Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 30, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-55927 | ||
Entity Registrant Name | Securetech Innovations, Inc. | ||
Entity Central Index Key | 0001703157 | ||
Entity Tax Identification Number | 82-0972782 | ||
Entity Incorporation, State or Country Code | WY | ||
Entity Address, Address Line One | 2355 Highway 36 West | ||
Entity Address, Address Line Two | Suite 400 | ||
Entity Address, City or Town | Roseville | ||
Entity Address, State or Province | MN | ||
Entity Address, Postal Zip Code | 55113 | ||
City Area Code | (651) | ||
Local Phone Number | 317-8990 | ||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
Trading Symbol | SCTH | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Elected Not To Use the Extended Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 8,282,825 | ||
Entity Common Stock, Shares Outstanding | 111,636,300 | ||
Auditor Name | M&K CPAS, PLLC | ||
Auditor Location | Houston, TX | ||
Auditor Firm ID | 2738 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and equivalents | $ 214,026 | $ 89,804 |
Inventories | 39,975 | 48,993 |
Total current assets | 254,001 | 138,797 |
Total assets: | 254,001 | 138,797 |
Current liabilities: | ||
Accounts payable | 1,160 | 1,335 |
Sales tax payable | 2,337 | 1,495 |
Total current liabilities | 3,497 | 2,830 |
Total liabilities | 3,497 | 2,830 |
Stockholders’ equity (deficit): | ||
Preferred stock, $0.001 par value, 50,000,000 shares authorized | ||
Common stock, $0.001 par value, 500,000,000 shares authorized; 113,336,300 and 170,442,300 shares issued and outstanding, respectively | 113,336 | 170,442 |
Additional paid-in capital | 592,899 | 312,543 |
Accumulated deficit | (455,731) | (347,018) |
Total stockholders’ equity | 250,504 | 135,967 |
Total liabilities and stockholders’ equity | $ 254,001 | $ 138,797 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Outstanding | 113,336,300 | 170,442,300 |
Common Stock, Shares, Issued | 113,336,300 | 170,442,300 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | ||
Sales | $ 31,713 | $ 20,266 |
Cost of goods sold | 8,915 | 5,882 |
Gross profit | 22,798 | 14,384 |
Expenses: | ||
General and administrative | 124,267 | 78,395 |
Research and development | 7,245 | 430 |
Total operating expenses | 131,511 | 78,825 |
(Loss) from operations | (108,713) | (64,441) |
Provision for income taxes | ||
Net (loss) | $ (108,713) | $ (64,441) |
Loss per share, basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding, basic and diluted | 156,034,210 | 170,283,274 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 170,003 | $ 247,088 | $ 282,577 | $ 134,514 |
Shares, Issued, Beginning Balance at Dec. 31, 2019 | 170,003,000 | |||
Issuance of common shares for cash | $ 439 | 65,455 | 65,894 | |
Issuance of common shares for cash, shares | 439,300 | |||
Net loss | (64,441) | (64,441) | ||
Ending balance, value at Dec. 31, 2020 | $ 170,442 | 312,543 | 347,018 | 135,967 |
Shares, Issued, Ending Balance at Dec. 31, 2020 | 170,442,300 | |||
Issuance of common shares for cash | $ 889 | 221,361 | 222,250 | |
Issuance of common shares for cash, shares | 889,000 | |||
Net loss | (108,713) | (108,713) | ||
Exercise of $0.20 warrants into common shares | $ 5 | 995 | $ 1,000 | |
Exercise of $0.20 warrants into common shares, shares | 5,000 | 5,000 | ||
Cancellation of common shares | $ (58,000) | 58,000 | ||
Cancellation of common shares, shares | (58,000,000) | |||
Ending balance, value at Dec. 31, 2021 | $ 113,336 | $ 592,899 | $ 455,731 | $ 250,504 |
Shares, Issued, Ending Balance at Dec. 31, 2021 | 113,336,300 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders Equity (Parenthetical) | Dec. 31, 2021$ / shares |
Statement of Stockholders' Equity [Abstract] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.20 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net (loss) | $ (108,713) | $ (64,441) |
Adjustments to reconcile net (loss) to net cash used in operating activities: | ||
(Increase) decrease in inventories | 9,018 | (48,993) |
(Increase) decrease in other current assets | 1,545 | |
Increase (decrease) in accounts payable | (175) | 1,235 |
Increase (decrease) in sales tax payable | 842 | 1,495 |
Net cash used in operating activities | (99,028) | (109,159) |
Cash flows from financing activities: | ||
Issuance of common stock for cash | 222,250 | 65,894 |
Exercise of $0.20 warrants into common shares for cash | 1,000 | |
Net cash provided by financing activities | 223,250 | 65,894 |
Net increase (decrease) in cash | 124,222 | (43,265) |
Cash – beginning of period | 89,804 | 133,069 |
Cash – end of period | 214,026 | 89,804 |
Non-cash financing activities: | ||
Share cancellation | $ 58,000 |
NOTE 1 _ Summary of Significant
NOTE 1 – Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
NOTE 1 – Summary of Significant Accounting Policies | NOTE 1 – Summary of Significant Accounting Policies Organization SecureTech Innovations, Inc. (“ Company SecureTech Piranha SecureTech is an emerging growth company focused on developing and marketing advanced security and safety technologies. SecureTech’s products preserve life, protect property, and prevent crime. Under the Top Kontrol brand, SecureTech currently sells the world’s only anti-theft and anti-carjacking automobile security and safety system. Under its wholly-owned Piranha subsidiaries, SecureTech intends to develop and acquire secure green energy data centers, advanced cybersecurity technologies, and blockchain and cryptocurrency systems and platforms for mining, storage, and trading exchanges. Impact of the COVID-19 (Coronavirus) Pandemic In December 2019, a novel strain of coronavirus, which causes the disease known as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 coronavirus has spread globally. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic causing the U.S. government to impose travel restrictions between the United States, Europe, and many other countries worldwide, which have subsequently cycled between being lifted, reimposed, and modified on an ongoing basis. As of December 31, 2021, the COVID-19 panic continues to negatively affect the global economy, significantly disrupt global supply chains, and create major financial and retail marketplace disruptions. Because we began manufacturing and selling Top Kontrol during the fiscal year ended December 31, 2020, we cannot determine, compare, or estimate with any degree of accuracy to what extent the pandemic may be hindering our sales efforts. While we believe this pandemic has had a material impact on our business, particularly relating to sales of Top Kontrol, we do not have enough operating history to accurately evaluate or quantify the extent that this pandemic may have impacted the following areas of our business: • Raw material and component supply chains • Product sales • Training and educating prospective Top Kontrol Certified Technicians • Marketing and advertising efficiencies Uncertainties regarding the economic impact of COVID-19 are likely to result in sustained market turmoil through the fiscal year ending December 31, 2022, while many businesses continue to operate at diminished capacities and the global supply chain remains fractured. Many market experts believe businesses will continue to experience adverse effects and supply chain disruptions from the COVID-19 pandemic into the fiscal year ending December 31, 2023. Basis of Presentation US GAAP SEC Use of Estimates The accompanying financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Because a precise determination of many assets and liabilities depends on future events, the preparation of financial statements for a period necessarily involves the use of estimates made using careful judgment. Actual results may vary from these estimates. The worldwide spread of COVID-19 continues to negatively impact global economic activity, and it is likely to continue disrupting supply chains, sales channels, marketing activities, and general business operations until the disease is contained at local, regional, and worldwide levels. At this point, the extent to which COVID-19 may impact our financial condition or results of operations remains uncertain. As of the date of issuance of these financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, judgments, or adjust the carrying value of our assets or liabilities. These estimates may change as new events occur and additional information is obtained and is recognized in the financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to our financial statements. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. As of December 31, 2021 and 2020, the Company had no cash equivalents. Fair Value of Financial Instruments ASC 820, “Fair Value Measurements” and ASC 825, Financial Instruments, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value: Level Description Level 1 Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Inventory and Cost of Sales Inventories are stated at the lower of cost or realizable value, using the weighted average cost method. When an impairment indicator suggests that the carrying amounts of inventories might not be recoverable, the Company reviews such carrying amounts and estimates the net realizable value based on the most reliable evidence available at that time. An impairment loss is recorded if the net realizable value is less than the carrying value. Impairment indicators considered for these purposes are, among others, obsolescence, decrease in market prices, damage, and a firm commitment to sell. Net Loss per Share Calculation Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is calculated similarly to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. SecureTech excludes all potentially dilutive securities from its diluted net loss per share computation since their effect would be anti-dilutive because SecureTech recorded a loss for the fiscal years ended December 31, 2021 and 2020. Revenue Recognition Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. The Company’s primary source of revenue is from the sale of our Top Kontrol product. We began selling Top Kontrol in late April 2020. Top Kontrol requires installation by a Certified Top Kontrol Technician. To become a Certified Top Kontrol Technician, an automotive technician must complete a one-day hands-on course hosted by the Company. This class is provided free of charge. Failure to have Top Kontrol installed by a Certified Top Kontrol Technician voids the product’s limited liability warranty. Top Kontrol’s warranty allows the Company to repair or replace any defective Top Kontrol parts – in either materials or workmanship – for up to six months from the original date of purchase. Because of this professional installation requirement, the Company sells its products to and through Authorized Dealers and independent Certified Top Kontrol Technicians. When the Company sells directly to the end-user, product installation must be performed by authorized Company personnel or a third-party Certified Top Kontrol Technician to avoid voiding the Top Kontrol limited liability warranty. Revenue is recognized when performance obligations under the terms of a contract with our customers are satisfied. Revenue is recorded net of marketing allowances, volume discounts, and other forms of variable consideration. Generally, this occurs with the transfer of control of our product to the customer and payment has been received. The Company does not offer terms or credit to any of its customers. Revenue Recognition; ASC 606 Five-Step Model Under ASC 606, the Company recognizes revenue from the sale of service contracts by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. Revenue Recognition; General Right of Return Customers are allowed to return goods that are defective (warranty returns). In some instances, customers may be allowed to return a limited number of units for periodic stock adjustment returns. Such stock adjustment returns would be limited to no more than 5% of their total units sold. As is standard in the industry, we only will accept returns from active customers. If a customer ceases doing business with us, we have no further obligation to accept additional product returns from that customer. Revenue Recognition; Concentration As of December 31, 2021, the Company had three customers that each comprised in excess of 10% of the Company’s overall revenue. In aggregate, these three customers represented 39.9% of the Company’s revenue for the fiscal year ended December 31, 2021. Income Taxes The Company accounts for income taxes pursuant to FASB ASC 740, Income Taxes. Under FASB ASC 740-10-25, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about its ability to realize the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the following majority-owned subsidiaries in December 31, 2021: Subsidiary Percentage Owned Piranha Blockchain, Inc. 100.0% Piranha Blockchain, Ltd. 100.0% Fiscal Year The Company elected December 31st for its fiscal year-end. Recent Accounting Pronouncements There are various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company’s financial position, results of operations or cash flows. |
NOTE 2 _ GOING CONCERN
NOTE 2 – GOING CONCERN | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 2 – GOING CONCERN | NOTE 2 – GOING CONCERN The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements during the fiscal year ended December 31, 2021, the Company has not established a source of revenues sufficient to cover its operating costs. As such, it has incurred an operating loss since its inception. Further, as of December 31, 2021, the Company had an accumulated deficit of ($455,731) The Company’s existence depends on management’s ability to develop profitable operations and obtain additional financing sources. There can be no assurance that the Company’s financing efforts will result in profitable operations or resolve the Company’s liquidity problems. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern. |
NOTE 3 _ INVENTORIES
NOTE 3 – INVENTORIES | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
NOTE 3 – INVENTORIES | NOTE 3 – INVENTORIES Inventory is stated at the lower of cost or realizable value, using the weighted average cost method. When an impairment indicator suggests that the carrying amounts of inventories might not be recoverable, the Company reviews such carrying amounts and estimates the net realizable value based on the most reliable evidence available at that time. An impairment loss is recorded if the net realizable value is less than the carrying value. Impairment indicators considered for these purposes are, among others, obsolescence, decrease in market prices, damage, and a firm commitment to sell. The following table summarizes the Company’s inventories as of December 31, 2021 and 2020: December 31, 2021 2020 Inventories: Raw materials and work-in-progress $ 1,955 $ 1,971 Finished goods 38,020 47,022 Gross inventories 39,975 48,993 Inventory valuation reserves — — Inventories, net $ 39,975 $ 48,993 |
NOTE 4 _ INCOME TAXES
NOTE 4 – INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
NOTE 4 – INCOME TAXES | NOTE 4 – INCOME TAXES The provision (benefit) for income taxes for the years ended December 31, 2021 and 2020 were as follows, assuming a 21% For the fiscal year ended December 31, 2021 2020 Current tax provision: Federal Taxable income $ — $ — Total current tax provision $ — $ — Deferred tax provision: Federal Loss carryforwards $ 95,704 $ 72,874 Change in valuation allowance (95,704 ) (72,874 ) Total deferred tax provision $ — $ — As of December 31, 2021, the Company had approximately $455,732 December 31, 2041 The Company provided a valuation allowance equal to the deferred income tax assets for the period from March 2, 2017 (inception) to December 31, 2021, because it is not presently known whether future taxable income will be sufficient to utilize the tax loss carryforwards. The Company has no uncertain tax positions. |
NOTE 5 _ STOCKHOLDERS_ EQUITY
NOTE 5 – STOCKHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
NOTE 5 – STOCKHOLDERS’ EQUITY | NOTE 5 – STOCKHOLDERS’ EQUITY Preferred stock The Company has authorized 50,000,000 $0.001 As of December 31, 2021, the Company had no classes and - 0 Common stock The Company has authorized 500,000,000 0.001 2021 Issuances During the fiscal period ended December 31, 2021, the Company sold 889,000 $0.001 0.25 Series C Private Placement Offering During the fiscal period ended December 31, 2021, a Warrant holder exercised 5,000 $0.20 5,000 1,000 $0.20 434,300 0.20 2021 Cancellations During the fiscal period ended December 31, 2021, the Company canceled an aggregate of 58,000,000 As of December 31, 2021, the Company had 113,336,300 |
NOTE 6 _ WARRANTS
NOTE 6 – WARRANTS | 12 Months Ended |
Dec. 31, 2021 | |
Note 6 Warrants | |
NOTE 6 – WARRANTS | NOTE 6 – WARRANTS The following table summarizes information with respect to outstanding warrants to purchase shares of the Company’s common stock as of December 31, 2021. Warrants Exercise Price Number Outstanding Expiration Date $ 0.30 439,300 March 31, 2021 $ 0.40 439,300 June 30, 2022 $ 0.50 439,300 December 31, 2022 1,317,900 Warrant Issuances, Exercises, and Expirations During the fiscal year ended December 31, 2020, the Company undertook a private placement of its securities through a private placement Unit offering. Each Unit included one share of the Company’s common stock and four stock purchase warrants with incremental exercise prices and expiration dates. An aggregate of 1,757,200 stock purchase warrants were issued under this offering, which was closed on June 30, 2020. The warrants were valued using the Black-Scholes model with a 53.0% 0.16% 0.21% $19,257 A summary of the warrant activity for the fiscal year ended December 31, 2021, is as follows: Warrant Activity Warrants Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Warrants Weighted-Average Exercise Prices Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding on January 1, 2021 1,757,200 $ 0.35 0.7 $ 966,460 Issued — $ — — $ — Exercised (5,000 ) $ 0.20 — $ 3,500 Expired (434,300 ) $ 0.20 — $ 304,010 Outstanding on December 31, 2021 1,317,900 The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on warrants with an exercise price less than the Company’s stock price of $0.90 (based on the bid price quoted on the OTC Pink Tier of the OTC Market Group, Inc.) as of December 31, 2020, which the warrant holders would have received had those warrant holders exercised their warrants as of that date. |
NOTE 7 _ RELATED PARTY FOUNDER_
NOTE 7 – RELATED PARTY FOUNDER’S SHARE ISSUANCES | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
NOTE 7 – RELATED PARTY FOUNDER’S SHARE ISSUANCES | NOTE 7 – RELATED PARTY FOUNDER’S SHARE ISSUANCES On March 2, 2017, the Company issued an aggregate of 175,000,000 $0.001 0 Of these Founder’s Shares, 80,000,000 75,000,000 20,000,000 |
NOTE 8 _ CONTINGENCY_LEGAL
NOTE 8 – CONTINGENCY/LEGAL | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
NOTE 8 – CONTINGENCY/LEGAL | NOTE 8 – CONTINGENCY/LEGAL As of December 31, 2021, and during the past ten years, no director, person nominated to become a director or executive officer, or promoter of SecureTech has been involved in any legal proceeding that would require disclosure hereunder. From time to time, we may become subject to various legal proceedings and claims that arise in the ordinary course of our business activities. However, litigation is subject to inherent uncertainties for which the ultimate outcome cannot be predicted. Any adverse result in these or other legal matters could arise and cause harm to our business. We currently are not a party to any claim or litigation. |
NOTE 9 _ SUBSEQUENT EVENTS
NOTE 9 – SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
NOTE 9 – SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS Common Share Cancellation On February 17, 2022, the Company canceled an aggregate of 1,700,000 As of March 30, 2022, the Company had 111,636,300 No other material events or transactions have occurred during this subsequent event reporting period that required recognition or disclosure in the financial statements. |
NOTE 1 _ Summary of Significa_2
NOTE 1 – Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization | Organization SecureTech Innovations, Inc. (“ Company SecureTech Piranha SecureTech is an emerging growth company focused on developing and marketing advanced security and safety technologies. SecureTech’s products preserve life, protect property, and prevent crime. Under the Top Kontrol brand, SecureTech currently sells the world’s only anti-theft and anti-carjacking automobile security and safety system. Under its wholly-owned Piranha subsidiaries, SecureTech intends to develop and acquire secure green energy data centers, advanced cybersecurity technologies, and blockchain and cryptocurrency systems and platforms for mining, storage, and trading exchanges. |
Impact of the COVID-19 (Coronavirus) Pandemic | Impact of the COVID-19 (Coronavirus) Pandemic In December 2019, a novel strain of coronavirus, which causes the disease known as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 coronavirus has spread globally. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic causing the U.S. government to impose travel restrictions between the United States, Europe, and many other countries worldwide, which have subsequently cycled between being lifted, reimposed, and modified on an ongoing basis. As of December 31, 2021, the COVID-19 panic continues to negatively affect the global economy, significantly disrupt global supply chains, and create major financial and retail marketplace disruptions. Because we began manufacturing and selling Top Kontrol during the fiscal year ended December 31, 2020, we cannot determine, compare, or estimate with any degree of accuracy to what extent the pandemic may be hindering our sales efforts. While we believe this pandemic has had a material impact on our business, particularly relating to sales of Top Kontrol, we do not have enough operating history to accurately evaluate or quantify the extent that this pandemic may have impacted the following areas of our business: • Raw material and component supply chains • Product sales • Training and educating prospective Top Kontrol Certified Technicians • Marketing and advertising efficiencies Uncertainties regarding the economic impact of COVID-19 are likely to result in sustained market turmoil through the fiscal year ending December 31, 2022, while many businesses continue to operate at diminished capacities and the global supply chain remains fractured. Many market experts believe businesses will continue to experience adverse effects and supply chain disruptions from the COVID-19 pandemic into the fiscal year ending December 31, 2023. |
Basis of Presentation | Basis of Presentation US GAAP SEC |
Use of Estimates | Use of Estimates The accompanying financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Because a precise determination of many assets and liabilities depends on future events, the preparation of financial statements for a period necessarily involves the use of estimates made using careful judgment. Actual results may vary from these estimates. The worldwide spread of COVID-19 continues to negatively impact global economic activity, and it is likely to continue disrupting supply chains, sales channels, marketing activities, and general business operations until the disease is contained at local, regional, and worldwide levels. At this point, the extent to which COVID-19 may impact our financial condition or results of operations remains uncertain. As of the date of issuance of these financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates, judgments, or adjust the carrying value of our assets or liabilities. These estimates may change as new events occur and additional information is obtained and is recognized in the financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to our financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. As of December 31, 2021 and 2020, the Company had no cash equivalents. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820, “Fair Value Measurements” and ASC 825, Financial Instruments, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value: Level Description Level 1 Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. |
Inventory and Cost of Sales | Inventory and Cost of Sales Inventories are stated at the lower of cost or realizable value, using the weighted average cost method. When an impairment indicator suggests that the carrying amounts of inventories might not be recoverable, the Company reviews such carrying amounts and estimates the net realizable value based on the most reliable evidence available at that time. An impairment loss is recorded if the net realizable value is less than the carrying value. Impairment indicators considered for these purposes are, among others, obsolescence, decrease in market prices, damage, and a firm commitment to sell. |
Net Loss per Share Calculation | Net Loss per Share Calculation Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is calculated similarly to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. SecureTech excludes all potentially dilutive securities from its diluted net loss per share computation since their effect would be anti-dilutive because SecureTech recorded a loss for the fiscal years ended December 31, 2021 and 2020. |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, the Company adopted ASC 606 — Revenue from Contracts with Customers. The Company’s primary source of revenue is from the sale of our Top Kontrol product. We began selling Top Kontrol in late April 2020. Top Kontrol requires installation by a Certified Top Kontrol Technician. To become a Certified Top Kontrol Technician, an automotive technician must complete a one-day hands-on course hosted by the Company. This class is provided free of charge. Failure to have Top Kontrol installed by a Certified Top Kontrol Technician voids the product’s limited liability warranty. Top Kontrol’s warranty allows the Company to repair or replace any defective Top Kontrol parts – in either materials or workmanship – for up to six months from the original date of purchase. Because of this professional installation requirement, the Company sells its products to and through Authorized Dealers and independent Certified Top Kontrol Technicians. When the Company sells directly to the end-user, product installation must be performed by authorized Company personnel or a third-party Certified Top Kontrol Technician to avoid voiding the Top Kontrol limited liability warranty. Revenue is recognized when performance obligations under the terms of a contract with our customers are satisfied. Revenue is recorded net of marketing allowances, volume discounts, and other forms of variable consideration. Generally, this occurs with the transfer of control of our product to the customer and payment has been received. The Company does not offer terms or credit to any of its customers. Revenue Recognition; ASC 606 Five-Step Model Under ASC 606, the Company recognizes revenue from the sale of service contracts by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. Revenue Recognition; General Right of Return Customers are allowed to return goods that are defective (warranty returns). In some instances, customers may be allowed to return a limited number of units for periodic stock adjustment returns. Such stock adjustment returns would be limited to no more than 5% of their total units sold. As is standard in the industry, we only will accept returns from active customers. If a customer ceases doing business with us, we have no further obligation to accept additional product returns from that customer. Revenue Recognition; Concentration As of December 31, 2021, the Company had three customers that each comprised in excess of 10% of the Company’s overall revenue. In aggregate, these three customers represented 39.9% of the Company’s revenue for the fiscal year ended December 31, 2021. |
Income Taxes | Income Taxes The Company accounts for income taxes pursuant to FASB ASC 740, Income Taxes. Under FASB ASC 740-10-25, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about its ability to realize the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the following majority-owned subsidiaries in December 31, 2021: Subsidiary Percentage Owned Piranha Blockchain, Inc. 100.0% Piranha Blockchain, Ltd. 100.0% |
Fiscal Year | Fiscal Year The Company elected December 31st for its fiscal year-end. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There are various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company’s financial position, results of operations or cash flows. |
NOTE 3 _ INVENTORIES (Tables)
NOTE 3 – INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | December 31, 2021 2020 Inventories: Raw materials and work-in-progress $ 1,955 $ 1,971 Finished goods 38,020 47,022 Gross inventories 39,975 48,993 Inventory valuation reserves — — Inventories, net $ 39,975 $ 48,993 |
NOTE 4 _ INCOME TAXES (Tables)
NOTE 4 – INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes - Provision (benefit) for income taxes | For the fiscal year ended December 31, 2021 2020 Current tax provision: Federal Taxable income $ — $ — Total current tax provision $ — $ — Deferred tax provision: Federal Loss carryforwards $ 95,704 $ 72,874 Change in valuation allowance (95,704 ) (72,874 ) Total deferred tax provision $ — $ — |
NOTE 6 _ WARRANTS (Tables)
NOTE 6 – WARRANTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Note 6 Warrants | |
Warrants | Warrants Exercise Price Number Outstanding Expiration Date $ 0.30 439,300 March 31, 2021 $ 0.40 439,300 June 30, 2022 $ 0.50 439,300 December 31, 2022 1,317,900 |
Warrants Activity | Warrant Activity Warrants Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Warrants Weighted-Average Exercise Prices Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding on January 1, 2021 1,757,200 $ 0.35 0.7 $ 966,460 Issued — $ — — $ — Exercised (5,000 ) $ 0.20 — $ 3,500 Expired (434,300 ) $ 0.20 — $ 304,010 Outstanding on December 31, 2021 1,317,900 |
NOTE 2 _ GOING CONCERN (Details
NOTE 2 – GOING CONCERN (Details Narrative) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Retained Earnings (Accumulated Deficit) | $ (455,731) | $ (347,018) |
Inventories (Details)
Inventories (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials and work-in-progress | $ 1,955 | $ 1,971 |
Finished goods | 38,020 | 47,022 |
Gross inventories | 39,975 | 48,993 |
Inventory valuation reserves | ||
Inventories, net | $ 39,975 | $ 48,993 |
Income Taxes - Provision (benef
Income Taxes - Provision (benefit) for income taxes (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax provision: | ||
Loss carryforwards | $ 95,704 | $ 72,874 |
Change in valuation allowance | (95,704) | (72,874) |
Total deferred tax provision |
NOTE 4 _ INCOME TAXES (Details
NOTE 4 – INCOME TAXES (Details Narrative) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Rate Reconciliation, Percent | 21.00% |
Operating Loss Carryforwards | $ 455,732 |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2041 |
NOTE 5 _ STOCKHOLDERS_ EQUITY (
NOTE 5 – STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 29, 2022 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Preferred Stock, Shares Issued | 0 | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Stock Issued During Period, Value, Other | $ 889,000 | ||
Sale of Stock, Price Per Share | $ 0.25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 5,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.20 | ||
Proceeds from Warrant Exercises | $ 1,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 434,300 | ||
Treasury Stock, Shares, Retired | 58,000,000 | ||
Common Stock, Shares, Outstanding | 113,336,300 | 111,636,300 | 170,442,300 |
Warrants (Details)
Warrants (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Warrants excercise price | $ / shares | $ 0.20 |
Warrants, oustanding | shares | 1,317,900 |
Exercise Price 30 [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants excercise price | $ / shares | $ 0.30 |
Warrants, oustanding | shares | 439,300 |
Class of Warrant or Right, Date from which Warrants or Rights Exercisable | Mar. 31, 2021 |
Exercise Price 40 [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants excercise price | $ / shares | $ 0.40 |
Warrants, oustanding | shares | 439,300 |
Class of Warrant or Right, Date from which Warrants or Rights Exercisable | Jun. 30, 2022 |
Exercise Price 50 [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants excercise price | $ / shares | $ 0.50 |
Warrants, oustanding | shares | 439,300 |
Class of Warrant or Right, Date from which Warrants or Rights Exercisable | Dec. 31, 2022 |
Warrants Activity (Details)
Warrants Activity (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Warrants | |
Class of Warrant or Right, Outstanding | shares | 1,317,900 |
Warrant [Member] | |
Warrants | |
Class of Warrant or Right, Outstanding | shares | 1,757,200 |
[custom:WarrantsIssuedDuringPeriod] | shares | |
[custom:WarrantsExcercisedDuringPeriod] | shares | (5,000) |
[custom:WarrantsCanceledDuringPeriod] | shares | (434,300) |
Class of Warrant or Right, Outstanding | shares | 1,317,900 |
Weighted-Average Exercise Prices | |
Temporary Equity, Redemption Price Per Share | $ / shares | $ 0.35 |
[custom:WarrantsGrantedDuringPeriod] | $ / shares | |
[custom:WarrantsExercisedDuringPeriod] | $ / shares | 0.20 |
[custom:WarrantsForfeitedcanceledDuringPeriod] | $ / shares | $ 0.20 |
Weighted-Average Remaining Contractual Term (Years) | |
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 8 months 12 days |
Aggregate Intrinsic Value | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 966,460 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | $ / shares | $ 3,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value | $ / shares | $ 304,010 |
NOTE 6 _ WARRANTS (Details Narr
NOTE 6 – WARRANTS (Details Narrative) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Note 6 Warrants | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Other, Fair Value Volatility, Rate | 53.00% |
[custom:DiscountRateMinimum] | 0.16% |
[custom:DiscountRateMaximum] | 0.21% |
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 19,257 |
NOTE 7 _ RELATED PARTY FOUNDE_2
NOTE 7 – RELATED PARTY FOUNDER’S SHARE ISSUANCES (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Founders [Member] | |||
Related Party Transaction [Line Items] | |||
Issuance of Founders shares, Shares | 175,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | ||
Issuance of Founders shares, amount | $ 0 | ||
Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Issuance of Founders shares, Shares | 80,000,000 | ||
Director [Member] | |||
Related Party Transaction [Line Items] | |||
Issuance of Founders shares, Shares | 75,000,000 | ||
Outside Consultant [Member] | |||
Related Party Transaction [Line Items] | |||
Issuance of Founders shares, Shares | 20,000,000 |
NOTE 9 _ SUBSEQUENT EVENTS (Det
NOTE 9 – SUBSEQUENT EVENTS (Details Narrative) - shares | 2 Months Ended | |||
Feb. 17, 2022 | Mar. 29, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsequent Events [Abstract] | ||||
Cancellation of common stock, shares | 1,700,000 | |||
Common Stock, Shares, Outstanding | 111,636,300 | 113,336,300 | 170,442,300 |