| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These unaudited condensed financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”)
and the rules and regulations of the Securities and Exchange Commission (“SEC”). These financial statements and the notes
attached hereto should be read in conjunction with the financial statements and notes included in the Company’s 10-K for its fiscal
year ended December 31, 2023. In the opinion of the Company, all adjustments, including normal recurring adjustments necessary to present
fairly the financial position of the Company, as of September 30, 2024, and the results of its operations and cash flows for the nine
months then ended have been included. The results of operations for the interim period are not necessarily indicative of the results
for the full year ending December 31, 2024. Use of Estimates The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires 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 revenues and
expenses during the reporting periods. Actual results could differ from those estimates. Concentrations of Credit Risk We maintain our cash in bank deposit accounts,
the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently
have not experienced any losses in our accounts. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation
insurable amount (“FDIC”). As of September 30, 2024 and December 31, 2023, the Company had $284,714 and $469,100 of cash
above the FDIC’s $250,000 coverage limit, respectively. Cash Equivalents The Company considers all highly liquid investments
with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents for the periods ended September
30, 2024 and December 31, 2023. Property and Equipment Fixed assets are carried at the lower of cost
or net realizable value. All fixed assets with a cost of $2,000 or greater are capitalized. Depreciation of property and equipment is
calculated using the straight-line method over the estimated useful lives of the assets, which range from three to five years. Leasehold
improvements are amortized over the lesser of the remaining term of the lease or the estimated useful life of the asset. Major betterments
that extend the useful lives of assets are also capitalized. Normal maintenance and repairs are charged to expense as incurred. When
assets are sold or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain
or loss is recognized in operations. Basic and Diluted Earnings Per Share Net income (loss) per common share is computed
pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed
by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net
income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and
potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially
outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. Diluted amounts are
not presented when the effect of the computations are anti-dilutive due to the losses incurred. Accordingly, there is no difference in
the amounts presented for basic and diluted loss per share. As of September 30, 2024, the Company had approximately
5,000,000 potentially dilutive shares from Series A preferred stock, 50,000,000 from Series B preferred stock and 600,000,000 from Series
C preferred stock. As of September 30, 2023, the Company had
potentially dilutive shares of common stock of 5,000,000 shares from Series A preferred stock, 50,000,000 from Series B preferred
stock and 600,000,000 from Series C preferred stock. Stock-Based Compensation In June 2018, the FASB issued ASU 2018-07, Compensation
– Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Fair Value of Financial Instruments The Company follows paragraph 825-10-50-10 of
the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of
the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments.
Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States
of America (U.S. GAAP) and expands disclosures about fair value measurements. To increase consistency and comparability in fair value
measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation
techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices
(unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of
fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
Level 1: Quoted market prices available
in active markets for identical assets or liabilities as of the reporting date.
Level 2: Pricing inputs other than
quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
Level 3: Pricing inputs that are
generally unobservable inputs and not corroborated by market data. The carrying amount of the Company’s financial
assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity
of those instruments. The Company’s notes payable approximate the fair value of such instruments as the notes bear interest
rates that are consistent with current market rates. Revenue Recognition The Company recognizes revenue under ASC 606,
“Revenue from Contracts with Customers” (“ASC 606”). The Company determines revenue recognition through the following
steps:
● Identification of a contract
with a customer;
● Identification of the performance
obligations in the contract;
● Determination of the transaction
price;
● Allocation of the transaction
price to the performance obligations in the contract; and
● Recognition of revenue
when or as the performance obligations are satisfied. All orders are received online at which time
payment is made. When payment is approved the product is shipped. When the product ships control of the promised goods is transferred
to the customers and the revenue is recognized. Warranties The Company is currently selling its ResPlus
Auto CPAP Machine (“ResPlus”). The ResPlus is imported by the Company and sold primarily to Durable Medical Equipment companies
to patients with sleep apnea. The manufacturer warranties the unit for 2 years parts and labor. During the last twelve months the Company
has received back eight units for warranty repair, out of approximately 1,000 units sold. As of September 30, 2024, there is no accrual
for warranty expense due to the low cost of replacement to date. If returns are to increase, management will determine if it needs to
account for the cost of returns and establish a warranty accrual. Accounts Receivable Revenues that have been recognized but not yet
received are recorded as accounts receivable. The Company estimates credit losses based on the Current Expected Credit Losses (CECL) model
as required by ASC 326. The allowance for credit losses is based on a variety of factors, including historical loss experience, current
conditions, and reasonable and supportable forecasts of future economic conditions. An allowance for estimated uncollectible amounts will
be recognized to reduce the amount of receivables to its net realizable value when needed. Based on collection experience and periodic
reviews of outstanding receivables, the Company determines if it needs to adjust its allowance. As of September 30, 2024, management has
determined that an allowance for doubtful account is required of $5,590 for amounts that may not be collectible. Inventories Inventories are stated at the lower of cost or
net realizable value. Inventory on hand consists of finished goods purchased from third parties. When there is evidence that the inventory’s
value is less than original cost, the inventory is reduced to market value. We determine market value on current resale amounts and whether
technological obsolescence exists. As of December 31, 2023, the Company determined that the value of its inventory had fallen below cost
and required impairment down to market value. As a result we recognized impairment expense of $738,113 for the year ended December 31,
2023. No Recently Adopted Accounting Pronouncements The Company has implemented all new accounting
pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise
disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have
a material impact on its financial position or results of operations. |
