What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-11-01 compared with 2024-08-12 · 92 added, 83 removed, 351 unchanged (33% of the section changed)

1 unchanged sentence

BALANCE SHEETS

June 30, 2024

September 30, 2024

December 31, 2023

13 unchanged sentences

COMMITMENTS AND CONTINGENCIES (See Note 9)

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)

13 unchanged sentences

Three Months Ended

Six Months Ended

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Nine Months Ended

September 30,

OPERATING EXPENSES

6 unchanged sentences

( 1,351,578 )

( 2,734,545 )

OTHER INCOME/(EXPENSES)

11 unchanged sentences

Statement of Shareholders’ Deficit

SIX MONTHS ENDED JUNE 30, 2024

NINE MONTHS ENDED SEPTEMBER 30, 2024

Preferred Stock

8 unchanged sentences

( 177,041,027 )

Stock compensation cost

Balance at September 30, 2024 (unaudited)

$ 704,599,512

$ 176,453,539

SIX MONTHS ENDED JUNE 30,2023

$ ( 177,479,768 )

$ ( 955,769 )

NINE MONTHS ENDED SEPTEMBER 30,2023

Preferred Stock

7 unchanged sentences

( 174,586,553 )

Stock and warrant compensation cost

2 unchanged sentences

( 175,248,171 )

Stock and warrant compensation cost

Balance at September 30, 2023 (unaudited)

( 175,688,263 )

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

Statements of Cash Flows

Six Months Ended

June 30, 2024

June 30, 2023

Nine Months Ended

September 30, 2024

September 30, 2023

CASH FLOWS FROM OPERATING ACTIVITIES:

4 unchanged sentences

Depreciation and amortization expense

Stock compensation expense

Non-cash stock compensation expense

(Increase) Decrease in Changes in Assets

3 unchanged sentences

NET CASH USED IN OPERATING ACTIVITIES

( 1,189,145 )

NET CASH FLOWS FROM INVESTING ACTIVITIES

1 unchanged sentence

NET DECREASE IN CASH

( 1,189,145 )

CASH, BEGINNING OF PERIOD

4 unchanged sentences

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023

THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

Basis of Presentation

6 unchanged sentences

been included.

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

Operating results for the nine months ended September 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 nine months ended September 30,2024, the Company had a loss of $ 1,347,183 , which consisted of a non-cash amount of $ 174,275 for

a net cash loss of $ 1,172,908 .

As of September 30, 2024, its accumulated deficit was $ 177,479,768 .

The Company has working capital to

cover its’ operating expenses for the next fifteen months.

believes the Company’s present cash flows will enable it to meet its obligations for fifteen 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.

19 unchanged sentences

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

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.

As of September 30, 2024,

the cash balance in excess of the FDIC limits was $ 2,239,296 .

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

9 unchanged sentences

Machinery and equipment

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

expense for the nine months ended September 30, 2024 and 2023 were $ 813 and $ 813 , respectively.

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

5 unchanged sentences

Intangible assets

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

expense for the nine months ended September 30, 2024 and 2023 was $ 2,267 and $ 2,267 , 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.

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

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

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

1 unchanged sentence

options per month for a thirty-six ( 36 ) month period during the term of the optionee’s consultancy with the Company.

As of September

30, 2024, the 5,000,000 stock options were outstanding.

10 unchanged sentences

as of June 11, 2023.

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

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

As of September 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 June 30,

As of September

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

As of September 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

5 unchanged sentences

( 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.

As of September 30, 2024, the aggregate total of 560,000,000 stock

options were outstanding.

and Development

and development costs are expensed as incurred.

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

June 30, 2024 and 2023, respectively.

Total research and development costs were $ 268,021 and $ 113,939 for the nine months ended

September 30, 2024 and 2023, respectively.

and Marketing

1 unchanged sentence

The advertising and marketing costs were $ 228,739 and

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

$ 176,529 for the nine months ended September 30, 2024 and 2023, respectively.

Earnings (Loss) per Share Calculations

5 unchanged sentences

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 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.

the nine months ended September 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 nine months ended September 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.

SCHEDULE OF NET EARNINGS PER SHARE

For the Three Months Ended June 30,

For the Six Months Ended June 30,

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

Income (Loss) to common shareholders (Numerator)

1 unchanged sentence

$ ( 440,644 )

$ ( 1,347,183 )

$ ( 2,733,210 )

Basic weighted average number of common shares outstanding (Denominator)

3 unchanged sentences

practicable to estimate that value.

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

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

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

12 unchanged sentences

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

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

As of September 30, 2024, there were no financial instruments

Reclassification

5 unchanged sentences

PREFERRED STOCK

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

Stock September 30, 2024 and 2023

of September 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.

4 unchanged sentences

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.

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

Stock September 30, 2024 and 2023

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

STOCK OPTIONS AND WARRANTS

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.

the nine months ended September 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.

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

OF STOCK OPTIONS

8 unchanged sentences

Exercisable as of the end of the periods

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

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

OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OPTIONS OUTSTANDING

13 unchanged sentences

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 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:

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

As of September 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 nine months ended September 30, 2024 and 2023,

were $ 174,275 and $ 1,940,829 , respectively.

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

the nine months ended September 30, 2024, the Company issued no common stock purchase warrants.

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

OF WARRANTS ACTIVITY

8 unchanged sentences

Exercisable as of the end of the periods

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

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

OF WARRANTS OUTSTANDING

4 unchanged sentences

Contractual Life (years)

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

was no warrant compensation recognized as of September 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

Company’s acquired intangible assets at September 30, 2024 and December 31, 2023 consisted of the following:

OF ACQUIRED INTANGIBLE ASSETS

September 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:

future amortization expense for the Company’s intangible assets at September 30, 2024 as follows:

SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSE

23 unchanged sentences

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 .

As of September 30, 2024, the University was paid $ 445,899 for work performed through September 30, 2024, leaving

the balance of the work to be performed on the contract of $ 270,428 .

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

of September 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