Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Apr. 13, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
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) 317-8990 | ||
Local Phone Number | 317-8990 | ||
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 | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 31,749,800 | ||
Entity Common Stock, Shares Outstanding | 111,850,513 | ||
Auditor Name | M&K CPAS, PLLC | ||
Auditor Firm ID | 2738 | ||
Auditor Location | Houston, TX |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and equivalents | $ 138,318 | $ 214,026 |
Inventories | 27,549 | 39,975 |
Deposits | 30,674 | |
Total current assets | 196,541 | 254,001 |
Property and equipment, net | 4,470 | |
Total assets: | 201,011 | 254,001 |
Current liabilities: | ||
Accounts payable | 1,565 | 1,160 |
Credit cards payable | 13,194 | |
Accrued payroll | 5,679 | |
Taxes payable | 5,153 | 2,337 |
Total current liabilities | 25,591 | 3,497 |
Total liabilities | 25,591 | 3,497 |
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 50,000,000 shares authorized | ||
Common stock, $0.001 par value, 500,000,000 shares authorized; 111,839,085 and 113,336,300 shares issued and outstanding, respectively | 111,839 | 113,336 |
Additional paid-in capital | 1,000,239 | 592,899 |
Accumulated deficit | (936,658) | (455,731) |
Total stockholders’ equity | 175,420 | 250,504 |
Total liabilities and stockholders’ equity | $ 201,011 | $ 254,001 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
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, Issued | 111,839,085 | 113,336,300 |
Common Stock, Shares, Outstanding | 111,839,085 | 113,336,300 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | ||
Sales | $ 46,803 | $ 31,713 |
Cost of goods sold | 12,674 | 8,915 |
Gross profit | 34,129 | 22,798 |
Expenses: | ||
General and administrative | 504,316 | 124,267 |
Research and development | 12,074 | 7,245 |
Total operating expenses | 516,390 | 131,511 |
(Loss) from operations | (482,261) | (108,713) |
Other income (expense) | 1,335 | |
Provision for income taxes | ||
Net (loss) | $ (480,926) | $ (108,713) |
Loss per share, basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding, basic and diluted | 111,929,796 | 156,034,210 |
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, 2020 | $ 170,442 | $ 312,543 | $ 347,018 | $ 135,967 |
Shares, Issued at Dec. 31, 2020 | 170,442,300 | |||
Issuance of common shares for cash | $ 889 | 221,361 | 222,250 | |
Stock Issued During Period, Shares, New Issues | 889,000 | |||
Exercise of $0.50 warrants into common shares | $ 5 | 995 | 1,000 | |
Exercise of warrants into common shares, shares | 5,000 | |||
Cancellation of common shares | $ (58,000) | 58,000 | ||
Cancellation of common shares, shares | (58,000,000) | |||
Stock option expense | ||||
Net loss | (108,713) | (108,713) | ||
Ending balance, value at Dec. 31, 2021 | $ 113,336 | 592,899 | 455,731 | 250,504 |
Shares, Issued at Dec. 31, 2021 | 113,336,300 | |||
Issuance of common shares for cash | $ 189 | 224,812 | $ 225,001 | |
Stock Issued During Period, Shares, New Issues | 188,785 | 188,785 | ||
Exercise of $0.50 warrants into common shares | $ 14 | 6,986 | $ 7,000 | |
Exercise of warrants into common shares, shares | 14,000 | 14,000 | ||
Cancellation of common shares | $ (1,700) | 1,700 | ||
Cancellation of common shares, shares | (1,700) | (1,700,000) | ||
Stock option expense | 173,842 | $ 173,842 | ||
Net loss | (480,927) | (480,927) | ||
Ending balance, value at Dec. 31, 2022 | $ 111,839 | $ 1,000,239 | $ 936,658 | $ 175,420 |
Shares, Issued at Dec. 31, 2022 | 111,839,085 |
CONSOLIDATED STATEMENT OF STO_2
CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Stockholders' Equity [Abstract] | ||
Warrant Exercise Price per share | $ 0.50 | $ 0.20 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net (loss) | $ (480,926) | $ (108,713) |
Adjustments to reconcile net (loss) to net cash used in operating activities: | ||
Depreciation | 536 | |
Loss on disposal of assets | 812 | |
Stock option expense | 173,842 | |
Changes in operating assets and liabilities: | ||
Decrease (increase) in inventories | 12,426 | 9,018 |
Increase (decrease) in accounts payable | 405 | (175) |
Increase (decrease) in credit cards payable | 13,194 | |
Increase (decrease) in accrued payroll | 5,679 | |
Decrease (increase) in deposits | (30,674) | |
Increase (decrease) in taxes payable | 2,816 | 842 |
Net cash used in operating activities | (301,891) | (99,028) |
Cash flows from investing activities: | ||
Acquisition of office equipment | (5,818) | |
Net cash used in investing activities | (5,818) | |
Cash flows from financing activities: | ||
Issuance of common stock for cash | 225,001 | 222,250 |
Exercise of $0.50 warrants into common shares for cash | 7,000 | 1,000 |
Net cash provided by financing activities | 232,001 | 223,250 |
Net increase (decrease) in cash | (75,708) | 124,222 |
Cash – beginning of period | 214,026 | 89,804 |
Cash – end of period | 138,318 | 214,026 |
Non-cash financing activities: | ||
Cancellation of common shares | $ 1,700 | $ 58,000 |
NOTE 1 _ Summary of Significant
NOTE 1 – Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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 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 The ongoing COVID-19 pandemic has significantly impacted economic activity and markets worldwide. In response, governmental authorities have periodically imposed, and others in the future may reimpose, stay-at-home orders, shelter-in-place orders, quarantines, executive orders, and similar government orders and restrictions to control the spread of COVID-19. Such orders or restrictions have resulted in temporary business closures, limitation of business hours, limitations on the number of people in business locations, enhanced requirements on sanitation, social distancing practices, and travel restrictions, among others. Historically, we were restricted in our ability to sell and distribute our products while these restrictive mandates were in place. Should similar future government orders and restrictions go into effect again, it will adversely impact our financial condition and operating results. The long-term impact of the ongoing COVID-19 pandemic on our financial condition or results of operations remains uncertain, in particular, due to external factors related to the pandemic and as COVID-19 cases (including the spread of variants or mutant strains) continue to surge in certain parts of the world. In particular, COVID-19 could have a significant disruption to our supply chain for the products we sell, which could have a material impact on our sales and future earnings. Accordingly, COVID-19 may negatively impact our business in the future, and any future adverse impacts on our business may be worse than we anticipate. The ultimate impact will depend on the severity and duration of the current ongoing COVID-19 pandemic and future resurgences and actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing, and difficult to predict. Our growth rates during the ongoing COVID-19 pandemic may not be sustainable and may not be indicative of future growth. Basis of Presentation The accompanying financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“ 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. 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, 2022 and 2021, 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. Deposits Refundable deposits are carried on the Company’s balance sheet at their fair market refundable value under current assets. 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, 2022 and 2021. 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. 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, 2022, the Company had five customers who are Authorized Dealers that each comprised in excess of 10% of the Company’s overall revenue. In aggregate, these five dealers represented 76.2% 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, 2022: 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, 2022 | |
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, 2022, 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, 2022, the Company had an accumulated deficit of ($936,658) 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, 2022 | |
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, 2022 and 2021: December 31, 2022 2021 Inventories: Raw materials and work-in-progress $ 2,185 $ 1,955 Finished goods 25,364 38,020 Gross inventories 27,549 39,975 Inventory valuation reserves — — Inventories, net $ 27,549 $ 39,975 |
NOTE 4 _ INCOME TAXES
NOTE 4 – INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
NOTE 4 – INCOME TAXES | NOTE 4 – INCOME TAXES The provision (benefit) for income taxes for the years ended December 31, 2022 and 2021 were as follows, assuming a 21% effective tax rate: For the fiscal year ended December 31, 2022 2021 Current tax provision: Federal Taxable income $ — $ — Total current tax provision $ — $ — Deferred tax provision: Federal Loss carryforwards $ 196,698 $ 95,704 Change in valuation allowance (196,698 ) (95,704 ) Total deferred tax provision $ — $ — As of December 31, 2022, the Company had approximately $ 936,658 The Company provided a valuation allowance equal to the deferred income tax assets for the period from March 2, 2017 (inception) to December 31, 2022, 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, 2022 | |
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, 2022, the Company had no classes and - 0 Common stock The Company has authorized 500,000,000 0.001 Share Issuances During the fiscal year ended December 31, 2022, the Company sold an aggregate of 188,785 $0.001 $225,001 During the fiscal year ended December 31, 2022, Warrant Holders exercised 14,000 14,000 7,000 Share Cancellations During the fiscal year ended December 31, 2022, the Company canceled an aggregate of 1,700,000 As of December 31, 2022, the Company had 111,839,085 |
NOTE 6 _ WARRANTS
NOTE 6 – WARRANTS | 12 Months Ended |
Dec. 31, 2022 | |
Note 6 Warrants | |
NOTE 6 – WARRANTS | NOTE 6 – WARRANTS As of December 31, 2022, the Company had no warrants issued and outstanding. Warrant Issuances, Exercises, and Expirations Private Placement Warrant Issuances 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 The warrants were valued using the Black-Scholes model with a 53.0% 0.16% 0.21% 19,257 Warrant Expirations During the fiscal year ended December 31, 2022, an aggregate of 1,303,900 warrants expired with an average exercise price of $0.35 a share. A summary of the warrant activity for the fiscal year ended December 31, 2022, 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, 2022 1,317,900 $ 0.40 0.3 $ 1,124,465 Issued — $ — — $ — Exercised (14,000 ) $ 0.50 — $ 42,700 Expired (1,303,900 ) $ 0.35 — $ 4,172,480 Outstanding on December 31, 2022 — — — — 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 $3.55 |
NOTE 7 _ STOCK OPTIONS
NOTE 7 – STOCK OPTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Note 7 Stock Options | |
NOTE 7 – STOCK OPTIONS | NOTE 7 – STOCK OPTIONS Employee Stock Options Issuances During the fiscal year ended December 31, 2022, the Company issued an aggregate of 1,500,000 $1.35 The options were valued using the Black-Scholes model with a 316.0% 2.8% All of these stock options were canceled on October 31, 2022 – the date of his termination. The Company incurred total expenses of $173,842 |
NOTE 8 _ RELATED PARTY FOUNDER_
NOTE 8 – RELATED PARTY FOUNDER’S SHARE ISSUANCES | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
NOTE 8 – RELATED PARTY FOUNDER’S SHARE ISSUANCES | NOTE 8 – 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 9 _ CONTINGENCY_LEGAL
NOTE 9 – CONTINGENCY/LEGAL | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
NOTE 9 – CONTINGENCY/LEGAL | NOTE 9 – CONTINGENCY/LEGAL As of December 31, 2022, 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 10 _ SUBSEQUENT EVENTS
NOTE 10 – SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
NOTE 10 – SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS Share Issuance On February 27, 2023, SecureTech issued 11,428 20,000 1.75 As of April 13, 2023, SecureTech had 111,850,513 shares of common stock issued and outstanding. 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, 2022 | |
Accounting Policies [Abstract] | |
Organization | Organization SecureTech Innovations, Inc. (“ Company SecureTech Piranha SecureTech is an emerging 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 The ongoing COVID-19 pandemic has significantly impacted economic activity and markets worldwide. In response, governmental authorities have periodically imposed, and others in the future may reimpose, stay-at-home orders, shelter-in-place orders, quarantines, executive orders, and similar government orders and restrictions to control the spread of COVID-19. Such orders or restrictions have resulted in temporary business closures, limitation of business hours, limitations on the number of people in business locations, enhanced requirements on sanitation, social distancing practices, and travel restrictions, among others. Historically, we were restricted in our ability to sell and distribute our products while these restrictive mandates were in place. Should similar future government orders and restrictions go into effect again, it will adversely impact our financial condition and operating results. The long-term impact of the ongoing COVID-19 pandemic on our financial condition or results of operations remains uncertain, in particular, due to external factors related to the pandemic and as COVID-19 cases (including the spread of variants or mutant strains) continue to surge in certain parts of the world. In particular, COVID-19 could have a significant disruption to our supply chain for the products we sell, which could have a material impact on our sales and future earnings. Accordingly, COVID-19 may negatively impact our business in the future, and any future adverse impacts on our business may be worse than we anticipate. The ultimate impact will depend on the severity and duration of the current ongoing COVID-19 pandemic and future resurgences and actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing, and difficult to predict. Our growth rates during the ongoing COVID-19 pandemic may not be sustainable and may not be indicative of future growth. |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“ 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. |
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, 2022 and 2021, 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. |
Deposits | Deposits Refundable deposits are carried on the Company’s balance sheet at their fair market refundable value under current assets. |
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, 2022 and 2021. |
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. 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, 2022, the Company had five customers who are Authorized Dealers that each comprised in excess of 10% of the Company’s overall revenue. In aggregate, these five dealers represented 76.2% |
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, 2022: 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, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | December 31, 2022 2021 Inventories: Raw materials and work-in-progress $ 2,185 $ 1,955 Finished goods 25,364 38,020 Gross inventories 27,549 39,975 Inventory valuation reserves — — Inventories, net $ 27,549 $ 39,975 |
NOTE 4 _ INCOME TAXES (Tables)
NOTE 4 – INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes - Provision (benefit) for income taxes | For the fiscal year ended December 31, 2022 2021 Current tax provision: Federal Taxable income $ — $ — Total current tax provision $ — $ — Deferred tax provision: Federal Loss carryforwards $ 196,698 $ 95,704 Change in valuation allowance (196,698 ) (95,704 ) Total deferred tax provision $ — $ — |
NOTE 6 _ WARRANTS (Tables)
NOTE 6 – WARRANTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Note 6 Warrants | |
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, 2022 1,317,900 $ 0.40 0.3 $ 1,124,465 Issued — $ — — $ — Exercised (14,000 ) $ 0.50 — $ 42,700 Expired (1,303,900 ) $ 0.35 — $ 4,172,480 Outstanding on December 31, 2022 — — — — |
NOTE 1 _ Summary of Significa_3
NOTE 1 – Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Revenue Recognition | 76.20% |
NOTE 2 _ GOING CONCERN (Details
NOTE 2 – GOING CONCERN (Details Narrative) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Retained Earnings (Accumulated Deficit) | $ (936,658) | $ (455,731) |
Inventories (Details)
Inventories (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials and work-in-progress | $ 2,185 | $ 1,955 |
Finished goods | 25,364 | 38,020 |
Gross inventories | 27,549 | 39,975 |
Inventory valuation reserves | ||
Inventories, net | $ 27,549 | $ 39,975 |
Income Taxes - Provision (benef
Income Taxes - Provision (benefit) for income taxes (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax provision: | ||
Loss carryforwards | $ 196,698 | $ 95,704 |
Change in valuation allowance | $ (196,698) | $ (95,704) |
NOTE 4 _ INCOME TAXES (Details
NOTE 4 – INCOME TAXES (Details Narrative) | Dec. 31, 2022 USD ($) |
Income Tax Disclosure [Abstract] | |
Operating Loss Carryforwards | $ 936,658 |
NOTE 5 _ STOCKHOLDERS_ EQUITY (
NOTE 5 – STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 Outstanding | 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, Shares, New Issues | 188,785 | |
Stock Issued During Period, Value, New Issues | $ 225,001 | $ 222,250 |
Warrants | 14,000 | |
Stock Issued During Period, Shares, Conversion of Units | 14,000 | |
Stock Issued During Period, Value, Conversion of Units | $ 7,000 | |
Weighted Average Number of Shares, Common Stock Subject to Repurchase or Cancellation | 1,700,000 | |
Common Stock, Shares, Outstanding | 111,839,085 | 113,336,300 |
Warrants Activity (Details)
Warrants Activity (Details) - Warrant [Member] | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Warrants | |
Class of Warrant or Right, Outstanding | shares | 1,317,900 |
Issued | shares | 0 |
Exercised | shares | (14,000) |
Expired | shares | (1,303,900) |
Class of Warrant or Right, Outstanding | shares | |
Weighted-Average Exercise Prices | |
Temporary Equity, Redemption Price Per Share | $ 0.40 |
Issued | 0 |
Exercised | 0.50 |
Expired | 0.35 |
Temporary Equity, Redemption Price Per Share | |
Weighted-Average Remaining Contractual Term (Years) | |
Weighted-Average Remaining Contractual Term, beginning | 3 months 18 days |
Weighted-Average Remaining Contractual Term, ending | |
Aggregate Intrinsic Value | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 1,124,465 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | $ 42,700 |
Expired | $ 4,172,480 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ |
NOTE 6 _ WARRANTS (Details Narr
NOTE 6 – WARRANTS (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | |
Note 6 Warrants | |||
Class of Warrant or Right, Outstanding | 1,757,200 | ||
Available-for-Sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Other, Fair Value Volatility, Rate | 53% | ||
[custom:DiscountRateMinimum] | 0.16% | ||
[custom:DiscountRateMaximum] | 0.21% | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 19,257 | ||
Sale of Stock, Price Per Share | $ 3.55 |
NOTE 7 _ STOCK OPTIONS (Details
NOTE 7 – STOCK OPTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Note 7 Stock Options | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 1,500,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 1.35 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 316% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Discount from Market Price, Purchase Date | 2.80% | |
Stock or Unit Option Plan Expense | $ 173,842 |
NOTE 8 _ RELATED PARTY FOUNDE_2
NOTE 8 – RELATED PARTY FOUNDER’S SHARE ISSUANCES (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 10 _ SUBSEQUENT EVENTS (De
NOTE 10 – SUBSEQUENT EVENTS (Details Narrative) | 2 Months Ended |
Feb. 27, 2023 USD ($) $ / shares shares | |
Subsequent Events [Abstract] | |
Shares issued investors, shares | shares | 11,428 |
Shares issued investors, shares | $ | $ 20,000 |
Share Price | $ / shares | $ 1.75 |