| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This
summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements.
The condensed unaudited financial statements and notes are representations of the Company’s management, which is responsible for
their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of
America and have been consistently applied in the preparation of the financial statements. Revenue
Recognition The
Company will recognize revenue when services are performed, and at the time of shipment of products, provided that evidence of an arrangement
exists, title and risk of loss have passed to the customer, fees are fixed or determinable, and collection of the related receivable
is reasonably assured. The Company adopted Accounting Standards Codification (“ASC”) 606, whereby revenue will be recognized
as performance obligations are satisfied and customers obtain control of goods or services. However, in the event of a loss on a sale
is foreseen, the Company will recognize the loss as it is determined. To date, the Company has not had significant revenues and is in
the development stage. Cash
and Cash Equivalent The
Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Concentration
Risk Cash
includes amounts deposited in financial institutions in excess of insurable Federal Deposit Insurance Company (FDIC) limits. At times
throughout the year, the Company may maintain cash balances in certain bank accounts in excess of FDIC limits. As of September 30, 2024,
the cash balance in excess of the FDIC limits was $ 2,239,296 Use
of Estimates The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these
financial statements, include the estimate of useful lives of property and equipment, the deferred tax valuation allowance, derivative
liabilities and the fair value of stock options. Actual results could differ from those estimates. Property
and Equipment Property
and equipment are stated at cost, and are depreciated using straight line over its estimated useful lives: SCHEDULE
OF PROPERTY AND EQUIPMENT
Computer equipment 5
Machinery and equipment 10 Depreciation
expense for the nine months ended September 30, 2024 and 2023 were $ 813 813 Intangible
Assets The
Company has patent applications to protect the inventions and processes behind its proprietary bio-based back-sheet, a protective covering
for the back of photovoltaic solar modules traditionally made from petroleum-based film. Intangible assets that have finite useful lives
continue to be amortized over their useful lives (See Note 6). SCHEDULE
OF INTANGIBLE ASSETS AMORTIZED OVER THEIR USEFUL LIVES
Useful Lives 9/30/2024 9/30/2023
Patents $ 45,336 $ 45,336
Less accumulated amortization 15 (26,446 ) (23,423 )
Intangible assets $ 18,890 $ 21,913 Amortization
expense for the nine months ended September 30, 2024 and 2023 was $ 2,267 2,267 Stock-Based
Compensation The
Company measures the cost of employee services received in exchange for an equity award based on the grant-date fair value of the award.
All grants under our stock-based compensation programs are accounted for at fair value and that cost is recognized over the period during
which an employee, consultant, or director are required to provide service in exchange for the award (the vesting period). Compensation
expense for options granted to employees and non-employees is determined in accordance with the standard as the fair value of the consideration
received or the fair value of the equity instruments issued, whichever is more reliably measured. Compensation expense for awards granted
is re-measured each period. On
February 18, 2021, the Company granted 450,000,000 0.091 0.028 7 Half of the 400,000,000 options vested immediately upon
grant 200,000,000 24 8,333,333 50,000,000 36 1,388,889 450,000,000 450,000,000 On
March 1, 2022, the Company issued 5,000,000 1,000 0.0255 no On
March 15, 2022, the Company granted 5,000,000 138,889 36 5,000,000 On
April 12, 2022, the Company granted an aggregate of 450,000,000 0.021 7 400,000,000 316,666,662 83,333,338 10 100 50,000,000 19,444,446 30,555,554 22 100 50,000,000 400,000,000 On
March 20, 2023, the Company granted 50,000,000 0.0137 50,000,000 8,333,333 41,666,667 30 100 50,000,000 On
May 9, 2023, the Company granted 5,000,000 0.0126 36 833,360 138,888 5,000,000 On
June 15, 2023, the Company granted 100,000,000 0.0121 100,000,000 (a) Tranche I -12,500,000
shares shall become vested and exercisable if the Company files an S-3 registration statement with the Securities and Exchange Commission
(SEC) and it is declared effective by the SEC; (b) Tranche II – 12,500,000 shares shall become vested and exercisable if the Company’s
shares are traded on a national securities exchange; (c) Tranche III – 12,500,000 shares shall become vested and exercisable if
the average daily market value of the Company’s shares exceeds $100,000 per day over any 20 consecutive trade days; and (d) Tranche
IV – 12,500,000 shares shall become vested and exercisable if the average daily market value of the Company’s shares exceed
$200,000 per day over any 20 consecutive trade days. As of December 31, 2023, none of the performance milestones were met and the options
remain unvested. Management believes the probability of satisfying vesting conditions in the above four tranches is less than ten (10)
percent during next 12 months based on the current market cap of less than $5,000,000 and average trading stock volume of less than $5,000
per day. As of September 30, 2024, 100,000,000 Determining
the appropriate fair value of the stock-based compensation requires the input of subjective assumptions, including the expected life
of the stock-based payment and stock price volatility. The Company used Black Scholes to value its stock option awards which incorporated
the Company’s stock price, volatility, U.S. risk-free rate, dividend rate, and estimated life. The stock options terminate seven
( 7 560,000,000 Research
and Development Research
and development costs are expensed as incurred. Total research and development costs were $ 268,021 113,939 Advertising
and Marketing The
Company expenses the cost of advertising and promotional materials when incurred. The advertising and marketing costs were $ 228,739 176,529 Net
Earnings (Loss) per Share Calculations Net
earnings (loss) per share dictates the calculation of basic earnings (loss) per share and diluted earnings per share. Basic earnings
(loss) per share are computed by dividing by the weighted average number of common shares outstanding during the year. Diluted net earnings
(loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the effect
of stock options and stock-based awards (Note 5). For
the nine months ended September 30, 2024, the Company has not included shares issuable from 560,000,000 228,958,334 For
the nine months ended September 30, 2023, the Company has not included shares issuable from 560,000,000 228,958,334 SCHEDULE OF NET EARNINGS PER SHARE
For the Three Months Ended For the Nine Months Ended
2024 2023 2024 2023
Income (Loss) to common shareholders (Numerator) $ (437,438 ) $ (440,644 ) $ (1,347,183 ) $ (2,733,210 )
Basic weighted average number of common shares outstanding (Denominator) 704,599,512 705,126,846 704,599,512 705,126,846
Diluted weight average number of common shares outstanding (Denominator) 704,599,512 705,126,846 704,599,512 705,126,846 Fair
Value of Financial Instruments Fair
Value of Financial Instruments requires disclosure of the fair value information, whether recognized in the balance sheet, where it is
practicable to estimate that value. As of September 30, 2024, the amounts reported for cash, inventory, prepaid expenses, accounts payable,
and accrued expenses, approximate the fair value because of their short maturities. Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include:
● Level
1, defined as observable inputs such as quoted prices for identical instruments in active markets;
● Level
2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
● Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. We
measure certain financial instruments at fair value on a recurring basis. As of September 30, 2024, there were no financial instruments
to report. Reclassification
of Expenses Certain
amounts in the 2023 financial statements have been reclassified to conform to the presentation used in the 2024 financial statements.
There was no material impact on any of the Company’s previously issued financial statements. Recently
Issued Accounting Pronouncements Management
does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect
on the accompanying condensed financial statements. |
