What changed in this filing

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Item 1. Financial Statements

2024-08-12 compared with 2024-05-13 · 126 added, 117 removed, 308 unchanged (44% of the section changed)

FINANCIAL STATEMENTS

BALANCE SHEET

March 31, 2024

BALANCE SHEETS

June 30, 2024

December 31, 2023

12 unchanged sentences

TOTAL CURRENT LIABILITIES

TOTAL LIABILITIES

COMMITMENTS AND CONTINGENCIES (See Note 9)

MEZZANINE (See Note 3)

Series C Convertible Preferred Stock, 34,853 and 34,853 shares outstanding, respectively,redeemable value of $ 3,485,313 and $ 3,485,313 , respectively

Series C Convertible Preferred Stock, 34,853 and 34,853 shares outstanding,

respectively, redeemable value of $ 3,485,313 and $ 3,485,313 , respectively

SHAREHOLDERS’ EQUITY (DEFICIT)

2 unchanged sentences

Common stock, $ 0.0001 par value;

3,000,000,000 authorized shares 704,599,512 and 704,599,512 shares issued and outstanding, respectively

3,000,000,000 authorized shares 704,599,512 and

704,599,512 shares issued and outstanding, respectively

Additional paid in capital

3 unchanged sentences

TOTAL SHAREHOLDERS’ EQUITY (DEFICIT)

TOTAL LIABILITIES, MEZZANINE AND SHAREHOLDERS’

EQUITY (EQUITY)

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

accompanying notes are an integral part of these unaudited condensed financial statements.

STATEMENTS OF OPERATIONS

March 31, 2024

March 31, 2023

For the Three Months Ended

March 31, 2024

March 31, 2023

Three Months Ended

Six Months Ended

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

OPERATING EXPENSES

Selling and marketing expenses

General and administrative expenses

10 unchanged sentences

$ ( 661,618 )

$ ( 909,746 )

$ ( 2,293,118 )

BASIC AND DILUTED EARNINGS (LOSS) PER SHARE

3 unchanged sentences

STATEMENT OF SHAREHOLDERS’ DEFICIT

THREE MONTHS ENDED MARCH 31,2023

SIX MONTHS ENDED JUNE 30, 2024

Preferred Stock

2 unchanged sentences

( 176,132,585 )

Stock and warrant compensation cost

Stock compensation cost

Balance at March 31, 2024 (unaudited)

( 176,603,589 )

Stock compensation cost

Balance at June 30, 2024 (unaudited)

$ 176,398,594

Balance at March 31, 2023 (unaudited)

$ ( 177,042,331 )

THREE MONTHS ENDED MARCH 31,2024

$ ( 573,277 )

SIX MONTHS ENDED JUNE 30,2023

Preferred Stock

Additional Paid-in

Balance at December 31, 2022

1 unchanged sentence

( 172,955,053 )

$ 176,279,264

( 176,132,585 )

Stock compensation cost

Stock and warrant compensation cost

Balance at March 31, 2024 (unaudited)

( 1,631,500 )

Balance at March 31, 2023 (unaudited)

( 174,586,553 )

Stock and warrant compensation cost

Balance at June 30, 2023 (unaudited)

( 175,248,171 )

2 unchanged sentences

STATEMENTS OF CASH FLOWS

March 31, 2024

March 31, 2023

Three Months Ended

March 31, 2024

March 31, 2023

Six Months Ended

June 30, 2024

June 30, 2023

CASH FLOWS FROM OPERATING ACTIVITIES:

19 unchanged sentences

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023

Basis of Presentation

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been included.

Operating results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be

expected for the year ending December 31, 2024.

For further information refer to the financial statements and footnotes thereto included

in the Company’s Form 10-K for the December 31, 2023.

Going Concern

As of the three months ended March 31, 2024, the Company

had a loss of $ 471,004 , which consisted of a non-cash amount of $ 76,287 for a net cash loss of $ 394,717 .

As of March 31, 2024, its accumulated

deficit was $ 176,603,589 .

Management believes the Company’s present cash flows

will enable it to meet its obligations for twenty-four months from the date of these financial statements.

Management will continue to

assess it operational needs and seek additional financing as needed to fund its operations.

Operating results for the six months ended June 30, 2024, are not necessarily indicative of the results that may be expected

for the year ending December 31, 2024.

For further information refer to the financial statements and footnotes thereto included in the

Company’s Form 10-K for the December 31, 2023.

of the six months ended June 30, 2024, the Company had a loss of $ 909,746 ,

which consisted of a non-cash amount of $ 119,331

for a net cash loss of $ 790,415 .

of June 30, 2024, its accumulated deficit was $ 177,042,331 .

The Company has working capital to cover its’ operating expenses for the next eighteen months.

believes the Company’s present cash flows will enable it to meet its obligations for eighteen months from the date of these financial

Management will continue to assess it operational needs and seek additional financing as needed to fund its operations.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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throughout the year, the Company may maintain cash balances in certain bank accounts in excess of FDIC limits.

As of March 31, 2024,

the cash balance in excess of the FDIC limits was $ 2,997,036 .

The Company has not experienced any losses in such accounts and believes

it is not exposed to any significant credit risk in these accounts.

As of June 30, 2024, the

cash balance in excess of the FDIC limits was $ 2,604,236 .

The Company has not experienced any losses in such accounts and believes it

is not exposed to any significant credit risk in these accounts.

preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates

4 unchanged sentences

Actual results could differ from those estimates.

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

and Equipment

1 unchanged sentence

OF PROPERTY AND EQUIPMENT

and equipment

expense for the three months ended March 31, 2024 and 2023 were $ 271 and $ 271 , respectively.

Computer equipment

Machinery and equipment

expense for the six months ended June 30, 2024 and 2023 were $ 542 and $ 542 , respectively.

Company has patent applications to protect the inventions and processes behind its proprietary bio-based back-sheet, a protective covering

1 unchanged sentence

Intangible assets that have finite useful lives

continue to be amortized over their useful lives.

continue to be amortized over their useful lives (See Note 6).

OF INTANGIBLE ASSETS AMORTIZED OVER THEIR USEFUL LIVES

1 unchanged sentence

Intangible assets

expense for the three months ended March 31, 2024 and 2023 was $ 756 and $ 756 , respectively.

expense for the six months ended June 30, 2024 and 2023 was $ 1,512 and $ 1,511 , respectively.

Company measures the cost of employee services received in exchange for an equity award based on the grant-date fair value of the award.

20 unchanged sentences

of March 1, 2029.

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

As of June 30, 2024, no warrants were exercised.

March 15, 2022, the Company granted 5,000,000 stock options to a consultant for advisory services.

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as of June 11, 2023.

As of March 31, 2024, the other 400,000,000 stock options remain outstanding.

As of June 30, 2024, the other 400,000,000 stock options remain outstanding.

March 20, 2023, the Company granted 50,000,000 shares of stock options, to purchase the total number of shares of common stock equal

7 unchanged sentences

not be exercisable on or after the termination of continuous service.

As of March 31, 2024, 50,000,000 stock options remain outstanding.

As of June 30, 2024, 50,000,000 stock options remain outstanding.

May 9, 2023, the Company granted 5,000,000 shares of stock options to a consultant, with an exercise price of $ 0.0126 , and an expiration

2 unchanged sentences

30, 2023, and 138,888 options vested at the end of each month from the end of the seventh month through May 31, 2026.

As of March 31,

As of June 30,

2024, 5,000,000 stock options remain outstanding.

18 unchanged sentences

percent during next 12 months based on the current market cap of less than $5,000,000 and average trading stock volume of less than $5,000

As of March 31, 2024, 100,000,000 shares remain outstanding .

As of June 30, 2024, 100,000,000 shares remain outstanding .

the appropriate fair value of the stock-based compensation requires the input of subjective assumptions, including the expected life

4 unchanged sentences

The stock options terminate seven

(7) year0s from the date of grant or upon termination of employment .

As of March 31, 2024, the aggregate total of 560,000,000 stock options

(7) years from the date of grant or upon termination of employment.

As of June 30, 2024, the aggregate total of 560,000,000 stock options

were outstanding.

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

and Development

and development costs are expensed as incurred.

Total research and development costs were $ 88,939 and $ 15,000 for the three months ended

March 31, 2024 and 2023, respectively.

Total research and development costs were $ 177,878 and $ 25,000 for the six months ended

June 30, 2024 and 2023, respectively.

and Marketing

Company expenses the cost of advertising and promotional materials when incurred.

The advertising costs were $ 74,971 and $ 0 for the three

months ended March 31, 2024 and 2023, respectively.

The advertising and marketing costs were $ 145,200 and

$ 15,849 for the six months ended June 30, 2024 and 2023, respectively.

Earnings (Loss) per Share Calculations

4 unchanged sentences

(loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the effect

of stock options and stock-based awards (Note 4), plus the assumed conversion of convertible debt (Note 5).

the three months ended March 31, 2024, the Company has not included shares issuable from 560,000,000 stock options and 228,958,334 warrants,

of stock options and stock-based awards (Note 5).

the six months ended June 30, 2024, the Company has not included shares issuable from 560,000,000 stock options and 228,958,334 warrants,

because their impact on the income per share is antidilutive.

the three months ended March 31, 2023, the Company has not included shares issuable from 505,000,000 stock options and 228,958,334 warrants,

the six months ended June 30, 2023, the Company has not included shares issuable from 560,000,000 stock options and 228,958,334 warrants,

because their impact on the income per share is antidilutive.

OF NET EARNINGS PER SHARE

For the Three Months Ended March

SCHEDULE OF NET EARNINGS PER SHARE

For the Three Months Ended June 30,

For the Six Months Ended June 30,

Income (Loss) to common shareholders (Numerator)

2 unchanged sentences

Basic weighted average number of common shares outstanding (Denominator)

Diluted weighted average number of common shares outstanding (Denominator)

Diluted weight average number of common shares outstanding (Denominator)

Value of Financial Instruments

1 unchanged sentence

practicable to estimate that value.

As of March 31, 2024, the amounts reported for cash, inventory, prepaid expenses, accounts payable,

As of June 30, 2024, the amounts reported for cash, inventory, prepaid expenses, accounts payable,

and accrued expenses, approximate the fair value because of their short maturities.

6 unchanged sentences

These tiers include:

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

1, defined as observable inputs such as quoted prices for identical instruments in active markets;

4 unchanged sentences

measure certain financial instruments at fair value on a recurring basis.

As of March 31, 2024, there were no financial instruments to

As of June 30, 2024, there were no financial instruments to

Reclassification

amounts in the 2023 financial statements have been reclassified to conform to the presentation used in the 2024 financial statements.

There was no material impact on any of the Company’s previously issued financial statements.

Issued Accounting Pronouncements

2 unchanged sentences

PREFERRED STOCK

Stock December 31, 2024 and 2023

of March 31, 2024, the Company had a total of 34,853 shares of Series C Preferred Stock outstanding with a fair value of $ 3,485,313 ,

and a stated face value of one hundred dollars ($ 100 ) per share which are convertible into shares of fully paid and non-assessable shares

Stock June 30, 2024 and 2023

of June 30, 2024, the Company had a total of 34,853 shares of Series C Preferred Stock outstanding with a fair value of $ 3,485,313 , and

a stated face value of one hundred dollars ($ 100 ) per share which are convertible into shares of fully paid and non-assessable shares

of common stock of the Company .

3 unchanged sentences

election, to convert shares of Series C Preferred Stock into common stock at a conversion price of $ 0.0014 and has no voting rights.

preferred shares have been classified under mezzanine, since it is a hybrid of capital that is between equity and senior debt in the

capital structure of the Company.

The lender has the option to convert their debt into an equity interest in the Company in case of default,

after other senior lenders are paid.

Stock March 31, 2024 and 2023

the three months ended March 31, 2024 and 2023, the Company did not issue any common stocks.

preferred shares have been classified under mezzanine financing, a hybrid of debt and equity financing that gives a lender the right

to convert debt to an equity interest in a company in case of default, generally, after venture capital companies and other senior

lenders are paid.

Stock June 30, 2024 and 2023

the six months ended June 30, 2024 and 2023, the Company did not issue any common stocks.

STOCK OPTIONS AND WARRANTS

the three months ended March 31, 2024 and 2023, the Company granted the following stock options in the amount of 0 , and 50,000,000 , respectively.

the six months ended June 30, 2024 and 2023, the Company granted the following stock options in the amount of 0 , and 155,000,000 , respectively.

(See Note 2).

Also, during the six months ended June 30, 2024 and 2023, 0 and 50,000,000 stock options expired, respectively.

OF STOCK OPTIONS

5 unchanged sentences

Expired/Cancelled

( 50,000,000 )

Outstanding as of the end of the periods

Exercisable as of the end of the periods

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

STOCK OPTIONS AND WARRANTS (Continued)

weighted average remaining contractual life of options outstanding as of March 31, 2024 and 2023 was as follows:

weighted average remaining contractual life of options outstanding as of June 30, 2024 and 2023 was as follows:

OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OPTIONS OUTSTANDING

7 unchanged sentences

Weighted Average Remaining Contractual Life (years)

Determining the appropriate fair value

of the stock-based compensation requires the input of subjective assumptions, including the expected life of the stock-based payment and

stock price volatility.

The Company used Black Scholes to value its stock option awards which incorporated the Company’s stock price,

volatility, U.S.

the appropriate fair value of the stock-based compensation requires the input of subjective assumptions, including the expected life

of the stock-based payment and stock price volatility.

The Company used Black Scholes to value its stock option awards which incorporated

the Company’s stock price, volatility, U.S.

risk-free rate, dividend rate, and estimated life.

The stock options terminate seven ( 7 ) year0s from the date of grant

or upon termination of employment.

As of March 31, 2024, the aggregate total of 560,000,000 stock options were outstanding.

stock-based compensation expense recognized in the statement of operations during the three months ended March 31, 2024 and 2023, were

The stock options terminate seven

( 7 ) year0s from the date of grant or upon termination of employment.

As of June 30, 2024, the aggregate total of 560,000,000 stock options

were outstanding.

stock-based compensation expense recognized in the statement of operations during the six months ended June 30, 2024 and 2023, were $ 119,331

and $ 1,872,723 , respectively.

of March 31, 2024, there was no intrinsic value with regards to the outstanding options.

of March 31, 2023, the Company issued no common stock purchase warrants during the three months ended March 31, 2024.

of March 31, 2024 and 2023, the outstanding common stock purchase warrants were as follows:

of June 30, 2024, there was no intrinsic value with regards to the outstanding options.

of June 30, 2024, the Company issued no common stock purchase warrants during the six months ended June 30, 2024.

of June 30, 2024 and 2023, the outstanding common stock purchase warrants were as follows:

OF WARRANTS ACTIVITY

Number of Options

Weighted average exercise price

Weighted average

exercise price

Number of Options

Weighted average exercise price

Weighted average

exercise price

Outstanding as of the beginning of the periods

1 unchanged sentence

Exercisable as of the end of the periods

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

STOCK OPTIONS AND WARRANTS (Continued)

weighted average remaining contractual life of the warrants outstanding as of March 31, 2024 was as follows:

weighted average remaining contractual life of the warrants outstanding as of June 30, 2024 was as follows:

OF WARRANTS OUTSTANDING

4 unchanged sentences

Contractual Life (years)

was no warrant compensation recognized as of March 31, 2024.

was no warrant compensation recognized as of June 30, 2024.

INTANGIBLE ASSETS

The Company’s acquired intangible assets at

June 30, 2024 and December 31, 2023 consisted of the following:

SCHEDULE OF ACQUIRED INTANGIBLE ASSETS

June 30, 2024

Period (years)

Accumulated amortization

Net carrying value

December 31, 2023

Period (years)

Accumulated amortization

Net carrying value

Estimated future amortization expense for the Company’s

intangible assets at June 30, 2024 as follows:

SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSE

Year ending December 31,

Remainder of 2024

COMMITMENTS AND CONTINGENCIES

Company rents office space on a yearly basis with a monthly rent payment in the amount of $ 550 .

Consultant Agreement

May 30, 2023, the Company amended the agreement dated March 15, 2022 entered into with a consultant regarding an advisory agreement for

16 unchanged sentences

not be required to perform additional work hereunder unless by mutual agreement of both parties.

The contract is from August 1, 2023 through May 1, 2025.

March 31, 2024, the University was paid $ 266,817 for work performed through March 31, 2024, leaving the balance of the work to be performed

on the contract of $ 449,509 .

The contract is from August 1, 2023

through May 1, 2025.

As of June 30, 2024, the University was paid $ 355,756 for work performed through June 30, 2024, leaving the balance

of the work to be performed on the contract of $ 360,570 .

the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising.

3 unchanged sentences

matters will not have a material adverse effect on the Company’s financial position or results of operations.

of March 31, 2024, there were no legal proceedings against the Company.

of June 30, 2024, there were no legal proceedings against the Company.

SUBSEQUENT EVENT

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements