Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 17, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | AUSCRETE CORPORATION | |
Entity Central Index Key | 0001492091 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Jun. 30, 2021 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 3,560,026 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-35923 | |
Entity Incorporation State Country Code | WY | |
Entity Tax Identification Number | 27-1692457 | |
Entity Address Address Line 1 | 49 John Day Dam Rd | |
Entity Address City Or Town | Goldendale | |
Entity Address State Or Province | WA | |
Entity Address Postal Zip Code | 98620 | |
City Area Code | 509 | |
Local Phone Number | 261-2525 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash | $ 69 | $ 14,591 |
Accounts Receivable | 8,000 | 8,000 |
Prepaid Expenses | 3,873 | 4,022 |
Inventory | 6,197 | 6,197 |
TOTAL CURRENT ASSETS | 18,139 | 32,810 |
Property, Plant and Equipment (net) | 45,245 | 51,208 |
Deposits | 0 | 0 |
TOTAL ASSETS | 63,384 | 84,018 |
CURRENT LIABILITIES: | ||
Bank overdraft | 2,854 | 0 |
Accounts Payable and Accrued Expenses | 107,240 | 88,231 |
Accrued Interest Payable | 184,519 | 145,947 |
Notes Payable (net of discount) | 755,701 | 607,620 |
Derivative Liability | 127,490 | 389,953 |
Related Party Advances | 0 | 0 |
TOTAL CURRENT LIABILITIES | 1,177,804 | 1,231,751 |
TOTAL LIABILITIES | 1,177,804 | 1,231,751 |
Commitments and Contingencies | 0 | 0 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common Stock, 0.0001 par value, authorized 2,000,000,000 shares 3,560,026 and 3,428,652 shares issued and outstanding as of June 30, 2021 and December 31, 2020 respectively, restated to APIC below for the 40 for 1 reverse stock split. | 356 | 372 |
Additional Paid In Capital | 8,943,404 | 8,897,873 |
Shares to be issued | 0 | 0 |
Accumulated deficit | (10,058,180) | (10,045,978) |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (1,114,420) | (1,147,733) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 63,384 | $ 84,018 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
BALANCE SHEETS | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 3,560,026 | 3,428,652 |
Common stock, shares outstanding | 3,560,026 | 3,428,652 |
STATEMENTS OF OPERATIONS (unaud
STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
STATEMENTS OF OPERATIONS (unaudited) | ||||
REVENUE | $ 0 | $ 0 | $ 0 | $ 0 |
Cost of Goods sold | 0 | 0 | ||
Gross Profit | 0 | 0 | 0 | 0 |
EXPENSES | ||||
Accounting and Legal | 5,000 | 10,250 | 7,900 | 16,750 |
Salaries and wages | 59,405 | 47,806 | 110,181 | 97,161 |
Share based expense | 0 | 0 | 0 | 1,150,000 |
G&A Expenses | 29,363 | 34,485 | 53,456 | 64,636 |
Depreciation expense | 2,985 | 1,307 | 5,970 | 2,614 |
TOTAL EXPENSES | 96,753 | 93,848 | 177,507 | 1,331,161 |
Income (loss) from operations | (96,753) | (93,848) | (177,507) | (1,331,161) |
OTHER INCOME (EXPENSES) | ||||
Gain / (Loss) on derivative | 555 | (64,072) | 236,864 | 379,917 |
Financing cost | 0 | (75,206) | (9,820) | (111,517) |
Interest Expense | (26,754) | (58,878) | (61,739) | (111,587) |
TOTAL OTHER INCOME (EXPENSES) | (26,199) | (198,156) | 165,305 | 156,813 |
INCOME (LOSS) BEFORE TAXES | (122,952) | (292,004) | (12,202) | (1,174,348) |
Provision for Income Taxes | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | $ (122,952) | $ (292,004) | $ (12,202) | $ (1,174,348) |
NET INCOME (LOSS) PER COMMON SHARE - BASIC AND DILUTED | $ (0.03) | $ (0.14) | $ 0 | $ (0.65) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 3,560,026 | 2,078,061 | 3,544,451 | 1,795,391 |
STATEMENT OF CHANGES IN SHAREHO
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY (unaudited) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit [Member] |
Balance, shares at Dec. 31, 2019 | 389,948 | |||
Balance, amount at Dec. 31, 2019 | $ (1,171,145) | $ 68 | $ 7,265,397 | $ (8,436,610) |
Issuance Common stock for services, shares | 1,250,000 | |||
Issuance Common stock for services, amount | 1,150,000 | $ 125 | 1,149,875 | |
Note conversion, shares | 310,835 | |||
Note conversion, amount | 152,747 | $ 31 | 152,716 | 0 |
Net Loss | (882,344) | (882,344) | ||
Balance, shares at Mar. 31, 2020 | 1,950,783 | |||
Balance, amount at Mar. 31, 2020 | (750,742) | $ 224 | 8,567,988 | (9,318,954) |
Balance, shares at Dec. 31, 2019 | 389,948 | |||
Balance, amount at Dec. 31, 2019 | (1,171,145) | $ 68 | 7,265,397 | (8,436,610) |
Net Loss | (1,174,348) | |||
Balance, shares at Jun. 30, 2020 | 2,315,524 | |||
Balance, amount at Jun. 30, 2020 | (941,231) | $ 261 | 8,669,466 | (9,610,958) |
Balance, shares at Mar. 31, 2020 | 1,950,783 | |||
Balance, amount at Mar. 31, 2020 | (750,742) | $ 224 | 8,567,988 | (9,318,954) |
Note conversion, shares | 364,741 | |||
Note conversion, amount | 101,515 | $ 36 | 101,479 | |
Net Loss | (292,004) | (292,004) | ||
Balance, shares at Jun. 30, 2020 | 2,315,524 | |||
Balance, amount at Jun. 30, 2020 | (941,231) | $ 261 | 8,669,466 | (9,610,958) |
Note conversion, shares | 535,496 | |||
Note conversion, amount | 101,377 | $ 53 | 101,324 | |
Net Loss | (170,271) | (170,271) | ||
Balance, shares at Sep. 30, 2020 | 2,851,020 | |||
Balance, amount at Sep. 30, 2020 | (1,010,124) | $ 314 | 8,770,790 | (9,781,228) |
Note conversion, shares | 577,633 | |||
Note conversion, amount | 114,541 | $ 58 | 114,483 | |
Net Loss | (252,150) | (252,150) | ||
Deemed Dividend | 12,600 | (12,600) | ||
Balance, shares at Dec. 31, 2020 | 3,428,652 | |||
Balance, amount at Dec. 31, 2020 | (1,147,733) | $ 372 | 8,897,873 | (10,045,978) |
Note conversion, shares | 130,409 | |||
Note conversion, amount | 45,515 | $ 13 | 45,502 | |
Net Loss | 110,750 | 110,750 | ||
Round up shares, shares | 965 | |||
Round up shares, amount | $ (29) | 29 | ||
Balance, shares at Mar. 31, 2021 | 3,560,026 | |||
Balance, amount at Mar. 31, 2021 | (991,468) | $ 356 | 8,943,404 | (9,935,228) |
Balance, shares at Dec. 31, 2020 | 3,428,652 | |||
Balance, amount at Dec. 31, 2020 | (1,147,733) | $ 372 | 8,897,873 | (10,045,978) |
Net Loss | (12,202) | |||
Balance, shares at Jun. 30, 2021 | 3,560,026 | |||
Balance, amount at Jun. 30, 2021 | (1,114,420) | $ 356 | 8,943,404 | (10,058,180) |
Balance, shares at Mar. 31, 2021 | 3,560,026 | |||
Balance, amount at Mar. 31, 2021 | (991,468) | $ 356 | 8,943,404 | (9,935,228) |
Net Loss | (122,952) | (122,952) | ||
Balance, shares at Jun. 30, 2021 | 3,560,026 | |||
Balance, amount at Jun. 30, 2021 | $ (1,114,420) | $ 356 | $ 8,943,404 | $ (10,058,180) |
STATEMENT OF CASH FLOWS (unaudi
STATEMENT OF CASH FLOWS (unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES | ||
NET INCOME (LOSS) | $ (12,202) | $ (1,174,348) |
Finance Costs | 9,820 | 111,517 |
Depreciation | 5,970 | 2,614 |
Change in other assets | 149 | (1,479) |
Change in Accounts Receivable | 0 | 0 |
Share Based expense | 0 | 1,150,000 |
Change in Accounts Payable and Accrued Expenses | 57,581 | 31,816 |
Change in Related Party Advances | 0 | (276) |
Change in Derivative and Note Discount | (210,840) | (290,763) |
Net Cash Used by Operating Activities | (149,522) | (170,919) |
INVESTING ACTIVITIES: | ||
Purchase of Equipment | 0 | (3,690) |
Net cash used by investing activities | 0 | (3,690) |
FINANCING ACTIVITIES: | ||
Proceeds from notes payable | 135,000 | 167,000 |
Net cash provided by financing activities | 135,000 | 167,000 |
NET INCREASE (DECREASE) IN CASH | (14,522) | (7,609) |
CASH AT BEGINNING OF PERIOD | 14,591 | 15,634 |
CASH AT END OF PERIOD | 69 | 8,025 |
Supplemental Cashflow Information | ||
Interest Paid | 0 | 0 |
Taxes Paid | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES HISTORY Auscrete Corporation (“the Company”) was formed as an enterprise to take advantage of technologies developed for the construction of affordable, thermally efficient and structurally superior housing. This “GREEN” product is the culmination of design and development since the early 1980’s. The company’s Registration Statement outlines the result of the amalgamation of various material development stages, taking an idea to a product and further developing that product to address an ongoing problem in the world’s largest marketplace, the quest for affordable, efficient and enduring housing. Auscrete’s structures are monetarily highly competitive. A turnkey house, ready to move in sells for around $100-110 per square foot. That is very low in today’s market but is brought about by Auscrete’s ability to manufacture large panels in mass production format. The house is virtually “fastened” together on site to produce an attractive site-built home, a home that will stay where it is put through all kinds of adverse weather and age conditions. It will not burn, is not affected by bugs, termites or rot, it saves extensively on energy costs and has very low maintenance needs. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The summary of significant accounting policies of Auscrete Corporation is presented to assist in the understanding of the Company’s financial statements. The financial statements and notes are representations of the Company’s management, who is responsible for their integrity and objectivity. The financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The financial statements are presented in condensed format and should be read in conjunction with the audited financial statement on the form 10-K for the year ended December 31, 2020. INCOME TAXES On December 22, 2017 H.R. 1, originally known as the Tax Cuts and Jobs Act, (the “Tax Act”) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Act lowers the U.S. federal corporate income tax rate (“Federal Tax Rate”) from 35% to 21% effective January 1, 2018. The Company will compute its income tax expense for the year ended December 31, 2021 using a Federal Tax Rate of 21%. Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25 Income Taxes – Recognition. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist primarily of cash in banks and highly liquid investments with original maturities of 90 days or less. There were $69 cash equivalents as of June 30, 2021, and $14,673 as of December 31, 2020. Fair Value Measurements The Company adopted guidance which defines fair value, establishes a framework for using fair value to measure financial assets and liabilities on a recurring basis, and expands disclosures about fair value measurements. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent sources. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: Level 1 - Valuation is based upon unadjusted quoted market prices for identical assets or liabilities in accessible active markets. Level 2 - Valuation is based upon quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable in the market. Level 3 - Valuation is based on models where significant inputs are not observable. The unobservable inputs reflect a company’s own assumptions about the inputs that market participants would use. The Company’s financial instruments consist of cash, prepaid expenses, inventory, accounts payable, convertible notes payable, advances from related parties, and derivative liabilities. The estimated fair value of cash, prepaid expenses, investments, accounts payable, convertible notes payable and advances from related parties approximate their carrying amounts due to the short-term nature of these instruments. The Company’s derivative liabilities have been valued as Level 3 instruments. Level 1 Level 2 Level 3 Total Fair value of convertible notes derivative liability – June 30, 2021 $ - $ - $ 127,490 $ 127,490 Fair value of convertible notes derivative liability – June 30, 2021 Level 1 Level 2 Level 3 Total Fair value of convertible notes derivative liability – December 31, 2020 $ - $ - $ 389,953 $ 389,953 Fair value of convertible notes derivative liability – December 31, 2020 REVENUE RECOGNITION POLICY The Company recognizes revenue under ASU No. 2014-09, ”Revenue from Contracts with Customers (Topic 606),” · · · · · For the three months ended June 30, 2021 our revenue was $0. COST OF SALES Amounts that will be recorded as cost of sales relate to direct expenses incurred in order to fulfill orders of our products. Such costs are recorded as incurred. Our cost of sales will consist primarily of the cost of product; labor, selling costs and the cost of G&A expenses. PROPERTY AND EQUIPMENT Property and Equipment was stated at historical cost less Accumulated depreciation and amortization. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Depreciation is provided on a straight-line basis over the assets’ estimated useful lives. The useful lives of the assets are as follows: equipment 7-years, vehicles 7-years, and buildings 30-years. Additions and improvements are capitalized while routine repairs and maintenance are charged to expense as incurred. Upon sale or disposition, the historically recorded asset cost and Accumulated depreciation are removed from the Accounts and the net amount less proceeds from disposal is charged or credited to other income or expense. IMPAIRMENT OF LONG-LIVED ASSETS We evaluate long-lived assets for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate their net book value may not be recoverable. When these events occur, we compare 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. There can be no assurance, however, that market conditions will not change or demand for the Company’s products will continue. Either of these could result in the future impairment of long-lived assets. Estimates of fair value are determined through various techniques, including discounted cash flow models and market approaches, as considered necessary. LOSS PER COMMON SHARE Basic loss per common share is computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share consists of the weighted average number of common shares outstanding plus the dilutive effects of options and warrants calculated using the treasury stock method. In loss periods, dilutive common equivalent shares are excluded as the effect would be anti-dilutive. It is estimated that the Company will issue approximately 11,800,000 as a result of conversion of notes. The company also has 2,000,000 in outstanding common stock warrants. Included in the three-month period ending June 30, 2021, all calculations reflect the effects of the 40 to 1 reverse stock split done on February 22, 2020. Fully diluted weighted average common shares and equivalents were withheld from the calculation as they were considered anti-dilutive. RECLASSIFICATION Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported income, total assets, or stockholders’ equity as previously reported. USE OF ESTIMATES The preparation of the financial statements in conformity with generally Accepted Accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. EMERGING GROWTH COMPANY The Company qualifies as an Emerging Growth Company, thus takes advantage of the 1-year deferral period for the adoption of all new accounting standards updates. |
GOING CONCERN AND PLAN OF OPERA
GOING CONCERN AND PLAN OF OPERATION | 6 Months Ended |
Jun. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - GOING CONCERN AND PLAN OF OPERATION | NOTE 2 - GOING CONCERN AND PLAN OF OPERATION The Company’s financial statements have been presented on the basis that it will continue as a going concern. The Company has not generated revenues from construction related operations to date. The Company has an Accumulated deficit of $10,058,180 as of June 30, 2021 which raises substantial doubt about the Company’s ability to continue as a going concern. The Company will use additional funds through equity and debt financing, collaborative or other arrangements with corporate partners, licensees or others, and from other sources, which may have the effect of diluting the holdings of existing shareholders. The Company has subsequent current arrangements with respect to, or sources of, such additional financing and the Company does not anticipate that existing shareholders will be required to provide any portion of the Company’s future financing requirements. No assurance can be given that additional financing will be available when needed or that such financing will be available on terms Acceptable to the Company. If adequate funds are not available, the Company may be required to delay or terminate expenditures for certain of its programs that it would otherwise seek to develop and commercialize. This would have a material adverse effect on the Company and raise doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that may result from the outcome of this uncertainty. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2021 | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS Update 2018-07—Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This was early adopted and there were no outstanding equity awards to be re-valued. Update 2020-06—Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This was issued in August of 2020 and will become effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We are in the process of evaluating the impact to the company. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
RELATED PARTY TRANSACTIONS | |
NOTE 4 - RELATED PARTY TRANSACTIONS | NOTE 4 - RELATED PARTY TRANSACTIONS Though the company has established banking credit cards to assist with the normal everyday purchases and payments of corporate needs such as utilities etc., The CEO and other involved parties often use their own cards for this purpose and, to represent this, the company has a continuous Related Party Advances section in its financial statements. This is adjusted typically at the end of each reporting period. As of June 30, 2021, and December 31, 2020, the balance owed to John Sprovieri was $0 and $0 respectively. |
PROPERTY, INVENTORY AND EQUIPME
PROPERTY, INVENTORY AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2021 | |
PROPERTY, INVENTORY AND EQUIPMENT | |
NOTE 5 - PROPERTY, INVENTORY AND EQUIPMENT | NOTE 5 - PROPERTY, INVENTORY AND EQUIPMENT Notes to Inventory Type and Value: Inventory consists of Finished Product and Raw Materials that are valued at the lower of cost or market. Raw Materials: Raw materials consist of rebar, insulation, surfactant, powdered cement, threaded inserts and sundry items. The cost is based on the cost of purchase from a non-related supplier. As of June 30, 2021 and December 31, 2020 the inventory value was $6,197 and $6,197 respectively. Property and Equipment at June 30, 2021 were comprised of the following at: June 30, 2021 December 31, 2020 Capital Equipment $ 79,631 $ 79,631 Vehicles 6,344 6,344 Accumulated Depreciation (40,730 ) (34,767 ) Net Fixed Assets $ 45,245 $ 51,208 Depreciation expense for the three months ended June 30, 2021 and 2021 was $2,985 and $1,307 respectively. Depreciation expense for the six months ended June 30, 2021 and 2021 was $5,970 and $2,614 respectively. |
EQUITY
EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
EQUITY | |
NOTE 6 - EQUITY | NOTE 6 - EQUITY Common Stock: During the Period January 1, 2020 to December 31, 2020 there were 1,250,000 shares issued to these individuals to recompense post-split roll back numbers issued for service compensation to the Company. Shareholder Issued Cost Basis Michael A. Young 25,000 23,000 Otto B. Paulette 25,000 23,000 William S. Beers 25,000 23,000 Julie Jett-Regnell 25,000 23,000 Elbert L. Odom 25,000 23,000 Kimberly A. Grimm 75,000 69,000 Kathleen D. Jett 125,000 115,000 John & Mary Sprovieri 925,000 851,000 During the Period January 1, 2020 to December 31, 2020, the Company issued 1,788,703 shares for convertible note conversions. During the Period January 1, 2021 to June 30, 2021, the Company issued 130,409 shares for convertible note conversions. On February 22 of 2021 the company performed a 40 for 1 reverse stock split. All share amounts have been adjusted retroactively to reflect the split and adjustments have been made to reflect the par value and adjusted to additional paid in capital. The following table is a list of the foremost 6 shareholders of the Company as of December 31, 2020. NAME ADDRESS Number of Shares 1. John Sprovieri PO Box 813, Rufus OR 97050 43,750 2. CEDE & Company 570 Washington Blvd. 5th. Floor, Jersey City, NJ 07310 271,295 3. Kathleen D Jett PO Box 846 618 W. First Street, Rufus, OR 97050. 25,628 4. Kimberly Grimm 15011 SE Mt Royale Ct. Milwaukie, OR 97267. 125,008 5. E. Lee Odom Jr.7011 Park Green Drive Arlington, TX 76001. 313 6. Michael Young 4405 Hwy. 30 W, The Dalles, OR 97058 2,500 Warrants On May 28, 2019 we issued 2,000,000 in cashless warrants in connection with the issuance of the convertible promissory note dated May 29, 2019 with Crown Bridge Partners, LLC in the amount of $27,500. Warrants - Common Share Equivalents Weighted Average Exercise price Warrants exercisable - Common Share Equivalents Weighted Average Exercise price Outstanding December 31, 2019 - $ - - $ - Additions Granted 2,000,000 0.30 2,000,000.00 0.30 Expired Expired - - - Excercised Exercised - - - - Outstanding December 31, 2020 2,000,000 $ 0.30 2,000,000 $ 0.30 Additions Granted - - - Expired Expired - - - Excercised Exercised - - - - Outstanding June 30, 2021 2,000,000 $ 0.30 2,000,000 $ 0.30 The warrants contained a downround feature that were triggered during 2020, and the result $12,600 of deemed dividend recognized as a result. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2021 | |
INCOME TAXES | |
NOTE 7 - INCOME TAXES | NOTE 7 - INCOME TAXES We currently have no current tax liability, as we have had no revenue and incurred losses since inception. On December 22, 2017 H.R. 1, originally known as the Tax Cuts and Jobs Act, (the “Tax Act”) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Act lowers the U.S. federal corporate income tax rate (“Federal Tax Rate”) from 35% to 21% effective January 1, 2019. The Company will compute its income tax expense for the year ended December 31, 2021 using a Federal Tax Rate of 21%. Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25 Income Taxes – Recognition. Deferred income tax amounts reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes. During the Period January 1, 2020 to December 31, 2020 there were 1,250,000 shares issued to these individuals to recompense post-split roll back numbers issued for service compensation to the Company. As a result the company recognized a share based expense of $1,150,000. This amount was eliminated from the net operating loss carry forward As of June 30, 2021, we had a net operating loss carry-forward of approximately $8,908,180 and a deferred tax asset of approximately $1,870,718 using the statutory rate of 21%. The deferred tax asset may be recognized in future periods, not to exceed 20 years for 2020 and prior and post 2018 are indefinite. However, due to the uncertainty of future events, we have booked valuation allowance of $(1,870,718). FASB ASC 740 prescribes recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. At December 31, 2020, the Company had not taken any tax positions that would require disclosure under FASB ASC 740. June 30, 2021 December 31, 2020 Deferred Tax Asset $ 1,870,718 $ 1,868,155 Valuation Allowance (1,870,719 ) (1,868,155 ) Deferred Tax Asset (net) $ - $ - The Company is subject to tax in the U.S. federal and Washington jurisdictions. These filings are subject to a three-year statute of limitations unless the returns have not been filed at which point the statute of limitations becomes indefinite. No filings are currently under examination. No adjustments have been made to reduce the estimated income tax benefit at year end. Any valuations relating to these income tax provisions will comply with U.S. generally Accepted Accounting principles. |
NOTES PAYABLE AND DERIVATIVE LI
NOTES PAYABLE AND DERIVATIVE LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
NOTES PAYABLE AND DERIVATIVE LIABILITIES | |
NOTE 8 - NOTES PAYABLE AND DERIVATIVE LIABILITIES | NOTE 8 - NOTES PAYABLE AND DERIVATIVE LIABILITIES On February 2, 2018, the company issued a 12-month Convertible Note for the sum of $200,000 to RB Capital at 12%. Convertible at $.004. No beneficial conversion was recognized as the conversion price was higher than the stock price. On May 8, 2018, the company issued a 12-month Convertible Note for the sum of $50,000 to RB Capital at 12%. Convertible at $.004. No beneficial conversion was recognized as the conversion price was higher than the stock price. On June 28, 2018, the company issued a 12-month Convertible Note for the sum of $10,000 to RB Capital at 12%. Convertible at $.004. No beneficial conversion was recognized as the conversion price was higher than the stock price. On December 7, 2018, the company issued a 12-month Convertible Note for the sum of $25,000 to RB Capital at 12%. Convertible at $.004. No beneficial conversion was recognized as the conversion price was higher than the stock price. On October 25, 2019, the company issued a 12-month Convertible Note for the sum of $15,000 to RB Capital at 12%. Convertible at $.01. As a result we recognized a beneficial conversion cost of $45,000. On November 15, 2019, the company issued a 12-month Convertible Note for the sum of $25,000 to RB Capital at 12%. Convertible at $.01. As a result, we recognized a beneficial conversion cost of $7,500. On December 13, 2019, the company issued a 12-month Convertible Note for the sum of $20,000 to RB Capital at 12%. Convertible at $.03. No beneficial conversion was recognized as the conversion price was higher than the stock price. On January 13, 2020, the company issued a 12-month Convertible Note for the sum of $20,000 to RB Capital at 10%. Convertible at $.10. No beneficial conversion was recognized as the conversion price was higher than the stock price. On February 10, 2020, the company issued a 12-month Convertible Note for the sum of $25,000 to RB Capital at 10%. Convertible at $.15. No beneficial conversion was recognized as the conversion price was higher than the stock price. On April 7, 2020, the company issued a 12-month Convertible Note for the sum of $15,000 to RB Capital at 10%. Convertible at $.05. No beneficial conversion was recognized as the conversion price was higher than the stock price. On June 5, 2020, the company issued a 12-month Convertible Note for the sum of $20,000 to RB Capital at 10%. Convertible at $.10. No beneficial conversion was recognized as the conversion price was higher than the stock price. On June 25, 2020, the company issued a 12-month Convertible Note for the sum of $30,000 to Shmeul Rotbard at 8%. Convertible at $.008. No beneficial conversion was recognized as the conversion price was higher than the stock price. On July 23, 2020, the company issued a 12-month Convertible Note for the sum of $15,000 to RB Capital at 10%. Convertible at $.05. No beneficial conversion was recognized as the conversion price was higher than the stock price. On August 17, 2020, the company issued a 12-month Convertible Note for the sum of $50,000 to RB Capital at 10%. Convertible at $.05. No beneficial conversion was recognized as the conversion price was higher than the stock price. On November 10, 2020, the company issued a 12-month Convertible Note for the sum of $25,000 to RB Capital at 10%. Convertible at $.01. No beneficial conversion was recognized as the conversion price was higher than the stock price. On December 14, 2020, the company issued a 12-month Convertible Note for the sum of $45,000 to RB Capital at 10%. Convertible at $.01. No beneficial conversion was recognized as the conversion price was higher than the stock price. On January 29, 2021, the company issued a 12-month Convertible Note for the sum of $35,000 to RB Capital at 10%. Convertible at $.01. No beneficial conversion was recognized as the conversion price was higher than the stock price. On March 16, 2021, the company issued a 12-month Convertible Note for the sum of $50,000 to RB Capital at 10%. Convertible at $.01. No beneficial conversion was recognized as the conversion price was higher than the stock price. On May 10, 2021, the company issued a 12-month Convertible Note for the sum of $50,000 to RB Capital at 10%. Convertible at $.20. No beneficial conversion was recognized as the conversion price was higher than the stock price. As a result of the convertible notes we recognized the embedded derivative liability on the date that the note was convertible. We also revalued the remaining derivative liability on the outstanding note balance on the date of the balance sheet. The inputs used were a weighted volatility of 212% and a risk free discount rate of .09% The convertible notes have interest rates that range from 8% to 12% per annum and default rates that range from 12% to 24% per annum. The maturity dates range from six months to one year. The conversion rates range from 55% discount to the market to 62% discount to the market. As of June 30, 2021, there were nineteen convertible notes outstanding, The remaining derivative liabilities valued using the level 3 inputs in the fair value hierarchy were: June 30, 2021 December 31, 2020 Derivative Liabilities on Convertible Loans: Outstanding Balance 127,490 389,953 |
COMMITMENTS
COMMITMENTS | 6 Months Ended |
Jun. 30, 2021 | |
COMMITMENTS | |
NOTE 9 - COMMITMENTS | NOTE 9 - COMMITMENTS The company maintains a month-to-month lease agreement on a 8,000 sq. ft. facility located in outer Goldendale and monthly lease cost is $2,000. The total lease payments for the six months ended June 30, 2021 were $12,000. As of June 30, 2021 the company has not remitted all of the backup withholdings, which could result in material trust-fund penalties from the internal revenue service. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
SUBSEQUENT EVENTS | |
NOTE 10 - SUBSEQUENT EVENTS | NOTE 10 - SUBSEQUENT EVENTS In accordance with ASC 855, the Company has analyzed its operations subsequent to June 30, 2021 through the date these financial statements were issued, and has determined that it does not have any other material subsequent events to disclose in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | The summary of significant accounting policies of Auscrete Corporation is presented to assist in the understanding of the Company’s financial statements. The financial statements and notes are representations of the Company’s management, who is responsible for their integrity and objectivity. The financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The financial statements are presented in condensed format and should be read in conjunction with the audited financial statement on the form 10-K for the year ended December 31, 2020. |
INCOME TAXES | On December 22, 2017 H.R. 1, originally known as the Tax Cuts and Jobs Act, (the “Tax Act”) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Act lowers the U.S. federal corporate income tax rate (“Federal Tax Rate”) from 35% to 21% effective January 1, 2018. The Company will compute its income tax expense for the year ended December 31, 2021 using a Federal Tax Rate of 21%. Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25 Income Taxes – Recognition. |
CASH AND CASH EQUIVALENTS | Cash and cash equivalents consist primarily of cash in banks and highly liquid investments with original maturities of 90 days or less. There were $69 cash equivalents as of June 30, 2021, and $14,673 as of December 31, 2020. |
Fair Value Measurements | The Company adopted guidance which defines fair value, establishes a framework for using fair value to measure financial assets and liabilities on a recurring basis, and expands disclosures about fair value measurements. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent sources. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: Level 1 - Valuation is based upon unadjusted quoted market prices for identical assets or liabilities in accessible active markets. Level 2 - Valuation is based upon quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable in the market. Level 3 - Valuation is based on models where significant inputs are not observable. The unobservable inputs reflect a company’s own assumptions about the inputs that market participants would use. The Company’s financial instruments consist of cash, prepaid expenses, inventory, accounts payable, convertible notes payable, advances from related parties, and derivative liabilities. The estimated fair value of cash, prepaid expenses, investments, accounts payable, convertible notes payable and advances from related parties approximate their carrying amounts due to the short-term nature of these instruments. The Company’s derivative liabilities have been valued as Level 3 instruments. Level 1 Level 2 Level 3 Total Fair value of convertible notes derivative liability – June 30, 2021 $ - $ - $ 127,490 $ 127,490 Fair value of convertible notes derivative liability – June 30, 2021 Level 1 Level 2 Level 3 Total Fair value of convertible notes derivative liability – December 31, 2020 $ - $ - $ 389,953 $ 389,953 Fair value of convertible notes derivative liability – December 31, 2020 |
REVENUE RECOGNITION POLICY | The Company recognizes revenue under ASU No. 2014-09, ”Revenue from Contracts with Customers (Topic 606),” · · · · · For the three months ended June 30, 2021 our revenue was $0. |
COST OF SALES | Amounts that will be recorded as cost of sales relate to direct expenses incurred in order to fulfill orders of our products. Such costs are recorded as incurred. Our cost of sales will consist primarily of the cost of product; labor, selling costs and the cost of G&A expenses. |
PROPERTY AND EQUIPMENT | Property and Equipment was stated at historical cost less Accumulated depreciation and amortization. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Depreciation is provided on a straight-line basis over the assets’ estimated useful lives. The useful lives of the assets are as follows: equipment 7-years, vehicles 7-years, and buildings 30-years. Additions and improvements are capitalized while routine repairs and maintenance are charged to expense as incurred. Upon sale or disposition, the historically recorded asset cost and Accumulated depreciation are removed from the Accounts and the net amount less proceeds from disposal is charged or credited to other income or expense. |
IMPAIRMENT OF LONG-LIVED ASSETS | We evaluate long-lived assets for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate their net book value may not be recoverable. When these events occur, we compare 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. There can be no assurance, however, that market conditions will not change or demand for the Company’s products will continue. Either of these could result in the future impairment of long-lived assets. Estimates of fair value are determined through various techniques, including discounted cash flow models and market approaches, as considered necessary. |
LOSS PER COMMON SHARE | Basic loss per common share is computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share consists of the weighted average number of common shares outstanding plus the dilutive effects of options and warrants calculated using the treasury stock method. In loss periods, dilutive common equivalent shares are excluded as the effect would be anti-dilutive. It is estimated that the Company will issue approximately 11,800,000 as a result of conversion of notes. The company also has 2,000,000 in outstanding common stock warrants. Included in the three-month period ending June 30, 2021, all calculations reflect the effects of the 40 to 1 reverse stock split done on February 22, 2020. Fully diluted weighted average common shares and equivalents were withheld from the calculation as they were considered anti-dilutive. |
RECLASSIFICATION | Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported income, total assets, or stockholders’ equity as previously reported. |
USE OF ESTIMATES | The preparation of the financial statements in conformity with generally Accepted Accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. |
EMERGING GROWTH COMPANY | The Company qualifies as an Emerging Growth Company, thus takes advantage of the 1-year deferral period for the adoption of all new accounting standards updates. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of Fair Value Measurement | Level 1 Level 2 Level 3 Total Fair value of convertible notes derivative liability – June 30, 2021 $ - $ - $ 127,490 $ 127,490 Fair value of convertible notes derivative liability – June 30, 2021 Level 1 Level 2 Level 3 Total Fair value of convertible notes derivative liability – December 31, 2020 $ - $ - $ 389,953 $ 389,953 |
PROPERTY, INVENTORY AND EQUIP_2
PROPERTY, INVENTORY AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
PROPERTY, INVENTORY AND EQUIPMENT | |
Schedule of Property and Equipment | June 30, 2021 December 31, 2020 Capital Equipment $ 79,631 $ 79,631 Vehicles 6,344 6,344 Accumulated Depreciation (40,730 ) (34,767 ) Net Fixed Assets $ 45,245 $ 51,208 |
EQUITY (Tables)
EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
EQUITY | |
Schedule of shares issued | Shareholder Issued Cost Basis Michael A. Young 25,000 23,000 Otto B. Paulette 25,000 23,000 William S. Beers 25,000 23,000 Julie Jett-Regnell 25,000 23,000 Elbert L. Odom 25,000 23,000 Kimberly A. Grimm 75,000 69,000 Kathleen D. Jett 125,000 115,000 John & Mary Sprovieri 925,000 851,000 |
Schedule of shares outstanding | NAME ADDRESS Number of Shares 1. John Sprovieri PO Box 813, Rufus OR 97050 43,750 2. CEDE & Company 570 Washington Blvd. 5th. Floor, Jersey City, NJ 07310 271,295 3. Kathleen D Jett PO Box 846 618 W. First Street, Rufus, OR 97050. 25,628 4. Kimberly Grimm 15011 SE Mt Royale Ct. Milwaukie, OR 97267. 125,008 5. E. Lee Odom Jr.7011 Park Green Drive Arlington, TX 76001. 313 6. Michael Young 4405 Hwy. 30 W, The Dalles, OR 97058 2,500 |
Schedule of warrants issued | Warrants - Common Share Equivalents Weighted Average Exercise price Warrants exercisable - Common Share Equivalents Weighted Average Exercise price Outstanding December 31, 2019 - $ - - $ - Additions Granted 2,000,000 0.30 2,000,000.00 0.30 Expired Expired - - - Excercised Exercised - - - - Outstanding December 31, 2020 2,000,000 $ 0.30 2,000,000 $ 0.30 Additions Granted - - - Expired Expired - - - Excercised Exercised - - - - Outstanding June 30, 2021 2,000,000 $ 0.30 2,000,000 $ 0.30 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
INCOME TAXES | |
Schedule of deferred tax asset | June 30, 2021 December 31, 2020 Deferred Tax Asset $ 1,870,718 $ 1,868,155 Valuation Allowance (1,870,719 ) (1,868,155 ) Deferred Tax Asset (net) $ - $ - |
NOTES PAYABLE AND DERIVATIVE _2
NOTES PAYABLE AND DERIVATIVE LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
NOTES PAYABLE AND DERIVATIVE LIABILITIES | |
Schedule of derivative liabilities | June 30, 2021 December 31, 2020 Derivative Liabilities on Convertible Loans: Outstanding Balance 127,490 389,953 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fair value of convertible notes derivative liability | $ 127,490 | $ 389,953 |
Level 1 | ||
Fair value of convertible notes derivative liability | 0 | 0 |
Level 2 | ||
Fair value of convertible notes derivative liability | 0 | 0 |
Level 3 | ||
Fair value of convertible notes derivative liability | $ 127,490 | $ 389,953 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents | $ 69 | $ 14,673 |
Fedral tax rate | 21% | |
Shares issuable upon conversion of note, shares | 11,800,000 | |
Warrants outstanding | 2,000,000 | |
Description of reverse stock split | all calculations reflect the effects of the 40 to 1 reverse stock split done on February 22, 2020 | |
Equipment | ||
Estimated useful life of asset | 7-years | |
Vehicle | ||
Estimated useful life of asset | 7-years | |
Buildings | ||
Estimated useful life of asset | 30-years |
GOING CONCERN AND PLAN OF OPE_2
GOING CONCERN AND PLAN OF OPERATION (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
GOING CONCERN AND PLAN OF OPERATION (Details Narrative) | ||
Accumulated deficit | $ (10,058,180) | $ (10,045,978) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 30, 2020 |
John Sprovieri [Member] | ||
Due to related party | $ 0 | $ 0 |
PROPERTY, INVENTORY AND EQUIP_3
PROPERTY, INVENTORY AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Accumulated Depreciation | $ (40,730) | $ (34,767) |
Net Fixed Assets | 45,245 | 51,208 |
Capital Equipment | ||
Property and Equipment | 79,631 | 79,631 |
Vehicle | ||
Property and Equipment | $ 6,344 | $ 6,344 |
PROPERTY, INVENTORY AND EQUIP_4
PROPERTY, INVENTORY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
PROPERTY, INVENTORY AND EQUIPMENT | |||||
Depreciation expenses | $ 2,985 | $ 1,307 | $ 5,970 | $ 2,614 | |
Inventory | $ 6,197 | $ 6,197 | $ 6,197 |
EQUITY (Details)
EQUITY (Details) | 12 Months Ended |
Dec. 31, 2020shares | |
Michael A. Young [Member] | |
Shareholder issued | 25,000 |
Shareholder cost basis | 23,000 |
Otto B. Paulette [Member] | |
Shareholder issued | 25,000 |
Shareholder cost basis | 23,000 |
William S. Beers [Member] | |
Shareholder issued | 25,000 |
Shareholder cost basis | 23,000 |
Julie Jett-Regnell [Member] | |
Shareholder issued | 25,000 |
Shareholder cost basis | 23,000 |
Elbert L. Odom [Member] | |
Shareholder issued | 25,000 |
Shareholder cost basis | 23,000 |
Kimberly A. Grimm [Member] | |
Shareholder issued | 75,000 |
Shareholder cost basis | 69,000 |
Kathleen D. Jett [Member] | |
Shareholder issued | 125,000 |
Shareholder cost basis | 115,000 |
John & Mary Sprovieri[Member] | |
Shareholder issued | 925,000 |
Shareholder cost basis | 851,000 |
EQUITY (Details 1)
EQUITY (Details 1) | 12 Months Ended |
Dec. 31, 2020shares | |
John Sprovieri [Member] | |
Number of Shares | 43,750 |
Description of number of shares address | PO Box 813, Rufus OR 97050 |
CEDE & Company [Member] | |
Number of Shares | 271,295 |
Description of number of shares address | 570 Washington Blvd. 5th. Floor, Jersey City, NJ 07310 |
Kathleen D Jett [Member] | |
Number of Shares | 25,628 |
Description of number of shares address | PO Box 846 618 W. First Street, Rufus, OR 97050 |
Kimberly Grimm [Member] | |
Number of Shares | 125,008 |
Description of number of shares address | 15011 SE Mt Royale Ct. Milwaukie, OR 97267 |
E. Lee Odom [Member] | |
Number of Shares | 313 |
Description of number of shares address | 7011 Park Green Drive Arlington, TX 76001 |
Michael Young [Member] | |
Number of Shares | 2,500 |
Description of number of shares address | 4405 Hwy. 30 W, The Dalles, OR 97058 |
EQUITY (Details 2)
EQUITY (Details 2) - Warrants [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Warrants - Common Share Equivalents Beginning | 2,000,000 | 0 |
Warrants - Common Share Equivalents Granted | 0 | 2,000,000 |
Warrants - Common Share Equivalent Expired | 0 | 0 |
Warrants - Common Share Equivalents Exercised | 0 | 0 |
Warrants - Common Share Equivalents Ending | 2,000,000 | 2,000,000 |
Weighted Average Exercise price | ||
Weighted Average Exercise price Granted | $ 0.30 | |
Weighted Average Exercise price Ending | $ 0.30 | $ 0.30 |
Warrants exercisable - Common Share Equivalents | ||
Weighted Average Exercise price Beginning | $ 0.30 | |
Warrants exercisable - Common Share Equivalents Beginning | 2,000,000 | 0 |
Warrants exercisable - Common Share Equivalents Granted | 2,000,000 | |
Warrants exercisable - Common Share Equivalents Ending | 2,000,000 | 2,000,000 |
Weighted Average Exercise price (Exercisable) | ||
Weighted Average Exercise price (Exercisable) Beginning | $ 0.30 | $ 0 |
Weighted Average Exercise price (Exercisable) Granted | 0.30 | |
Weighted Average Exercise price (Exercisable) Ending | $ 0.30 | $ 0.30 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Feb. 22, 2021 | May 28, 2019 | Jun. 30, 2021 | Dec. 31, 2020 | |
Deemed dividend | $ 12,600 | |||
Note conversion | 130,409 | 1,788,703 | ||
Reverse stock split | 40 for 1 | |||
Individuals [Member] | ||||
Issuance Common stock for services | 1,250,000 | |||
Crown Bridge Partners, LLC [Member] | ||||
Number of shares issuance of concertible promissory note Shares | 2,000,000 | |||
Number of shares issuance of concertible promissory note Amount | $ 27,500 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
INCOME TAXES (Details) | ||
Deferred Tax Asset | $ 1,870,718 | $ 1,868,155 |
Valuation Allowance | (1,870,719) | (1,868,155) |
Deferred Tax Asset (net) | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
INCOME TAXES (Details) | ||
Shares issued under post-split roll back numbers issued for service compensation, shares | 1,250,000 | |
Net operating loss carryforward | $ 8,908,180 | |
Deferred tax assets | $ 1,870,718 | |
Description of deffered tax asset | The deferred tax asset may be recognized in future periods, not to exceed 20 years for 2020 and prior and post 2018 are indefinite. | |
Valuation allowances | $ (1,870,718) | |
Share based compensation expense | $ 1,150,000 |
NOTES PAYABLE AND DERIVATIVE _3
NOTES PAYABLE AND DERIVATIVE LIABILITIES (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 30, 2020 |
INCOME TAXES (Details) | |||
Outstanding Balance | $ 127,490 | $ 389,953 | $ 389,953 |
NOTES PAYABLE AND DERIVATIVE _4
NOTES PAYABLE AND DERIVATIVE LIABILITIES (Details Narrative) | 6 Months Ended |
Jun. 30, 2021USD ($)$ / shares | |
Volatility rate | 212.00% |
Risk free rate | 0.09% |
Terms of maturity conversation | The maturity dates range from six months to one year. The conversion rates range from 55% discount to the market to 62% discount to the market |
Maximum [Member] | |
Convertible notes interest rates | 12% |
Default rates range | 24% |
Minimum [Member] | |
Convertible notes interest rates | 8% |
Default rates range | 12% |
RB Capital [Member] | February 2, 2018 [Member] | |
Converted instrument rate | 12% |
Convertible notes payable | $ 200,000 |
Debt convertible conversation price | $ / shares | $ 0.004 |
RB Capital [Member] | May 8, 2018 [Member] | |
Converted instrument rate | 12% |
Convertible notes payable | $ 50,000 |
Debt convertible conversation price | $ / shares | $ 0.004 |
RB Capital [Member] | June 28, 2018 [Member] | |
Converted instrument rate | 12% |
Convertible notes payable | $ 10,000 |
Debt convertible conversation price | $ / shares | $ 0.004 |
RB Capital [Member] | December 7, 2018 [Member] | |
Converted instrument rate | 12% |
Convertible notes payable | $ 25,000 |
Debt convertible conversation price | $ / shares | $ 0.004 |
RB Capital [Member] | October 25, 2019 [Member] | |
Converted instrument rate | 12% |
Convertible notes payable | $ 15,000 |
Debt convertible conversation price | $ / shares | $ 0.01 |
Beneficial conversion cost | $ 45,000 |
RB Capital [Member] | November 15, 2019 [Member] | |
Converted instrument rate | 12% |
Convertible notes payable | $ 25,000 |
Debt convertible conversation price | $ / shares | $ 0.01 |
Beneficial conversion cost | $ 7,500 |
RB Capital [Member] | December 13, 2019 [Member] | |
Converted instrument rate | 12% |
Convertible notes payable | $ 20,000 |
Debt convertible conversation price | $ / shares | $ 0.03 |
RB Capital [Member] | January 13, 2020 [Member] | |
Converted instrument rate | 10% |
Convertible notes payable | $ 20,000 |
Debt convertible conversation price | $ / shares | $ 0.10 |
RB Capital [Member] | February 10, 2020 [Member] | |
Converted instrument rate | 10% |
Convertible notes payable | $ 25,000 |
Debt convertible conversation price | $ / shares | $ 0.15 |
RB Capital [Member] | April 7, 2020 [Member] | |
Converted instrument rate | 10% |
Convertible notes payable | $ 15,000 |
Debt convertible conversation price | $ / shares | $ 0.05 |
RB Capital [Member] | June 5, 2020 [Member] | |
Converted instrument rate | 10% |
Convertible notes payable | $ 20,000 |
Debt convertible conversation price | $ / shares | $ 0.10 |
RB Capital [Member] | July 23, 2020 [Member] | |
Converted instrument rate | 10% |
Convertible notes payable | $ 15,000 |
Debt convertible conversation price | $ / shares | $ 0.05 |
RB Capital [Member] | August 17, 2020 [Member] | |
Converted instrument rate | 10% |
Convertible notes payable | $ 50,000 |
Debt convertible conversation price | $ / shares | $ 0.05 |
RB Capital [Member] | November 10, 2020 [Member] | |
Converted instrument rate | 10% |
Convertible notes payable | $ 25,000 |
Debt convertible conversation price | $ / shares | $ 0.01 |
RB Capital [Member] | December 14, 2020 [Member] | |
Converted instrument rate | 10% |
Convertible notes payable | $ 45,000 |
Debt convertible conversation price | $ / shares | $ 0.01 |
RB Capital [Member] | January 29, 2021 [Member] | |
Converted instrument rate | 10% |
Convertible notes payable | $ 35,000 |
Debt convertible conversation price | $ / shares | $ 0.01 |
RB Capital [Member] | March 16, 2021 [Member] | |
Converted instrument rate | 10% |
Convertible notes payable | $ 50,000 |
Debt convertible conversation price | $ / shares | $ 0.01 |
RB Capital [Member] | May 10, 2021 [Member] | |
Converted instrument rate | 10% |
Convertible notes payable | $ 50,000 |
Debt convertible conversation price | $ / shares | $ 0.20 |
Shmeul Rotbard [Member] | June 25, 2020 [Member] | |
Converted instrument rate | 8% |
Convertible notes payable | $ 30,000 |
Debt convertible conversation price | $ / shares | $ 0.008 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
COMMITMENTS | |
Total lease payment | $ 12,000 |
Description of lease agreement | The company maintains a month-to-month lease agreement on a 8,000 sq. ft. facility located in outer Goldendale and monthly lease cost is $2,000. |