| Summary of Significant Accounting Policies | 2.
Summary of Significant Accounting Policies Basis
of Presentation The
condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements
prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted. However, in the
opinion of management, all adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present
fairly the consolidated financial position and consolidated results of operations for the periods presented have been made. The results
for interim periods are not necessarily indicative of trends or of results to be expected for the full year. These condensed, consolidated
financial statements should be read in conjunction with the consolidated financial statements of the Company for the year ended December
31, 2023 (including the notes thereto) set forth in the Company’s Annual Report on Form 10- K/A for that period. Use
of Estimates The
preparation of the Company’s condensed, consolidated financial statements in conformity with U.S. GAAP requires management to make
estimates and assumptions that affect the amounts reported in the condensed, consolidated financial statements and accompanying notes.
Actual results could differ from such estimates. Cash,
Cash Equivalents, and Short-Term Investments The
Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents.
Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and
money market funds that invest primarily in certificates of deposits, commercial paper and U.S. government and U.S. government agency
obligations. Cash equivalents are reported at fair value. At March 31, 2024 and December 31, 2023, the Company had cash and cash equivalents
of $ 2,098 29,785 Concentration
of Credit Risk Financial
instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company
is exposed to credit risk, subject to federal deposit insurance, in the event of a default by the financial institutions holding its
cash and cash equivalents to the extent of amounts recorded on the condensed consolidated balance sheets. The cash accounts are insured
by the Federal Deposit Insurance Corporation up to $ 250,000 Segment
and Geographic Information Operating
segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief
operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views
its operations and manages its business in one operating segment and does not segment the business for internal reporting or decision
making. Fair
Value of Financial Instruments In
accordance with the reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic
825, “ Financial Instruments” Cash,
cash equivalents and accounts payable are accounted for at cost which approximates fair value due to the relatively short maturity of
these instruments. The carrying value of notes payable approximate fair value since they bear market rates of interest and other terms.
None of these instruments are held for trading purposes. Research
and Development Costs Research
and development costs are charged to expense as incurred and are typically comprised of expenses associated with advancing the commercialization
of our technologies. The Company incurred $ 11,077 180,924 Income
Taxes The
Company follows ASC Topic 740, “Income Taxes” The
standard addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in
the financial statements. Under ASC Topic 740, the Company may recognize the tax benefit from an uncertain tax position only if it is
more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of
the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit
that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC Topic 740 also provides guidance on
de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. At
the date of adoption, and as of March 31, 2024 and 2023, the Company does not have a liability for unrecognized tax uncertainties. The
Company’s policy is to record interest and penalties on uncertain tax positions as income tax expense. As of March 31, 2024, and
2023, the Company does no Stock-Based
Compensation and Issuance of Common Stock for Non-Cash Consideration The
Company measures and recognizes compensation expense for share-based awards based on estimated fair values equaling either the market
value of the shares issued, or the value of consideration received, whichever is more readily determinable. Generally, the non-cash consideration
pertains to services rendered by consultants and others and has been valued at the fair value of the Company’s common stock at
the date of the agreement. The
Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows
the provisions of ASC Topic 718, “ Compensation-Stock Compensation The
Company did no Net
Income (Loss) per Share For
the three months ended March 31, 2024, basic and diluted net loss per share is calculated by dividing the net loss by the weighted average
number of common shares outstanding for the period, without consideration for common stock equivalents. For
the three months ended March 31, 2024, diluted income per share was calculated by dividing the net income by the weighted-average number
of common shares outstanding for the period determined using the treasury-stock method. A reconciliation of the weighted average shares
outstanding used in basic and diluted earnings per share for the periods ended March 31, 2024 and 2023 are as follows: Schedule of Basic and Diluted Earnings per Share
March
31, 2024 March
31, 2023
Three
Months ended
March
31, 2024 March
31, 2023
Basic EPS
Income (loss) available to common
shareholders (Numerator) $ (337,076 ) $ (416,117 )
Weighted average common shares (Denominator) 83,711,316 83,243,079
Basic EPS $ (0.00 ) $ (0.00 )
Diluted EPS
Income (loss) available to common shareholders
(Numerator) $ (337,076 ) $ (416,117 )
Weighted average common shares (Denominator) 85,782,403 83,243,079
Diluted EPS $ (0.00 ) $ (0.00 ) Recent
Accounting Standards The
Company has reviewed the accounting pronouncements issued by the FASB during the first quarter of 2024. Applicable pronouncements will
be adopted by the Company in accordance with the accounting guidance and definition. Management does not believe the adoption of any
of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements. Management
does not believe there are other significant accounting pronouncements which have had or will have a material impact on the Company’s
consolidated financial statements. |
