$ 230,871	$ 71,830,695	$ (50,550)	$ (74,075,943)
Sale of common stock, shares		2,535,000
Sale of common stock, amount	575,855	$ 2,535	522,770	50,550	0
Common stock issued to settle accrued liabilities - related party, shares		637,500
Common stock issued to settle accrued liabilities - related party, amount	168,938	$ 638	168,300	0	0
Common stock issued to settle accrued liabilities, shares		300,000
Common stock issued to settle accrued liabilities, amount	79,500	$ 300	79,200	0	0
Common stock issued for a stock subscription receivable, shares		400,000
Common stock issued for a stock subscription receivable, amount	0	$ 400	71,317	(71,717)	0
Amortization of deferred offering costs	(55,371)	$ 0	(55,371)	0	0
Common stock issued for litigation settlement, shares		1,850,000
Common stock issued for litigation settlement, amount	462,500	$ 1,850	460,650	0	0
Net Loss	(1,142,706)	$ 0	0	0	(1,142,706)
Balance, shares at Mar. 31, 2023		236,593,534
Balance, amount at Mar. 31, 2023	(1,976,211)	$ 236,594	73,077,561	(71,717)	(75,218,649)
Balance, shares at Dec. 31, 2022		230,871,034
Balance, amount at Dec. 31, 2022	(2,064,927)	$ 230,871	71,830,695	(50,550)	(74,075,943)
Net Loss	(1,665,617)
Balance, shares at Jun. 30, 2023		241,123,222
Balance, amount at Jun. 30, 2023	(1,802,440)	$ 241,123	74,009,817	(311,820)	(75,741,560)
Balance, shares at Mar. 31, 2023		236,593,534
Balance, amount at Mar. 31, 2023	(1,976,211)	$ 236,594	73,077,561	(71,717)	(75,218,649)
Sale of common stock, shares		2,450,000
Sale of common stock, amount	575,725	$ 2,450	501,558	71,717	0
Common stock issued to settle accrued liabilities - related party, shares		567,188
Common stock issued to settle accrued liabilities - related party, amount	102,093	$ 566	101,527	0	0
Common stock issued to settle accrued liabilities, shares		412,500
Common stock issued to settle accrued liabilities, amount	74,251	$ 413	73,838	0	0
Common stock issued for a stock subscription receivable, shares		1,100,000
Common stock issued for a stock subscription receivable, amount	0	$ 1,100	310,720	(311,820)	0
Amortization of deferred offering costs	(55,387)	0	(55,387)	0	0
Net Loss	(522,911)	$ 0	0	0	(522,911)
Balance, shares at Jun. 30, 2023		241,123,222
Balance, amount at Jun. 30, 2023	(1,802,440)	$ 241,123	74,009,817	$ (311,820)	(75,741,560)
Balance, shares at Dec. 31, 2023		244,783,222
Balance, amount at Dec. 31, 2023	(1,714,226)	$ 244,783	74,740,201		(76,699,210)
Sale of common stock, shares		2,050,000
Sale of common stock, amount	391,225	$ 2,050	389,175		0
Amortization of deferred offering costs	(21,051)	0	(21,051)		0
Net Loss	(451,938)	$ 0	0		(451,938)
Balance, shares at Mar. 31, 2024		246,833,222
Balance, amount at Mar. 31, 2024	(1,795,990)	$ 246,833	75,108,325		(77,151,148)
Balance, shares at Dec. 31, 2023		244,783,222
Balance, amount at Dec. 31, 2023	(1,714,226)	$ 244,783	74,740,201		(76,699,210)
Net Loss	(883,959)
Balance, shares at Jun. 30, 2024		248,233,222
Balance, amount at Jun. 30, 2024	(2,002,421)	$ 248,233	75,332,515		(77,583,169)
Balance, shares at Mar. 31, 2024		246,833,222
Balance, amount at Mar. 31, 2024	(1,795,990)	$ 246,833	75,108,325		(77,151,148)
Sale of common stock, shares		1,400,000
Sale of common stock, amount	225,590	$ 1,400	224,190		0
Net Loss	(432,021)	$ 0	0		(432,021)
Balance, shares at Jun. 30, 2024		248,233,222
Balance, amount at Jun. 30, 2024	$ (2,002,421)	$ 248,233	$ 75,332,515		$ (77,583,169)

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities:
Net (Loss)	$ (883,959)	$ (1,665,617)
Adjustments to Reconcile net (loss) to Net Cash Used In Operating Activities:
Write-off of inventory	33,598	0
Amortization expense	2,025	2,025
Amortization of debt discount	0	17,648
Amortization of right-of-use asset	578	0
Loss on settlement of debt	0	80,532
Stock issued for litigation settlement	0	462,500
Changes in assets and liabilities:
Inventory	0	1,132
Prepaid and other current assets	15,264	15,369
Accounts payable and accrued expenses	40,051	(12,670)
Accrued liabilities - related party	98,962	229,711
Accrued litigation settlement	0	(150,000)
Net Cash Used In Operating Activities	(693,481)	(1,019,370)
Cash Flows from Investing Activities:
Security deposit	0	(2,850)
Net Cash Used in Investing Activities	0	(2,850)
Cash Flows from Financing Activities:
Repayments on loan payable	0	(9,136)
Proceeds from sale of common stock	624,015	1,158,180
Payment of offering costs	(7,200)	(6,600)
Cash flow provided by financing activities	616,815	1,142,444
Increase (decrease) in Cash and Cash Equivalents	(76,666)	120,224
Cash and Cash Equivalents - Beginning of period	95,420	13,377
CASH AND CASH EQUIVALENTS - END OF PERIOD	18,754	133,601
Supplemental cash flow information:
Cash paid for interest	0	15
Cash paid for income taxes	0	0
Non-cash Investing & Financing Activities:
Common stock issued for subscription receivable	0	311,820
Amortization of deferred offering costs	21,051	110,758
Initial recognition of operating lease right-of-use asset and operating lease liability	0	92,425
Common stock issued to settle accrued liabilities - related party	0	218,250
Accounts payable and accrued expenses paid with promissory note payable	0	10,000
Common stock issued to settle accrued liabilities	$ 0	$ 126,000

Organization and Basis of Prepa

Organization and Basis of Preparation	6 Months Ended
	Jun. 30, 2024
Organization and Basis of Preparation
Organization and Basis of Preparation	Note 1. Organization and Basis of Preparation United Health Products, Inc. (the “Company”) develops, manufactures, and markets a patented hemostatic gauze for the healthcare and wound care sectors. Our gauze product, HemoStyp®, is derived from cotton and designed to absorb exudate/drainage from superficial wounds and help control bleeding. We are in the process of seeking regulatory approval to sell our hemostatic gauze product line into the U.S. Class III and European CE Mark human surgical markets. The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on April 1, 2024. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements for the interim period, have been included.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Significant Accounting Policies
Significant Accounting Policies	Note 2. Significant Accounting Policies Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred recurring net losses, negative working capital and operations have not provided cash flows. Additionally, the Company does not currently have sufficient revenue producing operations to cover its operating expenses and meet its current obligations. In view of these matters, there is substantial doubt about the Company’s ability to continue as a going concern. The Company intends to finance its future development activities and its working capital needs largely from the sale of equity securities with some additional funding from other traditional financing sources, including term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. Cash and Cash Equivalents The Company considers all highly liquid debt investments purchased with a maturity of three months or less to be cash equivalents. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Changes in the economic environment, financial markets, as well as in the healthcare industry, and any other parameters used in determining these estimates, could cause actual results to differ. Fair Value Measurements Accounting principles generally accepted in the United States define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1. We value assets and liabilities included in this level using dealer and broker quotations, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2024 and December 31, 2023. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers The Company receives orders for its HemoStyp products directly from its customers. Revenues are recognized based on the agreed upon sales or transaction price with the customer when control of the promised goods are transferred to the customer. The transfer of goods to the customer and satisfaction of the Company’s performance obligation will occur either at the time when products are shipped or when the products arrive and are received by the customer. No discounts are currently offered by the Company. The Company does not provide an estimate for returns as there is no anticipation for any returns in the normal course of business. Trade Accounts Receivable and Concentration Risk We record accounts receivable at the invoiced amount and we do not charge interest. We review the accounts receivable by amounts due from customers that are past due, to identify specific customers with known disputes or collectability issues. In determining the amount of the reserve, we make judgments about the creditworthiness of significant customers based on ongoing credit evaluations. We will also maintain a sales allowance to reserve for potential credits issued to customers. We will determine the amount of the reserve based on historical credit issued. There were no provisions for doubtful accounts recorded at June 30, 2024 and December 31, 2023. The Company recorded $0 in bad debt expense for the three and six month periods ended June 30, 2024 and 2023. Inventory Inventory is valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. Inventory on the balance sheet consists of work-in process. June 30, 2024 December 31, 2023 Finished goods $ - $ 33,598 Total inventory $ - $ 33,598 During the six months ended June 30, 2024 and 2023, the Company determined that $33,598 and $0 of inventory needed to be impaired and written-off, respectively. Stock Based Compensation The Company accounts for stock-based compensation under the provisions of ASC 718, Compensation-Stock Compensation Per Share Information Basic earnings per share are calculated using the weighted average number of common shares outstanding for the period presented. Diluted earnings per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. The dilutive effect of potential common shares is not reflected in diluted earnings per share because the Company incurred net losses for the three and six months ended June 30, 2024 and the three and six months ended June 30, 2023 and the effect of including these potential common shares in the net loss per share calculations would be anti-dilutive. The total potential common shares as of June 30, 2024 included 47,665,000 of restricted stock units, 4,485,318 shares for convertible notes payable – related parties and 1,775,624 shares for convertible notes payable. The total potential common shares as of June 30, 2023 included 47,665,000 of restricted stock units, 3,552,376 shares for convertible notes payable – related parties and 1,406,300 shares for convertible notes payable. Patents Patents are stated on the balance sheet at cost. Costs, such as filing fees with patent granting agencies and legal fees directly relating to those filings, incurred to file patent applications were capitalized when the Company believed that there was a high likelihood that the patent would be issued and there would be future economic benefit associated with the patent. These costs were amortized from the date of the patent application on a straight-line basis over the estimated useful life of 10 years. All costs associated with any abandoned patent applications are expensed. Accumulated amortization as of June 30, 2024 and December 31, 2023 was $10,125 and $8,100, respectively. Amortization expense for the six months ended June 30, 2024 and 2023 was $2,025, respectively. Future Amortization Expense Year Amount 2024 (remaining) $ 2,025 2025 4,050 2026 4,050 2027 4,050 2028 4,050 Thereafter 12,150 $ 30,375 Impairment of Long-lived Assets The Company applies the provisions of ASC 360, Property, Plant and Equipment, When long-lived assets are sold or retired, the related cost and accumulated depreciation or amortization are removed from the accounts and any gain or loss is included in the results of operations. During the six months ended June 30, 2024 and 2023, the Company determined no impairment was required. Deferred Offering Costs Deferred offering costs represent specific incremental costs directly attributable to the offering of securities. The deferred offering costs are recorded as an offset to additional paid-in capital and charged against the proceeds received. Advertising and Marketing Costs Advertising and marketing expenses are expensed as incurred. The Company incurred $57,812 and $57,536 in advertising and marketing costs during the six months ended June 30, 2024 and 2023, respectively. Research and Development The Company charges research and development costs to expense when incurred. The Company incurred $181,272 and $323,789 in research and development expenses during the six months ended June 30, 2024 and 2023, respectively. Leases The Company follows the provisions of ASC 842, and records right-of-use (“ROU”) assets and lease obligations for its operating leases, which are initially recognized based on the discounted future lease payments over the term of the lease. If the rate implicit in the Company's leases is not readily determinable, the Company's applicable incremental borrowing rate is used in calculating the present value of the sum of the lease payments. The lease term is defined as the non-cancelable period of the lease plus any options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company has elected not to recognize ROU asset and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less. Reclassification Certain accounts from prior periods have been reclassified to conform to the current period presentation. New Accounting Pronouncements The Company considers all new pronouncements and management has determined that there have been no recently adopted or issued accounting standards that had or will have a material impact on its financial statements.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions
Related Party Transactions	Note 3. Related Party Transactions Convertible notes payable - related parties During the year ended December 31, 2022, Brian Thom, the Company’s Chief Executive Officer, converted $372,000 of a loan payable balance to a convertible note payable. The unpaid accrued interest on the loan payable was transferred to a convertible note payable. The note had an interest rate of 10%, an original issue discount (“OID”) of 7% and had a maturity date of December 31, 2023. On December 15, 2023, the Company entered into an amendment on the convertible note, which extended the maturity date to December 31, 2024 and increased the interest rate from 10% to 13%, effective January 1, 2024. The note is convertible into common stock of the Company at $0.35 per share. In the event the Company issues any shares of common stock before the maturity date at a price that is lower than $0.35 per share, the conversion price shall be reduced to equal such lower issue price per share. The Company recorded $28,000 of a debt discount related to the OID. As of June 30, 2024 and December 31, 2023, the remaining unamortized debt discount was $0, respectively. Accrued interest associated with the note was $108,310 and $77,287 as of June 30, 2024 and December 31, 2023, respectively. During the year ended December 31, 2022, Robert Denser, a Director of the Company, loaned the Company $93,000 through a convertible note. The note had an interest rate of 10%, an OID of 7% and had a maturity date of December 31, 2023. On December 15, 2023, the Company entered into an amendment on the convertible note, which extended the maturity date to December 31, 2024 and increased the interest rate from 10% to 13%, effective January 1, 2024. The note is convertible into common stock of the Company at $0.35 per share. In the event the Company issues any shares of common stock before the maturity date at a price that is lower than $0.35 per share, the conversion price shall be reduced to equal such lower issue price per share. The Company recorded $7,000 of a debt discount related to the OID. As of June 30, 2024 and December 31, 2023, the remaining unamortized debt discount was $0, respectively. Accrued interest associated with the note was $21,877 and $14,438 as of June 30, 2024 and December 31, 2023, respectively. Interest expense – related party on the above convertible notes payable was $19,231 (including $0 of debt discount amortization related to the OID) and $19,426 (including $5,978 of debt discount amortization related to the OID) during the three months ended June 30, 2024 and 2023, respectively. Interest expense – related party on convertible notes payable was $38,462 (including $0 of debt discount amortization related to the OID) and $38,786 (including $11,890 of debt discount amortization related to the OID) during the six months ended June 30, 2024 and 2023, respectively. Accrued interest – related party due to these convertible notes was $130,187 and $91,725, as of June 30, 2024 and December 31, 2023, respectively. Accrued liabilities – related parties As of June 30, 2024 and December 31, 2023, $195,250 and $134,750 of accrued compensation was due to the Company’s officers and management, respectively.

Convertible Notes

Convertible Notes	6 Months Ended
	Jun. 30, 2024
Convertible Notes
Convertible Notes	Note 4. Convertible Notes During the year ended December 31, 2022, the Company issued a $100,000 convertible note and a $107,500 convertible note and received total proceeds of $192,975. The notes had an interest rate of 10%, an OID of 7% and had a maturity date of December 31, 2023. On December 15, 2023, the Company entered into an amendment on the convertible notes, which extended the maturity date to December 31, 2024 and increased the interest rate from 10% to 13%, effective January 1, 2024. The notes are convertible into common stock of the Company at $0.35 per share. In the event the Company issues any shares of common stock before the maturity date at a price that is lower than $0.35 per share, the conversion price shall be reduced to equal such lower issue price per share. The Company recorded $14,525 of a debt discount related to the OID. As of June 30, 2024 and December 31, 2023, the remaining unamortized debt discount was $0, respectively. Interest expense on the above convertible notes payable was $7,613 (including $0 of debt discount amortization related to the OID) and $8,204 (including $2,895 of debt discount amortization related to the OID) during the three months ended June 30, 2024 and 2023, respectively. Interest expense was $15,226 (including $0 of debt discount amortization related to the OID) and $16,406 (including $5,758 of debt discount amortization related to the OID) during the six months ended June 30, 2024 and 2023, respectively. Accrued interest as of June 30, 2024 and December 31, 2023 was $41,975 and $26,749, respectively, and has been recorded in accrued liabilities on the balance sheet.

Issuances of Securities

Issuances of Securities	6 Months Ended
	Jun. 30, 2024
Issuances of Securities
Issuances of Securities	Note 5. Issuances of Securities Share issuances 2023 During the six months ended June 30, 2023, the Company had the following common stock transactions: · 1,204,688 shares of common stock with a fair value of $271,031 were issued to officers and management of the Company to settle $218,250 of accrued liabilities resulting in a loss on settlement of debt of $52,781. · 712,500 shares of common stock with a fair value of $153,751 were issued to consultants to settle $126,000 of accrued liabilities resulting in a loss on debt settlement of $27,751. · 5,385,000 shares of common stock were sold for $1,151,580, net of legal and administrative fees of $6,600 and which included a payment of $50,550 for a subscription receivable, under the Company’s common stock purchase agreement with White Lion. White Lion also purchased 1,100,000 shares for proceeds of $311,820 which were received in July 2023. · 1,850,000 shares of common stock with a fair value of $462,500 were issued to settle litigation (see Note 6). Share issuances 2024 During the six months ended June 30, 2024, the Company had the following common stock transactions: · 3,450,000 shares of common stock were sold for $616,815, net of legal and administrative fees of $7,200, under the Company’s common stock purchase agreement with White Lion. White Lion Common Stock Purchase Agreement (CSPA) On June 20, 2024, the Company and White Lion amended the CSPA (the “Second Amendment”) to provide that the purchase price to be paid by White Lion for shares of the Company’s common stock pursuant to the CSPA equals the lower of: (i) 93% of the volume-weighted average price of the Company’s common stock during a period of five consecutive trading days following the Company’s exercise of its right to sell shares (or 95% of that volume-weighted average price if the Company’s common stock is trading on a national exchange), or (ii) the closing price of the common stock on the day the Company exercises its right to sell shares, subject to a floor price of $0.25 per share. The Second Amendment further provides that if the Company issues a share price purchase notice at a time that the Company’s common stock is trading below the floor price and White Lion waives the floor price condition, the purchase price to be paid by White Lion for such shares shall equal 90% multiplied by the lower of the (i) three lowest volume-weighted average price of the Company’s common stock during a period of five consecutive trading days following the Company’s exercise of its right to sell shares, or (ii) most recent closing price of the Company’s common stock prior to White Lion’s receipt of a share price purchase notice. Restricted stock units As of June 30, 2024 and December 31, 2023, the Company has 47,665,000 restricted stock units (RSU) outstanding. The RSU’s are subject to certain conditions and shall vest upon the achievement of certain Company objectives and milestones. Management is unable to predict if or when a Covered Transaction or Triggering Event under the RSU Agreements governing the restricted stock units will occur and as of June 30, 2024, there was $25,313,630 of unrecognized compensation cost related to unvested restricted stock unit awards. Activity related to our restricted stock units during the six months ended June 30, 2024 was as follows: Weighted Average Grant Number of Date Fair Units Value Total awards outstanding at December 31, 2023 47,665,000 $ 0.54 Units granted - $ - Units Exercised/Released - $ - Units Cancelled/Forfeited - $ - Total awards outstanding at June 30, 2024 47,665,000 $ 0.54

Litigation

Litigation	6 Months Ended
	Jun. 30, 2024
Litigation
Litigation	Note 6. Litigation Effective as of March 31, 2023, a 2018 lawsuit filed by Philip Forman, against the Company and its former CEO relating to the validity of a June 25, 2015 Amendment to his November 10, 2014 Employment Agreement with the Company and claims for compensation on termination of his employment was settled. In the settlement, as full and complete consideration, the Company issued to Mr. Forman 1,850,000 shares of common stock of the Company with a fair value of $462,500.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases
Leases	Note 7. Leases In May 2023, the Company entered into 36-month operating lease, which provides for approximately 1,800 square feet of office space, that commenced on June 1, 2023 and ends on May 31, 2026. The lease required a $2,850 security deposit and monthly lease payments are $2,850 the first year of the lease, $2,964 the second year and $3,082 the third year. The Company or landlord may terminate the lease at the expiration date by giving to the other party written notice at least ninety (90) days prior to the expiration date. The lease may be renewed for a term of one (1) year. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. On the commencement date of the lease, the Company recorded $92,425 related to the ROU asset and lease liability. The components of lease expense and supplemental cash flow information related to the lease for the period are as follows: Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Lease Cost Operating lease cost (included in general and administrative in the Company’s statement of operations) $ 17,678 $ 2,850 Other Information Cash paid for amounts included in the measurement of lease liabilities for the six months ended June 30, 2024 and 2023 $ 17,100 $ 2,850 Weighted average remaining lease term – operating leases (in years) 1.92 years 2.92 years Average discount rate – operating lease 10 % 10 % The supplemental balance sheet information related to leases for the period is as follows: At June 30, 2024 At December 31, 2023 Operating leases Remaining right-of-use assets $ 62,169 $ 76,520 Short-term operating lease liabilities $ 30,277 $ 28,838 Long-term operating lease liabilities $ 33,277 $ 48,489 Total operating lease liabilities $ 63,554 $ 77,327 Maturities of the Company’s undiscounted lease liabilities are as follows: Year Ending Operating Leases 2024 (Remaining) $ 17,784 2025 36,394 2026 15,410 Total lease payments 69,588 Less: Imputed interest/present value discount (6,034 ) Present value of lease liabilities $ 63,554

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events
Subsequent Events	Note 8. Subsequent Events The Company has evaluated events from June 30, 2024, through the date whereupon the financial statements were issued and has determined that there are no material events that need to be disclosed except as follows: The Company sold 200,000 shares of common stock to White Lion for net proceeds of $27,324 after $600 of administrative fees were deducted. The Company issued a $150,000 promissory note payable. The note is non-interest bearing and would be repaid by the proceeds of a contemplated future equity investment.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Significant Accounting Policies
Going Concern	The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred recurring net losses, negative working capital and operations have not provided cash flows. Additionally, the Company does not currently have sufficient revenue producing operations to cover its operating expenses and meet its current obligations. In view of these matters, there is substantial doubt about the Company’s ability to continue as a going concern. The Company intends to finance its future development activities and its working capital needs largely from the sale of equity securities with some additional funding from other traditional financing sources, including term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.
Cash and Cash Equivalents	The Company considers all highly liquid debt investments purchased with a maturity of three months or less to be cash equivalents.
Use of Estimates	The preparation of financial statements in conformity with generally accepted accounting principles requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Changes in the economic environment, financial markets, as well as in the healthcare industry, and any other parameters used in determining these estimates, could cause actual results to differ.
Fair Value Measurements	Accounting principles generally accepted in the United States define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1. We value assets and liabilities included in this level using dealer and broker quotations, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2024 and December 31, 2023. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments.
Revenue Recognition	The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers The Company receives orders for its HemoStyp products directly from its customers. Revenues are recognized based on the agreed upon sales or transaction price with the customer when control of the promised goods are transferred to the customer. The transfer of goods to the customer and satisfaction of the Company’s performance obligation will occur either at the time when products are shipped or when the products arrive and are received by the customer. No discounts are currently offered by the Company. The Company does not provide an estimate for returns as there is no anticipation for any returns in the normal course of business.
Trade Accounts Receivable and Concentration Risk	We record accounts receivable at the invoiced amount and we do not charge interest. We review the accounts receivable by amounts due from customers that are past due, to identify specific customers with known disputes or collectability issues. In determining the amount of the reserve, we make judgments about the creditworthiness of significant customers based on ongoing credit evaluations. We will also maintain a sales allowance to reserve for potential credits issued to customers. We will determine the amount of the reserve based on historical credit issued. There were no provisions for doubtful accounts recorded at June 30, 2024 and December 31, 2023. The Company recorded $0 in bad debt expense for the three and six month periods ended June 30, 2024 and 2023.
Inventory	Inventory is valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. Inventory on the balance sheet consists of work-in process. June 30, 2024 December 31, 2023 Finished goods $ - $ 33,598 Total inventory $ - $ 33,598 During the six months ended June 30, 2024 and 2023, the Company determined that $33,598 and $0 of inventory needed to be impaired and written-off, respectively.
Stock Based Compensation	The Company accounts for stock-based compensation under the provisions of ASC 718, Compensation-Stock Compensation
Per Share Information	Basic earnings per share are calculated using the weighted average number of common shares outstanding for the period presented. Diluted earnings per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. The dilutive effect of potential common shares is not reflected in diluted earnings per share because the Company incurred net losses for the three and six months ended June 30, 2024 and the three and six months ended June 30, 2023 and the effect of including these potential common shares in the net loss per share calculations would be anti-dilutive. The total potential common shares as of June 30, 2024 included 47,665,000 of restricted stock units, 4,485,318 shares for convertible notes payable – related parties and 1,775,624 shares for convertible notes payable. The total potential common shares as of June 30, 2023 included 47,665,000 of restricted stock units, 3,552,376 shares for convertible notes payable – related parties and 1,406,300 shares for convertible notes payable.
Patents	Patents are stated on the balance sheet at cost. Costs, such as filing fees with patent granting agencies and legal fees directly relating to those filings, incurred to file patent applications were capitalized when the Company believed that there was a high likelihood that the patent would be issued and there would be future economic benefit associated with the patent. These costs were amortized from the date of the patent application on a straight-line basis over the estimated useful life of 10 years. All costs associated with any abandoned patent applications are expensed. Accumulated amortization as of June 30, 2024 and December 31, 2023 was $10,125 and $8,100, respectively. Amortization expense for the six months ended June 30, 2024 and 2023 was $2,025, respectively. Future Amortization Expense Year Amount 2024 (remaining) $ 2,025 2025 4,050 2026 4,050 2027 4,050 2028 4,050 Thereafter 12,150 $ 30,375
Impairment of Long-lived Assets	The Company applies the provisions of ASC 360, Property, Plant and Equipment, When long-lived assets are sold or retired, the related cost and accumulated depreciation or amortization are removed from the accounts and any gain or loss is included in the results of operations. During the six months ended June 30, 2024 and 2023, the Company determined no impairment was required.
Deferred Offering Costs	Deferred offering costs represent specific incremental costs directly attributable to the offering of securities. The deferred offering costs are recorded as an offset to additional paid-in capital and charged against the proceeds received.
Advertising and Marketing Costs	Advertising and marketing expenses are expensed as incurred. The Company incurred $57,812 and $57,536 in advertising and marketing costs during the six months ended June 30, 2024 and 2023, respectively.
Research and Development	The Company charges research and development costs to expense when incurred. The Company incurred $181,272 and $323,789 in research and development expenses during the six months ended June 30, 2024 and 2023, respectively.
Leases	The Company follows the provisions of ASC 842, and records right-of-use (“ROU”) assets and lease obligations for its operating leases, which are initially recognized based on the discounted future lease payments over the term of the lease. If the rate implicit in the Company's leases is not readily determinable, the Company's applicable incremental borrowing rate is used in calculating the present value of the sum of the lease payments. The lease term is defined as the non-cancelable period of the lease plus any options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company has elected not to recognize ROU asset and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less.
Reclassification	Certain accounts from prior periods have been reclassified to conform to the current period presentation.
New Accounting Pronouncements	The Company considers all new pronouncements and management has determined that there have been no recently adopted or issued accounting standards that had or will have a material impact on its financial statements.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Significant Accounting Policies
Schedule of Inventory	June 30, 2024 December 31, 2023 Finished goods $ - $ 33,598 Total inventory $ - $ 33,598
Schedule of Future Amortization Expense	Year Amount 2024 (remaining) $ 2,025 2025 4,050 2026 4,050 2027 4,050 2028 4,050 Thereafter 12,150 $ 30,375

Issuances of Securities (Tables

Issuances of Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Issuances of Securities
Schedule of Restricted Stock Units	Weighted Average Grant Number of Date Fair Units Value Total awards outstanding at December 31, 2023 47,665,000 $ 0.54 Units granted - $ - Units Exercised/Released - $ - Units Cancelled/Forfeited - $ - Total awards outstanding at June 30, 2024 47,665,000 $ 0.54

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases
Schedule of lease expense and supplemental cash flow information	Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Lease Cost Operating lease cost (included in general and administrative in the Company’s statement of operations) $ 17,678 $ 2,850 Other Information Cash paid for amounts included in the measurement of lease liabilities for the six months ended June 30, 2024 and 2023 $ 17,100 $ 2,850 Weighted average remaining lease term – operating leases (in years) 1.92 years 2.92 years Average discount rate – operating lease 10 % 10 %
Schedule of supplemental balance sheet information	At June 30, 2024 At December 31, 2023 Operating leases Remaining right-of-use assets $ 62,169 $ 76,520 Short-term operating lease liabilities $ 30,277 $ 28,838 Long-term operating lease liabilities $ 33,277 $ 48,489 Total operating lease liabilities $ 63,554 $ 77,327
Schedule of maturity of lease liabilities	Year Ending Operating Leases 2024 (Remaining) $ 17,784 2025 36,394 2026 15,410 Total lease payments 69,588 Less: Imputed interest/present value discount (6,034 ) Present value of lease liabilities $ 63,554

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Significant Accounting Policies
Finished goods	$ 0	$ 33,598
Total Inventory	$ 0	$ 33,598

Significant Accounting Polici_5

Significant Accounting Policies (Details 1) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Significant Accounting Policies
2024 (remaining)	$ 2,025
2025	4,050
2026	4,050
2027	4,050
2028	4,050
Thereafter	12,150
Future Amortization Expense	$ 30,375	$ 32,400

Significant Accounting Polici_6

Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Bad debt expense	$ 0	$ 0	$ 0	$ 0
Amortization expense			2,025	2,025
Accumulated amortization	10,125		10,125		$ 8,100
Advertising and Marketing Costs			57,812	57,536
Research and development expenses	$ 65,720	$ 105,113	$ 181,272	323,789
Description of patent			straight-line basis over the estimated useful life of 10 years
Impaired and written-off			$ 33,598	$ 0
Restricted Stock Units [Member]
Potential antidilutive shares			47,665,000	47,665,000
Convertible Notes Payable - Related Party [Member]
Potential antidilutive shares			4,485,318	3,552,376
Convertible Notes Payable [Member]
Potential antidilutive shares			1,775,624	1,406,300

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 15, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2023
Interest Rate						10%
Share price						$ 0.35
Accrued interest		$ 108,310		$ 108,310			$ 77,287
Convertible Note Interest Rate						10%
Original Issue Discount Rate						7%
Maturity Of Convertible Notes Payable						December 31, 2023
Conversion Of Common Stock						$ 0.35
Debt Discount				28,000
Unamortized Debt Discount		0		0			0
Accrued compensation		195,250		195,250			134,750
Loans Payable Related Parties [Member]
Interest expense - related party		19,231	$ 19,426	38,462	$ 38,786
Debt discount amortization related to OID		0	$ 5,978	$ 0	$ 11,890
Minimum [Member]
Interest Rate	10%			10%
Maximum [Member]
Interest Rate	13%			13%
Officers And Directors [Member]
Loan To Company						$ 93,000
Interest Rate						10%
Share price						$ 0.35
Accrued interest		21,877		$ 21,877			14,438
Original Issue Discount Rate						7%
Maturity Of Convertible Notes Payable						December 31, 2023
Conversion Of Common Stock						$ 0.35
Debt Discount				7,000
Unamortized Debt Discount		0		0			0
Principal amount converted to convertible note payable						$ 372,000
Related parties [Member]
Accrued interest		$ 130,187		$ 130,187			$ 91,725

Convertible Notes (Details Narr

Convertible Notes (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 15, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2023
Maturity Date	Dec. 31, 2024
Interest Expense, Other		$ 7,613	$ 8,204	$ 15,226	$ 16,406
Convertible note payable						$ 107,500
Interest Rate						10%
Issuance Of Convertible Note						$ 100,000
Convertible Note Common Stock						$ 0.35
Accrued interest		41,975		41,975			$ 26,749
Original Issue Discount Rate						7%
Debt discount amortization related to OID		0	$ 2,895	0	$ 5,758
Debt discount related party						$ 14,525
Unamortized Debt Discount		$ 0		$ 0			$ 0
Maturity Date Of Convertible Note						December 31, 2023
Proceeds of convertible note						$ 192,975
Minimum [Member]
Interest Rate	10%			10%
Maximum [Member]
Interest Rate	13%			13%

Issuances of Securities (Detail

Issuances of Securities (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Issuances of Securities
Number of units total awards outstanding, beginning | shares	47,665,000
Units granted | shares	0
Units Exercised/Released | shares	0
Units Cancelled/Forfeited | shares	0
Number of units total awards outstanding, ending | shares	47,665,000
Weighted Average Grant Date Fair Value
Weighted average total awards outstanding, beginning | $ / shares	$ 0.54
Weighted average units granted | $ / shares	0
Weighted average units exercised/released | $ / shares	0
Weighted average units cancelled/forfeited | $ / shares	0
Weighted average total awards outstanding, ending | $ / shares	$ 0.54

Issuances of Securities (Deta_2

Issuances of Securities (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Unrecognized compensation cost	$ 25,313,630		$ 25,313,630
Loss on settlement of debt	$ 0	$ (19,594)	$ 0	$ (80,532)
Common stock issued for litigation settlement				1,850,000
Common stock purchase agreement description			On June 20, 2024, the Company and White Lion amended the CSPA (the “Second Amendment”) to provide that the purchase price to be paid by White Lion for shares of the Company’s common stock pursuant to the CSPA equals the lower of: (i) 93% of the volume-weighted average price of the Company’s common stock during a period of five consecutive trading days following the Company’s exercise of its right to sell shares (or 95% of that volume-weighted average price if the Company’s common stock is trading on a national exchange), or (ii) the closing price of the common stock on the day the Company exercises its right to sell shares, subject to a floor price of $0.25 per share
Stock issued for litigation settlement			$ 0	$ 462,500
Officers And Management [Member]
Issuance of common stock for services, shares				1,204,688
Fair value of common stock				$ 271,031
Accrued liabilities				218,250
Loss on settlement of debt				$ (52,781)
Consultants [Member]
Issuance of common stock for services, shares				712,500
Fair value of common stock				$ 153,751
Accrued liabilities				126,000
Loss on settlement of debt				$ (27,751)
Officers And Directors [Member]
RSU granted			47,665,000		47,665,000
Non Affiliated Investor [Member] | Private Placement [Member]
Sale of common stock, shares			3,450,000	5,385,000
Subscription receivable				$ 50,550
Proceeds from sale of common stock			$ 616,815	1,151,580
Legal and administrative fees			$ 7,200	$ 6,600
White Lion Capital [Member]
Purchase of common stock, shares				1,100,000
Subscription receivable		$ 311,820		$ 311,820

Litigation (Details Narrative)

Litigation (Details Narrative) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Common stock shares issued	248,233,222	244,783,222
Philip Forman [Member]
Common stock shares issued	1,850,000
Common stock shares fair value	$ 462,500

Leases (Details)

Leases (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases
Operating lease cost (included in general and administrative in the Company's statement of operations)	$ 17,678	$ 2,850
Cash paid for amounts included in the measurement of lease liabilities for the six months ended June 30, 2024 and 2023	$ 17,100	$ 2,850
Weighted average remaining lease term - operating leases (in years)	1 year 11 months 1 day	2 years 11 months 1 day
Average discount rate - operating lease	10%	10%

Leases (Details 1)

Leases (Details 1) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Leases
Remaining right-of-use assets	$ 62,169	$ 76,520
Short-term operating lease liabilities	30,277	28,838
Long-term operating lease liabilities	33,277	48,489
Total operating lease liabilities	$ 63,554	$ 77,327

Leases (Details 2)

Leases (Details 2) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Leases
2024 (Remaining)	$ 17,784
2025	36,394
2026	15,410
Total lease payments	69,588
Less: Imputed interest/present value discount	(6,034)
Present value of lease liabilities	$ 63,554	$ 77,327

Leases (Details Narrative)

Leases (Details Narrative)	6 Months Ended
	Jun. 30, 2024 USD ($)
Lease expiration description	at least ninety (90) days prior to the expiration date. The lease may be renewed for a term of one (1) year
Description of leases security deposit and monthly lease payments	In May 2023, the Company entered into 36-month operating lease, which provides for approximately 1,800 square feet of office space, that commenced on June 1, 2023 and ends on May 31, 2026
Initial recognition of operating lease right-of-use asset and operating lease liability	$ 92,425
Security deposit amount	2,850
Installment One [Member]
Monthly lease payment	2,850
Installment Two [Member]
Monthly lease payment	2,964
Installment Three [Member]
Monthly lease payment	$ 3,082

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Promissory note payable	$ 150,000
Net proceeds from sale of stock	624,015	$ 1,158,180
White Lion [Member]
Net proceeds from sale of stock	$ 27,324
Sale of common stock	200,000
Administrative fee	$ 600