Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 12, 2021 | |
Details | ||
Registrant CIK | 0000733337 | |
Fiscal Year End | --12-31 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-09370 | |
Entity Registrant Name | PwrCor, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3186327 | |
Entity Address, Address Line One | 60 E. 42nd Street, Suite 4600 | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10165 | |
City Area Code | 212 | |
Local Phone Number | 796-4097 | |
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 Common Stock, Shares Outstanding | 210,342,722 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash | $ 89,861 | $ 49,729 |
Accounts receivable, net | 24,536 | 43,602 |
Prepaid expenses and deposits | 30,093 | 30,354 |
Total Current Assets | 144,490 | 123,685 |
Intangible asset - license agreement | 84,375 | 94,500 |
Fixed Assets, net | 3,780 | 6,447 |
Total Assets | 232,645 | 224,632 |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||
Accounts payable and accrued expenses | 601,731 | 623,242 |
Current portion of long-term loan | 356 | 0 |
Total Current Liabilities | 602,087 | 623,242 |
SBA Loan Payable | 199,644 | 78,200 |
Accrued interest | 4,209 | 0 |
Total Long Term Liabilities | 203,853 | 78,200 |
Total Liabilities | 805,940 | 701,442 |
Common stock, $0.001 par value: 325,000,000 shares authorized; 210,342,722 shares issued and outstanding at both September 30, 2021 and December 31, 2020 | 210,342 | 210,342 |
Additional paid-in capital | 1,310,910 | 1,310,910 |
Retained earnings (deficit) | (2,094,547) | (1,998,062) |
Total Stockholders' Equity (Deficit) | (573,295) | (476,810) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 232,645 | $ 224,632 |
Statement of Operations
Statement of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
REVENUE | ||||
Project Management | $ 7,244 | $ 33,050 | $ 33,744 | $ 188,390 |
Total Revenue | 7,244 | 33,050 | 33,744 | 188,390 |
EXPENSES | ||||
Consulting fees | 5,589 | 31,378 | 18,284 | 131,426 |
Engine Development & Production | 889 | 0 | 2,667 | 23,928 |
General and Administrative | 16,572 | 15,759 | 48,144 | 50,966 |
Legal and other professional fees | 12,177 | 11,115 | 61,134 | 73,920 |
Total Expenses | 35,227 | 58,252 | 130,229 | 280,241 |
Net Income (Loss) | $ (27,983) | $ (25,202) | $ (96,485) | $ (91,851) |
Net (Loss) per Common Share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Common Shares Outstanding | 210,342,722 | 210,342,722 | 210,342,722 | 210,342,722 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity (Deficit) - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Equity Balance at Dec. 31, 2019 | $ 210,342 | $ 1,310,910 | $ (1,886,006) | $ (364,754) |
Equity Balance, Shares at Dec. 31, 2019 | 210,342,722 | |||
Net (Loss) | $ 0 | 0 | (25,906) | (25,906) |
Equity Balance at Mar. 31, 2020 | $ 210,342 | 1,310,910 | (1,911,912) | (390,660) |
Equity Balance, Shares at Mar. 31, 2020 | 210,342,722 | |||
Equity Balance at Dec. 31, 2019 | $ 210,342 | 1,310,910 | (1,886,006) | (364,754) |
Equity Balance, Shares at Dec. 31, 2019 | 210,342,722 | |||
Net (Loss) | (91,851) | |||
Equity Balance at Sep. 30, 2020 | $ 210,342 | 1,310,910 | (1,977,857) | (456,605) |
Equity Balance, Shares at Sep. 30, 2020 | 210,342,722 | |||
Equity Balance at Mar. 31, 2020 | $ 210,342 | 1,310,910 | (1,911,912) | (390,660) |
Equity Balance, Shares at Mar. 31, 2020 | 210,342,722 | |||
Net (Loss) | $ 0 | 0 | (40,743) | (40,743) |
Equity Balance at Jun. 30, 2020 | $ 210,342 | 1,310,910 | (1,952,655) | (431,403) |
Equity Balance, Shares at Jun. 30, 2020 | 210,342,722 | |||
Net (Loss) | $ 0 | 0 | (25,202) | (25,202) |
Equity Balance at Sep. 30, 2020 | $ 210,342 | 1,310,910 | (1,977,857) | (456,605) |
Equity Balance, Shares at Sep. 30, 2020 | 210,342,722 | |||
Equity Balance at Dec. 31, 2020 | $ 210,342 | 1,310,910 | (1,998,062) | (476,810) |
Equity Balance, Shares at Dec. 31, 2020 | 210,342,722 | |||
Net (Loss) | $ 0 | 0 | (45,779) | (45,779) |
Equity Balance at Mar. 31, 2021 | $ 210,342 | 1,310,910 | (2,043,841) | (522,589) |
Equity Balance, Shares at Mar. 31, 2021 | 210,342,722 | |||
Equity Balance at Dec. 31, 2020 | $ 210,342 | 1,310,910 | (1,998,062) | (476,810) |
Equity Balance, Shares at Dec. 31, 2020 | 210,342,722 | |||
Net (Loss) | (96,485) | |||
Equity Balance at Sep. 30, 2021 | $ 210,342 | 1,310,910 | (2,094,547) | (573,295) |
Equity Balance, Shares at Sep. 30, 2021 | 210,342,722 | |||
Equity Balance at Mar. 31, 2021 | $ 210,342 | 1,310,910 | (2,043,841) | (522,589) |
Equity Balance, Shares at Mar. 31, 2021 | 210,342,722 | |||
Net (Loss) | $ 0 | 0 | (22,723) | (22,723) |
Equity Balance at Jun. 30, 2021 | $ 210,342 | 1,310,910 | (2,066,564) | (545,312) |
Equity Balance, Shares at Jun. 30, 2021 | 210,342,722 | |||
Net (Loss) | $ 0 | 0 | (27,983) | (27,983) |
Equity Balance at Sep. 30, 2021 | $ 210,342 | $ 1,310,910 | $ (2,094,547) | $ (573,295) |
Equity Balance, Shares at Sep. 30, 2021 | 210,342,722 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Details | ||
NET (LOSS) | $ (96,485) | $ (91,851) |
Adjustments to reconcile net (loss) to net cash (used) by operating activities | ||
Depreciation and amortization | 12,792 | 13,850 |
Changes in Assets and Liabilities | ||
Decrease (increase) in accounts receivable | 19,066 | 100,955 |
Decrease (increase) in prepaid expenses and deposits | 261 | (4,385) |
Increase (decrease) in accounts payable and accrued expenses | (17,302) | (149,618) |
Total Adjustments | 14,817 | (39,198) |
Net Cash (Used) by Operating Activities | (81,668) | (131,049) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Borrowing of Long Term Debt | 121,800 | 78,100 |
Net Cash Provided by Financing Activities | 121,800 | 78,100 |
Net (decrease) in cash | 40,132 | (52,949) |
Cash, beginning of period | 49,729 | 126,632 |
Cash, end of period | $ 89,861 | $ 73,683 |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2021 | |
Notes | |
Organization and Nature of Business | 1. Organization and Nature of Business PwrCor, Inc. (the “Company” or “PwrCor”) was until the first quarter of 2017 named Receivable Acquisition & Management Corporation (“RAMCO”) and doing business as Cornerstone Sustainable Energy. RAMCO, a public reporting entity, was in the business to purchase, manage and collect defaulted consumer receivables. Cornerstone Program Advisors LLC (“Cornerstone”), a Delaware limited liability company, is an energy infrastructure project management company focused on healthcare and higher learning institutions. Sustainable Energy Industries, Inc. (“Sustainable”) is a New York corporation involved in developing and improving the efficiency of energy infrastructure using advanced proprietary technologies. As a result of a reverse merger acquisition (the “Merger”) between RAMCO, Cornerstone, and Sustainable during 2013, the Company adopted a business plan to build on the business of Cornerstone and Sustainable in energy infrastructure and alternative energy. In January 2017, the Company’s shareholders approved a name change to PwrCor, Inc., which became effective on March 3, 2017. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Notes | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation and Use of Estimates The Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates required from time to time to be made by management include valuation of shares issued for services, recognition of revenue for work completed and unbilled to customers, the allowance for doubtful accounts, and the valuation of License Agreements. Actual results could differ from those estimates. Financial Condition of the Company In view of the disruptions to the economy resulting from the worldwide virus pandemic, the Company’s ongoing business activities have been and may continue to be curtailed for an indefinite period. In consequence, there can be no assurance that funds generated from operations, together with existing cash and cash infusions by stockholders and any other potential financing sources, will be sufficient to finance the Company’s operations for the next twelve months. The Company did not qualify for temporary payroll assistance because it has no salaried employees, but did obtain a COVID-related loan from the Small Business Administration in September, 2020, and an addition to that loan in July, 2021. The Company is actively seeking additional capital to cover its working capital needs and to fund growth initiatives in its identified markets, and has engaged the services of an investment bank to assist in this and in actively introducing the Company’s engine technology to businesses in a set of identified key markets to accelerate the commercialization of the Company’s latest generation product. However, there can be no assurance that any new debt or equity financing arrangement will be available to the Company when needed on acceptable terms, if at all. The continued operations of the Company are dependent on its ability to raise funds, collect accounts receivable, and earn revenues. No adjustments have been made to the financial statements as a result of this uncertainty. The accompanying financial statements have been prepared assuming the Company will continue as a going concern. PwrCor, Inc. Notes to Financial Statements September 30, 2021 (Unaudited) 2. Significant Accounting Policies (continued) Unaudited Financial Statements The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. The unaudited financial statements should be read in conjunction with those financial statements included in the Company’s Form 10-K for the year ended December 31, 2020. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three and nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Cash The Company continually monitors its positions with, and the credit quality of, the financial institutions it invests with. From time to time, however briefly, the Company maintains balances in operating accounts in excess of federally insured limits. Accounts Receivable Receivables are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the current status of individual accounts. At both September 30, 2021, and December 31, 2020, an allowance for doubtful accounts was made totaling $52,105 to provide for the possibility of a revenue shortfall from the project in Modoc County, and is reflected in the accounts receivable balance on the balance sheet in the accompanying financial statements. Revenue Recognition Revenues are recognized when the Company satisfies a performance obligation by transferring goods or services promised in a contract to a customer, in an amount that reflects the consideration to be received in exchange for those goods or services. Revenue from contract customers is recognized by: (1) identifying the contract with the customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to separate performance obligations; and (5) recognizing revenues when (or as) each performance obligation is satisfied. The Company’s revenue is currently from services transferred to customers at a point in time. These revenues are generated by providing consulting services to customers under a contractual arrangement. They are (a) time and expense arrangements, under which the customer pays the Company, typically as billed in a monthly invoice, based on hours incurred and contracted rates; (b) performed activities arrangements, under which the customer pays the Company for particular tasks performed (typically tasks which can be valued, but for which time spent is highly variable or unpredictable), based on contracted rates; or (c) reimbursements by the customer for certain identified expenses, such as travel, out-of-pocket, or advances on behalf of the customer. The Company recognizes revenue for (a) and (b) at the point in time in which the customer is provided the service and is invoiced for that period. Amounts under (c) are generally included in revenues in the period invoiced, and an equivalent amount of reimbursable expenses is included in costs of services in the period in which the expense is incurred. PwrCor, Inc. Notes to Financial Statements September 30, 2021 (Unaudited) 2. Significant Accounting Policies (continued) Revenue Recognition, continued The Company’s performance obligations under its engine business are generally satisfied as “over time”. There was no revenue from products or services transferred to a customer over time for the three and nine months ended September 30, 2021 and 2020, respectively. Revenue under this type of contract is generally recognized over time using an input measure based upon the proportion of actual costs incurred to estimated total project costs, which is a method used to best depict the Company’s performance to date under the terms of the contract. Progress payments, which when involved are invoiced, are typically characteristic of such contracts, but do not affect revenue recognition. In this regard and in other instances, the timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in contract assets or contract liabilities (deferred revenue) on the Company’s balance sheet. The Company records a contract asset when revenue is recognized prior to invoicing, or contract liabilities when revenue is recognized subsequent to invoicing. The Company had unbilled receivables (contract assets) of $0 and an estimated $14,590 at September 30, 2021 and December 31, 2020, respectively. There were no costs in excess of billings and billings in excess of costs associated with “over time” contracts at September 30, 2021 or December 31, 2020. There was no revenue recognized during the periods ended September 30, 2021 and 2020 that was included in contract liabilities at the beginning of the period. In much of the Company’s business, customers request changes in contract specifications or in the scope or amount of services to be delivered. These are typically covered under the contract with the customer. On September 30, 2021, the Company had no remaining performance obligations. Fixed Assets Fixed assets are being depreciated on the straight line basis over a period of five years. Income Taxes The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by the tax authorities. Management has analyzed the Company’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2017 - 2019). The Company’s tax year ends September 30. Basic and Diluted Net Income (Loss) per Share The Company computes income (loss) per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted income (loss) per share on the face of the statement of operations. Basic income (loss) per share is computed by dividing net income available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive income (loss) per share excludes all potential common shares if their effect is anti-dilutive. For the three and nine month periods ended September 30, 2021 and 2020, basic (loss) and diluted (loss) per share were the same. The 4,575,000 warrants outstanding at September 30, 2021 are anti-dilutive as the trading price of the Company’s common stock was below the exercise price of the warrants. PwrCor, Inc. Notes to Financial Statements September 30, 2021 (Unaudited) 2. Significant Accounting Policies (continued) Recent Accounting Pronouncements All accounting standards that have been issued or proposed by the FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. Subsequent Events Management regularly evaluates subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were available to be issued. |
Related Party Transactions Disc
Related Party Transactions Disclosure | 9 Months Ended |
Sep. 30, 2021 | |
Notes | |
Related Party Transactions Disclosure | 3. Related Party Transactions Consulting Fees Certain stockholders of the Company and entities affiliated with management perform services for customers and were compensated at various rates. Total consulting expenses incurred by these stockholders and entities amounted to $0 for the three and nine month periods ended September 30, 2021, and $4,938 and $80,458 for the three and nine month periods, respectively, ended September 30, 2020. Amounts payable to these stockholders and entities at September 30, 2021 and December 31, 2020 totaled $8,611 and $9,460, respectively. Intangible Asset Valuation The Company performs a qualitative assessment of its intangible assets to determine whether the existence of events and circumstances leads to a determination that it is more likely than not that the fair value of its one such asset is less than its carrying amount. As a result of management’s qualitative assessment, the Company determined that the carrying value of its license agreement warranted no loss or impairment as of September 30, 2021. License Agreements In December, 2017, the Company entered into an intellectual property license agreement (the “Patent License”) with Thermal Tech Holdings, LLC, a Delaware limited liability company (“TTH”). TTH is an entity owned equally by two entities affiliated, respectively, with two officers and directors of the Company, who also serve in management positions with TTH. TTH is the owner of certain patent applications as well as the inventions relating to the Company’s proprietary engine technology (the “Licensed Patents and Technical Information”). The Licensed Patents and Technical Information were developed by an independent non-profit research institute (the “Contractor”). All work done by the Contractor was paid for by TTH in order that TTH, rather than the Company, would be at risk if the research, development, engineering and design work were of little or no value. Furthermore, the work performed by the Contractor for TTH was confidential for competitive business reasons. The Patent License grants the Company a worldwide non-exclusive license to use the Licensed Patents and Technical Information to make, use or sell any products and/or services which would be covered by these specific Licensed Patents. However, TTH may not license any Licensed Patents and Technical Information to any competitive entity, or to any other entity without the prior written consent of the Company. PwrCor, Inc. Notes to Financial Statements September 30, 2021 (Unaudited) 3. Related Party Transactions (continued) License Agreements (continued) The agreement calls for the Company to pay TTH a royalty equal to five percent (5%) of the Net Revenue (as defined) of all Licensed Products covered by a Licensed Patent sold by the Company and its affiliates, as well as an initial license fee of $135,000 which was paid. The Patent License will terminate upon the expiration of all Licensed Patents. The Company may terminate the agreement on ninety (90) days’ prior written notice. TTH may terminate the agreement on ninety (90) days’ prior written notice for uncured defaults (as defined). The accompanying September 30, 2021 balance sheet presents the carrying value of the license fee at $84,375, which is net of $50,625 in accumulated amortization. The cost of the license agreement is being amortized on a straight-line basis over ten years. The Company periodically performs an analysis of its contractual rights and arrangements and establishes asset value based on that analysis. Technology Development Fees Under a technology development agreement the Company has with TTH, the Company reimburses TTH for managing the work by a contracted third party on various technology developments as agreed to on a case-by-case basis. The amounts payable under this arrangement amounted to $243,112 at both September 30, 2021 and December 31, 2020. The Company obtains full rights to any intellectual property it develops or acquires through such payments. |
Concentrations Disclosure
Concentrations Disclosure | 9 Months Ended |
Sep. 30, 2021 | |
Notes | |
Concentrations Disclosure | 4. Concentrations The Company grants credit in the normal course of business to its customers. The Company periodically performs credit analysis and monitors the financial condition of its customers to reduce credit risk. One customer accounted for 100% of total project management revenue during the three and nine month periods ended September 30, 2021, and September 30, 2020. One customer accounted for 100% of total project management net accounts receivable at September 30, 2021 and December 31, 2020. Two customers accounted for approximately 73% and 27% of total net accounts receivable at September 30, 2021, and two customers accounted for 59% and 41%, respectively, at December 31, 2020. |
Stock Issuance Disclosure
Stock Issuance Disclosure | 9 Months Ended |
Sep. 30, 2021 | |
Notes | |
Stock Issuance Disclosure | 5. Stock Issuance In August, September and October, 2018, the Company issued an aggregate of 2,500,000 shares of common stock at a per share price of $0.14 to three investors in return for a capital infusion of $350,000. Each share issued was accompanied by a warrant for one-half share of common stock; the warrants are exercisable at a price of $0.40 per share. A total of 1,250,000 warrants accompanied these shares. PwrCor, Inc. Notes to Financial Statements September 30, 2021 (Unaudited) 5. Stock Issuance (continued) In September and October 2017, the Company issued an aggregate of 6,650,000 shares of common stock at a per share price of $0.10 to thirteen individual investors in return for a capital infusion of $665,000. Each share issued was accompanied by a warrant for one-half share of common stock; the warrants are exercisable at a price of $0.30 per share. A total of 3,325,000 warrants accompanied these shares. At September 30, 2021, the Company had 4,575,000 warrants outstanding. Of these, 3,325,000 warrants were exercisable at $0.30 per share but may be redeemed by the Company if not exercised, in whole or in part, on at least twenty days’ prior written notice, at a price of $.001 per share; provided the average closing bid price of the Common Stock is at or above $1.00 per share for at least twenty consecutive trading days ending within three business days prior to the redemption notice. An additional 1,250,000 warrants are exercisable at $0.40 per share but may be redeemed by the Company if not exercised, in whole or in part, on at least twenty days’ prior written notice, at a price of $.001 per share; provided the average closing bid price of the Common Stock is at or above $1.50 per share for at least twenty consecutive trading days ending within three business days prior to the redemption notice. Both warrant issues expire in April, 2022, as extended. The Company claims exemptions from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D promulgated thereunder. No commissions were paid and no underwriter or placement agent was involved in these transactions. The proceeds of these transactions were used for the Company’s working capital and general corporate purposes. |
Long Term Notes Disclosure
Long Term Notes Disclosure | 9 Months Ended |
Sep. 30, 2021 | |
Notes | |
Long Term Notes Disclosure | 6. Long Term Notes On September 15, 2020, the Company received an Economic Injury Disaster Loan (“EIDL” or the “Loan”) from the Small Business Administration (“SBA”), in the amount of $78,200. After a processing fee, net proceeds were $78,100 under the terms. Following the close of the second quarter of 2021, the Company received approval for an extension of the loan. The additional loan amount was $121,900, bringing the total loan to $200,000. The net additional proceeds were $121,800. As a loan extension, terms and maturity are essentially unchanged. The Loan, which is in the form of a promissory note initially dated September 10, 2020, matures on September 10, 2050, and bears interest at a rate of 3.75% per annum. Payments are to be made monthly, beginning as of September 10, 2022. The loan terms provide for a collateral interest for the SBA, and limits the use of proceeds to working capital to alleviate the effects of Covid-19 on the Company’s economic condition. Interest and principal payments begin in September of 2022. The Loan consists of the following: September 30, 2021 December 31, 2020 (Unaudited) U.S. SBA term note payable in equal monthly installments, bearing an interest rate of 3.75% and maturing in September 2050. $ 200,000 $ 78,200 Less current portion (356) (-) Long-term debt, excluding current portion $ 199,644 $ 78,200 PwrCor, Inc. Notes to Financial Statements September 30, 2021 (Unaudited) 6. Long Term Notes (continued) Unlike the Paycheck Protection Program (“PPP”), established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) enacted March 27, 2020, the EIDL program does not currently provide a mechanism for loan forgiveness. The Loan is projected to amortize as follows: Payments against Principal 2021 $ - 2022 $ 1,356 2023 $ 4,170 2024 $ 4,329 2025 $ 4,494 Remaining principal to be paid 2026 to 2050: $ 185,651 Total $ 200,000 |
Significant Accounting Polici_2
Significant Accounting Policies: Basis of Presentation and Use of Estimates (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates required from time to time to be made by management include valuation of shares issued for services, recognition of revenue for work completed and unbilled to customers, the allowance for doubtful accounts, and the valuation of License Agreements. Actual results could differ from those estimates. |
Significant Accounting Polici_3
Significant Accounting Policies: Cash Policy (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Cash Policy | Cash The Company continually monitors its positions with, and the credit quality of, the financial institutions it invests with. From time to time, however briefly, the Company maintains balances in operating accounts in excess of federally insured limits. |
Significant Accounting Polici_4
Significant Accounting Policies: Accounts Receivable Policy (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Accounts Receivable Policy | Accounts Receivable Receivables are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the current status of individual accounts. At both September 30, 2021, and December 31, 2020, an allowance for doubtful accounts was made totaling $52,105 to provide for the possibility of a revenue shortfall from the project in Modoc County, and is reflected in the accounts receivable balance on the balance sheet in the accompanying financial statements. |
Significant Accounting Polici_5
Significant Accounting Policies: Revenue Recognition Policy (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Revenue Recognition Policy | Revenue Recognition Revenues are recognized when the Company satisfies a performance obligation by transferring goods or services promised in a contract to a customer, in an amount that reflects the consideration to be received in exchange for those goods or services. Revenue from contract customers is recognized by: (1) identifying the contract with the customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to separate performance obligations; and (5) recognizing revenues when (or as) each performance obligation is satisfied. The Company’s revenue is currently from services transferred to customers at a point in time. These revenues are generated by providing consulting services to customers under a contractual arrangement. They are (a) time and expense arrangements, under which the customer pays the Company, typically as billed in a monthly invoice, based on hours incurred and contracted rates; (b) performed activities arrangements, under which the customer pays the Company for particular tasks performed (typically tasks which can be valued, but for which time spent is highly variable or unpredictable), based on contracted rates; or (c) reimbursements by the customer for certain identified expenses, such as travel, out-of-pocket, or advances on behalf of the customer. The Company recognizes revenue for (a) and (b) at the point in time in which the customer is provided the service and is invoiced for that period. Amounts under (c) are generally included in revenues in the period invoiced, and an equivalent amount of reimbursable expenses is included in costs of services in the period in which the expense is incurred. PwrCor, Inc. Notes to Financial Statements September 30, 2021 (Unaudited) 2. Significant Accounting Policies (continued) Revenue Recognition, continued The Company’s performance obligations under its engine business are generally satisfied as “over time”. There was no revenue from products or services transferred to a customer over time for the three and nine months ended September 30, 2021 and 2020, respectively. Revenue under this type of contract is generally recognized over time using an input measure based upon the proportion of actual costs incurred to estimated total project costs, which is a method used to best depict the Company’s performance to date under the terms of the contract. Progress payments, which when involved are invoiced, are typically characteristic of such contracts, but do not affect revenue recognition. In this regard and in other instances, the timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in contract assets or contract liabilities (deferred revenue) on the Company’s balance sheet. The Company records a contract asset when revenue is recognized prior to invoicing, or contract liabilities when revenue is recognized subsequent to invoicing. The Company had unbilled receivables (contract assets) of $0 and an estimated $14,590 at September 30, 2021 and December 31, 2020, respectively. There were no costs in excess of billings and billings in excess of costs associated with “over time” contracts at September 30, 2021 or December 31, 2020. There was no revenue recognized during the periods ended September 30, 2021 and 2020 that was included in contract liabilities at the beginning of the period. In much of the Company’s business, customers request changes in contract specifications or in the scope or amount of services to be delivered. These are typically covered under the contract with the customer. On September 30, 2021, the Company had no remaining performance obligations. |
Significant Accounting Polici_6
Significant Accounting Policies: Fixed Assets Policy (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Fixed Assets Policy | Fixed Assets Fixed assets are being depreciated on the straight line basis over a period of five years. |
Significant Accounting Polici_7
Significant Accounting Policies: Income Taxes Policy (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Income Taxes Policy | Income Taxes The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by the tax authorities. Management has analyzed the Company’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2017 - 2019). The Company’s tax year ends September 30. |
Significant Accounting Polici_8
Significant Accounting Policies: Basic and Diluted Net Income (loss) Per Share Policy (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Basic and Diluted Net Income (loss) Per Share Policy | Basic and Diluted Net Income (Loss) per Share The Company computes income (loss) per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted income (loss) per share on the face of the statement of operations. Basic income (loss) per share is computed by dividing net income available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive income (loss) per share excludes all potential common shares if their effect is anti-dilutive. For the three and nine month periods ended September 30, 2021 and 2020, basic (loss) and diluted (loss) per share were the same. The 4,575,000 warrants outstanding at September 30, 2021 are anti-dilutive as the trading price of the Company’s common stock was below the exercise price of the warrants. |
Significant Accounting Polici_9
Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements All accounting standards that have been issued or proposed by the FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. |
Significant Accounting Polic_10
Significant Accounting Policies: Subsequent Events Policy (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Policies | |
Subsequent Events Policy | Subsequent Events Management regularly evaluates subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were available to be issued. |
Long Term Notes Disclosure_ Sch
Long Term Notes Disclosure: Schedule of Long-term Debt Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Schedule of Long-term Debt Instruments | September 30, 2021 December 31, 2020 (Unaudited) U.S. SBA term note payable in equal monthly installments, bearing an interest rate of 3.75% and maturing in September 2050. $ 200,000 $ 78,200 Less current portion (356) (-) Long-term debt, excluding current portion $ 199,644 $ 78,200 |
Long Term Notes Disclosure_ S_2
Long Term Notes Disclosure: Schedule of Amortization of Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Tables/Schedules | |
Schedule of Amortization of Long-term Debt | The Loan is projected to amortize as follows: Payments against Principal 2021 $ - 2022 $ 1,356 2023 $ 4,170 2024 $ 4,329 2025 $ 4,494 Remaining principal to be paid 2026 to 2050: $ 185,651 Total $ 200,000 |
Significant Accounting Polic_11
Significant Accounting Policies: Accounts Receivable Policy (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Details | ||
Allowance for doubtful accounts | $ 52,105 | $ 52,105 |
Significant Accounting Polic_12
Significant Accounting Policies: Revenue Recognition Policy (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Details | ||
Unbilled receivables - contract assets | $ 0 | $ 14,590 |
Significant Accounting Polic_13
Significant Accounting Policies: Basic and Diluted Net Income (loss) Per Share Policy (Details) | 9 Months Ended |
Sep. 30, 2021shares | |
Details | |
Anti-dilutive stock | 4,575,000 |
Related Party Transactions Di_2
Related Party Transactions Disclosure (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Carrying value of license agreement | $ 84,375 | $ 84,375 | |||
Accumulated amortization of license fee | 50,625 | 50,625 | |||
Consulting fees from related parties | |||||
Consulting expenses with related parties | 0 | $ 4,938 | 0 | $ 80,458 | |
Amounts payable to related parties | 8,611 | 8,611 | $ 9,460 | ||
Technology development fees from related parties | |||||
Amounts payable to related parties | $ 243,112 | $ 243,112 | $ 243,112 |
Concentrations Disclosure (Deta
Concentrations Disclosure (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
One Customer | |||
Project management revenue concentrations | 100% | 100% | |
Project management receivables - One Customer | |||
Accounts receivable concentrations | 100% | ||
Net accounts receivables - Two Customers | |||
Accounts receivable concentrations | 73% and 27% | 59% and 41% |
Stock Issuance Disclosure (Deta
Stock Issuance Disclosure (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2018 | Dec. 31, 2017 |
Stock issued for cash, shares | 2,500,000 | 6,650,000 | |
Stock issued for cash, price per share | $ 0.14 | $ 0.10 | |
Stock issued for cash, proceeds | $ 350,000 | $ 665,000 | |
Stock issued for cash, warrants | 1,250,000 | 3,325,000 | |
Number of warrants outstanding | 4,575,000 | ||
Warrants exercisable at $0.30 | |||
Warrants exercisable | 3,325,000 | ||
Warrants exercise price | $ 0.30 | ||
Warrants exercisable at $0.40 | |||
Warrants exercisable | 1,250,000 | ||
Warrants exercise price | $ 0.40 |
Long Term Notes Disclosure (Det
Long Term Notes Disclosure (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Details | |||
Loans payable SBA | $ 78,200 | ||
Borrowing of Long Term Debt | $ 121,800 | $ 78,100 | |
Interest rate, long-term debt | 3.75% |
Long Term Notes Disclosure_ S_3
Long Term Notes Disclosure: Schedule of Long-term Debt Instruments (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Details | ||
Current portion of long-term loan | $ 356 | $ 0 |
SBA Loan Payable | $ 199,644 | $ 78,200 |