Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 10, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
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 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 | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,884,930,584 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash | $ 94,780 | $ 84,004 |
Trade accounts receivable | 68,107 | 70,884 |
Inventories | 71,396 | 77,124 |
Loan origination fees | 11,700 | |
Total current assets | 245,983 | 232,013 |
Equipment | ||
Cryptocurrency miners | 15,000 | 15,000 |
Less: accumulated depreciation | (15,000) | (15,000) |
Total equipment | ||
Total Assets | 245,983 | 232,013 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 99,116 | 62,568 |
Advance deposits | 6,312 | 3,658 |
Due to related party - CEO | 238,079 | 238,079 |
Sales tax payable | 2,035 | 1,765 |
Short term loan payable | 70,200 | |
Total Current Liabilities | 415,742 | 306,070 |
Commitments and contingencies | ||
Stockholders’ Deficit: | ||
Preferred stock, $0.0001 par value, 20,000,000 shares authorized, 2,000,000 shares issued and outstanding as of March 31, 2024, and December 31, 2023 | 200 | 200 |
Common stock, $0.0001 par value, 2,000,000,000 shares authorized, 1,884,930,584 shares issued and outstanding as of March 31, 2024, and December 31, 2023 | 188,493 | 188,493 |
Additional paid-in-capital | 4,814,651 | 4,814,651 |
Accumulated deficit | (5,173,103) | (5,077,401) |
Total Stockholders’ Deficit | (169,759) | (74,058) |
Total Liabilities and Stockholders’ Deficit | $ 245,983 | $ 232,012 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 | Jan. 26, 2015 | Dec. 31, 2014 | Dec. 13, 2010 |
Statement of Financial Position [Abstract] | |||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||
Preferred stock, shares issued | 2,000,000 | 2,000,000 | |||
Preferred stock, shares outstanding | 2,000,000 | 2,000,000 | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 550,000,000 | 300,000,000 |
Common stock, shares issued | 1,884,930,584 | 1,884,930,584 | |||
Common stock, shares outstanding | 1,884,930,584 | 1,884,930,584 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenues | $ 275,739 | $ 450,274 |
Cost of revenues | 215,251 | 302,723 |
Gross profit | 60,488 | 147,551 |
Operating expenses | 156,189 | 150,731 |
Loss from operations and before income taxes | (95,702) | (3,180) |
Income tax expense | ||
Net loss | $ (95,702) | $ (3,180) |
Basic loss per common share | $ 0 | $ 0 |
Diluted loss per common share | $ 0 | $ 0 |
Basic weighted average common shares outstanding | 1,884,930,584 | 1,870,430,584 |
Diluted weighted average common shares outstanding | 1,884,930,584 | 1,870,430,584 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Deficit / Equity (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2022 | $ 200 | $ 186,243 | $ 4,807,901 | $ (4,993,228) | $ 1,116 |
Balance, shares at Dec. 31, 2022 | 2,000,000 | 1,862,430,584 | |||
Issuance of common stock for services | $ 2,250 | 6,750 | 9,000 | ||
Issuance of common stock for services, shares | 22,500,000 | ||||
Net loss | (84,173) | (84,173) | |||
Balance at Dec. 31, 2023 | $ 200 | $ 188,493 | 4,814,651 | (5,077,401) | (74,058) |
Balance, shares at Dec. 31, 2023 | 2,000,000 | 1,884,930,584 | |||
Net loss | (95,702) | (95,702) | |||
Balance at Mar. 31, 2024 | $ 200 | $ 188,493 | $ 4,814,651 | $ (5,173,103) | $ (169,759) |
Balance, shares at Mar. 31, 2024 | 2,000,000 | 1,884,930,584 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Operating Activities: | |||
Net loss | $ (95,702) | $ (3,180) | $ (84,173) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Reversal of non-cash change in intangible assets - Crypto | (3,433) | ||
Issuance of common stock for consulting services | 9,000 | ||
Changes in operating assets and liabilities: | |||
Trade accounts receivable | 2,777 | (4,677) | |
Inventories | 5,729 | 1,847 | |
Accounts payable and accrued expenses | 36,549 | 38,789 | |
Advance deposits | 2,654 | 10,664 | |
Sales taxes payable | 270 | (201) | |
Net cash provided / (used) in operating activities | (47,723) | 48,809 | |
Financing Activities: | |||
Due to related party - CEO | (10,000) | ||
Short term loan payable | 58,500 | ||
Net cash provided by financing activities | 58,500 | (10,000) | |
Net increase in cash | 10,776 | 38,809 | |
Cash, beginning of period | 84,004 | 33,962 | 33,962 |
Cash, end of period | 94,780 | 72,771 | $ 84,004 |
Supplemental disclosure if cash flow information | |||
Cash paid for interest | |||
Cash paid for taxes |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Mar. 31, 2024 | |
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 common shares, par value $ 0.0001 per share. Unless the context specifies otherwise, as discussed in Note 2, references to the “Company” refers to Powerdyne International, Inc. and Powerdyne, Inc. after the merger. 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 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 On March 6, 2022, pursuant to a Securities Purchase Agreement (the “SPA”), Powerdyne International, Inc. (the “Company”), acquired all of the issued and outstanding membership interests of Creative Motion Technology, LLC, a Massachusetts limited liability company, (the “Membership Interests”). Membership Interests are owned by Mr. James F. O’Rourke, the principal owner and sole director and officer of the Company. The purchase price paid by the Company was 2,000,000 1,500,000 The Series A Preferred Stock, shall be entitled to have one thousand (1,000) votes per one (1) share Creative Motion Technology, LLC (“CM Tech”) is a small New England based motor manufacturer founded in 2004 and has been in business for over 17 years. CM Tech’s management has over 60 years of design and manufacturing expertise, specializing in the design and custom building of industrial servomotors both brush and brushless motor designs. CM Tech’s current market focus is on the niche motor demands for low volume, high-quality cost-effective motors which are primarily used in industrial robotics for the semiconductor manufacturing industry. The motors that CM Tech currently has in production primarily provide the X, Y, and Z axis articulation in factory automation robots. Included with CM Tech acquisition is Frame One, which is a custom picture framing shop located in North Reading, MA. Frame One has been in business since 2006 and brings with it a strong client base consisting of local schools, colleges, artist guilds, artists, interior decorators/designers, museums, photographers, art galleries and theaters. POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 1. ORGANIZATION (continued) The issuance of the 2,000,000 |
REVERSE MERGER ACCOUNTING
REVERSE MERGER ACCOUNTING | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
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. |
SUMMARY OF SIGNIFCANT ACCOUNTIN
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such condensed consolidated financial statements and accompanying notes are a representation of the Company’s management, who are responsible for 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 accompany condensed consolidated financial statements. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) as promulgated in the United States of America. POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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. As of March 31, 2024, the Company had an accumulated deficit of $ 5,173,103 The Company’s activities will necessitate significant uses of working capital beyond March 31, 2024. 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 condensed consolidated 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. Principals of Consolidation Our consolidated financial statements include the accounts of Powerdyne International Inc and its one division and related subsidiaries. All intercompany transactions and balances between consolidated entities have been eliminated. The Company has the following wholly owned subsidiaries: Creative Motion Technology, LLC and Frame One, LLC. Reclassifications Certain amounts in the prior period have been reclassified to confirm for the current period presentation. These reclassifications have no material effect on the reported financial results. 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. POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Cash and Cash Equivalents 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 March 31, 2024, and December 31, 2023, respectively. Allowance for Sale Returns and Doubtful Accounts Sales Returns – We may, on a case-by-case basis, accept returns of products from our customers, without restocking charges, when they can demonstrate an acceptable cause for the return. Doubtful Accounts – Accounts receivable are recorded at net realizable value or the amount we expect to collect on gross customer trade receivables. We evaluate the collectability of our accounts receivable based on a combination of factors. If we become aware of a customer’s inability to meet its financial obligations after a sale has occurred, we record an allowance to reduce the net receivable to the amount we reasonably believe we will be able to collect from the customer. For all other customers, we recognize allowances for doubtful accounts based on the length of time the receivables are past due, the current business environment and historical experience. If the financial condition of our customers were to deteriorate or if economic conditions worsen, additional allowances may be required in the future. All of our accounts receivable are trade-related receivables. The allowance for sales returns and doubtful accounts as of March 31, 2024, and 2023 was $ 0 The Company sometimes receives cash deposits in advance of manufacturing and shipping its products. As of March 31, 2024, there is $ 6,312 3,658 Inventories Inventories, consisting principally of products held for sale, is stated lower of cost, using the first-in, first-out method, and net realizable value. The amount presented in the accompanying consolidated balance sheet has no valuation allowance. As of December 31, 2023, and 2022, the Company’s inventories consist of custom designed motors and picture frames. Inventories are valued at the lower cost of the market (net realizable value). Equipment Equipment is stated at cost. Capital expenditure for improvements and upgrades to existing equipment are also capitalized. Maintenance and repairs are expensed as incurred. The computer equipment is depreciated over 5 0 POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Intangible Asset and Goodwill We account for intangible assets and goodwill in accordance with ASC 350 “Intangibles-Goodwill and Other” 10 20 We assess our intangible assets in accordance with ASC 360 “ Property, Plant, and Equipment The Company had disposed of all its crypto currencies in the second quarter of 2023. The Company immediately closed its crypto-currency account and / or wallet. The Company disposed of all of its cryptocurrency intangible assets on April 5, 2023, and closed our cryptocurrency brokerage account. There was a nominal loss of $ 22 Long-Lived Assets In accordance with ASC 360, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Long-Lived Assets (Continued) When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. The Company’s management currently believes there is no impairment of its long-lived assets. There can be no assurance, however, that market conditions will not change or demand for the Company’s products under development will continue. Either of these could result in future impairment of long-lived assets. Business Combinations We apply the provisions of ASC 805, Business Combinations (ASC 805), in accounting for our acquisitions. ASC 805 requires that we evaluate whether a transaction pertains to an acquisition of assets, or to an acquisition of a business. A business is defined as an integrated set of assets and activities that is capable of being conducted and managed for the purpose of providing a return to investors. Asset acquisitions are accounted for by allocating the cost of the acquisition to the individual assets and liabilities assumed on a relative fair value basis; whereas the acquisition of a business requires us to recognize separately from goodwill the assets acquired, and the liabilities assumed at the acquisition date fair values. Goodwill as of the business acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the business acquisition date as well as any contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the business acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of a business acquisition’s measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations. In addition, uncertain tax positions and tax related valuation allowances assumed in a business combination are initially estimated as of the acquisition date. We reevaluate these items quarterly based upon facts and circumstances that existed as of the business acquisition date with any adjustments to our preliminary estimates being recorded to goodwill if identified within the measurement period. Subsequent to the measurement period or our final determination of the tax allowances or contingency’s estimated value, whichever comes first, changes to these uncertain tax positions and tax related valuation allowances will affect our provision for income taxes in our consolidated statement of operations and could have a material impact on our results of operations and financial position. Advertising Expenses The Company records advertising expenses per ASC 720-35-50-1 which they are expensed as they are incurred or the first time when the advertising takes place. During the three months ended March 31, 2024, and 2023, there were no Shipping Activities Outbound shipping changes to customers are included in “Product revenue”. Outbound shipping-related costs are included in “Costs of products sold”. Stock-Based Compensation We account for all share-based compensation in accordance ASC 718-20 Stock-Based Compensation cost is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense over the requisite vesting period. Income Taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected to be realized. POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Income Taxes (Continued) ASC 740, Income Taxes (“ASC 740”), which clarifies the accounting and disclosure for uncertainty in tax position, as defined, seeks to reduce the diversity in practice associated with certain aspect of the recognition and measurement related to accounting for income taxes. We adopted the provisions of ASC 740 as of January 1, 2007, and have analyzed filing positions in each of the federal and state jurisdictions where are required to file income tax returns, as well as all open tax years in these jurisdictions. We have identified the U.S. federal and Massachusetts as our “major” tax jurisdictions. With limited exceptions, we remain subject to Internal Revenue Service (“IRS”) examination of our income tax returns filed within the last three (3) years, and to Massachusetts Department of Revenue examination of our income tax returns within the last four (4) years. However, certain tax attribute carry forwards which will remain subject to review and adjustment by the relevant tax authorities until the statute of limitations closes with respect to the year in which such attributes are utilized. We believe that our income tax filing positions and deductions will be sustained in the audit and do not anticipate any adjustments that will result in a material change to our financial position. Therefore, no reserves for uncertain tax positions have been recorded pursuant to ASC 740. Our policy for recording interest and penalties associated with income-based tax audits is to record such items as a component of income taxes. Income taxes payable as of March 31, 2024, and December 31, 2023, was $- 0 Financial Instruments The Company follows Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value, and expands disclosure about such fair value measurements. ASC 820 defines fair value 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. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2: Applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3: Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments consisted of cash, accounts receivable, intangible assets – cryptocurrency, accounts payable and accrued expenses, advance deposit, due to related party – CEO, ales tax payable, and short-term loan payable. The estimated fair value of these financial instruments approximates its carrying amount based on the short-term maturity of these instruments. Other Comprehensive Income The Company has analyzed paragraphs ASC 220-10-45-1 to ASC 220-10-45-10B and none of the items recorded in the income statement would qualify as Other Comprehensive Income. Loss per Common Share 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. For the three months ended March 31, 2024, and 2023, there were no 2,000,000 POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Loss per Common Share (Continued) The following table represents the computation of basic and diluted losses per share: Loss per share is based upon the weighted average shares of common stock outstanding. SCHEDULE OF COMPUTATION OF BASIC AND DILUTED INCOME (LOSS) PER SHARE For the three months ending For the three months ending Loss available for common shareholder $ (95,702 ) $ (3,180 ) Basic and fully diluted loss per share $ (0.00 ) $ 0.00 Weighted average common shares outstanding - basic and diluted 1,884,930,584 1,870,430,584 Use of Estimates and Assumptions Our management has made several estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from those estimates. Recent Accounting Guidance Not Yet Adopted None Recent Accounting Guidance Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial position or consolidated results of operations. POWERDYNE INTERNATIONAL, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Lease Accounting For contracts entered into on or after October 1, 2019, the Company assesses at contract inception whether the contract is, or contains, a lease. Generally, it determines that a lease exists when (i) the contract involves the use of a distinct identified asset, (ii) obtains the right to substantially all economic benefits from use of the asset and (iii) it has the right to direct the use of the asset. At the lease commencement date, the Company recognizes a right-of-use asset and a lease liability for all leases, except short-term leases with an original term of 12 months or less. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any prepayments to the lessor and initial direct costs, such as brokerage commissions, less any lease incentives received. All right-of-use assets are periodically reviewed for impairment in accordance with standards that apply to long-lived assets. The lease liability is initially measured at the present value of the lease payments, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with the same term as the underlying lease. The incremental borrowing rates used for the initial measurement of lease liabilities as of October 1, 2019, were based on the original lease terms. Lease payments included in the measurement of lease liabilities consist of (i) fixed lease payments for the noncancelable lease term, (ii) fixed lease payments for optional renewal periods where it is reasonably certain the renewal option will be exercised, and (iii) variable lease payments that depend on an underlying index or rate, based on the index or rate in effect at lease commencement. Certain of the Company’s real estate lease agreements require variable lease payments that do not depend on an underlying index or rate, such as sales and value-added taxes, the Company’s proportionate share of actual property taxes, insurance, common area maintenance, and utilities. The Company has elected an accounting policy, as permitted by ASC 842, not to account for such payments as part of related lease payments. Consequently, such payments are recognized as operating expenses when incurred. Lease expense for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Amortization of the right-of-use asset for operating leases reflects amortization of the lease liability, any differences between straight-line expense and related lease payments during the accounting period, and any impairments. Finance lease payments are allocated between a reduction of the lease liability and interest expense, and the related asset is depreciated as described under “Equipment” above. POWERDYNE INTERNATIONAL, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Revenue Recognition 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 an as needed basis. The Company also realizes there is no guarantee the coins will appreciate 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 and the difference between the current market value and the value recorded on the consolidated balance sheet in previous quarter. The Company no longer is in the business of producing Sia coins. As of March 6, 2022, with the acquisition of CM Tech, we recognize revenue from contracts with customers in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). Revenue is recognized at the point at which control of the underlying products are transferred to the customer. Satisfaction of our performance obligations occurs upon the transfer of control of products from our facilities. We consider customer purchase orders to be the contracts with a customer. All revenue is generated from contracts with customers. Major Customers and Concentration of Credit Risk The Company has two major customers, which account for approximately 95 30 95 80 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 of $ 250,000 Segment Reporting ASC Topic 280, “ Segment Reporting We primarily service the Original Equipment Manufacturers (OEM’s) in the semiconductor market by supplying custom designed motors for the robotics used in semiconductor manufacturing equipment. We also provide custom picture framing under Frame One. We consider both businesses to operate as their own business for reporting purposes. We provide cost-effective value-added turn-key solutions to our clients’ drives and articulation needs. Business Segments We primarily service the Original Equipment Manufacturers (OEM’s) in the semiconductor market by supplying custom designed motors for the robotics used in semiconductor manufacturing equipment. We provide cost-effective value-added turn-key solutions to our clients’ drives and articulation needs. The Market We service the Global Semiconductor Equipment Manufacture’s our Sales to International customers were 32 68 POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2023, and 2022 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Suppliers We have developed a strong collaborative relationship with a select few ISO Certified component manufacturers both domestically and in Asia. These strategic relationships have been developed over the past 20 years, which ensure that we are able to maintain a steady flow of components while maintaining a high level of quality. With these relationships |
DUE TO RELATED PARTY _ CEO
DUE TO RELATED PARTY – CEO | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
DUE TO RELATED PARTY – CEO | 4. DUE TO RELATED PARTY – CEO During the three months ended March 31, 2024, the Company’s CEO did not fund nor was reimbursed for his outstanding payable but during the three months ended March 31, 2023, was reimbursed $ 10,000 for money advanced to the Company. The Company owes the following amounts to our CEO as of March 31, 2024, and December 31, 2023, was $ 238,079 respectively. The balances owed to our CEO are due on demand and therefore recorded as a current liability. |
SHORT TERM LOAN PAYABLE
SHORT TERM LOAN PAYABLE | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
SHORT TERM LOAN PAYABLE | 5 SHORT TERM LOAN PAYABLE During the quarter ended March 31, 2023, the Company entered into a debt arrangement that requires that the Company pay back $ 70,200 10 58,500 11,400 15 6 115,000,000 |
ACQUISITION OF PRIVATE COMPANY
ACQUISITION OF PRIVATE COMPANY OWNED BY CEO | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
ACQUISITION OF PRIVATE COMPANY OWNED BY CEO | 6. ACQUISITION OF PRIVATE COMPANY OWNED BY CEO On March 6, 2022, pursuant to a Securities Purchase Agreement (the “SPA”), Powerdyne International, Inc. (the “Company”), acquired 100 2,000,000 1,500,000 1,000 0.0001 Creative Motion Technology, LLC (“CM Tech”) is a small New England based motor manufacturer founded in 2004 and has been in business for over 17 years. CM Tech’s management has over 60 years of design and manufacturing expertise, specializing in the design and custom building of industrial servomotors both brush and brushless motor designs. CM Tech’s current market focus is on the niche motor demands for low volume, high-quality cost-effective motors which are primarily used in industrial robotics for the semiconductor manufacturing industry. The motors that CM Tech currently has in production primarily provide the X, Y, and Z axis articulation in factory automation robots. Included with CM Tech acquisition is Frame One, which is a custom picture framing shop located in North Reading, MA. Frame One has been in business since 2006 and brings with it a strong client base consisting of local schools, colleges, artist guilds, artists, interior decorators/designers, museums, photographers, art galleries and theaters. The foregoing description of the SPA does not purport to be complete and is qualified in its entirety by reference to the complete text of the document, which is filed as an exhibit to this report and is incorporated herein by reference. The following table summarizes the consideration transferred to acquire CM Tech and the amounts of identified assets acquired recorded at historical cost at the acquisition date and the consideration provided: SCHEDULE OF AMOUNTS OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES Cash $ 26,042 Inventory 82,588 Total Assets Acquired 108,630 Loss on acquisition of entity owned by CEO. 1,391,370 The purchase price consists of the following: Preferred Shares 1,500,000 Total Purchase Price $ 1,500,000 The historical cost of the assets acquired includes cash and inventory at approximately $ 108,630 POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2023, and 2022 6. ACQUISITION OF PRIVATE COMPANY OWNED BY CEO (Continued) The pro forma information below presents statements of operations data as if the acquisition of CM Tech took place on January 1, 2020. SCHEDULE OF STATEMENTS OF OPERATION Consolidated Consolidated Revenues $ 1,224,290 $ 985,613 Cost of Goods Sold 721,243 525,454 Gross profit $ 503,047 $ 460,159 Operating expenses 265,779 245,531 Net Income $ 237,268 $ 214,628 |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIT | 7. STOCKHOLDERS’ DEFICIT Preferred Stock – There are 20,000,000 0.0001 2,000,000 2,000,000 The Series A Preferred Stock, shall be entitled to have one thousand (1,000) votes per one (1) share, at each meeting of stockholders of the Corporation (or pursuant to any action by written consent) with respect to any and all matters presented to the stockholders of the Corporation for their action or consideration. The holders of Series A Preferred Stock shall vote together with the holders of Common Stock as a single class Common Stock – There are 2,000,000,000 0.0001 1,884,930,584 March 6, 2022, the Company issued 2,000,000 100 The Series A Preferred Stock, shall be entitled to have one thousand (1,000) votes per one (1) share, at each meeting of stockholders of the Corporation (or pursuant to any action by written consent) with respect to any and all matters presented to the stockholders of the Corporation for their action or consideration. The holders of Series A Preferred Stock shall vote together with the holders of Common Stock as a single class |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES Office Space Our corporate headquarters are in a full-service office suite located in a building in North Reading, Massachusetts, consisting of approximately 5,000 5,000 5,000 Litigation There are no pending, threatened or actual legal proceedings in which the Company or any subsidiary is a party to. |
SUMMARY OF SIGNIFCANT ACCOUNT_2
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) as promulgated in the United States of America. POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
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. As of March 31, 2024, the Company had an accumulated deficit of $ 5,173,103 The Company’s activities will necessitate significant uses of working capital beyond March 31, 2024. 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 condensed consolidated 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. |
Principals of Consolidation | Principals of Consolidation Our consolidated financial statements include the accounts of Powerdyne International Inc and its one division and related subsidiaries. All intercompany transactions and balances between consolidated entities have been eliminated. The Company has the following wholly owned subsidiaries: Creative Motion Technology, LLC and Frame One, LLC. |
Reclassifications | Reclassifications Certain amounts in the prior period have been reclassified to confirm for the current period presentation. These reclassifications have no material effect on the reported financial results. |
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. POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Cash and Cash Equivalents | Cash and Cash Equivalents 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 March 31, 2024, and December 31, 2023, respectively. |
Allowance for Sale Returns and Doubtful Accounts | Allowance for Sale Returns and Doubtful Accounts Sales Returns – We may, on a case-by-case basis, accept returns of products from our customers, without restocking charges, when they can demonstrate an acceptable cause for the return. Doubtful Accounts – Accounts receivable are recorded at net realizable value or the amount we expect to collect on gross customer trade receivables. We evaluate the collectability of our accounts receivable based on a combination of factors. If we become aware of a customer’s inability to meet its financial obligations after a sale has occurred, we record an allowance to reduce the net receivable to the amount we reasonably believe we will be able to collect from the customer. For all other customers, we recognize allowances for doubtful accounts based on the length of time the receivables are past due, the current business environment and historical experience. If the financial condition of our customers were to deteriorate or if economic conditions worsen, additional allowances may be required in the future. All of our accounts receivable are trade-related receivables. The allowance for sales returns and doubtful accounts as of March 31, 2024, and 2023 was $ 0 The Company sometimes receives cash deposits in advance of manufacturing and shipping its products. As of March 31, 2024, there is $ 6,312 3,658 |
Inventories | Inventories Inventories, consisting principally of products held for sale, is stated lower of cost, using the first-in, first-out method, and net realizable value. The amount presented in the accompanying consolidated balance sheet has no valuation allowance. As of December 31, 2023, and 2022, the Company’s inventories consist of custom designed motors and picture frames. Inventories are valued at the lower cost of the market (net realizable value). |
Equipment | Equipment Equipment is stated at cost. Capital expenditure for improvements and upgrades to existing equipment are also capitalized. Maintenance and repairs are expensed as incurred. The computer equipment is depreciated over 5 0 POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Intangible Asset and Goodwill | Intangible Asset and Goodwill We account for intangible assets and goodwill in accordance with ASC 350 “Intangibles-Goodwill and Other” 10 20 We assess our intangible assets in accordance with ASC 360 “ Property, Plant, and Equipment The Company had disposed of all its crypto currencies in the second quarter of 2023. The Company immediately closed its crypto-currency account and / or wallet. The Company disposed of all of its cryptocurrency intangible assets on April 5, 2023, and closed our cryptocurrency brokerage account. There was a nominal loss of $ 22 |
Long-Lived Assets | Long-Lived Assets In accordance with ASC 360, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Long-Lived Assets (Continued) When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. The Company’s management currently believes there is no impairment of its long-lived assets. There can be no assurance, however, that market conditions will not change or demand for the Company’s products under development will continue. Either of these could result in future impairment of long-lived assets. |
Business Combinations | Business Combinations We apply the provisions of ASC 805, Business Combinations (ASC 805), in accounting for our acquisitions. ASC 805 requires that we evaluate whether a transaction pertains to an acquisition of assets, or to an acquisition of a business. A business is defined as an integrated set of assets and activities that is capable of being conducted and managed for the purpose of providing a return to investors. Asset acquisitions are accounted for by allocating the cost of the acquisition to the individual assets and liabilities assumed on a relative fair value basis; whereas the acquisition of a business requires us to recognize separately from goodwill the assets acquired, and the liabilities assumed at the acquisition date fair values. Goodwill as of the business acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the business acquisition date as well as any contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the business acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of a business acquisition’s measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations. In addition, uncertain tax positions and tax related valuation allowances assumed in a business combination are initially estimated as of the acquisition date. We reevaluate these items quarterly based upon facts and circumstances that existed as of the business acquisition date with any adjustments to our preliminary estimates being recorded to goodwill if identified within the measurement period. Subsequent to the measurement period or our final determination of the tax allowances or contingency’s estimated value, whichever comes first, changes to these uncertain tax positions and tax related valuation allowances will affect our provision for income taxes in our consolidated statement of operations and could have a material impact on our results of operations and financial position. |
Advertising Expenses | Advertising Expenses The Company records advertising expenses per ASC 720-35-50-1 which they are expensed as they are incurred or the first time when the advertising takes place. During the three months ended March 31, 2024, and 2023, there were no |
Shipping Activities | Shipping Activities Outbound shipping changes to customers are included in “Product revenue”. Outbound shipping-related costs are included in “Costs of products sold”. |
Stock-Based Compensation | Stock-Based Compensation We account for all share-based compensation in accordance ASC 718-20 Stock-Based Compensation cost is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense over the requisite vesting period. |
Income Taxes | Income Taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected to be realized. POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Income Taxes (Continued) ASC 740, Income Taxes (“ASC 740”), which clarifies the accounting and disclosure for uncertainty in tax position, as defined, seeks to reduce the diversity in practice associated with certain aspect of the recognition and measurement related to accounting for income taxes. We adopted the provisions of ASC 740 as of January 1, 2007, and have analyzed filing positions in each of the federal and state jurisdictions where are required to file income tax returns, as well as all open tax years in these jurisdictions. We have identified the U.S. federal and Massachusetts as our “major” tax jurisdictions. With limited exceptions, we remain subject to Internal Revenue Service (“IRS”) examination of our income tax returns filed within the last three (3) years, and to Massachusetts Department of Revenue examination of our income tax returns within the last four (4) years. However, certain tax attribute carry forwards which will remain subject to review and adjustment by the relevant tax authorities until the statute of limitations closes with respect to the year in which such attributes are utilized. We believe that our income tax filing positions and deductions will be sustained in the audit and do not anticipate any adjustments that will result in a material change to our financial position. Therefore, no reserves for uncertain tax positions have been recorded pursuant to ASC 740. Our policy for recording interest and penalties associated with income-based tax audits is to record such items as a component of income taxes. Income taxes payable as of March 31, 2024, and December 31, 2023, was $- 0 |
Financial Instruments | Financial Instruments The Company follows Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value, and expands disclosure about such fair value measurements. ASC 820 defines fair value 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. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2: Applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3: Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments consisted of cash, accounts receivable, intangible assets – cryptocurrency, accounts payable and accrued expenses, advance deposit, due to related party – CEO, ales tax payable, and short-term loan payable. The estimated fair value of these financial instruments approximates its carrying amount based on the short-term maturity of these instruments. |
Other Comprehensive Income | Other Comprehensive Income The Company has analyzed paragraphs ASC 220-10-45-1 to ASC 220-10-45-10B and none of the items recorded in the income statement would qualify as Other Comprehensive Income. |
Loss per Common Share | Loss per Common Share 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. For the three months ended March 31, 2024, and 2023, there were no 2,000,000 POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Loss per Common Share (Continued) The following table represents the computation of basic and diluted losses per share: Loss per share is based upon the weighted average shares of common stock outstanding. SCHEDULE OF COMPUTATION OF BASIC AND DILUTED INCOME (LOSS) PER SHARE For the three months ending For the three months ending Loss available for common shareholder $ (95,702 ) $ (3,180 ) Basic and fully diluted loss per share $ (0.00 ) $ 0.00 Weighted average common shares outstanding - basic and diluted 1,884,930,584 1,870,430,584 |
Use of Estimates and Assumptions | Use of Estimates and Assumptions Our management has made several estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from those estimates. |
Recent Accounting Guidance Not Yet Adopted | Recent Accounting Guidance Not Yet Adopted None |
Recent Accounting Guidance Adopted | Recent Accounting Guidance Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial position or consolidated results of operations. POWERDYNE INTERNATIONAL, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Lease Accounting For contracts entered into on or after October 1, 2019, the Company assesses at contract inception whether the contract is, or contains, a lease. Generally, it determines that a lease exists when (i) the contract involves the use of a distinct identified asset, (ii) obtains the right to substantially all economic benefits from use of the asset and (iii) it has the right to direct the use of the asset. At the lease commencement date, the Company recognizes a right-of-use asset and a lease liability for all leases, except short-term leases with an original term of 12 months or less. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any prepayments to the lessor and initial direct costs, such as brokerage commissions, less any lease incentives received. All right-of-use assets are periodically reviewed for impairment in accordance with standards that apply to long-lived assets. The lease liability is initially measured at the present value of the lease payments, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with the same term as the underlying lease. The incremental borrowing rates used for the initial measurement of lease liabilities as of October 1, 2019, were based on the original lease terms. Lease payments included in the measurement of lease liabilities consist of (i) fixed lease payments for the noncancelable lease term, (ii) fixed lease payments for optional renewal periods where it is reasonably certain the renewal option will be exercised, and (iii) variable lease payments that depend on an underlying index or rate, based on the index or rate in effect at lease commencement. Certain of the Company’s real estate lease agreements require variable lease payments that do not depend on an underlying index or rate, such as sales and value-added taxes, the Company’s proportionate share of actual property taxes, insurance, common area maintenance, and utilities. The Company has elected an accounting policy, as permitted by ASC 842, not to account for such payments as part of related lease payments. Consequently, such payments are recognized as operating expenses when incurred. Lease expense for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Amortization of the right-of-use asset for operating leases reflects amortization of the lease liability, any differences between straight-line expense and related lease payments during the accounting period, and any impairments. Finance lease payments are allocated between a reduction of the lease liability and interest expense, and the related asset is depreciated as described under “Equipment” above. POWERDYNE INTERNATIONAL, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024, and 2023 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Revenue Recognition | Revenue Recognition 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 an as needed basis. The Company also realizes there is no guarantee the coins will appreciate 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 and the difference between the current market value and the value recorded on the consolidated balance sheet in previous quarter. The Company no longer is in the business of producing Sia coins. As of March 6, 2022, with the acquisition of CM Tech, we recognize revenue from contracts with customers in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). Revenue is recognized at the point at which control of the underlying products are transferred to the customer. Satisfaction of our performance obligations occurs upon the transfer of control of products from our facilities. We consider customer purchase orders to be the contracts with a customer. All revenue is generated from contracts with customers. |
Major Customers and Concentration of Credit Risk | Major Customers and Concentration of Credit Risk The Company has two major customers, which account for approximately 95 30 95 80 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 of $ 250,000 |
Segment Reporting | Segment Reporting ASC Topic 280, “ Segment Reporting We primarily service the Original Equipment Manufacturers (OEM’s) in the semiconductor market by supplying custom designed motors for the robotics used in semiconductor manufacturing equipment. We also provide custom picture framing under Frame One. We consider both businesses to operate as their own business for reporting purposes. We provide cost-effective value-added turn-key solutions to our clients’ drives and articulation needs. Business Segments We primarily service the Original Equipment Manufacturers (OEM’s) in the semiconductor market by supplying custom designed motors for the robotics used in semiconductor manufacturing equipment. We provide cost-effective value-added turn-key solutions to our clients’ drives and articulation needs. The Market We service the Global Semiconductor Equipment Manufacture’s our Sales to International customers were 32 68 POWERDYNE INTERNATIONAL, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2023, and 2022 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Suppliers We have developed a strong collaborative relationship with a select few ISO Certified component manufacturers both domestically and in Asia. These strategic relationships have been developed over the past 20 years, which ensure that we are able to maintain a steady flow of components while maintaining a high level of quality. With these relationships |
SUMMARY OF SIGNIFCANT ACCOUNT_3
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED INCOME (LOSS) PER SHARE | Loss per share is based upon the weighted average shares of common stock outstanding. SCHEDULE OF COMPUTATION OF BASIC AND DILUTED INCOME (LOSS) PER SHARE For the three months ending For the three months ending Loss available for common shareholder $ (95,702 ) $ (3,180 ) Basic and fully diluted loss per share $ (0.00 ) $ 0.00 Weighted average common shares outstanding - basic and diluted 1,884,930,584 1,870,430,584 |
ACQUISITION OF PRIVATE COMPAN_2
ACQUISITION OF PRIVATE COMPANY OWNED BY CEO (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
SCHEDULE OF AMOUNTS OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES | The following table summarizes the consideration transferred to acquire CM Tech and the amounts of identified assets acquired recorded at historical cost at the acquisition date and the consideration provided: SCHEDULE OF AMOUNTS OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES Cash $ 26,042 Inventory 82,588 Total Assets Acquired 108,630 Loss on acquisition of entity owned by CEO. 1,391,370 The purchase price consists of the following: Preferred Shares 1,500,000 Total Purchase Price $ 1,500,000 |
SCHEDULE OF STATEMENTS OF OPERATION | The pro forma information below presents statements of operations data as if the acquisition of CM Tech took place on January 1, 2020. SCHEDULE OF STATEMENTS OF OPERATION Consolidated Consolidated Revenues $ 1,224,290 $ 985,613 Cost of Goods Sold 721,243 525,454 Gross profit $ 503,047 $ 460,159 Operating expenses 265,779 245,531 Net Income $ 237,268 $ 214,628 |
ORGANIZATION (Details Narrative
ORGANIZATION (Details Narrative) - USD ($) | 3 Months Ended | |||||
Mar. 06, 2022 | Jan. 26, 2015 | Dec. 13, 2010 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2014 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Common stock, shares authorized | 2,000,000,000 | 300,000,000 | 2,000,000,000 | 2,000,000,000 | 550,000,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Capital stock authorized | 2,020,000,000 | |||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Series A Preferred Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Purchase price, shares | 2,000,000 | |||||
Purchase price, value | $ 1,500,000 | |||||
Preferred stock voting rights | The Series A Preferred Stock, shall be entitled to have one thousand (1,000) votes per one (1) share | The Series A Preferred Stock, shall be entitled to have one thousand (1,000) votes per one (1) share, at each meeting of stockholders of the Corporation (or pursuant to any action by written consent) with respect to any and all matters presented to the stockholders of the Corporation for their action or consideration. The holders of Series A Preferred Stock shall vote together with the holders of Common Stock as a single class | ||||
Series A Preferred Stock [Member] | Securities Purchase Agreement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock, shares | 2,000,000 | |||||
Powerdyne Inc [Member] | Common Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Number of shares exchanged for right | 7,520 | |||||
Number of shares issued | 188,000,000 |
SCHEDULE OF COMPUTATION OF BASI
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED INCOME (LOSS) PER SHARE (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accounting Policies [Abstract] | ||
Loss available for common shareholder | $ (95,702) | $ (3,180) |
Basic loss per share | $ 0 | $ 0 |
Diluted loss per share | $ 0 | $ 0 |
Weighted average common shares outstanding - basic | 1,884,930,584 | 1,870,430,584 |
Weighted average common shares outstanding - diluted | 1,884,930,584 | 1,870,430,584 |
SUMMARY OF SIGNIFCANT ACCOUNT_4
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Apr. 05, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | |
Product Information [Line Items] | |||||
Accumulated deficit | $ 5,173,103 | $ 5,077,401 | |||
Allowances for sales returns and doubtful accounts | 0 | $ 0 | |||
Advance deposits | 6,312 | 3,658 | |||
Depreciation expense | 0 | 0 | |||
Nominal loss | $ 22 | ||||
Advertising expense | 0 | $ 0 | |||
Income tax payable | $ 0 | $ 0 | |||
Dilutive securities | 0 | 0 | |||
Preferred stock, shares outstanding | 2,000,000 | 2,000,000 | |||
Cash, FDIC insured amount | $ 250,000 | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Service [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 32% | 68% | |||
Two Major Customers [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 95% | 30% | |||
Two Major Customers [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 95% | 80% | |||
Series A Preferred Stock [Member] | |||||
Product Information [Line Items] | |||||
Preferred stock, shares outstanding | 2,000,000 | 2,000,000 | |||
Minimum [Member] | |||||
Product Information [Line Items] | |||||
Intangible asset, useful life | 10 years | ||||
Maximum [Member] | |||||
Product Information [Line Items] | |||||
Intangible asset, useful life | 20 years | ||||
Computer Equipment [Member] | |||||
Product Information [Line Items] | |||||
Estimated useful life | 5 years |
DUE TO RELATED PARTY _ CEO (Det
DUE TO RELATED PARTY – CEO (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||
Due to related party | $ 238,079 | $ 238,079 | |
Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Outstanding payable | $ 10,000 | ||
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related party | $ 238,079 | $ 238,079 |
SHORT TERM LOAN PAYABLE (Detail
SHORT TERM LOAN PAYABLE (Details Narrative) | 3 Months Ended |
Mar. 31, 2023 USD ($) Integer | |
Short-Term Debt [Line Items] | |
Number of installments | Integer | 10 |
Payment of interest rate | 15% |
Loans Payable [Member] | |
Short-Term Debt [Line Items] | |
Repayment loan value | $ 70,200 |
Proceeds from issuance of debt | 58,500 |
Upfront expenses of debt | $ 11,400 |
Maturity of debt instrument | 6 months |
Escrow deposit | $ 115,000,000 |
SCHEDULE OF AMOUNTS OF IDENTIFI
SCHEDULE OF AMOUNTS OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Cash | $ 26,042 |
Inventory | 82,588 |
Total Assets Acquired | 108,630 |
Loss on acquisition of entity owned by CEO. | 1,391,370 |
Preferred Shares | 1,500,000 |
Total Purchase Price | $ 1,500,000 |
SCHEDULE OF STATEMENTS OF OPERA
SCHEDULE OF STATEMENTS OF OPERATION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | ||
Revenues | $ 1,224,290 | $ 985,613 |
Cost of Goods Sold | 721,243 | 525,454 |
Gross profit | 503,047 | 460,159 |
Operating expenses | 265,779 | 245,531 |
Net Income | $ 237,268 | $ 214,628 |
ACQUISITION OF PRIVATE COMPAN_3
ACQUISITION OF PRIVATE COMPANY OWNED BY CEO (Details Narrative) - USD ($) | Mar. 06, 2022 | Mar. 31, 2024 |
Business Acquisition [Line Items] | ||
Assets acquired cash and inventory | $ 108,630 | |
Series A Preferred Stock [Member] | ||
Business Acquisition [Line Items] | ||
Convertible preferred stock | 1,000 | |
Fixed price | $ 0.0001 | |
Securities Purchase Agreement [Member] | Series A Preferred Stock [Member] | Creative Motion Technology, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Number of shares issued | 2,000,000 | |
Number of shares issued, value | $ 1,500,000 | |
Securities Purchase Agreement [Member] | Creative Motion Technology, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Equity Method Investment, Ownership Percentage | 100% |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - $ / shares | 3 Months Ended | ||||||
Mar. 06, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Jan. 26, 2015 | Dec. 31, 2014 | Dec. 13, 2010 | |
Class of Stock [Line Items] | |||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Preferred stock, shares issued | 2,000,000 | 2,000,000 | |||||
Preferred stock, shares outstanding | 2,000,000 | 2,000,000 | |||||
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 550,000,000 | 300,000,000 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common stock, shares issued | 1,884,930,584 | 1,884,930,584 | |||||
Common stock, shares outstanding | 1,884,930,584 | 1,884,930,584 | |||||
Securities Purchase Agreement [Member] | Creative Motion Technology, LLC [Member] | |||||||
Class of Stock [Line Items] | |||||||
Equity method investment, ownership percentage | 100% | ||||||
Series A Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares outstanding | 2,000,000 | 2,000,000 | |||||
Preferred stock voting rights | The Series A Preferred Stock, shall be entitled to have one thousand (1,000) votes per one (1) share | The Series A Preferred Stock, shall be entitled to have one thousand (1,000) votes per one (1) share, at each meeting of stockholders of the Corporation (or pursuant to any action by written consent) with respect to any and all matters presented to the stockholders of the Corporation for their action or consideration. The holders of Series A Preferred Stock shall vote together with the holders of Common Stock as a single class | |||||
Common Class A [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||
Common stock, shares issued | 1,884,930,584 | 1,884,930,584 | |||||
Common stock, shares outstanding | 1,884,930,584 | 1,884,930,584 | |||||
Chief Executive Officer [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares issued | 2,000,000 | 2,000,000 | |||||
Preferred stock, shares outstanding | 2,000,000 | ||||||
Preferred stock voting rights | The Series A Preferred Stock, shall be entitled to have one thousand (1,000) votes per one (1) share, at each meeting of stockholders of the Corporation (or pursuant to any action by written consent) with respect to any and all matters presented to the stockholders of the Corporation for their action or consideration. The holders of Series A Preferred Stock shall vote together with the holders of Common Stock as a single class |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 3 Months Ended |
Mar. 31, 2024 USD ($) ft² | |
Commitments and Contingencies Disclosure [Abstract] | |
Area of land | ft² | 5,000 |
Payments for rent | $ 5,000 |
Other expenses | $ 5,000 |