Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-53259 | |
Entity Registrant Name | POWERDYNE INTERNATIONAL, INC | |
Entity Central Index Key | 0001435617 | |
Entity Tax Identification Number | 20-5572576 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 45 North Main Street | |
Entity Address, City or Town | North Reading | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01864 | |
City Area Code | (401) | |
Local Phone Number | 739-3300 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,914,930,584 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 19,146 | $ 768 |
Total current assets | 19,146 | 768 |
Property and Equipment | ||
Cryptocurrency miners | 15,000 | 15,000 |
Less: accumulated depreciation | (7,500) | (6,000) |
Total property and equipment | 7,500 | 9,000 |
Intangible asset - Cryptocurrency | 8,745 | 4,787 |
Total Assets | 35,391 | 14,555 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 18,327 | 18,737 |
Due to related parties | 124,400 | 93,900 |
Note payable-stockholder | 13,080 | |
Income tax payable | 2,550 | 2,550 |
Total Current Liabilities | 145,277 | 128,267 |
Total Liabilities | 145,277 | 128,267 |
Stockholders’ Deficit: | ||
Preferred stock, $0.0001 par value, 20,000,000 shares authorized, -0- shares issued and outstanding as of June 30, 2021 and December 31, 2020 | ||
Common stock, $0.0001 par value, 2,000,000,000 shares authorized, 1,914,930,584 shares issued and outstanding as of June 30, 2021 and 1,914,930,584 shares issued and outstanding as of December 31, 2020 | 191,493 | 191,493 |
Additional paid-in capital | 3,302,851 | 3,302,851 |
Accumulated deficit | (3,604,230) | (3,608,056) |
Total Stockholders’ Deficit | (109,886) | (113,712) |
Total Liabilities and Stockholders’ Deficit | $ 35,391 | $ 14,555 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 1,914,930,584 | 1,914,930,584 |
Common stock, shares outstanding | 1,914,930,584 | 1,914,930,584 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 7,380 | $ 2,629 | $ 43,957 | $ 2,929 |
Cost of revenues | 750 | 750 | 1,500 | 1,500 |
Gross profit | 6,630 | 1,879 | 42,457 | 1,429 |
Operating expenses | 13,740 | 4,048 | 37,009 | 8,799 |
Income (loss) from operations | (7,110) | (2,169) | 5,448 | (7,370) |
Other Expense | ||||
Other Expense-Interest | 625 | 523 | 1,222 | 1,022 |
Total Other Expense | 625 | 523 | 1,222 | 1,022 |
Income (loss) before income tax expense | (7,735) | (2,692) | 4,226 | (8,392) |
Income tax expense | 400 | 400 | ||
Net income (loss) | $ (8,135) | $ (2,692) | $ 3,826 | $ (8,392) |
Basic and diluted loss per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and diluted weighted average common shares outstanding | 1,914,930,584 | 1,914,930,584 | 1,914,930,584 | 1,914,930,584 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities: | ||
Net income (loss) | $ 3,826 | $ (8,392) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,500 | 1,500 |
Changes in operating assets and liabilities: | ||
Asset held for sale | (3,958) | (2,929) |
Accrued expenses | (410) | (1,861) |
Net cash provided by (used in) operating activities | 958 | (11,682) |
Investing Activities: | ||
Increase in intangible asset - Cryptocurrency | ||
Net cash used in investing activities | ||
Financing Activities: | ||
Proceeds from Due to related party | 30,500 | 4,400 |
Proceeds from Notes payable-stockholder | 1,022 | |
Principal paid on Note payable stockholder | (13,080) | |
Proceeds from Notes payable-related parties | ||
Net cash provided by financing activities | 17,420 | 5,422 |
Net increase (decrease) in cash | 18,378 | (6,260) |
Cash, beginning of period | 768 | 8,855 |
Cash, end of period | 19,146 | 2,595 |
Non-cash investing and financing activities: | ||
Common stock issued for service | ||
Common stock issued for debt reduction of notes payable. | ||
Supplemental disclosure if cash flow information | ||
Cash paid for interest | 3,362 | |
Cash paid for taxes |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | 1. ORGANIZATION Powerdyne, Inc., was incorporated on February 2, 2010, in Nevada, and is registered to do business in Rhode Island and Massachusetts. On February 7, 2011, Powerdyne, Inc. merged with Powerdyne International, Inc., formerly Greenmark Acquisition Corporation, a publicly held Delaware corporation. On December 13, 2010, Powerdyne International, Inc., formerly Greenmark Acquisition Corporation, filed an Amended and Restated Articles of Incorporation in order to, among other things, increase the authorized capital stock to 300,000,000 0.0001 At the closing of the merger, each share of Powerdyne, Inc.’s common stock issued and outstanding immediately prior to the closing of the Merger was exchanged for the right to receive 7,520 188,000,000 In 2014, Powerdyne International, Inc. filed an amendment to its Articles of Incorporation which increased the authorized capital stock to 550,000,000 0.0001 In March 2014, the Company began distribution of completely packaged independent electrical generator units that run on environmentally friendly fuel sources, such as natural gas and propane. On January 26, 2015, Powerdyne International, Inc. filed an amendment to its Articles of Incorporation which increased the authorized capital stock to 2,020,000,000 2,000,000,000 0.0001 20,000,000 0.0001 |
REVERSE MERGER ACCOUNTING
REVERSE MERGER ACCOUNTING | 6 Months Ended |
Jun. 30, 2021 | |
Reverse Merger Accounting | |
REVERSE MERGER ACCOUNTING | 2. REVERSE MERGER ACCOUNTING On February 7, 2011, Greenmark Acquisition Corporation, which was a publicly held Delaware corporation, merged with Powerdyne, Inc. Upon closing of the transaction, Greenmark Acquisition Corporation, the surviving corporation in the merger, changed its name to Powerdyne International, Inc. The merger was accounted for as a reverse-merger, and recapitalization in accordance with generally accepted accounting principles in the United States (“GAAP”). Powerdyne, Inc. was the acquirer for financial reporting purposes and the Company was the acquired company. Consequently, the assets and liabilities and the operations that are reflected in the historical financial statements prior to the merger are those of Powerdyne, Inc. and have been recorded at the historical cost basis of Powerdyne, Inc., and the financial statements after completion of the merger include the assets and liabilities of the Company and Powerdyne, Inc., historical operations of Powerdyne, Inc. and operations of the Company from the closing date of the merger. Common stock and the corresponding capital amounts of the Company pre-merger were retroactively restated as capital stock shares reflecting the exchange ratio in the merger. In conjunction with the merger, the Company received no cash and assumed no liabilities from Greenmark Acquisition Corporation. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | 3. BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include all the notes required by generally accepted accounting principles for complete financial statements. Accordingly, certain information and footnote disclosures, normally included in the financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted pursuant to such rules and regulations. The statements presented as of June 30, 2021, and June 30, 2020, are unaudited. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation of the financial statements have been included. Certain information and footnote disclosure normally included in financial statements in accordance with generally accepted accounting principles have been omitted pursuant to the rules of the United States Securities and Exchange Commission (“SEC”). These unaudited financial statements should be read in conjunction with our audited financial statements and accompanying notes included in the Company’s Annual Report for the year ended December 31, 2020. POWERDYNE INTERNATIONAL, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS June 30, 2021, and 2020 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects and have been consistently applied in preparing the accompanying financial statements. Going Concern Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets and raising capital. The Company has not generated significant revenues from its principal operations, and there is no assurance of future revenues. As of June 30, 2021, the Company had an accumulated deficit of $ 3,604,230 The Company’s activities will necessitate significant uses of working capital beyond June 30, 2021. Additionally, the Company’s capital requirements will depend on many factors, including the success of the Company’s sales and the status of competitive products. The Company plans to continue financing its operations with cash received from financing activities, revenue from operations and or affiliate funding. While the Company strongly believes that its capital resources will be sufficient in the near term, there is no assurance that the Company’s activities will generate sufficient revenues to sustain its operations without additional capital or, if additional capital is needed, that such funds if available, will be obtainable on terms satisfactory to the Company. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. Use of Estimates In preparing these unaudited condensed financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Fair Value of Financial Instruments The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure 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 measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. POWERDYNE INTERNATIONAL, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS June 30, 2021, and 2020 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Company monitors the market conditions and evaluates the fair value hierarchy levels at least quarterly. For any transfers in and out of the levels of the fair value hierarchy, the Company elects to disclose the fair value measurement at the beginning of the reporting period during which the transfer occurred. The Company’s financial instruments consisted of cash, accounts payable and accrued liabilities, due to related parties, note payable-stockholder, and income tax payable. The estimated fair value of these financial instruments approximates its carrying amount due to the short maturity of these instruments. Cash The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2021, and December 31, 2020, respectively. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company places its cash with high quality banking institutions. From time to time, the Company may maintain cash balances at certain institutions in excess of the Federal Deposit Insurance Corporation limit. The Company has not incurred any loss from this risk. Property and Equipment Property and equipment is stated at cost. Capital expenditures for improvements and upgrades to existing equipment are also capitalized. Maintenance and repairs are expensed as incurred. The computer equipment is depreciated over 5 1,500 1,500 Intangible Asset The Company considers intangible asset - cryptocurrency to be revenue that has been earned, but for which no cash has been received. Intangible asset consists of crypto mined coins that are held in a digital wallet and have not been cashed out. The basis of the valuation is the market price of the Sia coins on June 30, 2021. The Company considers this to be an intangible asset under GAAP guidelines. The Company had $ 8,745 4,787 Derivatives and Hedging In April 2008, the FASB issued a pronouncement that provides guidance on determining what types of instruments or embedded features in an instrument held by a reporting entity can be considered indexed to its own stock for the purpose of evaluating the first criteria of the scope exception in the pronouncement on accounting for derivatives. This pronouncement was effective for financial statements issued for fiscal years beginning after December 15, 2008. The adoption of these requirements can affect the accounting for many convertible instruments with provisions that protect holders from a decline in the stock price. Each reporting period, the Company evaluates whether convertible debt to acquire stock of the Company contain provisions that protect holders from declines in the stock price or otherwise could result in modification of the exercise price under the respective convertible debt agreements. Long-Lived Assets In accordance with ASC 350-30 (formerly SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets POWERDYNE INTERNATIONAL, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS June 30, 2021, and 2020 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Income Taxes As a result of the implementation of certain provisions of ASC 740, Income Taxes Accounting for Uncertainty in Income Taxes – An Interpretation of FASB Statement No. 109), In 2010, the Company adopted Accounting for Uncertain Income Taxes under the provisions of ASC 740. ASC 740 clarifies the accounting for income taxes by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not recognize any additional liability for unrecognized tax benefits as a result of the adoption of ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to its financial position. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC 740. In addition, the Company did not record a cumulative effect adjustment related to the adoption of ASC 740. The Company’s policy for recording interest and penalties associated with income-based tax audits is to record such items as a component of income taxes. The Company’s tax provision is determined using an estimate of its annual effective tax rate using enacted tax rates expected to apply to taxable income in the years in which they are earned, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter the Company updates its estimate of the annual effective tax rate, and if its estimated tax rate changes, the Company makes a cumulative adjustment. Income taxes payable as of June 30, 2021, and December 31, 2020, were $ 2,550 2,550 Income (Loss) per Common Share Basic income (loss) per common share excludes dilutive securities and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. As of June 30, 2021, and December 31, 2020, there were no The following table represents the computation of basic and diluted income (losses) per share: Net income (loss) per share is based upon the weighted average shares of common stock outstanding. SUMMARY OF COMPUTATION OF BASIC AND DILUTED INCOME (LOSSES) PER SHARE Six months ended Six months ended Income (loss) available for common shareholder $ 3,826 $ (8,392 ) Basic and fully diluted loss per share $ 0.00 $ 0.00 Weighted average common shares outstanding - basic and diluted 1,914,930,584 1,914,930,584 POWERDYNE INTERNATIONAL, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS June 30, 2021, and 2020 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805) In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation Topic 718 Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). Revenue Recognition In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In May 2014, the FASB issued an accounting standard update that amends the accounting guidance on revenue recognition. The amendment in this accounting standard update are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue standard update will be applied using either of the following transition methods: 1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or 2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which requires additional footnote disclosures). This accounting update is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted only as of reporting periods beginning after December 31, 2016. Sia coin is the only crypto coin that Powerdyne is mining. The coins are held in the Company’s Sia coin digital wallet. When coins are going to be exchanged for USD, they are then transferred to the company’s exchange wallet held at a US based crypto exchange which provides support for two-factor authentication. We also have wallet password management, and offsite backups. The coins are held in anticipation of future price appreciation as crypto currencies become more widely accepted, but some coins may be exchanged for USD on a as needed basis. The company also realizes there is no guarantee the coins will apricate in value. Revenue is recognized on the last date of the quarter based on the market price of the Sia coin at that date times the number of coins in the wallet. POWERDYNE INTERNATIONAL, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS June 30, 2021, and 2020 |
PROPERTY AND EQUIPMENT - NET
PROPERTY AND EQUIPMENT - NET | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT - NET | 5. PROPERTY AND EQUIPMENT - NET Equipment consists of the following as of June 30, 2021, and December 31, 2020: SUMMARY OF EQUIPMENT June 30, December 31, 2021 2020 (unaudited) (audited) Cryptocurrency miners $ 15,000 $ 15,000 Less accumulated depreciation (7,500 ) (6,000 ) Total Property and Equipment $ 7,500 $ 9,000 Equipment is stated at cost and depreciated on a straight-line basis over the assets’ estimated useful lives: computer equipment 5 1,500 1,500 |
LEASE
LEASE | 6 Months Ended |
Jun. 30, 2021 | |
Lease | |
LEASE | 6. LEASE On March 11, 2015, Powerdyne International, Inc. (the “Company”) finalized its negotiations with Farmacia Brisas del Mar, a corporation organized under the laws of Puerto Rico (the “Lessee”), and the Company and the Lessee have entered into a five-year contract to lease power generating equipment to Lessee based upon power consumption. In addition, the custom designed system will also provide cogeneration capabilities with the addition of chillers to support the air conditioning demands. The agreement provides for a payment to the Company of a monthly fee equal to the greater of a set monthly base rate or a monthly base rate plus an additional amount based on kilowatt wattage. The agreement provides for termination by the Company only in the event of nonperformance by the Lessee unless Lessee pays all payments due for the remainder of the term. The agreement contains representation and warranties, default provisions and indemnification provisions typical for agreements of this type. In 2016 the terms on the Farmacia Del Mar lease was modified to a monthly payment, based on actual power consumption. The total revenue-to date derived from this lease is $ 1,240 On March 28, 2017, Powerdyne International Inc. entered into a fifteen During the year ended December 31, 2017, Powerdyne International, Inc. (the Company) determined that all the machinery and equipment was impaired due to Hurricane Maria, which occurred in September 2017, resulting in the disappearance of the genset in Puerto Rico. Due to the logistics of transportation after Hurricane Maria the company decided to terminate the lease with the Farmacia Del Mar. During the year ended December 31, 2018, Powerdyne International, Inc. terminated the 15-year contract to lease power generating equipment, due to the third-party lessee’s inability to obtain financing. During the quarter ended March 31, 2019, Powerdyne International, Inc. purchased several crypto currency miners and began mining certain crypto coins. This was done in an effort to enter into the crypto markets and explore other potential revenue producing opportunities for Powerdyne International, Inc. |
RELATED PARTY
RELATED PARTY | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY | 7. RELATED PARTY From time to time, we receive payments from stockholders in the form of cash and/or out-of-pocket expenditures for the benefit of the Company, which are business in nature. On December 11, 2018, we received a loan from a stockholder in the amount of $ 13,500 0 1,222 During the six months ended June 30, 2021, a related party advanced the Company $ 24,500 124,400 93,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES Litigation There are no pending, threatened or actual legal proceedings in which the Company or any subsidiary is a party. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Going Concern | Going Concern Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets and raising capital. The Company has not generated significant revenues from its principal operations, and there is no assurance of future revenues. As of June 30, 2021, the Company had an accumulated deficit of $ 3,604,230 The Company’s activities will necessitate significant uses of working capital beyond June 30, 2021. Additionally, the Company’s capital requirements will depend on many factors, including the success of the Company’s sales and the status of competitive products. The Company plans to continue financing its operations with cash received from financing activities, revenue from operations and or affiliate funding. While the Company strongly believes that its capital resources will be sufficient in the near term, there is no assurance that the Company’s activities will generate sufficient revenues to sustain its operations without additional capital or, if additional capital is needed, that such funds if available, will be obtainable on terms satisfactory to the Company. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. |
Use of Estimates | Use of Estimates In preparing these unaudited condensed financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure 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 measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. POWERDYNE INTERNATIONAL, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS June 30, 2021, and 2020 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Company monitors the market conditions and evaluates the fair value hierarchy levels at least quarterly. For any transfers in and out of the levels of the fair value hierarchy, the Company elects to disclose the fair value measurement at the beginning of the reporting period during which the transfer occurred. The Company’s financial instruments consisted of cash, accounts payable and accrued liabilities, due to related parties, note payable-stockholder, and income tax payable. The estimated fair value of these financial instruments approximates its carrying amount due to the short maturity of these instruments. |
Cash | Cash The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2021, and December 31, 2020, respectively. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company places its cash with high quality banking institutions. From time to time, the Company may maintain cash balances at certain institutions in excess of the Federal Deposit Insurance Corporation limit. The Company has not incurred any loss from this risk. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost. Capital expenditures for improvements and upgrades to existing equipment are also capitalized. Maintenance and repairs are expensed as incurred. The computer equipment is depreciated over 5 1,500 1,500 |
Intangible Asset | Intangible Asset The Company considers intangible asset - cryptocurrency to be revenue that has been earned, but for which no cash has been received. Intangible asset consists of crypto mined coins that are held in a digital wallet and have not been cashed out. The basis of the valuation is the market price of the Sia coins on June 30, 2021. The Company considers this to be an intangible asset under GAAP guidelines. The Company had $ 8,745 4,787 |
Derivatives and Hedging | Derivatives and Hedging In April 2008, the FASB issued a pronouncement that provides guidance on determining what types of instruments or embedded features in an instrument held by a reporting entity can be considered indexed to its own stock for the purpose of evaluating the first criteria of the scope exception in the pronouncement on accounting for derivatives. This pronouncement was effective for financial statements issued for fiscal years beginning after December 15, 2008. The adoption of these requirements can affect the accounting for many convertible instruments with provisions that protect holders from a decline in the stock price. Each reporting period, the Company evaluates whether convertible debt to acquire stock of the Company contain provisions that protect holders from declines in the stock price or otherwise could result in modification of the exercise price under the respective convertible debt agreements. |
Long-Lived Assets | Long-Lived Assets In accordance with ASC 350-30 (formerly SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets POWERDYNE INTERNATIONAL, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS June 30, 2021, and 2020 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Income Taxes | Income Taxes As a result of the implementation of certain provisions of ASC 740, Income Taxes Accounting for Uncertainty in Income Taxes – An Interpretation of FASB Statement No. 109), In 2010, the Company adopted Accounting for Uncertain Income Taxes under the provisions of ASC 740. ASC 740 clarifies the accounting for income taxes by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not recognize any additional liability for unrecognized tax benefits as a result of the adoption of ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to its financial position. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC 740. In addition, the Company did not record a cumulative effect adjustment related to the adoption of ASC 740. The Company’s policy for recording interest and penalties associated with income-based tax audits is to record such items as a component of income taxes. The Company’s tax provision is determined using an estimate of its annual effective tax rate using enacted tax rates expected to apply to taxable income in the years in which they are earned, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter the Company updates its estimate of the annual effective tax rate, and if its estimated tax rate changes, the Company makes a cumulative adjustment. Income taxes payable as of June 30, 2021, and December 31, 2020, were $ 2,550 2,550 |
Income (Loss) per Common Share | Income (Loss) per Common Share Basic income (loss) per common share excludes dilutive securities and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. As of June 30, 2021, and December 31, 2020, there were no The following table represents the computation of basic and diluted income (losses) per share: Net income (loss) per share is based upon the weighted average shares of common stock outstanding. SUMMARY OF COMPUTATION OF BASIC AND DILUTED INCOME (LOSSES) PER SHARE Six months ended Six months ended Income (loss) available for common shareholder $ 3,826 $ (8,392 ) Basic and fully diluted loss per share $ 0.00 $ 0.00 Weighted average common shares outstanding - basic and diluted 1,914,930,584 1,914,930,584 POWERDYNE INTERNATIONAL, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS June 30, 2021, and 2020 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805) In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation Topic 718 Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). |
Revenue Recognition | Revenue Recognition In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In May 2014, the FASB issued an accounting standard update that amends the accounting guidance on revenue recognition. The amendment in this accounting standard update are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue standard update will be applied using either of the following transition methods: 1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or 2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which requires additional footnote disclosures). This accounting update is effective for reporting periods beginning after December 15, 2017. Early adoption is permitted only as of reporting periods beginning after December 31, 2016. Sia coin is the only crypto coin that Powerdyne is mining. The coins are held in the Company’s Sia coin digital wallet. When coins are going to be exchanged for USD, they are then transferred to the company’s exchange wallet held at a US based crypto exchange which provides support for two-factor authentication. We also have wallet password management, and offsite backups. The coins are held in anticipation of future price appreciation as crypto currencies become more widely accepted, but some coins may be exchanged for USD on a as needed basis. The company also realizes there is no guarantee the coins will apricate in value. Revenue is recognized on the last date of the quarter based on the market price of the Sia coin at that date times the number of coins in the wallet. POWERDYNE INTERNATIONAL, INC. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS June 30, 2021, and 2020 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF COMPUTATION OF BASIC AND DILUTED INCOME (LOSSES) PER SHARE | Net income (loss) per share is based upon the weighted average shares of common stock outstanding. SUMMARY OF COMPUTATION OF BASIC AND DILUTED INCOME (LOSSES) PER SHARE Six months ended Six months ended Income (loss) available for common shareholder $ 3,826 $ (8,392 ) Basic and fully diluted loss per share $ 0.00 $ 0.00 Weighted average common shares outstanding - basic and diluted 1,914,930,584 1,914,930,584 |
PROPERTY AND EQUIPMENT - NET (T
PROPERTY AND EQUIPMENT - NET (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
SUMMARY OF EQUIPMENT | Equipment consists of the following as of June 30, 2021, and December 31, 2020: SUMMARY OF EQUIPMENT June 30, December 31, 2021 2020 (unaudited) (audited) Cryptocurrency miners $ 15,000 $ 15,000 Less accumulated depreciation (7,500 ) (6,000 ) Total Property and Equipment $ 7,500 $ 9,000 |
ORGANIZATION (Details Narrative
ORGANIZATION (Details Narrative) - $ / shares | Dec. 13, 2010 | Jun. 30, 2021 | Dec. 31, 2020 | Jan. 26, 2015 | Dec. 31, 2014 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Common stock, shares authorized | 300,000,000 | 2,000,000,000 | 2,000,000,000 | 2,020,000,000 | 550,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common Stock [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Common stock, shares authorized | 2,000,000,000 | ||||
Common Stock [Member] | Powerdyne Inc [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Number of shares right to receive in exchange | 7,520 | ||||
Number of shares issued to holders under businnes combination | 188,000,000 |
SUMMARY OF COMPUTATION OF BASIC
SUMMARY OF COMPUTATION OF BASIC AND DILUTED INCOME (LOSSES) PER SHARE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Income (loss) available for common shareholder | $ 3,826 | $ (8,392) | ||
Basic and fully diluted loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding - basic and diluted | 1,914,930,584 | 1,914,930,584 | 1,914,930,584 | 1,914,930,584 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Accumulated deficit | $ 3,604,230 | $ 3,608,056 | |
Depreciation expense | 1,500 | $ 1,500 | |
Intangible assets | 8,745 | 4,787 | |
Income tax payable | $ 2,550 | $ 2,550 | |
Outstanding dilutive securities | 0 | 0 | |
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years |
SUMMARY OF EQUIPMENT (Details)
SUMMARY OF EQUIPMENT (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Cryptocurrency miners | $ 15,000 | $ 15,000 |
Less accumulated depreciation | (7,500) | (6,000) |
Total Property and Equipment | $ 7,500 | $ 9,000 |
PROPERTY AND EQUIPMENT - NET (D
PROPERTY AND EQUIPMENT - NET (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 1,500 | $ 1,500 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years |
LEASE (Details Narrative)
LEASE (Details Narrative) - USD ($) | Mar. 28, 2017 | Jun. 30, 2021 |
Lease | ||
Lease revenue | $ 1,240 | |
Term of lease contract | 15 years |
RELATED PARTY (Details Narrativ
RELATED PARTY (Details Narrative) - USD ($) | Dec. 11, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||||
Proceeds of notes | $ 30,500 | $ 4,400 | ||
Stockholder [Member] | ||||
Related Party Transaction [Line Items] | ||||
Proceeds of notes | $ 13,500 | |||
Notes payable to related party | 0 | |||
Interest expense | 1,222 | |||
Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Proceeds of notes | 24,500 | |||
Notes payable to related party | $ 124,400 | $ 93,000 |