Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 16, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-30256 | |
Entity Registrant Name | WORLD HEALTH ENERGY HOLDINGS, INC. | |
Entity Central Index Key | 0000943535 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1825 NW Corporate Blvd. Suite 110 | |
Entity Address, City or Town | Boca Raton | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33431 | |
City Area Code | (561) | |
Local Phone Number | 870-0440 | |
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 | 89,789,407,996 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 45,255 | $ 359,949 |
Accounts receivable, net | 20,037 | 5,086 |
Other current assets | 58,764 | 42,178 |
T o t a l Current assets | 124,056 | 407,213 |
Right Of Use asset arising from operating lease | 223,578 | |
Long term prepaid expenses | 24,540 | 24,883 |
Property and Equipment, Net | 29,113 | 26,054 |
T o t a l assets | 401,287 | 458,150 |
Current Liabilities | ||
Accounts payable | 22,713 | 26,284 |
Right Of Use liabilities arising from operating lease | 41,530 | |
Other accounts liabilities | 493,370 | 496,874 |
T o t a l current liabilities | 557,613 | 523,158 |
Liability for employee rights upon retirement | 131,151 | 104,850 |
Long term loan from parent company | 1,980,440 | 1,812,704 |
Right Of Use liabilities arising from operating lease | 187,625 | |
T o t a l liabilities | 2,856,829 | 2,440,712 |
Stockholders’ Deficit | ||
Preferred stock, value | 3,500 | 3,500 |
Common stock, par $0.0007, 110,000,000,000 shares authorized, 89,789,407,996 shares issued and outstanding at June 30, 2021 and December 31, 2020. | 62,852,585 | 62,852,585 |
Additional paid-in capital | (63,339,224) | (63,339,224) |
Foreign currency translation adjustments | (5,495) | (5,495) |
Accumulated deficit | (1,969,617) | (1,496,637) |
T o t a l stockholders’ deficit | (2,455,542) | (1,982,562) |
T o t a l liabilities and stockholders’ deficit | 401,287 | 458,150 |
Series B Convertible Preferred Stock [Member] | ||
Stockholders’ Deficit | ||
Preferred stock, value | $ 2,709 | $ 2,709 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0.0007 | $ 0.0007 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.0007 | $ 0.0007 |
Common stock, shares authorized | 110,000,000,000 | 110,000,000,000 |
Common stock, shares issued | 89,789,407,996 | 89,789,407,996 |
Common stock, shares outstanding | 89,789,407,996 | 89,789,407,996 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.0007 | $ 0.0007 |
Preferred stock, shares authorized | 3,870,000 | 3,870,000 |
Preferred stock, shares issued | 3,870,000 | 3,870,000 |
Preferred stock, shares outstanding | 3,870,000 | 3,870,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Revenues | $ 48,801 | $ 24,592 | $ 81,450 | $ 28,108 |
Research and development expenses | (81,089) | (47,406) | (253,860) | (147,354) |
General and administrative expenses | (145,169) | (60,653) | (269,654) | (118,059) |
Operating loss | (177,457) | (83,467) | (442,064) | (237,305) |
Financing income (expense), net | (29,432) | 21,745 | (30,916) | 9,232 |
Net loss | (206,889) | (61,722) | (472,980) | (228,073) |
Comprehensive loss | $ (206,889) | $ (61,722) | $ (472,980) | $ (228,073) |
Loss per share (basic and diluted) | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($) | Preferred Stock [Member] | PreferredStockBMember | Common Stock [Member] | Additional Paid-in Capital [Member] | Foreign Currency Translation Adjustments [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 2,709 | $ (2,681) | $ (5,495) | $ (623,844) | $ (629,311) | ||
Ending balance, shares at Dec. 31, 2019 | 3,870,000 | ||||||
Comprehensive loss for three months ended June 30, 2021 | (163,046) | (163,046) | |||||
Balance, value at Mar. 31, 2020 | $ 2,709 | (2,681) | (5,495) | (786,890) | (792,357) | ||
Balance, shares at Mar. 31, 2020 | 3,870,000 | ||||||
Beginning balance, value at Dec. 31, 2019 | $ 2,709 | (2,681) | (5,495) | (623,844) | (629,311) | ||
Ending balance, shares at Dec. 31, 2019 | 3,870,000 | ||||||
Comprehensive loss for three months ended June 30, 2021 | (228,073) | ||||||
Balance, value at Jun. 30, 2020 | $ 3,500 | $ 2,709 | $ 62,852,585 | (63,339,224) | (5,495) | (848,612) | (1,334,537) |
Balance, shares at Jun. 30, 2020 | 5,000,000 | 3,870,000 | 89,789,407,996 | ||||
Beginning balance, value at Mar. 31, 2020 | $ 2,709 | (2,681) | (5,495) | (786,890) | (792,357) | ||
Ending balance, shares at Mar. 31, 2020 | 3,870,000 | ||||||
Comprehensive loss for three months ended June 30, 2021 | (61,722) | (61,722) | |||||
Effect of Reverse Capitalization | $ 3,500 | $ 62,852,585 | (63,336,543) | (480,458) | |||
Effect of Reverse Capitalization, shares | 5,000,000 | 89,789,407,996 | |||||
Balance, value at Jun. 30, 2020 | $ 3,500 | $ 2,709 | $ 62,852,585 | (63,339,224) | (5,495) | (848,612) | (1,334,537) |
Balance, shares at Jun. 30, 2020 | 5,000,000 | 3,870,000 | 89,789,407,996 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 3,500 | $ 2,709 | $ 62,852,585 | (63,339,224) | (5,495) | (1,496,637) | (1,982,562) |
Ending balance, shares at Dec. 31, 2020 | 5,000,000 | 3,870,000 | 89,789,407,996 | ||||
Comprehensive loss for three months ended June 30, 2021 | (266,091) | (266,091) | |||||
Balance, value at Mar. 31, 2021 | $ 3,500 | $ 2,709 | $ 62,852,585 | (63,339,224) | (5,495) | (1,762,728) | (2,248,653) |
Balance, shares at Mar. 31, 2021 | 5,000,000 | 3,870,000 | 89,789,407,996 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 3,500 | $ 2,709 | $ 62,852,585 | (63,339,224) | (5,495) | (1,496,637) | (1,982,562) |
Ending balance, shares at Dec. 31, 2020 | 5,000,000 | 3,870,000 | 89,789,407,996 | ||||
Comprehensive loss for three months ended June 30, 2021 | (472,980) | ||||||
Balance, value at Jun. 30, 2021 | $ 3,500 | $ 2,709 | $ 62,852,585 | (63,339,224) | (5,495) | (1,969,617) | (2,455,542) |
Balance, shares at Jun. 30, 2021 | 5,000,000 | 3,870,000 | 89,789,407,996 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 3,500 | $ 2,709 | $ 62,852,585 | (63,339,224) | (5,495) | (1,762,728) | (2,248,653) |
Ending balance, shares at Mar. 31, 2021 | 5,000,000 | 3,870,000 | 89,789,407,996 | ||||
Comprehensive loss for three months ended June 30, 2021 | (206,889) | (206,889) | |||||
Balance, value at Jun. 30, 2021 | $ 3,500 | $ 2,709 | $ 62,852,585 | $ (63,339,224) | $ (5,495) | $ (1,969,617) | $ (2,455,542) |
Balance, shares at Jun. 30, 2021 | 5,000,000 | 3,870,000 | 89,789,407,996 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss for the period | $ (472,980) | $ (228,073) |
Adjustments required to reconcile net loss for the period to net cash used in operating activities: | ||
Depreciation and amortization | 22,784 | 19,803 |
Increase in liability for employee rights upon retirement | 26,301 | 12,220 |
Decrease (increase) in accounts receivable | (14,951) | (12,317) |
Decrease (increase) in other current assets | (11,017) | (14,530) |
Increase (decrease) in accounts payable | (3,571) | 8,640 |
Increase in other accounts liabilities | 13,686 | 11,001 |
Net cash used in operating activities | (439,748) | (203,256) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Loans granted to related parties | (5,226) | (234,726) |
Purchase of property and equipment | (6,515) | (9,639) |
Net cash used in investing activities | (11,741) | (244,365) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Short term bank credit | 2,158 | |
Payments of lease liability | (30,941) | (14,282) |
Loan received from parent company | 167,736 | 101,034 |
Net cash provided by (used in) financing activities | 136,795 | 88,910 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (314,694) | (358,711) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 359,949 | 359,461 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 45,255 | 750 |
Non cash transactions: | ||
Initial recognition of operating lease right-of-use assets | 242,906 | |
Initial recognition of operating lease liability | $ (242,906) |
GENERAL
GENERAL | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1 – GENERAL A. Operations World Health Energy Holdings, Inc., (the “Company” or “WHEN”), was formed on May 21, 1986, under the laws of the State of Delaware. The Company has invested in and abandoned a variety of software programs that it strove to commercialize. UCG, INC. (the “UCG”) was incorporated on September 13, 2017, under the laws of the State of Florida. The Company wholly-owns the issued and outstanding shares of RNA Ltd. (Hereinafter: “RNA”). RNA is primarily a research and development company that has been performing software design work for UCG in the field of cybersecurity under the terms of development agreement between UCG and RNA. UCG is primarily engaged in the marketing and distribution of cybersecurity related products. In anticipation of the transaction contemplated under the Merger Agreement, SG 77 Inc. a Delaware Corporation and a wholly-owned subsidiary of UCG (“SG”), was incorporated on April 16, 2020 and all of the cybersecurity rights and interests held by UCG, including the share ownership of RNA, were assigned to SG. B. Merger Transaction On April 27, 2020, the Company completed a reverse triangular merger pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) among WHEN, R2GA, Inc., a Delaware corporation and a wholly owned subsidiary of WHEN (“Sub”), UCG, SG, and RNA. Under the terms of the Merger Agreement, R2GA merged with SG, with SG remaining as the surviving corporation and a wholly-owned subsidiary of the WHEN (the “Merger”). The Merger was effective as of April 27, 2020 whereby SG became a direct and wholly owned subsidiary of WHEN and RNA indirect wholly owned subsidiary of the Company. Each of Gaya Rozensweig and George Baumeohl, directors of the Company, are also the sole shareholders and directors of the Company. As consideration for the Merger, WHEN issued to UCG 3,870,000 0.0007 100,000 0.0007 387,000,000,000 The Company, collectively with SG, Sub and RNA are hereunder referred to as the “Group”. The transaction was accounted for as a reverse asset acquisition in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Under this method of accounting, SG was deemed to be the accounting acquirer for financial reporting purposes. This determination was primarily based on the facts that, immediately following the Merger: (i) SG’s stockholders owned a substantial majority of the voting rights in the combined company, (ii) SG designated a majority of the members of the initial board of directors of the combined company, and (iii) SG’s senior management holds all key positions in the senior management of the combined company. As a result of the Recapitalization Transaction, the shareholders of SG received the largest ownership interest in the Company, and SG was determined to be the “accounting acquirer” in the Recapitalization Transaction. WORLD HEALTH ENERGY HOLDINGS, INC . NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) NOTE 1 – GENERAL (continue) As a result, the historical financial statements of the Company were replaced with the historical financial statements of SG. The number of shares prior to the reverse capitalization have been retroactively adjusted based on the equivalent number of shares received by the accounting acquirer in the Recapitalization Transaction. C. Board and Shareholder Authority for Reverse Stock Split On June 21, 2021, Company’s stockholders approved an amendment to the Company’s Certificate of Incorporation (the “Reverse Stock Split Certificate of Amendment”) in order to effect a reverse stock split of the Company’s common stock pursuant to a range of between 1,000-to-1 and 15,000-to-1 (the “Reverse Stock Split”), when and as determined by the Company’s Board of Directors. Pursuant to the Reverse Stock Split, each one thousand or fifteen thousand shares of common stock, or any other figure within that range, as shall be determined by the Board of Directors at a later time, will be automatically converted, without any further action by the stockholders, into one share of common stock. D. Going concern uncertainty Since inception, the Group has devoted substantially all its efforts to research and development. The Group is still in its development stage and the extent of the Group’s future operating losses and the timing of becoming profitable, if ever, are uncertain. As of June 30, 2021, the Group had $ 45,255 472,980 1,969,617 433,557 The Group will need to secure additional capital in the future in order to meet its anticipated liquidity needs primarily through the sale of additional Common Stock or other equity securities and/or debt financing. Funds from these sources may not be available to the Group on acceptable terms, if at all, and the Group cannot give assurance that it will be successful in securing such additional capital. These conditions raise substantial doubt about the Company’s ability to continue to operate as a “going concern.” The Company’s ability to continue operating as a going concern is dependent on several factors, among them is the ability to raise sufficient additional funding. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. D. Risk factors The Group face a number of risks, including uncertainties regarding finalization of the development process, demand and market acceptance of the Group’s products, the effects of technological changes, competition and the development of products by competitors. Additionally, other risk factors also exist, such as the ability to manage growth and the effect of planned expansion of operations on the Group’s future results. In addition, the Group expects to continue incurring significant operating costs and losses in connection with the development of its products and increased marketing efforts. As mentioned above, the Group has not yet generated significant revenues from its operations to fund its activities, and therefore the continuance of its activities as a going concern depends on the receipt of additional funding from its current stockholders and investors or from third parties. WORLD HEALTH ENERGY HOLDINGS, INC . NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Unaudited Interim Financial Statements The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiary, prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q. In the opinion of management, the financial statements presented herein have not been audited by an independent registered public accounting firm but include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations and cash flows for the six-months ended June 30, 2021. However, these results are not necessarily indicative of results for any other interim period or for the year ended December 31, 2021. The preparation of financial statements in conformity with GAAP requires the Company to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. Certain information and footnote disclosures normally included in financial statements in accordance with generally accepted accounting principles have been omitted pursuant to the rules of the U.S. Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on published on the OTCIQ Alternative Reporting System, for the year ended December 31, 2021. Principles of Consolidation The consolidated financial statements are prepared in accordance with US GAAP. The consolidated financial statements of the Company include the Company and its wholly-owned and majority-owned subsidiaries. All inter-company balances and transactions have been eliminated. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, certain revenues and expenses, and disclosure of contingent assets and liabilities as of the date of the financial statements. Actual results could differ from those estimates. As applicable to these financial statements, the most significant estimates and assumptions relate to the going concern assumptions. WORLD HEALTH ENERGY HOLDINGS, INC . NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (continue) Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity, by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The amendments in ASU 2020-06 are effective for the Company for fiscal years beginning after December 15, 2021. Early adoption is permitted. The guidance must be adopted as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of this new guidance, but does not expect it to have a material impact on its financial statements. |
RELATED PARTIES
RELATED PARTIES | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | NOTE 3 – RELATED PARTIES SCHEDULE OF RELATED PARTY EXPENSES A. Transactions and balances with related parties Six months ended June 30 Three months ended June 30 2021 2020 2021 2020 General and administrative expenses: Salaries and fees to officers 58,793 29,586 19,380 14,479 Research and development expenses: Salaries and fees to officers 40,321 15,422 17,668 6,886 WORLD HEALTH ENERGY HOLDINGS, INC . NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) NOTE 3 – RELATED PARTIES (continue) B. Balances with related parties and officers: As of June 30, As of December 31, 2021 2020 Other current assets 5,226 - Other accounts liabilities 167,232 191,994 Long term loan from related party 1,980,440 1,812,704 Liability for employee rights upon retirement 107,463 95,451 |
EMPLOYEE STOCK OPTION PLAN
EMPLOYEE STOCK OPTION PLAN | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
EMPLOYEE STOCK OPTION PLAN | NOTE 4 – EMPLOYEE STOCK OPTION PLAN On June 21, 2021, the Board of Directors and the Company’s stockholders adopted, the 2021 Equity Incentive Plan (the “2021 Plan”) pursuant to which 50 As of June 30, 2021 no |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5 – COMMITMENTS AND CONTINGENCIES On October 27, 2020 WHEN filed suit in State Court, Palm Beach County, Florida, against FSC Solutions, Inc. (“FSC”), Eli Gal Levy (“EL”) and Padem Consultants Sprl (collectively, the “Defendants”). The suit relates to the Stock Purchase Agreement entered into by WHEN with FSC and its shareholders, which included EL, pursuant to which WHEN acquired all of the issued and outstanding stock of FSC in exchange for the issuance of 70 A hearing was set for January 6, 2021 whereupon mediation was ordered. The Company has been in discussions with EL to resolve this issue. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiary, prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q. In the opinion of management, the financial statements presented herein have not been audited by an independent registered public accounting firm but include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations and cash flows for the six-months ended June 30, 2021. However, these results are not necessarily indicative of results for any other interim period or for the year ended December 31, 2021. The preparation of financial statements in conformity with GAAP requires the Company to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. Certain information and footnote disclosures normally included in financial statements in accordance with generally accepted accounting principles have been omitted pursuant to the rules of the U.S. Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on published on the OTCIQ Alternative Reporting System, for the year ended December 31, 2021. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements are prepared in accordance with US GAAP. The consolidated financial statements of the Company include the Company and its wholly-owned and majority-owned subsidiaries. All inter-company balances and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, certain revenues and expenses, and disclosure of contingent assets and liabilities as of the date of the financial statements. Actual results could differ from those estimates. As applicable to these financial statements, the most significant estimates and assumptions relate to the going concern assumptions. WORLD HEALTH ENERGY HOLDINGS, INC . NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (continue) |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity, by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The amendments in ASU 2020-06 are effective for the Company for fiscal years beginning after December 15, 2021. Early adoption is permitted. The guidance must be adopted as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of this new guidance, but does not expect it to have a material impact on its financial statements. |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY EXPENSES | SCHEDULE OF RELATED PARTY EXPENSES A. Transactions and balances with related parties Six months ended June 30 Three months ended June 30 2021 2020 2021 2020 General and administrative expenses: Salaries and fees to officers 58,793 29,586 19,380 14,479 Research and development expenses: Salaries and fees to officers 40,321 15,422 17,668 6,886 WORLD HEALTH ENERGY HOLDINGS, INC . NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) NOTE 3 – RELATED PARTIES (continue) B. Balances with related parties and officers: As of June 30, As of December 31, 2021 2020 Other current assets 5,226 - Other accounts liabilities 167,232 191,994 Long term loan from related party 1,980,440 1,812,704 Liability for employee rights upon retirement 107,463 95,451 |
GENERAL (Details Narrative)
GENERAL (Details Narrative) - USD ($) | Apr. 27, 2020 | Jun. 21, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Preferred stock, par value | $ 0.0007 | $ 0.0007 | $ 0.0007 | ||||||
Reverse stock split, description | Company’s stockholders approved an amendment to the Company’s Certificate of Incorporation (the “Reverse Stock Split Certificate of Amendment”) in order to effect a reverse stock split of the Company’s common stock pursuant to a range of between 1,000-to-1 and 15,000-to-1 (the “Reverse Stock Split”), when and as determined by the Company’s Board of Directors. Pursuant to the Reverse Stock Split, each one thousand or fifteen thousand shares of common stock, or any other figure within that range, as shall be determined by the Board of Directors at a later time, will be automatically converted, without any further action by the stockholders, into one share of common stock. | ||||||||
Cash and cash equivalents | $ 45,255 | $ 45,255 | $ 359,949 | ||||||
Net loss | 206,889 | $ 266,091 | $ 61,722 | $ 163,046 | 472,980 | $ 228,073 | |||
Accumulated deficit | 1,969,617 | 1,969,617 | $ 1,496,637 | ||||||
Working capital | $ 433,557 | $ 433,557 | |||||||
Series B Convertible Preferred Stock [Member] | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Preferred stock, par value | $ 0.0007 | $ 0.0007 | $ 0.0007 | ||||||
Merger Agreement [Member] | Series B Convertible Preferred Stock [Member] | UCG, INC. [Member] | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Number of shares issued | 3,870,000 | ||||||||
Preferred stock, par value | $ 0.0007 | ||||||||
Merger Agreement [Member] | Series B Preferred Stock [Member] | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Number of shares converted | 100,000 | ||||||||
Aggregate amount of conversion shares | 387,000,000,000 |
SCHEDULE OF RELATED PARTY EXPEN
SCHEDULE OF RELATED PARTY EXPENSES (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | ||
Other current assets | $ 5,226 | |
Other accounts liabilities | 167,232 | 191,994 |
Long term loan from related party | 1,980,440 | 1,812,704 |
Liability for employee rights upon retirement | $ 107,463 | $ 95,451 |
EMPLOYEE STOCK OPTION PLAN (Det
EMPLOYEE STOCK OPTION PLAN (Details Narrative) - 2021 Plan [Member] - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 21, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares reserved for future issuance | 50,000,000,000 | |
Options granted | 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) shares in Billions | Oct. 27, 2020shares |
F S C Solutions Inc [Member] | |
Entity Listings [Line Items] | |
Number of shares issued for acquisitions | 70 |