Edgemode (EDGM) 10-Q 23 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 20, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-34780
Entity Registrant Name	FOURTH WAVE ENERGY, INC.
Entity Central Index Key	0001652958
Entity Tax Identification Number	47-4046237
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	110 E. Broward Blvd.
Entity Address, Address Line Two	Suite 1700
Entity Address, City or Town	Ft. Lauderdale
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33301
City Area Code	(707)
Local Phone Number	687-9093
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
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		383,858,340

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash	$ 136,026	$ 23,942
Subscription receivable	0	158,850
Prepaid expenses and other current assets	28,990	22,373
Prepaid expenses and other current assets - related party	271,543	0
Prepaid hosting services	1,586,297	1,586,297
Total current assets	2,022,856	1,791,462
Intangible assets - cryptocurrencies	422,280	303,199
Equipment, net	3,577,536	3,520,443
Total assets	6,022,672	5,615,104
Current liabilities:
Accounts payable and accrued expenses	412,610	145,855
Accrued dividends	0	42,843
Equipment notes payable	932,663	932,273
Notes payable	35,000	1,657,580
Total current liabilities	1,380,273	2,778,551
Equipment notes payable, net of current	138,536	359,925
Total liabilities	1,518,809	3,138,476
Commitments and contingencies
Preferred shares of EdgeMode	0	341,730
Stockholders' equity:
Series A Preferred stock, 1,000 shares authorized, zero issued and outstanding at March 31, 2022 and December 31, 2021	0	0
Common shares, 500,000,000 shares authorized, Par value $0.001; 383,808,340 and 292,179,345 shares issued and outstanding, March 31, 2022 and December 31, 2021, respectively	383,808	292,179
Additional paid-in capital	13,579,300	5,476,850
Accumulated deficit	(9,459,245)	(3,634,131)
Stockholders' equity	4,503,863	2,134,898
Total liabilities and stockholders' equity	$ 6,022,672	$ 5,615,104

Consolidated Balance Sheet (U_2

Consolidated Balance Sheet (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, Shares Issued	383,808,340	292,179,345
Common Stock, Shares Outstanding	383,808,340	292,179,345
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized	1,000	1,000

Consolidated Statements of Oper

Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 271,119	$ 68,376
Cost of revenue	423,770	77,481
Gross margin	(152,651)	(9,105)
Operating expenses:
General and administrative expenses	5,544,086	86,002
Total operating expenses	5,544,086	86,002
Loss from operations	(5,696,737)	(95,107)
Other expense:
Interest expense	(44,840)	(18,199)
Gain (loss) on cryptocurrencies	(83,537)	5,568
Total other expense, net	128,377	12,631
Loss before provision for income taxes	(5,825,114)	(107,738)
Provision for income taxes	0	0
Net loss	(5,825,114)	(107,738)
Preferred Dividends		(7,650)
Net loss to common shareholders	$ (5,825,114)	$ (115,388)
Loss per common share - basic	$ (0.02)	$ 0
Loss per common share - diluted	$ (0.02)	$ 0
Weighted average shares outstanding - basic	348,148,058	192,309,407
Weighted average shares outstanding - diluted	348,148,058	192,309,407

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2020		$ 190,735	$ 245,576	$ (75,376)	$ 360,935
Shares outstanding at Dec. 31, 2020		190,734,649
Common Shares issued in exchange for cash		$ 7,536	258,959		266,495
Common shares issued in exchange for cash, Shares		7,536,184
Preferred Shares issued in exchange for cash	$ 334,980
Preferred Shares issued in exchange for cash, Shares	125,001
Stock-based compensation	$ 6,750
Stock based compensation, in shares	2,206
Preferred dividends				(7,650)	(7,650)
Net loss				(107,738)	(107,738)
Contribution of Crytocurrency from related party			29,547		29,547
Ending balance, value at Mar. 31, 2021	$ 341,730	$ 198,271	534,082	(190,764)	541,589
Shares outstanding at Mar. 31, 2021	127,207	198,270,833
Beginning balance, value at Dec. 31, 2021	$ 341,730	$ 292,179	5,476,850	(3,634,131)	2,134,898
Shares outstanding at Dec. 31, 2021	127,207	292,179,345
Conversion of preferred shares into common	$ (341,730)	$ 20,797	363,776		384,573
Conversion of preferred shares into common, Shares	(127,207)	20,796,933
Common Shares issued in exchange for cash		$ 1,495	503,519		505,014
Common shares issued in exchange for cash, Shares		1,495,756
Common shares issued in exchange for cryptocurrency		$ 79	49,921		50,000
Common shares issued in exchange for cryptocurrency, Shares		78,638
Recapitalization of reverse merger		$ 69,258	2,600,694		2,669,952
Recapitalization of reverse merger, Shares		69,257,668
Stock-based compensation			4,584,540		4,584,540
Net loss				(5,825,114)	(5,825,114)
Ending balance, value at Mar. 31, 2022		$ 383,808	$ 13,579,300	$ (9,459,245)	$ 4,503,863
Shares outstanding at Mar. 31, 2022		383,808,340

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities:
Net loss	$ (5,825,114)	$ (107,738)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	313,883	37,105
Stock-based compensation	4,584,540	6,750
Cryptocurrency used for officer compensation	91,898	0
Loss on cryptocurrency transactions	83,537	20,708
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(128,580)	(35,140)
Cryptocurrencies - mining	(271,119)	(68,376)
Accounts payable and accrued expenses	41,034	95,894
Lease liabilities		(7,990)
Net cash used in operating activities	(1,109,921)	(58,787)
Investing Activities:
Cash acquired in acquisition	743,513	0
Purchase of equipment	(370,976)	(334,305)
Proceeds from sale of cryptocurrencies	26,603	48,169
Net cash provided by (used in) investing activities	399,140	(286,136)
Financing Activities:
Proceeds from issuance of common shares, net of offering costs	505,014	266,495
Proceeds from subscription receivable	158,850	0
Proceeds from issuance of preferred shares, net of offering costs	0	334,980
Payments on equipment notes payable	(220,999)	(214,361)
Proceeds from notes payable	380,000	0
Net cash provided by financing activities	822,865	601,475
Net change in cash	112,084	256,552
Cash - beginning of period	23,942	0
Cash - end of period	136,026	256,552
Supplemental Disclosures:
Interest paid	44,840	18,199
Income taxes paid	0	0
Supplemental Disclosures of Noncash Financing Information:
Shares issued for cryptocurrency assets	50,000	0
Equipment financed with notes payable	0	871,519
Conversion of preferred shares into common shares	384,573	0
Accrued dividends	0	7,650
Cryptocurrency assets contributed by related party	$ 0	$ 29,547

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Basis Of Presentation
Basis of Presentation	Note 1. Basis of Presentation The accompanying unaudited interim financial statements of Fourth Wave Energy, Inc. (“we”, “our”, “Fourth Wave” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report filed with the SEC on Form 10-K and the annual financial statements of Edgemode filed with the SEC on Form 8-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for our interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2021, as reported in the Form 10-K and Form 8-K of the Company, have been omitted. On March 20, 2020, shareholders owning a majority of the Company's outstanding shares of common stock amended the Company's Articles of Incorporation to change the name of the Company from Pierre Corp. to Fourth Wave Energy, Inc. In connection with the acquisition of FWI in March 2020, the Company entered into consulting agreements with certain founders of FWI. The consulting agreements require the Company to collectively pay $379,850 in consulting fees during the terms of the consulting agreements. In March 2021 the Company agreed to sell the FWI technologies and its business plan to GeoSolar Technologies, Inc. a Colorado corporation (“GST”) in exchange for 10,000,000 shares of GST common stock (the “GST Shares”), such GST Shares distributable to the Company’s shareholders. As a part of this transaction, the consultants agreed to release the Company from any liability for any consulting fees owed to them by the Company and return a portion of the Company’s common stock held by such consultants. During the year ended December 31, 2021, 4,700,000 Ex-Dividend Date: 12/06/2021 Record Date: 12/07/2021 Distribution Date: 12/14/2021 Effective January 31, 2022 (the “Effective Time”), the Company, FWAV Acquisition Corp., a Wyoming corporation and wholly owned subsidiary of the Company (the “Acquisition Subsidiary”) and EdgeMode, a Wyoming corporation (“EdgeMode”) closed on the previously disclosed Agreement and Plan of Merger and Reorganization dated December 2, 2021 (the “Merger Agreement”). In accordance with the Merger Agreement, Acquisition Subsidiary merged with and into EdgeMode (the “Merger” or “Transaction”), with EdgeMode remaining as the surviving entity after the Merger and becoming a wholly owned subsidiary of the Company. In the Merger, the shares of common stock, no par value per share, of EdgeMode issued and outstanding immediately prior to the Effective Time, represent 80% of the Company’s outstanding common stock on a fully diluted basis (or 313,950,672 shares of common stock). Furthermore, pursuant to the terms of the Merger the Company’s sole shareholder of the Company’s preferred stock converted such shares into 1,000 Joseph Isaacs, the Company’s sole officer and director resigned as an executive officer and director. Pursuant to the terms of the Merger Mr. Isaacs will provide services to the Company in a consultancy capacity at a fee of $11,500 per month and has been issued a stock option grant to purchase up to 19,987,095 0.40 250,000 Simultaneously with the Merger, approximately $ 4,574,132 18,296,528 988,000 The merger was accounted for as a reverse merger, whereby EdgeMode was considered the accounting acquirer and became our wholly-owned subsidiary. In accordance with the accounting treatment for a “reverse merger”, the Company’s historical financial statements prior to the reverse merger has been replaced with the historical financial statements of EdgeMode prior to the reverse merger. The financial statements after completion of the reverse merger include the assets, liabilities, and results of operations of the combined company from and after the closing date of the reverse merger, with only certain aspects of pre-consummation stockholders’ equity remaining in the consolidated financial statements.

Summary of significant Accounti

Summary of significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of significant Accounting Policies	NOTE 2 – Summary of significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results could materially differ from these estimates. It is reasonably possible that changes in estimates will occur in the near term. Principals of consolidation The accompanying consolidated financial statements include the accounts of Fourth Wave Energy, Inc. and the accounts of its 100% owned subsidiary, EdgeMode. All intercompany transactions and balances have been eliminated in consolidation. Fair Value Measurements Generally accepted accounting principles define fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and such principles also establish a fair value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority): · Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. · Level 2 – Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. · Level 3 – Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable. The Company has no assets or liabilities valued using level 1, level 2, or level 3 inputs as of March 31, 2022. Revenue Recognition We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers. This standard provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. The standard’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation. The Company has entered into digital asset mining pools by executing contracts, as amended from time to time, with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party and the Company’s enforceable right to compensation only begins when the Company provides computing power to the mining pool operator. In exchange for providing computing power, the Company is entitled to a fractional share of the fixed cryptocurrency award the mining pool operator receives (less digital asset transaction fees to the mining pool operator which are recorded as a component of cost of revenues), for successfully adding a block to the blockchain. The terms of the agreement provides that neither party can dispute settlement terms after thirty-five days following settlement. The Company’s fractional share is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm. Providing computing power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision of providing such computing power is the only performance obligation in the Company’s contracts with mining pool operators. The transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions. Fair value of the cryptocurrency award received is determined using the closing price of the related cryptocurrency on the day of receipt. There is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the Company’s consolidated financial position and results from operations. Recent Accounting Pronouncements The Company does not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying financial statements.

Going Concern

Going Concern	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	NOTE 3 - Going Concern These financial statements are prepared on a going concern basis. The Company began operations in 2020 and incurred a cumulative loss since inception. The Company’s ability to continue is dependent upon management’s plan to raise additional funds and achieve profitable operations. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is not able to continue as a going concern.

Reverse Merger Transaction

Reverse Merger Transaction	3 Months Ended
	Mar. 31, 2022
Reverse Merger Transaction
Reverse Merger Transaction	NOTE 4 – Reverse Merger Transaction Pursuant to the terms of the Merger Agreement, and in exchange for all 100% of the issued and outstanding shares of EdgeMode, EdgeMode received 313,950,672 shares of common stock, par value $.001 per share of the Company. Prior to the Merger, EdgeMode was authorized to issue 300,000 shares of preferred stock with no par value per share, of which 261,438 were designated as Series Seed Preferred Stock (“Series Seed Preferred”) which were accounted for as mezzanine equity. Immediately prior to the Merger, the holders of the Series Seed Preferred stock converted the shares and accrued dividends into 127,207 shares of EdgeMode common stock. As a result of the Reverse Merger, the Company has acquired the following assets and liabilities which were recorded at the pre-combination carrying basis. The assets acquired and liabilities assumed are as follows: Schedule of assets acquired and liabilities January 31, 2022 Cash $ 743,513 Prepaids 149,580 Note receivable - EdgeMode 2,040,447 Accounts payable (7,774 ) Other accrued expenses (196,500 ) Accrued interest (24,313 ) Notes payable (35,000 ) Total identified net assets $ 2,669,952

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 5 – Related Party Transactions Pursuant to the terms of the Merger Mr. Isaacs will provide services to the Company in a consultancy capacity at a fee of $11,500 per month and has been issued a stock option grant to purchase up to 19,987,095 shares of the Company’s common stock, vesting in 90 days, at an exercise price of $0.40 per share. The consulting agreement may be terminated by the Company without cause after three months. In addition, Mr. Isaacs received a $250,000 cash bonus and the Company entered into a contract with a company owed by Joe Isaacs to perform services for total value of $240,000.

Prepaid Hosting Services

Prepaid Hosting Services	3 Months Ended
	Mar. 31, 2022
Prepaid Hosting Services
Prepaid Hosting Services	NOTE 6 - Prepaid Hosting Services Prepaid hosting services are amounts paid to secure the use of data hosting services at a future date or continuously over one or more future periods. When the prepaid hosting services are eventually consumed, they are charged to expense. As of March 31, 2022 the company has prepaid a total of $ 1,586,297 Prior to the merger, the Company entered into additional service contracts with Mr. Isaacs, which as of March 31, 2022 had a value of $31,543 to be expense over the remaining service period.

Fixed Assets

Fixed Assets	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Fixed Assets	NOTE 7 – Fixed Assets Fixed assets are stated at cost and depreciated using the straight-line method over their estimated useful lives. When retired or otherwise disposed, the carrying value and accumulated depreciation of the fixed asset is removed from its respective accounts and the net difference less any amount realized from disposition, is reflected in earnings. Expenditures for maintenance and repairs which do not extend the useful lives of the related assets are expensed as incurred. As of March 31, 2022 and 2021 fixed assets were made up of the following: Schedule of fixed assets Estimated Useful Life March 31, December 31, (years) 2022 2021 Cryptomining equipment 2 5 $ 2,615,721 $ 2,615,721 Cryptomining equipment - not in service 2,108,162 1,737,186 4,723,883 4,352,907 Accumulated depreciation (1,146,347 ) (832,464 ) Net book value $ 3,577,536 $ 3,520,443 Total depreciation expense for the three months ended March 31, 2022 and 2021, was $ 313,883 37,105 As of March 31, 2022 the company had $ 2,108,162

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity	NOTE 8 – Equity The Company has authorized 500,000,000 0.001 383,808,340 Preferred shares We are authorized to issue 5,000,000 On March 26, 2020, the Company designated 1,000 shares of its original 5,000,000 authorized shares of Preferred Stock as Series A Preferred Stock (“Series A”) with a $0.001 par value. Each Series A Preferred share entitles the holder to vote on all matters submitted to a vote of the Company’s shareholders or with respect to actions that may be taken by written consent. The 1,000 shares of Series A shares have the voting power of 250% of the outstanding common shares at the time of any vote. The holders of the Series A shares are entitled to receive, when, as and if declared by the Board of Directors out of funds legally available, annual dividends payable in cash on the 31st day of December in each year, commencing on December 31, 2020 at the rate of $0.10 per share per year. As part of the recapitalization, the 1,000 shares were converted into common shares. Common shares During the three months ended March 31, 2022, the Company issued 1,574,394 555,014 300,000 During the three months ended March 31, 2022, the Company received $158,850 in cash proceeds from the sale of common shares that were classified as subscription receivables as of December 31, 2021. On November 1, 2021, the Company entered into a four month consulting agreement for investor relation services. Upon signing the agreement, the Company agreed to pay the consultant 250,000 shares of common stock. The shares were valued at $0.36 the closing price of the Company’s stock on date of issuance for a total of $90,000, which was recorded in additional paid in capital. During the three months ended March 31, 2022, the Company recognized the remaining $ 44,875 Stock Options During the three months ended March 31, 2022, the Company issued a stock option grant to purchase up to 19,987,095 4,539,665 849,996 2,269,833 The following table summarizes the stock option activity for the three months ended March 31, 2022: Schedule of option activity Options Weighted-Average Exercise Price Per Share Outstanding, December 31, 2021 137,473 $ 0.00 Granted 19,987,095 0.40 Exercised – – Forfeited – – Expired – – Outstanding, March 31, 2022 20,124,568 $ 0.39 As of March 31, 2022, the Company had no 0 34,368 Stock Warrants In connection with the convertible promissory notes issued prior to the merger, the Company issued warrants to purchase 1,230,000 shares of common stock with an exercise price of $0.50, which expire five years from the date of grant. The following table summarizes the stock warrant activity for the three months ended March 31, 2022: Schedule of warrant activity Warrants Weighted-Average Exercise Price Per Share Outstanding, December 31, 2021 9,442,857 $ 0.44 Granted 1,230,000 0.50 Exercised – – Forfeited – – Expired – – Outstanding, March 31, 2022 10,672,857 $ 0.45

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Notes Payable	NOTE9 - Notes Payable Notes Payable Pursuant to the merger agreement, the Company acquire outstanding note payables in the amount of $ 35,000 Simultaneously with the Merger, approximately $ 4,574,132 18,296,528 Equipment Notes Payable In February 2021, the Company entered into a financing agreement whereby the company agreed to purchase assets related to its crypto mining operations. The financing agreement required a down payment of $ 199,800 24 equal monthly payments 32,760 871,519 336,266 In May 2021, the Company entered into a financing agreement whereby the Company agreed to purchase assets related to its crypto mining operations. The financing agreement required a down payment of $ 299,808 23 equal monthly payments 39,528 1,148,237 507,663 In July 2021, the Company entered into a financing agreement whereby the company agreed to purchase assets related to its crypto mining operations. The financing agreement required a down payment of $ 100,800 24 equal monthly payments 15,660 421,835 227,270 The following table presents the future maturities and principal payments of all notes payable listed above for the next five years and thereafter are as follows: Schedule of future maturities and principal payments Year Principal Amount 2022 $ 711,275 2023 359,924 2024 – 2025 – 2026 – Remaining – Total $ 1,071,199

Cryptocurrency Assets

Cryptocurrency Assets	3 Months Ended
	Mar. 31, 2022
Cryptocurrency Assets
Cryptocurrency Assets	NOTE 10 – Cryptocurrency Assets The Company began cryptocurrency mining activities during the year ended December 31, 2021. In addition to mining activities, the Company conducts other business activities using its cryptocurrency assets as compensation. The below table represents the cryptocurrency activities during the three months ended March 31, 2022: Schedule of cryptocurrency activities Cryptocurrency at December 31, 2021 $ 303,199 Revenue recognized from cryptocurrency mined 271,119 Additions of cryptocurrency - sale of common stock 50,000 Proceeds from sale of cryptocurrencies (26,603 ) Cryptocurrency used for officer compensation (91,898 ) Realized gain on sale/exchange of cryptocurrencies (83,537 ) Cryptocurrency at March 31, 2022 $ 422,280

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 11 – Commitments and Contingencies Legal Contingencies On February 8, 2022, the Company was notified of a potential lawsuit related to the termination of our Advisory Panel Membership agreement with Taylor Black Wealth, Ltd. (“Taylor”). The Company engaged Taylor for assistance with capital raises and was to be partially compensated with stock options, subject to vesting. Taylor claims that the Company terminated the agreement unlawfully and therefore are still entitled to the remaining unvested options which the Company believes to be cancelled. The total number of stock options being contested is 137,473

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	NOTE 12 - Subsequent Events On May 17, 2022 the Company sold 50,000 shares of restricted common stock to an accredited investor at a purchase price of $0.50 per share for gross proceeds of $25,000 under an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. The Company did not pay any fees or commissions. The proceeds shall be used for working capital.

Summary of significant Accoun_2

Summary of significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results could materially differ from these estimates. It is reasonably possible that changes in estimates will occur in the near term.
Principals of consolidation	Principals of consolidation The accompanying consolidated financial statements include the accounts of Fourth Wave Energy, Inc. and the accounts of its 100% owned subsidiary, EdgeMode. All intercompany transactions and balances have been eliminated in consolidation.
Fair Value Measurements	Fair Value Measurements Generally accepted accounting principles define fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and such principles also establish a fair value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority): · Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. · Level 2 – Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. · Level 3 – Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable. The Company has no assets or liabilities valued using level 1, level 2, or level 3 inputs as of March 31, 2022.
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers. This standard provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. The standard’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation. The Company has entered into digital asset mining pools by executing contracts, as amended from time to time, with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party and the Company’s enforceable right to compensation only begins when the Company provides computing power to the mining pool operator. In exchange for providing computing power, the Company is entitled to a fractional share of the fixed cryptocurrency award the mining pool operator receives (less digital asset transaction fees to the mining pool operator which are recorded as a component of cost of revenues), for successfully adding a block to the blockchain. The terms of the agreement provides that neither party can dispute settlement terms after thirty-five days following settlement. The Company’s fractional share is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm. Providing computing power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision of providing such computing power is the only performance obligation in the Company’s contracts with mining pool operators. The transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions. Fair value of the cryptocurrency award received is determined using the closing price of the related cryptocurrency on the day of receipt. There is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the Company’s consolidated financial position and results from operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company does not believe that any recently issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying financial statements.

Reverse Merger Transaction (Tab

Reverse Merger Transaction (Tables)	3 Months Ended
	Mar. 31, 2022
Reverse Merger Transaction
Schedule of assets acquired and liabilities	Schedule of assets acquired and liabilities January 31, 2022 Cash $ 743,513 Prepaids 149,580 Note receivable - EdgeMode 2,040,447 Accounts payable (7,774 ) Other accrued expenses (196,500 ) Accrued interest (24,313 ) Notes payable (35,000 ) Total identified net assets $ 2,669,952

Fixed Assets (Tables)

Fixed Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of fixed assets	Schedule of fixed assets Estimated Useful Life March 31, December 31, (years) 2022 2021 Cryptomining equipment 2 5 $ 2,615,721 $ 2,615,721 Cryptomining equipment - not in service 2,108,162 1,737,186 4,723,883 4,352,907 Accumulated depreciation (1,146,347 ) (832,464 ) Net book value $ 3,577,536 $ 3,520,443

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of option activity	Schedule of option activity Options Weighted-Average Exercise Price Per Share Outstanding, December 31, 2021 137,473 $ 0.00 Granted 19,987,095 0.40 Exercised – – Forfeited – – Expired – – Outstanding, March 31, 2022 20,124,568 $ 0.39
Schedule of warrant activity	Schedule of warrant activity Warrants Weighted-Average Exercise Price Per Share Outstanding, December 31, 2021 9,442,857 $ 0.44 Granted 1,230,000 0.50 Exercised – – Forfeited – – Expired – – Outstanding, March 31, 2022 10,672,857 $ 0.45

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of future maturities and principal payments	Schedule of future maturities and principal payments Year Principal Amount 2022 $ 711,275 2023 359,924 2024 – 2025 – 2026 – Remaining – Total $ 1,071,199

Cryptocurrency Assets (Tables)

Cryptocurrency Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Cryptocurrency Assets
Schedule of cryptocurrency activities	Schedule of cryptocurrency activities Cryptocurrency at December 31, 2021 $ 303,199 Revenue recognized from cryptocurrency mined 271,119 Additions of cryptocurrency - sale of common stock 50,000 Proceeds from sale of cryptocurrencies (26,603 ) Cryptocurrency used for officer compensation (91,898 ) Realized gain on sale/exchange of cryptocurrencies (83,537 ) Cryptocurrency at March 31, 2022 $ 422,280

Basis of Presentation (Details

Basis of Presentation (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2022	Mar. 31, 2022
EdgeMode [Member]
Offsetting Assets [Line Items]
Debt Conversion, Converted Instrument, Amount	$ 4,574,132
Debt Conversion, Converted Instrument, Shares Issued	18,296,528
Repayments of Convertible Debt	$ 988,000
EdgeMode [Member] | Sole Shareholder [Member]
Offsetting Assets [Line Items]
Conversion of Stock, Shares Issued	1,000
EdgeMode [Member] | Joseph Isaacs [Member]
Offsetting Assets [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	19,987,095
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 0.40
Bonus Paid	$ 250,000
Debt Conversion, Converted Instrument, Shares Issued	18,296,528
Agreement with GST [Member]
Offsetting Assets [Line Items]
Stock Redeemed or Called During Period, Shares		4,700,000

Reverse Merger Transaction (Det

Reverse Merger Transaction (Details) - EdgeMode [Member]	Jan. 31, 2022USD ($)
Restructuring Cost and Reserve [Line Items]
Cash	$ 743,513
Prepaids	149,580
Note receivable - EdgeMode	2,040,447
Accounts payable	(7,774)
Other accrued expenses	(196,500)
Accrued interest	(24,313)
Notes payable	(35,000)
Total identified net assets	$ 2,669,952

Prepaid Hosting Services (Detai

Prepaid Hosting Services (Details Narrative) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Prepaid Hosting Services
Prepaid Expense, Current	$ 1,586,297	$ 1,586,297

Fixed Assets (Details)

Fixed Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 4,723,883	$ 4,352,907
Accumulated depreciation	(1,146,347)	(832,464)
Net book value	3,577,536	3,520,443
Cryptomining Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,615,721	2,615,721
Cryptomining Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	2 years
Cryptomining Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Cryptomining Equipment Not In Service [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,108,162	$ 1,737,186

Fixed Assets (Details Narrative

Fixed Assets (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 313,883	$ 37,105
Property, Plant and Equipment, Gross	4,723,883		$ 4,352,907
Cryptomining Equipment Not In Service [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,108,162		$ 1,737,186

Equity (Details - Option activi

Equity (Details - Option activity) - Options Held [Member]	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding	137,473
Options outstanding | $ / shares	$ 0
Options granted	19,987,095
Options granted | $ / shares	$ 0.40
Options exercised	0
Options forfeited	0
Options expired	0
Options outstanding	20,124,568
Options outstanding | $ / shares	$ 0.39

Equity (Details - Warrant activ

Equity (Details - Warrant activity) - $ / shares	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants Granted	19,987,095
Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Class of Warrant or Right, Outstanding Beginning Balance	9,442,857
Weight-Average Exercise Price Per Share Ending Balance	$ 0.45	$ 0.44
Warrants Granted	1,230,000
Weight-Average Exercise Price Per Share Granted	$ 0.50
Warrants Exercised	0
Warrants Forfeited	0
Warrants Expired	0
Class of Warrant or Right, Outstanding Ending Balance	10,672,857

Equity (Details Narrative)

Equity (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Offsetting Assets [Line Items]
Common Stock, Shares Authorized	500,000,000		500,000,000
Common Stock, par value	$ 0.001		$ 0.001
Common Stock, Shares Issued	383,808,340		292,179,345
Common Stock, Shares Outstanding	383,808,340		292,179,345
Preferred Stock, Shares Authorized	5,000,000		5,000,000
Share-Based Payment Arrangement, Noncash Expense	$ 4,584,540	$ 6,750
Stock option grant	19,987,095
Stock Options value	$ 4,539,665
Revenue Recognition, Milestone Method, Revenue Recognized	849,996
Amortization	$ 2,269,833
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value	34,368
Stock Issued For Cash And Crytocurrency [Member]
Offsetting Assets [Line Items]
Stock Issued During Period, Value, New Issues	1,574,394
Proceeds from Issuance or Sale of Equity	$ 555,014
[custom:WarrantsIssuedShares]	300,000
Investor Relations Services [Member] | Consulting Agreement [Member]
Offsetting Assets [Line Items]
Share-Based Payment Arrangement, Noncash Expense	$ 44,875

Notes Payable (Details - Maturi

Notes Payable (Details - Maturity)	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
2022	$ 711,275
2023	359,924
2024	0
2025	0
2026	0
Remaining	0
Total	$ 1,071,199

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	1 Months Ended
	Jan. 31, 2022	Jul. 31, 2021	May 31, 2021	Feb. 28, 2021	Mar. 31, 2022	Dec. 31, 2021
Equipment Note Payable 1 [Member]
Debt Instrument [Line Items]
Down payment				$ 199,800
Debt Instrument, Frequency of Periodic Payment				24 equal monthly payments
Periodic payment				$ 32,760
[custom:PresentValueNotePayable-0]				$ 871,519
Notes Payable					$ 336,266
Equipment Note Payable 2 [Member]
Debt Instrument [Line Items]
Down payment			$ 299,808
Debt Instrument, Frequency of Periodic Payment			23 equal monthly payments
Periodic payment			$ 39,528
[custom:PresentValueNotePayable-0]			$ 1,148,237
Notes Payable						$ 507,663
Equipment Note Payable 3 [Member]
Debt Instrument [Line Items]
Down payment		$ 100,800
Debt Instrument, Frequency of Periodic Payment		24 equal monthly payments
Periodic payment		$ 15,660
[custom:PresentValueNotePayable-0]		$ 421,835
Notes Payable						$ 227,270
EdgeMode [Member]
Debt Instrument [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt	$ 35,000
Debt Conversion, Converted Instrument, Amount	$ 4,574,132
Debt Conversion, Converted Instrument, Shares Issued	18,296,528

Cryptocurrency Assets (Details)

Cryptocurrency Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cryptocurrency Assets
Cryptocurrency, beginning balance	$ 303,199
Revenue recognized from cryptocurrency mined	271,119
Additions of cryptocurrency - sale of common stock	50,000
Proceeds from sale of cryptocurrencies	(26,603)	$ (48,169)
Cryptocurrency used for officer compensation	(91,898)
Realized gain on sale/exchange of cryptocurrencies	(83,537)
Cryptocurrency, ending balance	$ 422,280

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	Feb. 08, 2022shares
Commitments and Contingencies Disclosure [Abstract]
Stock options being contested	137,473