Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Jan. 13, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 0-54862 | |
Entity Registrant Name | E-QURE CORP. | |
Entity Central Index Key | 0001563536 | |
Entity Tax Identification Number | 47-1691054 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 20 West 64th Street | |
Entity Address, Address Line Two | Suite 39G | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10023 | |
City Area Code | +(972) | |
Local Phone Number | 54 427777 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 34,546,060 |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 11,500 | $ 81,070 |
Total current assets | 11,500 | 81,070 |
Total Assets | 11,500 | 81,070 |
Current liabilities: | ||
Accounts payable | 2,996 | 2,996 |
Accrued interest, related party | 1,564 | 1,564 |
Accrued salary, related party | 439,905 | 309,456 |
Loan from shareholder, related party | 100,000 | 100,000 |
Loan from shareholder, unrelated party | 65,905 | 65,905 |
Total current liabilities | 610,370 | 479,921 |
Total liabilities | 610,370 | 479,921 |
Stockholders’ equity (deficit): | ||
Preferred stock, $0.00001 par value; 25,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.00001 par value; 500,000,000 shares authorized; and 34,546,060 issued and outstanding at September 30, 2021 and December 31, 2020, respectively. | 345 | 345 |
Additional paid in capital | 33,817,934 | 33,805,525 |
Stock payables | 801,284 | 494,891 |
Accumulated other comprehensive income (loss) | (7,335) | (17,919) |
Accumulated deficit | (35,211,098) | (34,681,693) |
Total stockholders’ equity (deficit) | (598,870) | (398,851) |
Total Liabilities and Stockholders’ Equity (Deficit) | $ 11,500 | $ 81,070 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 34,546,060 | 34,546,060 |
Common stock, shares outstanding | 34,546,060 | 34,546,060 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Expenses | ||||
General and administrative | 97,654 | 107,681 | 308,694 | 300,217 |
Research and development | 54,090 | 61,499 | 285,590 | 154,851 |
Total | 151,744 | 169,180 | 594,284 | 455,068 |
(Loss) from operations | (151,744) | (169,180) | (594,284) | (455,068) |
Other income (expenses): | ||||
Foreign currency translation gain/(loss) | (2,542) | |||
Other Income | 79,830 | 374 | 79,830 | 51,940 |
Interest expense | (4,182) | (4,181) | (12,409) | (12,454) |
Total other expenses | 75,648 | (3,807) | 64,879 | 39,486 |
Net loss | (76,096) | (172,987) | (529,405) | (415,582) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 1,532 | 10,584 | ||
Comprehensive income (loss) | $ (74,564) | $ (172,987) | $ (518,821) | $ (415,582) |
Basic and diluted per share amount: | ||||
Basic and diluted net loss | $ 0 | $ (0.07) | $ (0.02) | $ (0.01) |
Weighted average shares outstanding (basic and diluted) | 34,546,060 | 34,546,060 | 34,546,060 | 34,546,060 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Stock Payable [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 345 | $ 33,788,889 | $ 21,000 | $ (34,069,337) | $ (259,103) | |
Beginning balance, shares at Dec. 31, 2019 | 34,546,060 | |||||
Stock payable | 447,600 | 447,600 | ||||
Foreign currency adjustment | ||||||
Imputed interest | 12,454 | 12,454 | ||||
Net loss | (415,582) | (415,582) | ||||
Ending balance, value at Sep. 30, 2020 | $ 345 | 33,801,343 | 468,600 | (34,484,919) | (214,631) | |
Ending balance, shares at Sep. 30, 2020 | 34,546,060 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 345 | 33,805,525 | 494,891 | (34,681,693) | (17,919) | (398,851) |
Beginning balance, shares at Dec. 31, 2020 | 34,546,060 | |||||
Foreign currency adjustment | 10,584 | 10,584 | ||||
Imputed interest | 12,409 | 12,409 | ||||
Stock payable, related party | 306,393 | 306,393 | ||||
Net loss | (529,405) | (529,405) | ||||
Ending balance, value at Sep. 30, 2021 | $ 345 | $ 33,817,934 | $ 801,284 | $ (35,211,098) | $ (7,335) | $ (598,870) |
Ending balance, shares at Sep. 30, 2021 | 34,546,060 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (529,405) | $ (415,582) |
Adjustments required to reconcile net loss to cash used in operating activities: | ||
Imputed interest | 12,409 | 12,454 |
Changes in assets and liabilities: | ||
Increase (decrease) in accounts payable and accrued expenses | (4,050) | |
Increase (decrease) in accounts payable and accrued expenses – related party | 130,449 | 145,665 |
Cash used in operating activities | (386,547) | (261,513) |
Cash flow from financing activities: | ||
Proceeds from stock payable – related party | 306,393 | 447,600 |
Cash provided by financing activities | 306,393 | 447,600 |
Foreign currency translation adjustments on cash and cash equivalents | 10,584 | |
Change in cash | (69,570) | 186,087 |
Cash - beginning of period | 81,070 | 18,278 |
Cash - end of period | 11,500 | 204,365 |
Cash paid during the period for: | ||
Interest | ||
Taxes |
The Company and Significant Acc
The Company and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Significant Accounting Policies | 1. The Company and Significant Accounting Policies Organizational Background E-Qure Corp. (“E-Qure” or the “Company”) is a Delaware corporation with offices in Israel. E-Qure owns IP of innovate technology of wound healing device (BST). Basis of Presentation: The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has not established any source of revenue to cover its operating costs, and as such, has incurred an operating loss since inception. Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates. Cash and Cash Equivalent For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents. There were no Property and Equipment New property and equipment are recorded at cost. Property and equipment included in the bankruptcy proceedings and transferred to the Trustee had been valued at liquidation value. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 years Valuation of Long-Lived Assets We review the recoverability of our long-lived assets including equipment, goodwill and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. Stock Based Compensation Stock-based awards are accounted for using the fair value method in accordance with ASC 718, Share-Based Payments Accounting For Obligations And Instruments Potentially To Be Settled In The Company’s Own Stock We account for obligations and instruments potentially to be settled in the Company’s stock in accordance with FASB ASC 815, Accounting for Derivative Financial Instruments. Fair Value of Financial Instruments FASB ASC 825, “Financial Instruments,” requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. FASB ASC 825 defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. At September 30, 2021 and December 31, 2020, the carrying value of certain financial instruments (cash and cash equivalents, accounts payable and accrued expenses.) approximates fair value due to the short-term nature of the instruments or interest rates, which are comparable with current rates. Fair Value Measurements The Company measures fair value under a framework that utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of inputs which prioritize the inputs used in measuring fair value are: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Other inputs that are observable, directly or indirectly, such as quoted prices for similar assets and liabilities or market corroborated inputs. Level 3: Unobservable inputs are used when little or no market data is available, which requires the Company to develop its own assumptions about how market participants would value the assets or liabilities. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques in its assessment that maximize the use of observable inputs and minimize the use of unobservable inputs. The following table presents the Company’s financial assets and liabilities that are carried at fair value, classified according to the three categories described above: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis Fair Value Measurements at September 30, 2021 Quoted Prices in Active Significant Markets for Other Significant Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets and liabilities at fair value $ - $ - $ - $ - Fair Value Measurements at December 31, 2020 Quoted Prices in Active Significant Markets for Other Significant Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets and liabilities at fair value $ - $ - $ - $ - When the Company changes its valuation inputs for measuring financial assets and liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. For the fiscal periods ended September 30, 2021 and December 31, 2020, there were no significant transfers of financial assets or financial liabilities between the hierarchy levels. Earnings per Common Share We compute net income (loss) per share in accordance with ASC 260, Earning per Share Income Taxes We have adopted ASC 740, Accounting for Income Taxes. We must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. ASC 740 provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Realization of our net deferred tax assets is dependent upon our generating sufficient taxable income in future years in appropriate tax jurisdictions to realize benefit from the reversal of temporary differences and from net operating loss, or NOL, carryforwards. We have determined it more likely than not that these timing differences will not materialize and have provided a valuation allowance against substantially all of our net deferred tax asset. Management will continue to evaluate the realizability of the deferred tax asset and its related valuation allowance. If our assessment of the deferred tax assets or the corresponding valuation allowance were to change, we would record the related adjustment to income during the period in which we make the determination. Our tax rate may also vary based on our results and the mix of income or loss in domestic and foreign tax jurisdictions in which we operate. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether, and to the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we will reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We will record an additional charge in our provision for taxes in the period in which we determine that the recorded tax liability is less than we expect the ultimate assessment to be. ASC 740 which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized. Uncertain Tax Positions The Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109, Accounting for Income Taxes” (“FIN No. 48”) which was effective for the Company on January 1, 2007. FIN No. 48 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 FIN No. 48, 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 taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. FIN No. 48 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure requirements. We are not under examination by any jurisdiction for any tax year. At June 30, 2021, we had no Recent Accounting Pronouncements In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases. The amendments in ASU 2018-10 provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) and have the same effective and transition requirements as ASU 2016-02. Upon the effective date, ASU 2018-10 will supersede the current lease guidance in ASC Topic 840, Leases. Under the new guidance, lessees will be required to recognize for all leases, lease with the exception of short-term leases, a lease liability, which is a lessee’s obligation to make payments arising from a lease, measured on a discounted basis. Concurrently, lessees will be required to recognize a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2018-10 is effective for private companies and emerging growth public companies for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The guidance is required to be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements. During the year ended December 31, 2019, the Company assessed the impact this guidance had on its financial statements and concluded that at present ASU No. 2018-10 has no impact on its financial statements due to not having any commitment to stay in our property longer than a year. Management does not anticipate that the adoption of these standards will have a material impact on the financial statements. |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity | 2. Stockholders’ Equity Common Stock We are currently authorized to issue up to 500,000,000 0.00001 All issued shares of common stock are entitled to vote on a 1 share/1 vote basis. Issuances of Common Stock During the Period ended September 30, 2021: During the nine-month period ended September 30, 2021, the Company received proceeds of $ 306,393 from a related party for 3,063,930 shares of common stock to be issued at $ 0.10 per share. Issuances of Common Stock During the Period ended September 30, 2020: During the nine-month period ended September 30, 2020, the Company received proceeds of $ 447,600 0.10 Preferred Stock We are currently authorized to issue up to 25,000,000 0.00001 no Stock Options On January 1, 2015, the Company authorized the adoption of the 2015 Employee Incentive Plan. Warrants Granted During the year ended December 31, 2018, the Company’s chief executive officers and chairman converted debt and accrued wages in the aggregate amount of $ 275,303 2,753,030 1,376,515 0.5 0.50 24 months 0.5 1.25 36 months 2,750,000 one 1.00 385,552 315,900 Following is a table summarizing warrants outstanding and exercisable along with exercise price. Schedule of Warrants Outstanding and Exercisable Name Description Grant Date of Options/Warrants Number of Options/Warrants Stock Price on Exercise Price of Options/Warrants Terms of Options/warrants Warrants Class A Shares for cash 09/05/2018 4,777,734 $ 0.08 $ 0.50 2 years Warrants Class B Shares for cash 09/05/2018 4,777,734 $ 0.08 $ 0.50 3 years Warrants Class A Debt conversion 07/01/2018 1,376,515 $ 0.07 $ 0.50 2 years Warrants Class B Debt conversion 07/01/2018 1,376,515 $ 0.07 $ 1.25 3 years Warrants Class C Debt conversion 07/01/2018 2,750,000 $ 0.07 $ 1.00 10 years Total 15,058,498 The following table summarizes stock warrant activities for the nine-months ended September 30, 2021 and 2020: Schedule of Warrant Activity Warrants Outstanding Balance as of December 31, 2019 15,058,498 Warrants granted - Warrants exercised - Warrants canceled and forfeited - Warrants Class A canceled and forfeited - Balance as of September 30, 2020 15,058,498 Warrants vested and exercisable as of September 30, 2020 15,058,498 Balance as of December 31, 2020 8,904,249 Warrants granted - Warrants exercised - Warrants Class A canceled and forfeited - Balance as of September 30, 2021 2,750,000 Warrants Class B and C vested and exercisable as of September 30, 2021 2,750,000 |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | 3. Notes Payable During period ended September 30, 2021 and 2020, the Company received no 100,000 65,905 4,182 4,181 12,409 12,454 Schedule of Notes Payable September 30, 2021 December 31, 2020 Itsik Ben Yesha, CTO $ 100,000 $ 100,000 Michael Cohan, unrelated party $ 65,905 $ 65,905 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 4. Related Party Transactions During period ended September 30, 2021 and 2020, the Company received no 100,000 2,521 4,181 7,479 12,454 100,000 As of September 30, 2021 and December 31, 2020, we had accrued salaries of $ 439,905 309,456 As of September 30, 2021 and December 31, 2020, we had accrued interest of $ 1,564 |
Foreign currency translation
Foreign currency translation | 9 Months Ended |
Sep. 30, 2021 | |
Foreign Currency [Abstract] | |
Foreign currency translation | 5. Foreign currency translation The Company maintains its books and record in its local currency, Israeli Shekel ILS (“ILS”), which is a functional currency as being the primary currency of the economic environment in which its operation is conducted. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In accordance with ASC Topic 830-30, “Translation of Financial Statement”, assets and liabilities of the Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements are recorded as a separate component of accumulated other comprehensive income (loss) within the statements of changes stockholders’ equity (deficit). Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates: Schedule of Translation of Amounts from Local Currency September 30, 2021 December 31, 2020 Current ISL: US$1 exchange rate 3.21 3.22 Average ISL: US$1 exchange rate 3.24 3.44 |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | 6. Going Concern The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has not established any source of revenue to cover its operating costs, and as such, has incurred an operating loss since inception. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. Management has plans to address the Company’s financial situation as follows: In the near term, management plans to continue to focus on raising the funds necessary to implement the Company’s business plan. Management will continue to seek out debt and equity financing to obtain the capital required to meet the Company’s financial obligations. There is no assurance, however, that investors will continue to provide capital to the Company or that the new business operations will be profitable. The possibility of failure in obtaining additional funding and the potential inability to achieve profitability raises doubts about the Company’s ability to continue as a going concern. In the long term, management believes that the Company’s projects and initiatives will be successful and will provide cash flow to the Company that will be used to finance the Company’s future growth. However, there can be no assurances that the Company’s planned activities will be successful, or that the Company will ultimately attain profitability. The Company’s long-term viability depends on its ability to obtain adequate sources of debt and/or equity funding to meet current commitments and fund the continuation of its business operations, and the ability of the Company to achieve adequate profitability and cash flows from operations to sustain its operations. |
Other Income
Other Income | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Other Income | 7. Other Income During the nine months ended September 30, 2021, the Company received a 17% VAT refund of $ 79,830 from the Israel tax authority related to previous tax payments made during the fiscal year 2020. These refunds were expensed as incurred in the prior year due to uncertain collection. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 8. Subsequent Events There were no subsequent events following the period ended September 30, 2021 through the date the financial statements were issued that would materially affect the financial statements. |
The Company and Significant A_2
The Company and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates. |
Cash and Cash Equivalent s | Cash and Cash Equivalent For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents. There were no |
Property and Equipment | Property and Equipment New property and equipment are recorded at cost. Property and equipment included in the bankruptcy proceedings and transferred to the Trustee had been valued at liquidation value. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 years |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets We review the recoverability of our long-lived assets including equipment, goodwill and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. |
Stock Based Compensation | Stock Based Compensation Stock-based awards are accounted for using the fair value method in accordance with ASC 718, Share-Based Payments |
Accounting For Obligations And Instruments Potentially To Be Settled In The Company’s Own Stock | Accounting For Obligations And Instruments Potentially To Be Settled In The Company’s Own Stock We account for obligations and instruments potentially to be settled in the Company’s stock in accordance with FASB ASC 815, Accounting for Derivative Financial Instruments. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 825, “Financial Instruments,” requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. FASB ASC 825 defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. At September 30, 2021 and December 31, 2020, the carrying value of certain financial instruments (cash and cash equivalents, accounts payable and accrued expenses.) approximates fair value due to the short-term nature of the instruments or interest rates, which are comparable with current rates. |
Fair Value Measurements | Fair Value Measurements The Company measures fair value under a framework that utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of inputs which prioritize the inputs used in measuring fair value are: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Other inputs that are observable, directly or indirectly, such as quoted prices for similar assets and liabilities or market corroborated inputs. Level 3: Unobservable inputs are used when little or no market data is available, which requires the Company to develop its own assumptions about how market participants would value the assets or liabilities. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques in its assessment that maximize the use of observable inputs and minimize the use of unobservable inputs. The following table presents the Company’s financial assets and liabilities that are carried at fair value, classified according to the three categories described above: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis Fair Value Measurements at September 30, 2021 Quoted Prices in Active Significant Markets for Other Significant Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets and liabilities at fair value $ - $ - $ - $ - Fair Value Measurements at December 31, 2020 Quoted Prices in Active Significant Markets for Other Significant Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets and liabilities at fair value $ - $ - $ - $ - When the Company changes its valuation inputs for measuring financial assets and liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. For the fiscal periods ended September 30, 2021 and December 31, 2020, there were no significant transfers of financial assets or financial liabilities between the hierarchy levels. |
Earnings per Common Share | Earnings per Common Share We compute net income (loss) per share in accordance with ASC 260, Earning per Share |
Income Taxes | Income Taxes We have adopted ASC 740, Accounting for Income Taxes. We must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. ASC 740 provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Realization of our net deferred tax assets is dependent upon our generating sufficient taxable income in future years in appropriate tax jurisdictions to realize benefit from the reversal of temporary differences and from net operating loss, or NOL, carryforwards. We have determined it more likely than not that these timing differences will not materialize and have provided a valuation allowance against substantially all of our net deferred tax asset. Management will continue to evaluate the realizability of the deferred tax asset and its related valuation allowance. If our assessment of the deferred tax assets or the corresponding valuation allowance were to change, we would record the related adjustment to income during the period in which we make the determination. Our tax rate may also vary based on our results and the mix of income or loss in domestic and foreign tax jurisdictions in which we operate. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether, and to the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we will reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We will record an additional charge in our provision for taxes in the period in which we determine that the recorded tax liability is less than we expect the ultimate assessment to be. ASC 740 which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized. |
Uncertain Tax Positions | Uncertain Tax Positions The Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109, Accounting for Income Taxes” (“FIN No. 48”) which was effective for the Company on January 1, 2007. FIN No. 48 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 FIN No. 48, 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 taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. FIN No. 48 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure requirements. We are not under examination by any jurisdiction for any tax year. At June 30, 2021, we had no |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases. The amendments in ASU 2018-10 provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) and have the same effective and transition requirements as ASU 2016-02. Upon the effective date, ASU 2018-10 will supersede the current lease guidance in ASC Topic 840, Leases. Under the new guidance, lessees will be required to recognize for all leases, lease with the exception of short-term leases, a lease liability, which is a lessee’s obligation to make payments arising from a lease, measured on a discounted basis. Concurrently, lessees will be required to recognize a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2018-10 is effective for private companies and emerging growth public companies for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The guidance is required to be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements. During the year ended December 31, 2019, the Company assessed the impact this guidance had on its financial statements and concluded that at present ASU No. 2018-10 has no impact on its financial statements due to not having any commitment to stay in our property longer than a year. Management does not anticipate that the adoption of these standards will have a material impact on the financial statements. |
The Company and Significant A_3
The Company and Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis Fair Value Measurements at September 30, 2021 Quoted Prices in Active Significant Markets for Other Significant Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets and liabilities at fair value $ - $ - $ - $ - Fair Value Measurements at December 31, 2020 Quoted Prices in Active Significant Markets for Other Significant Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets and liabilities at fair value $ - $ - $ - $ - |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Warrants Outstanding and Exercisable | Following is a table summarizing warrants outstanding and exercisable along with exercise price. Schedule of Warrants Outstanding and Exercisable Name Description Grant Date of Options/Warrants Number of Options/Warrants Stock Price on Exercise Price of Options/Warrants Terms of Options/warrants Warrants Class A Shares for cash 09/05/2018 4,777,734 $ 0.08 $ 0.50 2 years Warrants Class B Shares for cash 09/05/2018 4,777,734 $ 0.08 $ 0.50 3 years Warrants Class A Debt conversion 07/01/2018 1,376,515 $ 0.07 $ 0.50 2 years Warrants Class B Debt conversion 07/01/2018 1,376,515 $ 0.07 $ 1.25 3 years Warrants Class C Debt conversion 07/01/2018 2,750,000 $ 0.07 $ 1.00 10 years Total 15,058,498 |
Schedule of Warrant Activity | The following table summarizes stock warrant activities for the nine-months ended September 30, 2021 and 2020: Schedule of Warrant Activity Warrants Outstanding Balance as of December 31, 2019 15,058,498 Warrants granted - Warrants exercised - Warrants canceled and forfeited - Warrants Class A canceled and forfeited - Balance as of September 30, 2020 15,058,498 Warrants vested and exercisable as of September 30, 2020 15,058,498 Balance as of December 31, 2020 8,904,249 Warrants granted - Warrants exercised - Warrants Class A canceled and forfeited - Balance as of September 30, 2021 2,750,000 Warrants Class B and C vested and exercisable as of September 30, 2021 2,750,000 |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | Schedule of Notes Payable September 30, 2021 December 31, 2020 Itsik Ben Yesha, CTO $ 100,000 $ 100,000 Michael Cohan, unrelated party $ 65,905 $ 65,905 |
Foreign currency translation (T
Foreign currency translation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Foreign Currency [Abstract] | |
Schedule of Translation of Amounts from Local Currency | Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates: Schedule of Translation of Amounts from Local Currency September 30, 2021 December 31, 2020 Current ISL: US$1 exchange rate 3.21 3.22 Average ISL: US$1 exchange rate 3.24 3.44 |
Schedule of Fair Value, Assets
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets and liabilities at fair value | ||
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets and liabilities at fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets and liabilities at fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets and liabilities at fair value |
The Company and Significant A_4
The Company and Significant Accounting Policies (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash equivalents | $ 0 | $ 0 | |
Property plant and equipment estimated useful assets | 5 years | ||
Unrecognized tax benefits | $ 0 |
Schedule of Warrants Outstandin
Schedule of Warrants Outstanding and Exercisable (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of options/warrants | shares | 15,058,498 |
Warrants Class A [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Warrants description | Shares for cash |
Grant date of options warrants | Sep. 5, 2018 |
Number of options/warrants | shares | 4,777,734 |
Stock price on measurement date | $ 0.08 |
Exercise price of options/warrants | $ 0.50 |
Terms of options/warrants | 2 years |
Warrants Class B [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Warrants description | Shares for cash |
Grant date of options warrants | Sep. 5, 2018 |
Number of options/warrants | shares | 4,777,734 |
Stock price on measurement date | $ 0.08 |
Exercise price of options/warrants | $ 0.50 |
Terms of options/warrants | 3 years |
Warrants Class A One [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Warrants description | Debt conversion |
Grant date of options warrants | Jul. 1, 2018 |
Number of options/warrants | shares | 1,376,515 |
Stock price on measurement date | $ 0.07 |
Exercise price of options/warrants | $ 0.50 |
Terms of options/warrants | 2 years |
Warrants Class B One [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Warrants description | Debt conversion |
Grant date of options warrants | Jul. 1, 2018 |
Number of options/warrants | shares | 1,376,515 |
Stock price on measurement date | $ 0.07 |
Exercise price of options/warrants | $ 1.25 |
Terms of options/warrants | 3 years |
Warrants Class C [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Warrants description | Debt conversion |
Grant date of options warrants | Jul. 1, 2018 |
Number of options/warrants | shares | 2,750,000 |
Stock price on measurement date | $ 0.07 |
Exercise price of options/warrants | $ 1 |
Terms of options/warrants | 10 years |
Schedule of Warrant Activity (D
Schedule of Warrant Activity (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Equity [Abstract] | ||
Warrants Outstanding, Beginning Balance | 8,904,249 | 15,058,498 |
Warrants Outstanding, Warrants granted | ||
Warrants Outstanding, Warrants exercised | ||
Warrants Outstanding, Warrants canceled and forfeited | ||
Warrants Outstanding, Warrants Class A canceled and forfeited | ||
Warrants Outstanding, Ending Balance | 2,750,000 | 15,058,498 |
Warrants Class B and C vested and excercisable Ending Balance | 2,750,000 | 15,058,498 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2018 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||
Common stock, par value | $ 0.00001 | $ 0.00001 | ||
Common stock, voting rights | All issued shares of common stock are entitled to vote on a 1 share/1 vote basis. | |||
Proceeds from stock payable, related party | $ 306,393 | $ 447,600 | ||
Stock Issued During Period, Shares, New Issues | 3,063,930 | |||
Share issued price per share | $ 0.10 | $ 0.10 | ||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Number of warrants exercisable, shares | 15,058,498 | |||
Warrants to purchase common stock, value | $ 385,552 | |||
Loss on debt settlement | 315,900 | |||
Chief Executive Officers and Chairman [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Conversion of debt and accrued wages, value | $ 275,303 | |||
Number of restricted stock | 2,753,030 | |||
Chief Executive Officers and Chairman [Member] | Class A Warrant [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrants to purchase common stock | 1,376,515 | |||
Number of warrants exercisable, shares | 0.5 | |||
Warrant exercise price | $ 0.50 | |||
Warrant exercisable term | 24 months | |||
Chief Executive Officers and Chairman [Member] | Class B Warrant [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of warrants exercisable, shares | 0.5 | |||
Warrant exercise price | $ 1.25 | |||
Warrant exercisable term | 36 months | |||
Chief Executive Officers and Chairman [Member] | Class C Warrants [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrants to purchase common stock | 2,750,000 | |||
Number of warrants exercisable, shares | 1 | |||
Warrant exercise price | $ 1 |
Schedule of Notes Payable (Deta
Schedule of Notes Payable (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Related party | $ 100,000 | $ 100,000 |
Unrelated party | 65,905 | 65,905 |
Michael Cohan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrelated party | 65,905 | 65,905 |
Itsik Yesha, CTO Ben [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Related party | $ 100,000 | $ 100,000 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |||||
Advances from outstanding loans | $ 0 | $ 0 | |||
Loan from shareholder, related party | $ 100,000 | 100,000 | $ 100,000 | ||
Loan from shareholder, unrelated party | 65,905 | 65,905 | $ 65,905 | ||
Imputed interest | $ 4,182 | $ 4,181 | $ 12,409 | $ 12,454 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Advances from outstanding loans | $ 0 | $ 0 | |||
Loan from shareholder, related party | $ 100,000 | 100,000 | $ 100,000 | ||
Imputed interest | 4,182 | $ 4,181 | 12,409 | 12,454 | |
Three Officers [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accrued salaries | 439,905 | 439,905 | 309,456 | ||
Itsik Ben Yesha [Member] | |||||
Related Party Transaction [Line Items] | |||||
Advances from outstanding loans | 0 | 0 | |||
Loan from shareholder, related party | 100,000 | 100,000 | 100,000 | ||
Imputed interest | 2,521 | $ 4,181 | 7,479 | $ 12,454 | |
Itsik Yesha, CTO Ben [Member] | |||||
Related Party Transaction [Line Items] | |||||
Loan from shareholder, related party | 100,000 | 100,000 | 100,000 | ||
Notes payable, outstanding | 100,000 | 100,000 | 100,000 | ||
Mr. Weissberg [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accrued interest | $ 1,564 | $ 1,564 | $ 1,564 |
Schedule of Translation of Amou
Schedule of Translation of Amounts from Local Currency (Details) | Sep. 30, 2021 | Dec. 31, 2020 |
Current ISL: US$1 Exchange Rate [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 3.21 | 3.22 |
Average ISL: US$1 Exchange Rate [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 3.24 | 3.44 |
Other Income (Details Narrative
Other Income (Details Narrative) - Israel Tax Authority [Member] | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Operating Loss Carryforwards [Line Items] | |
VAT percentage | 17.00% |
VAT refund amount | $ 79,830 |