| 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 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 financial position
and 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 financial statements should be read in conjunction with the 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 financial statements in conformity with U.S. generally accepted accounting principles requires management
to make estimates and assumptions that affect the amounts reported in the 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 June 30, 2024 and December 31, 2023, the Company had cash and cash equivalents
of $ 5,451 35,285 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. Derivative
Financial Instruments FASB
ASC 815, Fair Value Measurements requires bifurcation of certain embedded derivative instruments in certain debt or equity instruments,
and measurement at their fair value for accounting purposes. A holder redemption feature embedded in the Company’s note payable
requires bifurcation from its host instrument and is accounted for as a freestanding derivative. ASC
Topic 820, “Fair Value Measurement”, requires that certain financial instruments be recognized at their fair values at our
balance sheet dates. However, other financial instruments, such as debt obligations, are not required to be recognized at their fair
values, but GAAP provides an option to elect fair value accounting for these instruments. GAAP requires the disclosure of the fair values
of all financial instruments, regardless of whether they are recognized at their fair values or carrying amounts in our balance sheets.
For financial instruments recognized at fair value, GAAP requires the disclosure of their fair values by type of instrument, along with
other information, including changes in the fair values of certain financial instruments recognized in income or other comprehensive
income. For financial instruments not recognized at fair value, the disclosure of their fair values is provided below under “Financial
Instruments.” Nonfinancial
assets, such as property, plant and equipment, and nonfinancial liabilities are recognized at their carrying amounts in the Company’s
balance sheets. GAAP does not permit nonfinancial assets and liabilities to be remeasured at their fair values. However, GAAP requires
the remeasurement of such assets and liabilities to their fair values upon the occurrence of certain events, such as the impairment of
property, plant and equipment. In addition, if such an event occurs, GAAP requires the disclosure of the fair value of the asset or liability
along with other information, including the gain or loss recognized in income in the period the remeasurement occurred. Level
1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; Level
2 - Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the
full term of the asset or liability; or Level
3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported
by little or no market activity). The
following is a summary of activity of Level 3 liabilities for the quarters ended March 31, 2024 and June 30, 2024: Summary
of Activity of Level 3 Liabilities
Balance - December 31, 2023 $ 93,634
Additions -
Settlements -
Change in fair value 15,560
Balance – March 31, 2024 109,194
Additions -
Settlements -
Change in fair value 51,321
Balance – June 30, 2024 160,515 Beginning
on November 17, 2023, the Company issued a note payable agreement which contains conversion provisions meeting the definition of a derivative
liability which therefore require bifurcation. Further, pursuant to the Company’s contract ordering policy, equity linked instruments
subsequent to November 17, 2023, resulted in derivative liabilities. At
December 31, 2023, the Company estimated the fair value of the conversion feature derivative embedded in the note payable and based on
assumptions used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s common
stock of $ 0.0730 5.00 199 0.0366 eight months At
March 31, 2024, the Company estimated the fair value of the conversion feature derivative embedded in the note payable and based on assumptions
used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s common stock of $ 0.0579 5.00 199 0.0314 five months At
June 30, 2024, the Company estimated the fair value of the conversion feature derivative embedded in the note payable and based on assumptions
used in the Cox-Ross-Rubinstein binomial pricing model using the following inputs: the price of the Company’s common stock of $ 0.0417 5.00 199 0.0 five months 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 $ 22,652 356,132 Income
Taxes The
Company follows ASC Topic 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for the expected future
tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets
and liabilities are based on the differences between the financial statements and tax bases of assets and liabilities using enacted tax
rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance
to the extent management concludes it is more likely than not that the asset will not be realized. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled. 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 June 30, 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 June 30, 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 six month period ended June 30, 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. Diluted
net income (loss) per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents
outstanding for the period, using the treasury-stock method. For purposes of the diluted net income (loss) per share calculation, shares
to be issued pursuant to convertible debt and warrants are considered to be common stock equivalents but are excluded from the calculation
of diluted net income (loss) per share in 2024 and 2023 because their effect would be anti-dilutive. A total of 31,995 3,044,497 For
the six month period ended June 30, 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 June 30, 2024 and 2023 are as follows: Schedule of Basic and Diluted Earnings per Share
June 30, 2024 June 30, 2023
Three Months ended
June 30, 2024 June 30, 2023
Basic EPS
Income (loss) available to common shareholders (Numerator) $ (427,960 ) $ (504,234 )
Weighted average common shares (Denominator) 83,698,396 83,285,054
Basic EPS $ (0.01 ) $ (0.01 )
Diluted EPS
Income (loss) available to common shareholders (Numerator) $ (427,960 ) $ (504,234 )
Weighted average common shares (Denominator) 83,698,396 83,285,054
Diluted EPS $ (0.01 ) $ (0.01 )
June 30, 2024 June 30, 2023
Six Months ended
June 30, 2024 June 30, 2023
Basic EPS
Income (loss) available to common shareholders (Numerator) $ (780,595 ) $ (920,350 )
Weighted average common shares (Denominator) 83,725,128 83,381,739
Basic EPS $ (0.01 ) $ (0.01 )
Diluted EPS
Income (loss) available to common shareholders (Numerator) $ (780,595 ) $ (920,350 )
Weighted average common shares (Denominator) 83,725,128 83,381,739
Diluted EPS $ (0.01 ) $ (0.01 ) Recent
Accounting Standards The
Company has reviewed the accounting pronouncements issued by the Financial Accounting Standards Board during the six months ended June
30, 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. |
