Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 31, 2022 | Jun. 30, 2021 | |
Details | |||
Registrant CIK | 0001498372 | ||
Fiscal Year End | --12-31 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 000-56347 | ||
Entity Registrant Name | iWallet Corp | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 27-1830013 | ||
Entity Address, Address Line One | 401 Ryland St., Ste. 200A | ||
Entity Address, City or Town | Reno | ||
Entity Address, State or Province | NV | ||
Entity Address, Postal Zip Code | 89502 | ||
City Area Code | 858 | ||
Local Phone Number | 610-2958 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,025,683 | ||
Entity Common Stock, Shares Outstanding | 52,819,419 | ||
Auditor Firm ID | 6117 | ||
Auditor Name | Pinnacle Accountancy Group of Utah | ||
Auditor Location | Farmington, Utah | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 49,658 | $ 11,990 |
Total Current Assets | 49,658 | 11,990 |
Total Assets | 49,658 | 11,990 |
Current Liabilities | ||
Accounts payable, net, current | 4,499 | 0 |
Accrued interest payable, net, current | 337,826 | 272,831 |
Due to related parties, current | 4,647 | 4,647 |
Convertible Debentures, current | 504,500 | 504,500 |
Total Current Liabilities | 851,472 | 781,978 |
Total Liabilities | 851,472 | 781,978 |
Stockholders' Deficit | ||
Common stock value | 52,819 | 37,819 |
Additional Paid-in Capital | 4,252,563 | 3,952,563 |
Accumulated Deficit | (5,107,196) | (4,760,370) |
Total Stockholders' Deficit | (801,814) | (769,988) |
Total Liabilities and Stockholders' Deficit | $ 49,658 | $ 11,990 |
Balance Sheets - Parenthetical
Balance Sheets - Parenthetical - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares, Outstanding | 52,819,419 | 37,819,419 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Details | ||
Revenues | $ 69,400 | $ 0 |
Cost of Sales | 27,450 | 0 |
Gross Profit | 41,950 | 0 |
Operating Expenses | ||
Amortization Expense | 0 | 2,218 |
General and Administrative Expenses | 245,731 | 7,789 |
Total Operating Expenses | 245,731 | 10,007 |
Operating Loss | (203,781) | (10,007) |
Other Income (Expense) | ||
Gain (loss) on settlement of accounts payable | (78,050) | 0 |
Interest Expense | (64,995) | (60,151) |
Total Other Income (Expense) | (143,045) | (60,151) |
Net (loss) | $ (346,826) | $ (70,158) |
Basic and Diluted Earnings per Share | $ (0.01) | $ 0 |
Weighted Average Common Shares - Basic and Diluted | 43,908,460 | 37,819,419 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity (Deficit) - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Equity Balance at Dec. 31, 2019 | $ 37,819 | $ 3,952,563 | $ (4,690,212) | $ (699,830) |
Equity Balance, Shares at Dec. 31, 2019 | 37,819,419 | |||
Net (loss) | $ 0 | 0 | (70,158) | (70,158) |
Equity Balance at Dec. 31, 2020 | $ 37,819 | 3,952,563 | (4,760,370) | (769,988) |
Equity Balance, Shares at Dec. 31, 2020 | 37,819,419 | |||
Net (loss) | $ 0 | 0 | (346,826) | (346,826) |
Equity Balance at Dec. 31, 2021 | $ 52,819 | 4,252,563 | (5,107,196) | (801,814) |
Equity Balance, Shares at Dec. 31, 2021 | 52,819,419 | |||
Stock issued for debt, value | $ 2,500 | 100,000 | 0 | $ 102,500 |
Stock issued for debt, shares | 2,500,000 | 2,500,000 | ||
Stock issued for services, value | $ 12,500 | $ 200,000 | $ 0 | $ 212,500 |
Stock issued for services, shares | 12,500,000 | 12,500,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | ||
Net (loss) | $ (346,826) | $ (70,158) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities | ||
Amortization | 0 | 2,218 |
Stock-based compensation | 212,500 | 0 |
Gain (loss) on settlement of accounts payable | 78,050 | 0 |
Changes in operating assets and liabilities | ||
Increase (Decrease) in Accounts Payable | 28,949 | (249) |
(Decrease) in Accrued Liabilities | 0 | (40) |
Increase in Accrued Interest Payable | 64,995 | 60,151 |
Net Cash Provided by (Used in) Operating Activities | 37,668 | (8,078) |
Cash Flows from Investing Activities | ||
Net Cash Provided by Investing Activities | 0 | 0 |
Cash Flows from Financing Activities | ||
Net Cash Provided by Financing Activities | 0 | 0 |
Net Increase in Cash | 37,668 | (8,078) |
Cash at Beginning of Year | 11,990 | 20,068 |
Cash at End of Year | 49,658 | 11,990 |
Supplemental Disclosure Information | ||
Interest Paid in Cash | 0 | 0 |
Income Taxes paid in Cash | 0 | 0 |
Schedule of Non-Cash Investing and Financing Activities | ||
Issuance of Common Stock for Settlement of Accounts Payable | $ 24,450 | $ 0 |
Nature of Business and Going Co
Nature of Business and Going Concern | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Nature of Business and Going Concern | 1. Nature of Business and Going Concern iWallet Corp (“the Company”) has been engaged in the design, development, manufacturing and sales of bio-metric locking wallets, which operate by scanning a user’s fingerprint to open the wallet. iWallet Corporation (“iWallet”) was incorporated on November 18, 2009 in the State of California and is located at 7394 Trade Street, San Diego, California 92121. On July 21, 2014 the Company merged with iWallet Acquisition Corporation (the “Acquisition Sub”) (“the Merger”), a subsidiary formed by Queensridge Mining Resources, Inc. (“Queensridge”) for purposes of the Merger, which resulted in the Company becoming a wholly-owned subsidiary of Queensridge. Immediately following the merger, the Acquisition Sub merged with and into Queensridge. Queensridge immediately changed its name to iWallet Corp and is continuing the business of iWallet as its only line of business. The Company began trading on July 21, 2014 on the OTCQB Exchange under the ticker symbol IWAL. The Company’s functional currency is the U.S. Dollar. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (‘U.S. GAAP’), which contemplates continuation of the Company as a going concern. As of December 31, 2021 and 2020, the Company had a deficit of $5,107,196 and $4,760,370, respectively, and has significant losses and negative cash flows from operations for the years then ended. The Company completed a public listing transaction, which raised additional funds and includes warrant agreements which may provide additional funds. However, there is no certainty that the Company will be successful in generating sufficient cash flow from operations or achieving and maintaining profitable operations in the near future to enable it to meet its obligations as they come due. As a result, there is substantial doubt regarding the Company’s ability to continue as a going concern. The future of the Company is dependent upon its ability to obtain financing and upon achieving profitable operations. Management has raised additional capital through private placement offerings and has plans to raise funds through public offering of its capital stock. While the Company has been successful in securing such financing in the past, there is no assurance that it will be able to do so in the future. Accordingly, these financial statements do not give effect to adjustments, relating to the recoverability and classification of recorded assets, or the amounts of and classifications of liabilities that might be necessary in the event the Company cannot continue in existence. These financial statements do not include any adjustments relating to the recoverability and classification of the recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Significant Accounting Policies | 2. Significant Accounting Policies Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates include amounts for useful lives of patents, trademarks, software and website development costs (note 4). Intangible assets Patents and trademarks are measured at cost. Legal fees associated with patents and trademarks, which are expected to be issued, are recorded as patents and trademarks on the balance sheets. Upon approval by the relevant patent office, the patents and trademarks are amortized over their respective expected lives. Patent and trademark costs associated with patents or trademarks which are not approved or are abandoned, are expensed in the period in which such patents are not approved. The Company expects to maintain patents for up to 20 years from the effective date and the trademark registrations for as long as the trademarks remain in use and the required filings are made to keep them in use. However, based on the Company's assessment of potential innovation or other competing technological developments a useful life of ten years has been assessed for both the patents and the trademarks. Software consists of costs relating to the development of the software behind the biometric scanning and the other security programs involved in the wallets. Costs relating to the development of this software are capitalized and amortized over its estimated useful life of ten years. Website development costs relating to website and mobile application and software development are also capitalized and amortized over its estimated useful life of three years. Topic 350-20, Goodwill, and 350-30, General Intangibles Other than Goodwill, in the Accounting Standards Codification (“ASC”) requires intangible assets with a finite life be tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated discounted cash flow used in determining the fair value of the asset. Fair value of financial instruments ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs which are as observable as possible and the methods most applicable to the specific situation of each company or valued item. The carrying amounts of cash, accounts payable, accrued liabilities, due to related party, and convertible debentures approximate fair value because of their short-term nature. Revenue recognition The Company plans to derive revenue primarily from the sale of its wallets. The Company also will derive an insignificant amount of revenue from providing engraving of the wallets. Engraving revenues will be recognized concurrent with the revenues for the related wallet. The Company also will earn revenue from consulting contracts with others desiring to operate in the smart wallet sector. Revenue is recognized in accordance with ASC 606. The Company performs the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies the five-step model to arrangements that meet the definition of a contract under ASC 606, Revenue from Contracts with Customers, including when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company evaluates the goods or services promised within each contract related performance obligation and assesses whether each promised good or service is distinct. The Company recognizes as revenue, the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company earned $69,400 in consulting revenue during the year ended December 31, 2021, along with cost of sales of $27,450 from outside services providing technology for our consulting services. The Company did not generate any revenue during the year ended December 31, 2020. Concentrations of credit risk The Company’s cash balances are maintained in bank accounts in the United States. Deposits held in banks in the United States are insured up to $250,000 per depositor for each bank by the Federal Deposit Insurance Corporation. Actual balances at times may exceed these limits. Loss per share of common stock Loss per common share (basic and diluted) is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period. Common stock equivalents are excluded from the computation of diluted loss per share when their effect is anti-dilutive. Diluted loss per share and the weighted average number of shares of common stock exclude 0 and 650,000 potentially dilutive warrants (note 8), and 5,776,146 and 5,330,851 potentially convertible debenture shares (note 6) for the years ended December 31, 2021 and 2020, respectively, since their effect is anti-dilutive. Income taxes Income taxes are computed in accordance with the provisions of ASC 740, Income Taxes, which requires, among other things, a liability approach to calculating deferred income taxes. The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company is required to make certain estimates and judgments about the application of tax law, the expected resolution of uncertain tax positions and other matters. In the event that uncertain tax positions are resolved for amounts different than the Company’s estimates, or the related statutes of limitations expire without the assessment of additional income taxes, the Company will be required to adjust the amounts of the related assets and liabilities in the period in which such events occur. Such adjustments may have a material impact on the Company’s income tax provision and results of operations. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards and Recently Adopted Accounting Pronouncement | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Recently Issued Accounting Standards and Recently Adopted Accounting Pronouncement | 3. Recently Issued Accounting Standards and Recently Adopted Accounting Pronouncement Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. |
Intangible Assets Disclosure
Intangible Assets Disclosure | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Intangible Assets Disclosure | 4. Intangible Assets December 31, 2021 and 2020 Cost Accumulated Amortization Net Book Value Patents $ 78,619 $ 78,619 $ - Trademarks 16,909 16,909 - Software 51,680 51,680 - Website Development 16,000 16,000 - $ 163,208 $ 163,208 $ - Amortization for the years ended December 31, 2021 and 2020 was $0 and $2,218, respectively. |
Related Party Transactions Disc
Related Party Transactions Disclosure | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Related Party Transactions Disclosure | 5. Related Party Transactions and Balances December 31, 2021 December 31, 2020 Current Liabilities Due to Related Party $ 4,647 $ 4,647 The above balances are non-interest bearing, unsecured and due on demand. The related party is affiliated by virtue of common ownership. |
Convertible Debentures Disclosu
Convertible Debentures Disclosure | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Convertible Debentures Disclosure | 6. Convertible Debentures In fiscal 2015, the Company issued two tranches, one in April and one in September, of secured convertible debentures with identical terms and maturity dates (together, “the Debentures”) for gross proceeds of $492,500. The Company incurred $39,400 in broker’s commissions resulting in net proceeds of $453,100. The Debentures bear interest at a rate of 8% per annum, with interest payments due semi-annually. The Debentures matured originally on April 30, 2017. On July 13, 2021, the Company re-negotiated these debentures and extended the maturity date to April 30, 2022. The Debentures are convertible at any time, in whole, to shares of common stock at a conversion price of $0.15 per share. At December 31, 2021 and 2020, the accrued interest was $333,762 and $269,967, respectively. The conversion feature was determined to be an embedded derivative; however, since the instrument is a conventional convertible debenture the conversion feature was not bifurcated. Additionally, the conversion feature was determined not to be beneficial in both tranches as the fair value of the Company's share price at the date of issuance was less than the conversion price. Accordingly, no proceeds were allocated to the value of the conversion feature on initial recognition. As previously noted, the Company has adopted ASU 2015-03 “Imputation of Interest” and as a result has recognized the convertible debentures net of the related issuance costs of $39,400. These costs were realized using an effective interest rate of 13.06%, for the April tranche and 13.83% for the September tranche. Imputed interest expense has been fully recognized prior to the years ended December 31, 2021 and 2020. On August 13, 2018, the Company entered into a secured convertible debenture agreement (the “convertible debenture”) with a service provider amounting to $12,000. The convertible debentures bear interest at 10% per annum calculated monthly and payable on maturity and had a maturity date of August 13, 2021. The debentures become immediately due and payable in default at the request of the note holders. The Company is currently working with the noteholder to extend the maturity date. The conversion price is $0.06 per share. At December 31, 2021 and 2020, the accrued interest was $4,064 and $2,864, respectively. |
Share Capital Disclosure
Share Capital Disclosure | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Share Capital Disclosure | 7. Share Capital The Company is authorized to issue 75,000,000 shares of Common Stock with a par value of $0.001 and had 52,819,419 and 37,819,419 shares of Common Stock issued and outstanding as of December 31, 2021 and 2020, respectively. The Company had no stock issuances during the year ended December 31, 2020. On June 30, 2021, the Company issued 2,500,000 shares of Common Stock to a vendor for settlement of $24,450 in accounts payable. The stock price was $0.041 for a total value of $102,500 and the Company recognized a loss on settlement of accounts payable of $78,050. On August 12, 2021, the Company issued 12,500,000 shares of Common Stock to its CEO for services rendered to the Company. The stock price was $0.017 for a total value of $212,500 and the Company recognized an expense of $212,500. |
Warrants Disclosure, General
Warrants Disclosure, General | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Warrants Disclosure, General | 8. Warrants On August 13, 2018, the Company issued 650,000 warrants in conjunction with a debt settlement agreement. These warrants were valued at $6,017 using the Black Scholes valuation model and the following inputs: an exercise price of $0.10 per share, interest rate of 2.68%, volatility of 233.70% and a life of 3 years. The following is a continuity schedule of the Company’s common stock purchase warrants: Warrants Exercise Price Outstanding and exercisable, December 31, 2019 650,000 $ 0.10 Expired - $ - Outstanding and exercisable, December 31, 2020 650,000 $ 0.10 Expired (650,000) $ 0.10 Outstanding and exercisable, December 31, 2021 - $ - |
Income Tax Disclosure
Income Tax Disclosure | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Income Tax Disclosure | 9. Income Taxes Components of loss before income taxes consists of the following: 2021 2020 U.S. $ (346,826) $ (70,158) The provision (recovery) for income taxes consists of the following: 2021 2020 Current Federal $ - $ - State - - - - Deferred $ - $ - The reconciliation of the provision (recovery) for income taxes based on the combined U.S. statutory federal and state tax rate of 26.75% (Federal - 21%; State - 5.75%, net of Federal benefit) to the effective tax rates: 2020 2019 Net loss before recovery of income taxes $ (346,826) $ (70,158) Statutory rate 26.75% 26.75% Expected income tax recovery $ (92,776) $ (18,767) Change in valuation allowance 92,776 18,767 Recovery of income taxes $ - $ - The components of deferred taxes are as follows: 2020 2019 Deferred tax assets Net operating losses $ 1,366,175 $ 1,273,399 Valuation allowance (1,366,175) (1,273,399) $ - $ - The Company has non-capital income tax losses that will begin to expire in 2032 through 2039. The Company calculates its income tax expense by estimating the annual effective tax rate and applying that rate to the year-to-date ordinary income at the end of the period. The Company records a tax valuation allowance when it is more likely than not that it will not be able to recover the value of its deferred tax assets. As of December 31, 2021 and 2020, the Company calculated its estimated annualized effective tax rate at 0% and 0%, respectively. The Company recognized no income tax expense based on its $346,826 pre-tax loss for the year ended December 31, 2021. The Company had no income tax expense on its $70,158 pre-tax loss for the year ended December 31, 2020. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company recognizes interest accrued on uncertain tax positions as well as interest received from favorable tax settlements within interest expense. The Company recognizes penalties accrued on unrecognized tax benefits within general and administrative expenses. As of December 31, 2021 and 2020, the Company had no uncertain tax positions. The Company does not anticipate any significant changes to the total amounts of unrecognized tax benefits in the next twelve months. In many cases the Company's uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes the open tax years, by major tax jurisdiction, as of December 31, 2021: Federal State |
Commitments and Contingencies,
Commitments and Contingencies, Disclosure | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Commitments and Contingencies, Disclosure | 10. Commitments and Contingencies Legal Matters From time to time, the Company may be involved in a variety of claims, suits, investigations and proceedings arising from the ordinary course of our business, collections claims, breach of contract claims, labor and employment claims, tax and other matters. Although claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of current pending matters will not have a material adverse effect on its business, financial position, results of operations or cash flow. Regardless of the outcome, litigation can have an adverse impact on the Company because of legal costs, diversion of management resources and other factors. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes | |
Subsequent Events | 11. Subsequent Events Management has evaluated subsequent events, in accordance with FASB ASC Topic 855, “Subsequent Events,” through the date these financial statements were issued and noted no items requiring disclosure. |
Significant Accounting Polici_2
Significant Accounting Policies: Use of Estimates, Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Use of Estimates, Policy | Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates include amounts for useful lives of patents, trademarks, software and website development costs (note 4). |
Significant Accounting Polici_3
Significant Accounting Policies: Intangible Assets, Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Intangible Assets, Policy | Intangible assets Patents and trademarks are measured at cost. Legal fees associated with patents and trademarks, which are expected to be issued, are recorded as patents and trademarks on the balance sheets. Upon approval by the relevant patent office, the patents and trademarks are amortized over their respective expected lives. Patent and trademark costs associated with patents or trademarks which are not approved or are abandoned, are expensed in the period in which such patents are not approved. The Company expects to maintain patents for up to 20 years from the effective date and the trademark registrations for as long as the trademarks remain in use and the required filings are made to keep them in use. However, based on the Company's assessment of potential innovation or other competing technological developments a useful life of ten years has been assessed for both the patents and the trademarks. Software consists of costs relating to the development of the software behind the biometric scanning and the other security programs involved in the wallets. Costs relating to the development of this software are capitalized and amortized over its estimated useful life of ten years. Website development costs relating to website and mobile application and software development are also capitalized and amortized over its estimated useful life of three years. Topic 350-20, Goodwill, and 350-30, General Intangibles Other than Goodwill, in the Accounting Standards Codification (“ASC”) requires intangible assets with a finite life be tested for impairment whenever events or circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated discounted cash flow used in determining the fair value of the asset. |
Significant Accounting Polici_4
Significant Accounting Policies: Fair value of financial instruments, Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Fair value of financial instruments, Policy | Fair value of financial instruments ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs which are as observable as possible and the methods most applicable to the specific situation of each company or valued item. The carrying amounts of cash, accounts payable, accrued liabilities, due to related party, and convertible debentures approximate fair value because of their short-term nature. |
Significant Accounting Polici_5
Significant Accounting Policies: Revenue Recognition, Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Revenue Recognition, Policy | Revenue recognition The Company plans to derive revenue primarily from the sale of its wallets. The Company also will derive an insignificant amount of revenue from providing engraving of the wallets. Engraving revenues will be recognized concurrent with the revenues for the related wallet. The Company also will earn revenue from consulting contracts with others desiring to operate in the smart wallet sector. Revenue is recognized in accordance with ASC 606. The Company performs the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies the five-step model to arrangements that meet the definition of a contract under ASC 606, Revenue from Contracts with Customers, including when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company evaluates the goods or services promised within each contract related performance obligation and assesses whether each promised good or service is distinct. The Company recognizes as revenue, the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company earned $69,400 in consulting revenue during the year ended December 31, 2021, along with cost of sales of $27,450 from outside services providing technology for our consulting services. The Company did not generate any revenue during the year ended December 31, 2020. |
Significant Accounting Polici_6
Significant Accounting Policies: Concentrations of credit risk, Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Concentrations of credit risk, Policy | Concentrations of credit risk The Company’s cash balances are maintained in bank accounts in the United States. Deposits held in banks in the United States are insured up to $250,000 per depositor for each bank by the Federal Deposit Insurance Corporation. Actual balances at times may exceed these limits. |
Significant Accounting Polici_7
Significant Accounting Policies: Earnings per share, Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Earnings per share, Policy | Loss per share of common stock Loss per common share (basic and diluted) is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period. Common stock equivalents are excluded from the computation of diluted loss per share when their effect is anti-dilutive. Diluted loss per share and the weighted average number of shares of common stock exclude 0 and 650,000 potentially dilutive warrants (note 8), and 5,776,146 and 5,330,851 potentially convertible debenture shares (note 6) for the years ended December 31, 2021 and 2020, respectively, since their effect is anti-dilutive. |
Significant Accounting Polici_8
Significant Accounting Policies: Income Taxes, Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Policies | |
Income Taxes, Policy | Income taxes Income taxes are computed in accordance with the provisions of ASC 740, Income Taxes, which requires, among other things, a liability approach to calculating deferred income taxes. The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company is required to make certain estimates and judgments about the application of tax law, the expected resolution of uncertain tax positions and other matters. In the event that uncertain tax positions are resolved for amounts different than the Company’s estimates, or the related statutes of limitations expire without the assessment of additional income taxes, the Company will be required to adjust the amounts of the related assets and liabilities in the period in which such events occur. Such adjustments may have a material impact on the Company’s income tax provision and results of operations. |
Intangible Assets Disclosure_ S
Intangible Assets Disclosure: Schedule of Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Intangible Assets | December 31, 2021 and 2020 Cost Accumulated Amortization Net Book Value Patents $ 78,619 $ 78,619 $ - Trademarks 16,909 16,909 - Software 51,680 51,680 - Website Development 16,000 16,000 - $ 163,208 $ 163,208 $ - |
Related Party Transactions Di_2
Related Party Transactions Disclosure: Schedule of Related Party Balances (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Related Party Balances | December 31, 2021 December 31, 2020 Current Liabilities Due to Related Party $ 4,647 $ 4,647 |
Warrants Disclosure, General_ S
Warrants Disclosure, General: Schedule of Warrants (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Warrants | Warrants Exercise Price Outstanding and exercisable, December 31, 2019 650,000 $ 0.10 Expired - $ - Outstanding and exercisable, December 31, 2020 650,000 $ 0.10 Expired (650,000) $ 0.10 Outstanding and exercisable, December 31, 2021 - $ - |
Income Tax Disclosure_ Componen
Income Tax Disclosure: Components of income (loss) before income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Components of income (loss) before income taxes | 2021 2020 U.S. $ (346,826) $ (70,158) |
Income Tax Disclosure_ Schedule
Income Tax Disclosure: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | 2021 2020 Current Federal $ - $ - State - - - - Deferred $ - $ - |
Income Tax Disclosure_ Schedu_2
Income Tax Disclosure: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | 2020 2019 Net loss before recovery of income taxes $ (346,826) $ (70,158) Statutory rate 26.75% 26.75% Expected income tax recovery $ (92,776) $ (18,767) Change in valuation allowance 92,776 18,767 Recovery of income taxes $ - $ - |
Income Tax Disclosure_ Schedu_3
Income Tax Disclosure: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | 2020 2019 Deferred tax assets Net operating losses $ 1,366,175 $ 1,273,399 Valuation allowance (1,366,175) (1,273,399) $ - $ - |
Nature of Business and Going _2
Nature of Business and Going Concern (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Accumulated Deficit | $ 5,107,196 | $ 4,760,370 |
Significant Accounting Polici_9
Significant Accounting Policies: Revenue Recognition, Policy (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Details | ||
Revenues | $ 69,400 | $ 0 |
Cost of Sales | $ 27,450 | $ 0 |
Significant Accounting Polic_10
Significant Accounting Policies: Concentrations of credit risk, Policy (Details) | Dec. 31, 2021USD ($) |
Details | |
Cash insured up to FDIC | $ 250,000 |
Significant Accounting Polic_11
Significant Accounting Policies: Earnings per share, Policy (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Warrant | ||
Anti-dilutive shares | 0 | 650,000 |
Convertible Debt Securities | ||
Anti-dilutive shares | 5,776,146 | 5,330,851 |
Intangible Assets Disclosure__2
Intangible Assets Disclosure: Schedule of Intangible Assets (Details) | Dec. 31, 2021USD ($) |
Intangible assets, cost | $ 163,208 |
Intangible assets, accumulated amortization | 163,208 |
Patents | |
Intangible assets, cost | 78,619 |
Intangible assets, accumulated amortization | 78,619 |
Trademarks | |
Intangible assets, cost | 16,909 |
Intangible assets, accumulated amortization | 16,909 |
Computer Software, Intangible Asset | |
Intangible assets, cost | 51,680 |
Intangible assets, accumulated amortization | 51,680 |
Website Development | |
Intangible assets, cost | 16,000 |
Intangible assets, accumulated amortization | $ 16,000 |
Intangible Assets Disclosure (D
Intangible Assets Disclosure (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Details | ||
Amortization | $ 0 | $ 2,218 |
Related Party Transactions Di_3
Related Party Transactions Disclosure: Schedule of Related Party Balances (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Due to related parties, current | $ 4,647 | $ 4,647 |
Convertible Debentures Disclo_2
Convertible Debentures Disclosure (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accrued interest payable, net, current | $ 337,826 | $ 272,831 | ||
2015 Convertible Debentures | ||||
Proceeds from convertible debt | $ 453,100 | |||
Interest rate, convertible debt | 8.00% | |||
Conversion price per share, convertible debt | $ 0.15 | |||
Accrued interest payable, net, current | 333,762 | 269,967 | ||
Debt issuance costs | $ 39,400 | |||
2018 Convertible Debenture | ||||
Proceeds from convertible debt | $ 12,000 | |||
Interest rate, convertible debt | 10.00% | |||
Conversion price per share, convertible debt | $ 0.06 | |||
Accrued interest payable, net, current | $ 4,064 | $ 2,864 |
Share Capital Disclosure (Detai
Share Capital Disclosure (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock par value per share | $ 0.001 | $ 0.001 |
Common stock shares issued and outstanding | 52,819,419 | 37,819,419 |
Stock issued for debt, shares | 2,500,000 | |
Issuance of Common Stock for Settlement of Accounts Payable | $ 24,450 | $ 0 |
Stock issued for debt, value | $ 102,500 | |
Stock issued for services, shares | 12,500,000 | |
Stock issued for services, value | $ 212,500 | |
Stock-based compensation | $ 212,500 | $ 0 |
Common stock for settlement of accounts | ||
Price per share issued | $ 0.041 | |
Common stock for CEO compensation | ||
Price per share issued | $ 0.017 |
Warrants Disclosure, General (D
Warrants Disclosure, General (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2021 | |
Details | ||
Warrants issued for debt settlement | 650,000 | |
Warrants issued for debt settlement, value | $ 6,017 | |
Warrants, exercise price | $ 0.10 |
Warrants Disclosure, General__2
Warrants Disclosure, General: Schedule of Warrants (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Details | |||
Warrants outstanding and exercisable | 0 | 650,000 | 650,000 |
Warrants expired | 650,000 |
Income Tax Disclosure_ Compon_2
Income Tax Disclosure: Components of income (loss) before income taxes (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Net operating loss carryover | $ 346,826 | $ 70,158 |
Income Tax Disclosure_ Schedu_4
Income Tax Disclosure: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Details | ||
Net (loss) | $ (346,826) | $ (70,158) |
Statutory rate | 26.75% | 26.75% |
Expected income tax recovery | $ 92,776 | $ 18,767 |
Expected income tax recovery | $ 92,776 | $ 18,767 |
Income Tax Disclosure_ Schedu_5
Income Tax Disclosure: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Details | ||
Net operating loss carryover | $ 1,366,175 | $ 1,273,399 |
Deferred Assets Valuation Allowance | $ 1,366,175 | $ 1,273,399 |