| ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES The financial statements presented are
those of Eco Bright Future, Inc. (“Eco Bright”, or the “Company”) and its wholly owned subsidiaries United Heritage,
Sociedad Anonmima De Capital Variable (“UHS”) and its wholly owned subsidiary Universa Hub Africa (“UHSA”), collectively,
(“UHA”). Eco Bright was incorporated on August 31, 2021 Wyoming The Merger Agreement will allow the
Company to access capital markets as a result of public exchange listing to fund its intent to carry on the business of UHA as an artificial
intelligence and blockchain technology company that utilizes real world tokenization to create a virtual investment vehicle on the blockchain
linked to tangible assets such as real estate, precious metals, art and collectibles. The Company intends to provide digital assets from
El Salvador, tokenize assets and develop blockchain tools for entry to countries such as Tunisia and United Arab Emirates and plan to
enter into agreements in connection with its blockchain products in Thailand, Indonesia, and Guatemala. Basis of Presentation The accompanying unaudited interim consolidated financial
statements of Eco Bright 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, and should be read in conjunction with the audited consolidated financial statements
and notes thereto contained in Eco Bright’s Annual Report on Form 1-K filed with the SEC. In the opinion of management, the accompanying
unaudited interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to
present fairly the consolidated financial position and the results of operations for the interim period presented herein. The results
of operations for interim periods are not necessarily indicative of the results to be expected for the full year or for any future period.
Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements
for fiscal 2023 as reported in the Form 1-K have been omitted. New Accounting Pronouncements Eco Bright has implemented all new accounting pronouncements
that are in effect and that may impact its consolidated financial statements. The Company does not believe that there are any other new
accounting pronouncements that have been issued that might have a material impact on its consolidated financial position or results of
operations. Revenue Recognition Policy Eco Bright recognizes revenue in accordance with the provisions
of Accounting Series Codification (“ASC”) 606, Revenue From Contracts With Customers During the six months ended June 30, 2024 and 2023, revenue
of $ 0 29,571 Concentrations in Sales to Foreign Customers During the six months ended
June 30, 2023, $ 29,571 Basic and Diluted Loss
Per Share Eco Bright presents basic earnings
per share (EPS) on the face of the statements of operation. Basic EPS is computed by dividing net income (loss) available to common shareholders
(numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive
potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock
method, and convertible debt instrument, using the if-converted method. In computing diluted EPS, the average stock price for the period
is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes
all dilutive potential shares if their effect is anti-dilutive. The calculation of basic and
diluted net loss per share is as follows:
Schedule of antidilutive securities excluded from computation of earnings per share
For
the Three Months Ended For
the Six Months Ended
2024 2023 2024 2023
Basic Loss Per Share:
Numerator:
Net Income (loss) $ (46,700 ) $ 26,112 $ (59,108 ) $ 13,518
Denominator:
Weighted average common shares outstanding:
Basic 100,690,000 2,000 100,690,000 2,000
Diluted 100,690,000 2,000 100,690,000 2,000
Net income (loss) per common share:
Basic $ (0.00 ) $ 13.06 $ (0.00 ) $ 6.76
Diluted $ (0.00 ) $ 13.06 $ (0.00 ) $ 6.76 Income Taxes Eco Bright records income taxes
under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences
attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax bases, and attributable to operating loss and tax credit carryforwards. Accounting standards regarding income taxes requires a reduction
of the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is more likely than not
that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at
each reporting period based on a “more likely than not” realization threshold. This assessment considers, among other matters,
the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward
periods, the Company’s experience with operating loss and tax credit carryforwards not expiring unused, and tax planning alternatives. Significant judgment is required
in evaluating the Company’s tax positions and determining its provision for income taxes. During the ordinary course of business,
there are many transactions and calculations for which the ultimate tax determination is uncertain. Accounting standards regarding uncertainty
in income taxes provides a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the
tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position
will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the
tax benefit as the largest amount which is more than 50% likely, based solely on the technical merits, of being sustained on examinations.
The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments
and which may not accurately anticipate actual outcomes. |
