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GTHR Genethera

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021May 12, 2021
Document And Entity Information
Entity Registrant NameGenethera Inc
Entity Central Index Key0001017110
Document Type10-Q
Document Period End DateMar. 31,
2021
Amendment Flagfalse
Current Fiscal Year End Date--12-31
Is Entity's Reporting Status Current?Yes
Entity Filer CategoryNon-accelerated Filer
Entity Common Stock, Shares Outstanding25,571,255
Document Fiscal Period FocusQ1
Document Fiscal Year Focus2021
Entity Shell Companyfalse
Entity Emerging Growth Companyfalse
Entity Small Businesstrue
Entity File Number000-27237
Entity Interactive Data CurrentYes
Entity Incorporation, State or Country CodeNV
Document Quarterly Reporttrue

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)Mar. 31, 2021Dec. 31, 2020
Current assets
Cash
Prepaid expenses1,022 1,022
Total current assets1,022 1,022
Property and equipment
Automobile & Trucks26,400 26,400
Less: Accumulated depreciation(17,160)(15,840)
Total property and equipment, net9,240 10,560
Other assets - Deposit
TOTAL ASSETS10,262 11,582
Current liabilities
Accounts payable81,070 81,070
Accrued expenses6,936,018 6,798,920
Notes payable25,800 25,800
Convertible notes payable, net of discount54,500 54,500
Loan from shareholder744,119 731,796
Current liabilities7,841,507 7,692,086
Total liabilities7,841,507 7,692,086
Commitments and Contingencies
Stockholders' deficit:
Common stock, par value $0.001 per share, 300,000,000 shares authorized, 25,571,255 and 24,071,255 shares issued and outstanding, respectively25,571 24,071
Common stock to be issued53,572 53,572
Additional paid-in capital23,529,776 23,475,776
Accumulated deficit(31,466,202)(31,259,962)
Total stockholders' deficit of Genethera, Inc.(7,831,245)(7,680,504)
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT10,262 11,582
Series A Preferred Stock [Member]
Stockholders' deficit:
Series A preferred stock, par value $0.001 per share, 20,000,000 Shares authorized, 0 shares issued and outstanding, respectively; Series B preferred stock, par value $0.001 per share, 30,000,000 shares authorized, 26,038,572 shares issued and outstanding, respectively
Series B Preferred Stock [Member]
Stockholders' deficit:
Series A preferred stock, par value $0.001 per share, 20,000,000 Shares authorized, 0 shares issued and outstanding, respectively; Series B preferred stock, par value $0.001 per share, 30,000,000 shares authorized, 26,038,572 shares issued and outstanding, respectively $ 26,039 $ 26,039

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / sharesMar. 31, 2021Dec. 31, 2020
Common Stock, Par Value $ 0.001 $ 0.001
Common Stock, Shares Authorized300,000,000 300,000,000
Common Stock, Shares Issued25,571,255 24,071,255
Common Stock, Shares Outstanding25,571,255 24,071,255
Series A Preferred Stock [Member]
Preferred Stock, Par Value $ 0.001 $ 0.001
Preferred Stock, Shares Authorized20,000,000 20,000,000
Preferred Stock, Shares Issued0 0
Preferred Stock, Shares Outstanding0 0
Series B Preferred Stock [Member]
Preferred Stock, Par Value $ 0.001 $ 0.001
Preferred Stock, Shares Authorized30,000,000 30,000,000
Preferred Stock, Shares Issued26,038,572 26,038,572
Preferred Stock, Shares Outstanding26,038,572 26,038,572

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Expenses
General and administrative expenses $ 86,775 $ 23,887
Payroll expenses116,500 116,500
Depreciation1,320 1,320
Total operating expenses204,595 141,707
Loss from operations(204,595)(141,707)
Other expenses
Interest expense(1,646)(1,646)
Total other expense(1,646)(1,646)
Other Income
Total other Income
Net loss before income taxes(206,241)(143,353)
Provision for income taxes
Net loss $ (206,241) $ (143,353)
Loss per common share - Basic and diluted $ (0.01) $ 0
Weighted average common shares outstanding -Basic and diluted24,105,588 35,902,602

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Stockholders' Deficit (Unaudited) - USD ($)Preferred StockSeries A Preferred Stock [Member]Preferred StockSeries B Preferred Stock [Member]Common StockAdditional Paid-In CapitalRetained Earnings / Accumulated DeficitStock to be IssuedTotal
Beginning Balance at Dec. 31, 2019 $ 26,039 $ 35,904 $ 23,448,986 $ (30,485,499) $ 53,572 $ (6,920,998)
Beginning Balance, Shares at Dec. 31, 2019 26,038,572 35,902,602
Stock issued to advisory
Net Income Loss (143,353) (143,353)
Ending Balance at Mar. 31, 2020 $ 26,039 $ 35,904 23,448,986 (30,628,852)53,572 (7,064,351)
Ending Balance, Shares at Mar. 31, 2020 26,038,572 35,902,602
Beginning Balance at Dec. 31, 2020 $ 26,039 $ 24,071 23,475,776 (31,259,962)53,572 (7,680,504)
Beginning Balance, Shares at Dec. 31, 2020 26,038,572 24,071,255
Stock issued to advisory $ 1,500 54,000 55,500
Stock issued to advisory, Shares 1,500,000
Net Income Loss (206,241) (206,241)
Ending Balance at Mar. 31, 2021 $ 26,039 $ 25,571 $ 23,529,776 $ (31,466,202) $ 53,572 $ (7,831,245)
Ending Balance, Shares at Mar. 31, 2021 26,038,572 24,071,255

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities
Net loss $ (206,241) $ (143,353)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation
Amortization of discount on debt
Depreciation and amortization1,320 1,320
Shares issued for services55,500
Changes in operating assets and liabilities:
Prepaids
Deposit
Fixed Assets
Accounts receivable - related parties
Accounts payable and accrued expenses - related parties12,323 (4,102)
Accounts payable and accrued expenses137,098 398,853
Net cash used in operating activities (5,309)
Cash flows from investing activities
Purchase of Fixed Asset
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issuance of stock
Proceeds from notes payable
Net advance from related parties
Proceeds from convertible notes
Net cash provided by financing activities
Net decrease in cash (5,309)
Cash at the beginning of the year 5,309
Cash at the end of the year

Organization, Nature of Operati

Organization, Nature of Operations and Summary of Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Organization, Nature of Operations and Summary of Significant Accounting PoliciesNote 1 – Organization and nature of operations
and summary of significant accounting policies Organization and nature of operations The consolidated financial statements include GeneThera,
Inc. and its wholly owned subsidiary GeneThera, Inc. (Colorado) (collectively, the “Company”). The Company had a long-standing
research collaboration with GTI Research. The Company is a biotechnology company that develops
molecular assays and therapeutics for the detection and treatment for COVID-19 and other zoonotic diseases. Basis of Presentation – Unaudited Financial
Information The accompanying unaudited condensed consolidated
financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the United
States Securities and Exchange Commission (the “SEC”) with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly,
they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed
consolidated financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion
of management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative
of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the
consolidated financial statements of the Company for the year ended December 31, 2020 and notes thereto contained in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC. Use of estimates The preparation of financial statements in accordance
with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain prior period
amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s
presentation. Principles of consolidation The consolidated financial statements include the
accounts of the Company and its subsidiary. All intercompany accounts are eliminated upon consolidation. Cash and cash equivalents Cash equivalents are highly liquid investments with
an original maturity of three months or less. Fair Value of Financial Instruments For purpose of this disclosure, the fair value of
a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other
than in a forced sale or liquidation. The carrying amount of the Company’s short-term financial instruments approximates fair value
due to the relatively short period to maturity for these instruments. Property and equipment, net Property and equipment consist primarily of office
and laboratory equipment, leasehold improvements, vehicle, and is stated at cost. Depreciation is computed on a straight-line basis over
the estimated useful lives ranging from five to seven years. Leasehold improvements are amortized over the shorter of their economic
lives or lease terms. Fair Value Measurements The Company follows ASC 820-10 of the FASB Accounting
Standards Codification to measure the fair value of its financial instruments and disclosures about fair value of its financial instruments.
ASC 820-10 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America
(U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements
and related disclosures, ASC 820-10 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure
fair value into three (3) broad levels. The three (3) levels of fair value hierarchy defined by ASC 820-10 are described below:
Level
1 Quoted
market prices available in active markets for identical assets or liabilities as of the reporting date.
Level
2 Pricing
inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the
reporting date.
Level
3 Pricing
inputs that are generally unobservable inputs and not corroborated by market data. Financial assets are considered Level 3 when their
fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant
model assumption or input is unobservable. The fair value hierarchy gives the highest priority
to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If
the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is
based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial
assets and liabilities, such as cash, accounts receivable, inventory, prepaid expenses and other current assets, accounts payable and
accrued expenses approximate their fair values because of the short maturity of these instruments. Transactions involving related parties typically
cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings
may not exist. Reclassifications Certain prior period amounts have been reclassified
to conform to current period presentation. Impairment of Long-Lived Assets The Company reviews the recoverability of its long-lived
assets to determine whether events or changes in circumstances occurred that indicate the carrying value of the asset may not be recoverable.
The assessment of possible impairment is based on the ability to recover the carrying value of the asset from the expected future cash
flows of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized
for the difference between the estimated fair value and carrying value. The measurement of impairment requires management to make estimates
of these cash flows related to long-lived assets, as well as other fair value determinations. Revenue recognition There were no revenues as of March 31, 2021 and 2020,
respectively. The Company follows the FASB Accounting Standards
Codification ASC 606 – Revenues from Contracts with Customers for revenue recognition. The Company considers revenue realized or
realizable and earned when all the following criteria are met:
1) identification
of the contract with a customer;
2) identification
of the performance obligations in the contract;
3) determination
of the transaction price;
4) allocation
of the transaction price to the performance obligations in the contract; and
5) recognition
of revenue when or as a performance obligation is satisfied. Revenue is recognized when each performance obligation is satisfied
by the entity. An estimate of the variable consideration or performance obligations that an entity ultimately expects to be entitled
to is included in the transaction price, and revenue is recognized upon satisfaction of the related performance obligation(s). An
implicit or explicit significant financing component is taken into consideration. IP licenses must be analyzed. Each contract with
customers is analyzed for multiple elements if any element must stand alone. Leases On January 1, 2019, the Company adopted ASC 842 using
the modified retrospective approach and will recognize a right of use (“ROU”) asset and liability in the consolidated balance
sheet when and if the Company enters into a qualifying lease agreement. At contract inception, the Company determines whether
an arrangement is or contains a lease and whether the lease should be classified as an operating or a financing lease. A contract is
or contains a lease if the contract conveys the right to control the use of the identified asset for a period of time in exchange for
consideration. Control is determined based on the right to obtain all of the economic benefits from use of the identified asset and the
right to direct the use of the identified asset. ROU assets for operating leases represent the right to use an underlying asset for the
lease term, and operating lease liabilities represent the obligation to make lease payments. Lease liabilities are recognized based on the present
value of the future minimum lease payments over the lease term at the commencement date for leases exceeding 12 months. Minimum lease
payments include only the fixed lease component of the agreement, as well as any variable rate payments that depend on an index, initially
measured using the index at the lease commencement date. Non-lease components are accounted for separately from the fixed lease component
for all leases. Most of the Company’s leases do not provide an implicit rate that can readily be determined. Therefore, the applied
discount rate is based on the Company’s incremental borrowing rate, which is determined using its credit rating and other information
available as of the commencement date and is the rate of interest it would have to pay on a collateralized basis to borrow an amount
equal to the lease payments under similar terms. Lease terms may include options to renew, which the Company factors into the determination
of the lease term when it is reasonably certain that the Company will exercise that option. The ROU asset is measured at the initial
amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs
incurred less any lease incentives received. Operating lease expense is recognized on a straight-line
basis over the lease term and is included in “Cost of sales” and “Selling, general and administrative” line items
in the Company’s consolidated statements of comprehensive income. Leases with an initial term of 12 months or less are not recorded
on the balance sheet, and the expense for these short-term leases is recognized on a straight-line basis over the lease term. The Company monitors for events or changes in circumstances
that require a reassessment of its leases. When a reassessment results in the premeasurement of a lease liability, a corresponding adjustment
is made to the carrying amount of the ROU asset unless doing so would reduce the ROU asset to an amount less than zero, in which case
the remaining adjustment would be recorded in the consolidated statements of comprehensive income. The Company has no leased laboratory space and a
month-to-month office space lease. No right of use asset and liability were recorded for this lease. Stock-Based Compensation Stock-based compensation is accounted for under FASB
ASC Topic No. 718 – Compensation – Stock Compensation Research and development costs R&D cost are currently expensed as incurred and
primarily include cost associated with R&D arrangements with external parties in connection with the Company’s robotic technology
project. Income taxes Income taxes are accounted for in accordance with
the provisions of FASB ASC Topic No. 740 - Income Taxes Basic and diluted net loss per common share Basic and diluted net loss per share calculations
are presented in accordance with FASB ASC Topic No. 260 – Earnings per Share Shipping and Handling Costs The Company accounts for shipping and handling fees
in accordance with paragraph 605-45-45-19 of the FASB Accounting Standards Codification. While amounts charged to customers for shipping
products are included in revenues, the related costs are classified in cost of revenue as incurred. Shipping and handling costs were $0 and $0 for the
nine months ended March 31, 2021 and 2020, respectively. Recently issued accounting pronouncements In August 2020, the FASB issued 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” Management has evaluated all recent accounting pronouncements
as issued by the FASB in the form of Accounting Standards Updates (“ASU”) through the date these financial statements were
available to be issued and found no recent accounting pronouncements issued, but not yet effective accounting pronouncements, when adopted,
will have a material impact on the financial statements of the Company.

Going Concern

Going Concern3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going ConcernNote 2- Going Concern As reflected in the accompanying consolidated financial
statements, the Company has an accumulated deficit of $31,466,202 and negative working capital of $7,840,485 as of March 31, 2021. This
raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as
a going concern is dependent on its ability to raise additional capital and implement its business plan. The consolidated condensed financial
statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Presently the Company is considering ways to apply
its molecular robotic technology to address the COVID-19 pandemic. Management believes that actions presently being taken to obtain additional
funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern.

Property and Equipment

Property and Equipment3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and EquipmentNote 3 - Property and Equipment As of March 31, 2021, the Company had a vehicle with
a net book value of $9,240.

Related Party Transactions

Related Party Transactions3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party TransactionsNote 4 – Related party transactions The Company has an outstanding loan payable and accrued
interest to Antonio Milici, its CEO and stockholder amounting to $673,092 as March 31, 2021 and December 31, 2020, respectively. This
outstanding loan to the Company is unsecured and bears interest at 2.41%. The Company has an outstanding loan and accrued interest payable
to Tannya Irizarry, its interim CFO and stockholder, amounting to $71,027 and $58,704 as March 31, 2021 and December 31, 2020, respectively.
This outstanding loan to the Company is unsecured and bears interest at 8%. Tannya Irizarry owns 50% interest in GTI Corporate
Transfer Agents, LLC, the Company’s transfer agent. During the three months ended March 31, 2021 and 2020, the Company made payments
to GTI Corporate Transfer Agents, LLC in the amounts of $80 and $1,600, respectively. The Company utilizes Elia Holding, LLC for construction
and other maintenance services to maintain the Company’s office and lab space. Elia Holding, LLC is controlled by Rene Irizarry
related to the CFO. The Company made payments to Elia Holding, LLC in the amounts of $82 and $200, respectively.

Accrued Expenses

Accrued Expenses3 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued ExpensesN ote
5 – Accrued expenses The Company’s accrued expenses consisted of
the following:
March 31, 2021 December 31, 2020
Accrued officer salaries (see below) $ 5,656,915 $ 5,338,900
Accrued interest 267,942 252,546
Other 1,011,161 1,207,474
$ 6,936,018 $ 6,798,920

Convertible Notes Payable

Convertible Notes Payable3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Convertible Notes PayableNote 6 – Convertible notes payable The Company’s issued convertible notes are due
on demand, bearing interest at an annual rate of 8%. The notes are convertible into shares of Company common stock at a conversion price
of $0.01 to $0.05 per share. As of March 31, 2021, and December 31, 2020, the total outstanding principal and interest is $54,500. As of December 31, 2020, an analysis of the principal
amount of convertible notes payable that have elected conversion to common stock amounted to $366,000. The Company’s transfer agent
has been constrained in its efforts to issue the common stock for these convertible notes due to the noncompliance of the Company’s
filing requirements. The Company has ceased accruing interest on these convertible notes but continues to accrue interest on the remaining
convertible notes of $54,500. The convertible notes that have elected conversion without the stock being issued have been included in
‘Accrued liabilities’ on the Balance Sheet.

Stockholders' Equity

Stockholders' Equity3 Months Ended
Mar. 31, 2021
Stockholders Equity
Stockholders' EquityNote 7 - Shareholders’ equity Preferred Stock The Company has authorized 20,000,000 shares of Series
A Preferred Stock, $.001 par value, and 30,000,000 shares of Series B Preferred Stock, $.001 par value. As of March 31, 2021, and December 31, 2020, the Company
had 0 shares of Series A Preferred Stock issued and outstanding, respectively. As of March 31, 2021, and December 31, 2020, the Company
had 26,038,572 shares of Series B Preferred Stock issued and outstanding, respectively. Common stock The Company has authorized 300,000,000 shares of its
common stock, $.001 par value. The Company had issued and outstanding 24,071,255 shares as of March 31, 2021 and December 31, 2020, respectively. On March 18, 2021, the Company issued 1,500,000 restricted
common shares to Venus Capital Fund, LLC for consulting services related to security and capital raise efforts. The Company recorded a
consulting expense of $55,500.

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesNote 8 – Commitments Employment Agreements In 2017, the Company entered into five-year employment
agreements with its chief executive and scientific officer and its chief administrative and financial officer. The agreements provide
for compensation of $21,500 and $17,333 per month, respectively, and expires on January 31, 2022. The total accrued quarterly compensation
for the periods ended March 31, 2021 and 2020 was $116,500, respectively. Office Space Lease The Company has a temporary office space on a month-to-month
basis. No asset or liability has been recorded on the balance sheet. On April 3, 2020, GeneThera entered into a preliminary
agreement with Green RV Storage LLC for the purchase of a 16,000 square foot building located in the planned Northwest 36 Biotechnology
Center in Broomfield, Colorado. The new state of the art facility will not be the Company administrative and R&D facility due to the
owner’s failure in paying their mortgage obligations. The development is no longer scheduled to be completed in fall of 2021. On March 9, 2021, the Company entered into a consulting
agreement with Cumming Management Group, Inc. for project management services for our new administrative office and state-of-the-art laboratory
building.

Subsequent Events

Subsequent Events3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent EventsNote 9 – Subsequent events The impact of COVID-19 on the Company is unknown at
this time. The financial consequences of this situation cause uncertainty as to the future and its effects on the economy and the Company. Presently the Company is considering ways to apply
its molecular robotic technology to address the COVID-19 pandemic. As of March 31, 2021, no additional conversions of
convertible notes have occurred, and no new convertible notes have been issued.

Organization, Nature of Opera_2

Organization, Nature of Operations and Summary of Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Organization Nature Of Operations And Summary Of Significant Accounting Policies
Organization and Nature of OperationsOrganization and nature of operations The consolidated financial statements include GeneThera,
Inc. and its wholly owned subsidiary GeneThera, Inc. (Colorado) (collectively, the “Company”). The Company had a long-standing
research collaboration with GTI Research. The Company is a biotechnology company that develops
molecular assays and therapeutics for the detection and treatment for COVID-19 and other zoonotic diseases.
Basis of Presentation - Unaudited Financial InformationBasis of Presentation – Unaudited Financial
Information The accompanying unaudited condensed consolidated
financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) for interim financial information, and in accordance with the rules and regulations of the United
States Securities and Exchange Commission (the “SEC”) with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly,
they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed
consolidated financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion
of management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative
of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the
consolidated financial statements of the Company for the year ended December 31, 2020 and notes thereto contained in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC.
Use of EstimatesUse of estimates The preparation of financial statements in accordance
with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain prior period
amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s
presentation.
Principles of ConsolidationPrinciples of consolidation The consolidated financial statements include the
accounts of the Company and its subsidiary. All intercompany accounts are eliminated upon consolidation.
Cash and Cash EquivalentsCash and cash equivalents Cash equivalents are highly liquid investments with
an original maturity of three months or less.
Fair Value of Financial InstrumentsFair Value of Financial Instruments For purpose of this disclosure, the fair value of
a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other
than in a forced sale or liquidation. The carrying amount of the Company’s short-term financial instruments approximates fair value
due to the relatively short period to maturity for these instruments.
Property and Equipment, NetProperty and equipment, net Property and equipment consist primarily of office
and laboratory equipment, leasehold improvements, vehicle, and is stated at cost. Depreciation is computed on a straight-line basis over
the estimated useful lives ranging from five to seven years. Leasehold improvements are amortized over the shorter of their economic
lives or lease terms.
Fair Value MeasurementsFair Value Measurements The Company follows ASC 820-10 of the FASB Accounting
Standards Codification to measure the fair value of its financial instruments and disclosures about fair value of its financial instruments.
ASC 820-10 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America
(U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements
and related disclosures, ASC 820-10 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure
fair value into three (3) broad levels. The three (3) levels of fair value hierarchy defined by ASC 820-10 are described below:
Level
1 Quoted
market prices available in active markets for identical assets or liabilities as of the reporting date.
Level
2 Pricing
inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the
reporting date.
Level
3 Pricing
inputs that are generally unobservable inputs and not corroborated by market data. Financial assets are considered Level 3 when their
fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant
model assumption or input is unobservable. The fair value hierarchy gives the highest priority
to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If
the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is
based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial
assets and liabilities, such as cash, accounts receivable, inventory, prepaid expenses and other current assets, accounts payable and
accrued expenses approximate their fair values because of the short maturity of these instruments. Transactions involving related parties typically
cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings
may not exist.
ReclassificationsReclassifications Certain prior period amounts have been reclassified
to conform to current period presentation.
Impairment of Long-Lived AssetsImpairment of Long-Lived Assets The Company reviews the recoverability of its long-lived
assets to determine whether events or changes in circumstances occurred that indicate the carrying value of the asset may not be recoverable.
The assessment of possible impairment is based on the ability to recover the carrying value of the asset from the expected future cash
flows of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized
for the difference between the estimated fair value and carrying value. The measurement of impairment requires management to make estimates
of these cash flows related to long-lived assets, as well as other fair value determinations.
Revenue RecognitionRevenue recognition There were no revenues as of March 31, 2021 and 2020,
respectively. The Company follows the FASB Accounting Standards
Codification ASC 606 – Revenues from Contracts with Customers for revenue recognition. The Company considers revenue realized or
realizable and earned when all the following criteria are met:
1) identification
of the contract with a customer;
2) identification
of the performance obligations in the contract;
3) determination
of the transaction price;
4) allocation
of the transaction price to the performance obligations in the contract; and
5) recognition
of revenue when or as a performance obligation is satisfied. Revenue is recognized when each performance obligation is satisfied
by the entity. An estimate of the variable consideration or performance obligations that an entity ultimately expects to be entitled
to is included in the transaction price, and revenue is recognized upon satisfaction of the related performance obligation(s). An
implicit or explicit significant financing component is taken into consideration. IP licenses must be analyzed. Each contract with
customers is analyzed for multiple elements if any element must stand alone.
LeasesLeases On January 1, 2019, the Company adopted ASC 842 using
the modified retrospective approach and will recognize a right of use (“ROU”) asset and liability in the consolidated balance
sheet when and if the Company enters into a qualifying lease agreement. At contract inception, the Company determines whether
an arrangement is or contains a lease and whether the lease should be classified as an operating or a financing lease. A contract is
or contains a lease if the contract conveys the right to control the use of the identified asset for a period of time in exchange for
consideration. Control is determined based on the right to obtain all of the economic benefits from use of the identified asset and the
right to direct the use of the identified asset. ROU assets for operating leases represent the right to use an underlying asset for the
lease term, and operating lease liabilities represent the obligation to make lease payments. Lease liabilities are recognized based on the present
value of the future minimum lease payments over the lease term at the commencement date for leases exceeding 12 months. Minimum lease
payments include only the fixed lease component of the agreement, as well as any variable rate payments that depend on an index, initially
measured using the index at the lease commencement date. Non-lease components are accounted for separately from the fixed lease component
for all leases. Most of the Company’s leases do not provide an implicit rate that can readily be determined. Therefore, the applied
discount rate is based on the Company’s incremental borrowing rate, which is determined using its credit rating and other information
available as of the commencement date and is the rate of interest it would have to pay on a collateralized basis to borrow an amount
equal to the lease payments under similar terms. Lease terms may include options to renew, which the Company factors into the determination
of the lease term when it is reasonably certain that the Company will exercise that option. The ROU asset is measured at the initial
amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs
incurred less any lease incentives received. Operating lease expense is recognized on a straight-line
basis over the lease term and is included in “Cost of sales” and “Selling, general and administrative” line items
in the Company’s consolidated statements of comprehensive income. Leases with an initial term of 12 months or less are not recorded
on the balance sheet, and the expense for these short-term leases is recognized on a straight-line basis over the lease term. The Company monitors for events or changes in circumstances
that require a reassessment of its leases. When a reassessment results in the premeasurement of a lease liability, a corresponding adjustment
is made to the carrying amount of the ROU asset unless doing so would reduce the ROU asset to an amount less than zero, in which case
the remaining adjustment would be recorded in the consolidated statements of comprehensive income. The Company has no leased laboratory space and a
month-to-month office space lease. No right of use asset and liability were recorded for this lease.
Stock-Based CompensationStock-Based Compensation Stock-based compensation is accounted for under FASB
ASC Topic No. 718 – Compensation – Stock Compensation
Research and development costsResearch and development costs R&D cost are currently expensed as incurred and
primarily include cost associated with R&D arrangements with external parties in connection with the Company’s robotic technology
project.
Income TaxesIncome taxes Income taxes are accounted for in accordance with
the provisions of FASB ASC Topic No. 740 - Income Taxes
Basic and Diluted Net Loss per Common ShareBasic and diluted net loss per common share Basic and diluted net loss per share calculations
are presented in accordance with FASB ASC Topic No. 260 – Earnings per Share
Shipping and Handling CostsShipping and Handling Costs The Company accounts for shipping and handling fees
in accordance with paragraph 605-45-45-19 of the FASB Accounting Standards Codification. While amounts charged to customers for shipping
products are included in revenues, the related costs are classified in cost of revenue as incurred. Shipping and handling costs were $0 and $0 for the
nine months ended March 31, 2021 and 2020, respectively.
Recently issued accounting pronouncementsRecently issued accounting pronouncements In August 2020, the FASB issued 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” Management has evaluated all recent accounting pronouncements
as issued by the FASB in the form of Accounting Standards Updates (“ASU”) through the date these financial statements were
available to be issued and found no recent accounting pronouncements issued, but not yet effective accounting pronouncements, when adopted,
will have a material impact on the financial statements of the Company.

Accrued Expenses (Tables)

Accrued Expenses (Tables)3 Months Ended
Mar. 31, 2021
Disclosure Accrued Expenses Tables Abstract
Schedule of Accrued ExpensesThe Company’s accrued expenses consisted of
the following:
March 31, 2021 December 31, 2020
Accrued officer salaries (see below) $ 5,656,915 $ 5,338,900
Accrued interest 267,942 252,546
Other 1,011,161 1,207,474
$ 6,936,018 $ 6,798,920

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)Mar. 31, 2021Dec. 31, 2020
Disclosure Going Concern Details Narrative Abstract
Accumulated Deficit $ 31,466,202 $ 31,259,962
Working Capital $ 7,840,485

Property and Equipment (Details

Property and Equipment (Details Narrative) - USD ($)Mar. 31, 2021Dec. 31, 2020
Property And Equipment, Net $ 9,240 $ 10,560
Vehicles [Member]
Property And Equipment, Net $ 9,240

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Loan Payable and Accrued Interest $ 744,119 $ 731,796
Security Deposit
Antonio Milici [Member]
Loan Payable and Accrued Interest673,092 673,092
Tannya Irizarry [Member]
Loan Payable and Accrued Interest71,027 $ 58,704
GTI Corporate Transfer Agents, LLC [Member]
Transfer Agent Fees $ 80 $ 1,600

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Disclosure Accrued Expenses Details Abstract
Accrued officer salaries $ 5,656,915 $ 5,338,900
Accrued interest267,942 252,546
Other1,011,161 1,207,474
Accrued expenses $ 6,936,018 $ 6,798,920

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - $ / sharesMar. 31, 2021Dec. 31, 2020
Common Stock, Par Value $ 0.001 $ 0.001
Common Stock, Shares Authorized300,000,000 300,000,000
Common Stock, Shares Issued25,571,255 24,071,255
Common Stock, Shares Outstanding25,571,255 24,071,255
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized20,000,000 20,000,000
Preferred Stock, Par Value $ 0.001 $ 0.001
Preferred Stock, Shares Issued0 0
Preferred Stock, Shares Outstanding0 0
Series B Preferred Stock [Member]
Preferred Stock, Shares Authorized30,000,000 30,000,000
Preferred Stock, Par Value $ 0.001 $ 0.001
Preferred Stock, Shares Issued26,038,572 26,038,572
Preferred Stock, Shares Outstanding26,038,572 26,038,572