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GFTX Global Fiber

Cover

Cover - shares9 Months Ended
Sep. 30, 2020Sep. 15, 2021
Cover [Abstract]
Entity Registrant NameGLOBAL FIBER TECHNOLOGIES, INC.
Entity Central Index Key0001338929
Document Type10-Q
Amendment Flagfalse
Current Fiscal Year End Date--12-31
Entity Small Businesstrue
Entity Shell Companyfalse
Entity Emerging Growth Companyfalse
Entity Current Reporting StatusYes
Document Period End DateSep. 30,
2020
Entity Filer CategoryNon-accelerated Filer
Document Fiscal Period FocusQ3
Document Fiscal Year Focus2020
Entity Common Stock Shares Outstanding1,254,239,584
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity Interactive Data CurrentYes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)Sep. 30, 2020Dec. 31, 2019
Current Assets
Cash and cash equivalents $ 119,023 $ 4,794
Prepaid interest and deposits19,458 96,214
Inventories60,815 60,815
Total Current Assets199,296 161,823
Operating lease right-of-use assets0 46,972
Property and equipment, net175,579 213,037
Intangible assets71,461 69,284
TOTAL ASSETS446,336 491,116
Current Liabilities
Accounts payable and accrued liabilities256,633 211,245
Accrued compensation501,250 501,250
Unsecured notes and accrued interest payable223,091 223,091
Convertible notes and accrued interest - net of debt discount of $0 and $52,720, respectively0 488,865
Convertible notes and accrued interest - related party68,500 67,500
Promissory note and accrued interest - related party281,835 278,168
Derivative liabilities340,070 989,813
Advances from related parties118,181 124,558
Related party loans and accrued interest247,283 244,681
Self Liquidating Promissory Notes150,000 0
Subscription payable100,000 100,000
Operating lease liabilities46,971 46,971
Current liabilities from discontinued operations84,281 84,281
Total Current Liabilities2,418,095 3,360,423
Stockholders' Deficit
Preferred stock, Class B, $0.001 par value, 1,000,000 shares authorized, 200,000 shares issued and outstanding200 200
Common stock $0.001 par value, 1,000,000,000 shares authorized, 1,253,239,584 and 26,446,236 shares issued and outstanding, 147,819,000 and 6,688,666 issuable as of September 30, 2020 and December 31, 2019, respectively1,253,239 26,446
Additional paid-in capital29,789,771 29,789,471
Accumulated deficit(33,014,969)(32,685,424)
Stockholders' deficit(1,971,759)(2,869,307)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 446,336 $ 491,116

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)Sep. 30, 2020Dec. 31, 2019
Current Liabilities
Convertible notes and accrued interest - net of debt discount $ 0 $ 52,720
Stockholders' Deficit
Preferred stock, shares par value $ 0.001 $ 0.001
Preferred stock, shares authorized1,000,000 1,000,000
Preferred stock, shares issued200,000 200,000
Preferred stock, shares outstanding200,000 200,000
Common stock, shares par value $ 0.001 $ 0.001
Common stock, shares authorized1,000,000,000 1,000,000,000
Common stock, shares issued1,253,239,584 26,446,236
Common stock, shares outstanding1,253,239,584 26,446,236
Common stock issuable147,819,000 6,688,666

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Condensed Consolidated Statements of Operations (Unaudited)
REVENUE $ 380 $ 1,784 $ 6,407 $ 1,794
COST OF REVENUES2,874 6,734
GROSS PROFIT (LOSS)(2,494)1,784 (327)1,794
OPERATING EXPENSES
General and administrative57,805 142,052 207,288 369,181
Depreciation and Amortization28,611 85,425
Consulting fees share expense0 0
Officer salaries and compensation0 0
Stock based compensation0 60,000 700 143,574
Gain from extinguishment of debt0 0 (12,041)
Gain on extinguishment of debt - related party0 0 0 0
Total Operating Expenses86,416 202,052 293,413 500,714
LOSS FROM OPERATIONS(88,910)(200,268)(293,740)(498,920)
OTHER EXPENSE
Loss on change in fair value of derivative liabilities0 0 0 0
Interest expense and financing costs0 318,654 35,806 699,318
Interest expense - related parties0 6,984 0 14,629
Total other expense0 325,638 35,806 713,947
NET LOSS $ (88,910) $ (525,906) $ (329,546) $ (686,971)
Net loss per share $ 0 $ (0.02) $ 0 $ (0.04)
Weighted average common shares outstanding979,648,126 28,740,782 561,901,598 27,994,505

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders Deficit (Unaudited) - USD ($)TotalClass B Preferred StockCommon Stock [Member]Additional Paid-in CapitaAccumulated Deficit
Balance, shares at Dec. 31, 2018200,000 21,144,593
Balance, amount at Dec. 31, 2018 $ (1,666,786) $ 200 $ 21,145 $ 29,335,171 $ (31,023,302)
Options issued for consulting services83,574 83,574
Common stock issuable for settlement of a convertible note, shares 70,588
Common stock issuable for settlement of a convertible note, amount5,647 $ 0 $ 71 5,576 0
Debt discount - Convertible promissory note and warrants217,500 $ 0 $ 0 217,500
Net loss(406,019)(406,019)
Balance, shares at Mar. 31, 2019200,000 21,215,181
Balance, amount at Mar. 31, 2019(1,766,084) $ 200 $ 21,216 29,641,821 (31,429,321)
Balance, shares at Dec. 31, 2018200,000 21,144,593
Balance, amount at Dec. 31, 2018(1,666,786) $ 200 $ 21,145 29,335,171 (31,023,302)
Net loss(686,971)
Balance, shares at Sep. 30, 2019200,000 28,919,939
Balance, amount at Sep. 30, 2019(2,006,764) $ 200 $ 28,921 30,200,294 (32,236,179)
Balance, shares at Mar. 31, 2019200,000 21,215,181
Balance, amount at Mar. 31, 2019(1,766,084) $ 200 $ 21,216 29,641,821 (31,429,321)
Debt discount - Convertible promissory note and warrants102,000 102,000
Net loss(280,952)(280,952)
Common stock issued for cash, shares190,000
Common stock issued for cash, amount43,500 $ 190 43,310
Common stock issue for repayment of related party loan, shares50,000
Common stock issue for repayment of related party loan, amount12,500 $ 50 12,450
Acquisition of assets from related party, shares6,400,000
Acquisition of assets from related party, amount6,400 $ 6,400
Balance, shares at Jun. 30, 2019200,000 27,855,181
Balance, amount at Jun. 30, 2019(1,882,636) $ 200 $ 27,856 29,799,581 (31,236,273)
Debt discount - Convertible promissory note and warrants281,698 281,698
Net loss(525,906)(525,906)
Common stock issued for consulting services, shares300,000
Common stock issued for consulting services, amount60,000 $ 300 59,700
Common stock issued for conversion of convertible note, shares764,758
Common stock issued for conversion of convertible note, amount60,080 $ 765 59,315
Balance, shares at Sep. 30, 2019200,000 28,919,939
Balance, amount at Sep. 30, 2019(2,006,764) $ 200 $ 28,921 30,200,294 (32,236,179)
Balance, shares at Dec. 31, 2019200,000 26,446,236
Balance, amount at Dec. 31, 2019(2,869,307) $ 200 $ 26,446 29,789,471 (32,685,423)
Net loss(165,148)(165,148)
Conversion of notes payable, shares432,129,278
Conversion of notes payable, amount431,729 $ 431,729
Isssuance of common for services, shares700,000
Isssuance of common for services, amount700 $ 700
Cancellation of shares, shares(300,000)
Cancellation of shares, amount0 $ (300)300
Balance, shares at Mar. 31, 2020200,000 458,975,514
Balance, amount at Mar. 31, 2020(2,602,025) $ 200 $ 458,575 29,789,771 (32,850,571)
Balance, shares at Dec. 31, 2019200,000 26,446,236
Balance, amount at Dec. 31, 2019(2,869,307) $ 200 $ 26,446 29,789,471 (32,685,423)
Net loss(329,546)
Balance, shares at Sep. 30, 2020200,000 1,253,639,584
Balance, amount at Sep. 30, 2020(1,971,759) $ 200 $ 1,253,239 29,789,771 (33,014,969)
Balance, shares at Mar. 31, 2020200,000 458,975,514
Balance, amount at Mar. 31, 2020(2,602,025) $ 200 $ 458,575 29,789,771 (32,850,571)
Net loss(75,488)(75,488)
Conversion of notes payable, shares794,664,070
Conversion of notes payable, amount794,664 $ 794,664
Balance, shares at Jun. 30, 2020200,000 1,253,639,584
Balance, amount at Jun. 30, 2020(1,882,849) $ 200 $ 1,253,239 29,789,771 (32,926,059)
Net loss(88,910)(88,910)
Balance, shares at Sep. 30, 2020200,000 1,253,639,584
Balance, amount at Sep. 30, 2020 $ (1,971,759) $ 200 $ 1,253,239 $ 29,789,771 $ (33,014,969)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)3 Months Ended9 Months Ended12 Months Ended
Sep. 30, 2020Mar. 31, 2020Sep. 30, 2019Mar. 31, 2019Sep. 30, 2020Sep. 30, 2019Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (88,910) $ (165,148) $ (525,906) $ (406,019) $ (329,546) $ (686,971)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Gain from extinguishment of debt0 0 (12,041)
Depreciation - Property and equipment37,458 11,593
Depreciation - Operating lease right-of-use assets46,971 0
Amortization - Intangible assets996 307
Expenses paid for directly by related party0 25,897
Amortization of debt discount27,486 660,128
Stock based compensation expense0 143,574
Changes in operating assets and liabilities:
Expense paid for subsidiary0 (16,336)
Prepaid interest and deposits76,756 (112,087)
Accounts payable and accrued expenses45,388 (56,396)
Accrued interest892 53,821
Net cash used in operating activities(93,599)(514,417)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment0 (18,500)
Acquisition of intangible assets0 (3,723)
Net cash used in investing activities0 (22,223)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Self liquidating Promissory Notes150,000 0
Proceeds from issuance of convertible promissory note, net61,000 633,000
Proceeds from issuance of common stock0 43,500
Proceeds from subscriptions payable0 80,000
Proceeds from unsecured loans0 50,000
Repayment of convertible notes0 (135,000)
Repayment of unsecured loans0 (5,000)
Net cash provided by financing activities211,000 557,557
Net change in cash and cash equivalents114,401 20,917
Cash and cash equivalents - beginning of period $ 4,794 $ 29,310 4,794 29,310 $ 29,310
Cash and cash equivalents - end of period $ 119,024 $ 50,227 119,024 50,227 $ 4,794
Supplemental Cash Flow Disclosures
Cash paid for interest0 0
Cash paid for income taxes0 0
Non-Cash Investing and Financing Activity:
Shares issued for related party loan0 12,500
Acquisition of assets from related party through the issuance of common stock and a note0 275,277
Common stock issued for conversion of convertible notes1,226,393 5,647
Debt discount from derivative liabilities649,743 0
Beneficial conversion feature0 181,099
Warrant granted in conjunction with convertible notes recognized as debt discount $ 0 $ 138,401

DESCRIPTION OF BUSINESS AND GOI

DESCRIPTION OF BUSINESS AND GOING CONCERN9 Months Ended
Sep. 30, 2020
DESCRIPTION OF BUSINESS AND GOING CONCERN
NOTE 1 - DESCRIPTION OF BUSINESS AND GOING CONCERNGlobal Fiber Technologies, Inc. (“the Company”) was incorporated in Nevada on March 25, 2005. As of September 30, 2019 and December 31, 2018, the Company had 400,000,000 shares of authorized common stock. The Company created a new subsidiary, ECO CHAIN 360, Inc. in November 2018 for the purpose of operating as an intermediary providing an expedited trading platform for buyers and sellers to efficiently consummate fiber transactions. The Company owns 51% of ECO CHAIN 360, Inc. ECO CHAIN 360, Inc. has had no operations to date nor did it have assets or liabilities as of September 30, 2020 and December 31, 2019, respectively. On June 18, 2019, the Company completed its acquisition of assets from AH Originals, Inc. (“AHO”), a corporation controlled by the same owner group of Global Fiber Technologies, Inc., for the consideration of 6,400,000 shares of common stock of the Company to be issued and the issuance of a promissory note of $447,150 that bears 3% interest per annum and have a one year term with eight options to extend the maturity date for three-month periods. In addition, the Company issued to AHO 200,000 common shares of Authentic Heroes, Inc. (“AHI”), a subsidiary created by the Company, to hold the purchased assets. AHI has commenced minimal operations as of September 30, 2020. Basis of Presentation: Unaudited Interim Financial Information The accompanying interim condensed consolidated financial statements are unaudited. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all of the normal recurring adjustments necessary to present fairly the financial position and results of operations as of and for the periods presented. The interim results are not necessarily indicative of the results to be expected for the full year or any future period. Certain information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company believes that the disclosures are adequate to make the interim information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Report on Form 10-K filed on April 23, 2020 for the years ended December 31, 2019 and 2018. Going Concern The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles, which contemplates continuation of the Company as a going concern. The Company has an accumulated deficit of $33,014,969 and $32,685,424 as of September 30, 2020 and December 31, 2019, respectively, which include net losses of $329,546 and $686,971 for the nine months ended September 30, 2020 and 2019, respectively. In addition, as of September 30, 2020, and December 31, 2019, the Company had a working capital deficit of $2,218,799 and $3,198,600 respectively, with limited cash resources available. Consequently, the aforementioned items raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Management plans to raise additional debt or equity and continue to settle obligations by issuing stock. Management plans to continue to raise additional debt and equity until the Company has positive cash flows from an operating company. The Company’s ability to continue as a going concern is dependent upon its ability to repay or settle its current indebtedness, generate positive cash flow from an operating company, and/or raise capital through equity and debt financing or other means on desirable terms. If the Company is unable to obtain additional funds when they are required or if the funds cannot be obtained on favorable terms, management may be required to restructure the Company or cease operations. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES9 Months Ended
Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESPrinciples of Consolidation The accompanying consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries, Trident Merchant Group, Inc. and ECO CHAIN 360, Inc. which are 51% owned. All significant intercompany accounts and transactions have been eliminated. As noted above in Note 1, our 51% owned subsidiaries, ECO CHAIN 360, Inc., had no operations, assets or liabilities as of September 30, 2020 and December 31, 2019. Because of this, a non-controlling interest is not reflected in these financial statements. In addition, the Company has consolidated Authentic Heroes, Inc., Inc. of which the Company owns 80%. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and investments in money market funds. The Company considers all highly-liquid instruments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Inventories Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. On June 18, 2019, the Company acquired inventories from AH Originals, Inc. for an aggregate amount of $60,815. September 30, 2020 December 31, 2019 Raw Material $ 13,631 $ 13,361 Finished Goods 47,184 47,184 $ 60,815 $ 60,815 Equipment Property and equipment are stated at cost. Costs of replacements and major improvements are capitalized, and maintenance and repairs are charged to operations as incurred. Depreciation expense is provided primarily by the straight-line method over the estimated useful lives of the assets as follows: Equipment 5 Years Furniture and Fixtures 7 Years Forklift 3 Years September 30, December 31, 2020 2019 Furniture and Equipment $ 218,315 $ 218,315 Forklift 20,433 20,433 238,748 238,748 Less accumulated depreciation (63,169 ) (25,711 ) $ 175,579 $ 213,037 Depreciation expense amounted to $37,458 and $11,593 for the nine months ended September 30, 2020 and 2019, respectively. On June 18, 2019, the Company acquired equipment from AH Originals, Inc. for an aggregate amount of $214,598. The long-lived assets of the Company are reviewed for impairment in accordance with ASC 360, “Property, Plant and Equipment” (“ASC 360”), whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the nine months ended September 30, 2020, and 2019, no impairment losses have been identified. Intangible Assets The Company accounts for intangible assets (including trademarks and website) in accordance with ASC 350 “Intangibles-Goodwill and Other” (“ASC 350”). ASC 350 requires that goodwill and other intangibles with indefinite lives be tested for impairment annually or on an interim basis if events or circumstances indicate that the fair value of an asset has decreased below its carrying value. In addition, ASC 350 requires that goodwill be tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis and between annual tests when circumstances indicate that the recoverability of the carrying amount of goodwill may be in doubt. Application of the goodwill impairment test requires judgment, including the identification of reporting units; assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value. Significant judgments required to estimate the fair value of reporting units include estimating future cash flows, determining appropriate discount rates and other assumptions. Changes in these estimates and assumptions or the occurrence of one or more confirming events in future periods could cause the actual results or outcomes to materially differ from such estimates and could also affect the determination of fair value and/or goodwill impairment at future reporting dates. The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed, either on a straight-line or accelerated basis over the estimated periods benefited. Patents, technology and other intangibles with contractual terms are generally amortized over their respective legal or contractual lives. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determinable lives may be adjusted. On June 18, 2019, the Company acquired intangible assets from AH Originals, Inc. for an aggregate amount of $16,200, which includes website of $10,690 and patent of $5,510. We amortize the cost of our intangible assets over the 15-year estimated useful life on a straight-line basis. The following table sets forth the amortization for the intangible assets at September 30, 2020 and December 31, 2019 September 30, December 31, 2020 2019 Patent $ 12,406 $ 9,233 Websites 10,690 10,690 Royalties 50,000 50,000 Total Intangible Assets 73,096 69,923 Less accumulated amortization (1,635 ) (639 ) $ 71,461 $ 69,284 Amortization expense amounted to $996 and $639 for the nine months ended September 30, 2020 and 2019, respectively. Prepaid interest and deposits Prepaid interest and deposits consist of prepaid consulting fees, OTC market annual fees and license agreement. Prepaid interest is amortized over the life of the related liability. Revenue Recognition The Company recognizes revenue from its contracts with customers in accordance with ASC 606 – Revenue from Contracts with Customers. Revenue related to contracts with customers is evaluated utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation. Accounts Receivable Accounts receivable are recorded in accordance with ASC 310, ”Receivables.” Income Taxes Income taxes are accounted for under the asset and liability method as stipulated by ASC 740 “Income Taxes.” Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities or a change in tax rate is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced to estimated amounts to be realized by the use of a valuation allowance. A valuation allowance is applied when in management’s view it is more likely than not that such deferred tax asset will be unable to be utilized. The Company adopted certain provisions under ASC Topic 740, which provide interpretative guidance for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Effective with the Company’s adoption of these provisions, interest related to the unrecognized tax benefits is recognized in the financial statements as a component of income taxes. In the unlikely event that an uncertain tax position exists in which the Company could incur income taxes, the Company would evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by the taxing authorities. Reserves for uncertain tax positions would be recorded if the Company determined it is probable that a position would not be sustained upon examination or if payment would have to be made to a taxing authority and the amount is reasonably estimated. As of September 30, 2019 and December 31, 2018, the Company does not believe it has any uncertain tax positions that would result in the Company having a liability to the taxing authorities. The Company’s tax returns are subject to examination by the federal and state tax authorities for the years ended 2006 through 2018. Stock-based Compensation We account for stock-based awards at fair value on the date of grant and recognize compensation over the service-period that they are expected to vest. We estimate the fair value of stock options and stock purchase warrants using the Black-Scholes option pricing model. The estimated value of the portion of a stock-based award that is ultimately expected to vest, taking into consideration estimated forfeitures, is recognized as expense over the requisite service periods. The model includes subjective input assumptions that can materially affect the fair value estimates. The expected volatility is estimated based on the most recent historical period of time, of other comparative securities, equal to the weighted average life of the options. The estimate of stock awards that will ultimately vest requires judgment, and to the extent that actual forfeitures differ from estimated forfeitures, such differences are accounted for as a cumulative adjustment to compensation expenses and recorded in the period that estimates are revised. For the nine months ended September 30, 2020 and 2019, the Company incurred $ 700 and $83,574 for stock based compensation, respectively. Beneficial Conversion Feature For conventional convertible debt where the rate of conversion is below market value, the Company records any “beneficial conversion feature” (“BCF”) intrinsic value as additional paid in capital and related debt discount. When the Company records a BCF, the relative fair value of the BCF is recorded as a debt discount against the face amount of the respective debt instrument. The discount is amortized over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed. Debt Issue Costs The Company may pay debt issue costs in connection with raising funds through the issuance of debt whether convertible or not or with other consideration. These costs are recorded as debt discounts and are amortized over the life of the debt to the statement of operations as amortization of debt discount. Original Issue Discount If debt is issued with an original issue discount, the original issue discount is recorded to debt discount, reducing the face amount of the note and is amortized over the life of the debt to the statement of operations as amortization of debt discount. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed. Use of Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the valuation of stock based awards issued and derivatives embedded in financial instruments. Estimates are used in the determination of depreciation, the valuation of non-cash issuances of common stock, stock options and warrants, valuing convertible notes for beneficial conversion features, among others. Fair Value FASB ASC 820, Fair Value Measurements and Disclosure ASC 820 requires that assets and liabilities measured at fair value are classified and disclosed in one of the following three categories: Level 1 — Level 2 — Level 3 — The carrying amounts of cash, accrued compensation, accounts payable and other liabilities, accrued interest payable, and short-term portion of notes payable approximate fair value because of the short-term nature of these items. Concentration of Credit Risk The carrying value of short-term financial instruments, including cash, restricted cash, trade accounts receivable, accounts payable, accrued expenses and short-term debt, approximates the fair value of these instruments. These financial instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market. The Company maintains cash balances at financial institutions that are insured by the FDIC. At September 30, 2020 and December 31, 2019, the Company had no amounts in excess of the FDIC limit. New Accounting Pronouncements In July 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This update addresses several aspects of the accounting for nonemployee share-based payment transactions and expands the scope of ASC 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The main provisions of the update change the way nonemployee awards are measured in the financial statements. Under the simplified standards, nonemployee options will be valued once at the date of grant, as compared to at each reporting period end under ASC 505-50. At adoption, all awards without established measurement dates will be revalued one final time, and a cumulative effect adjustment to retained earnings will be recorded as the difference between the pre-adoption value and new value. Companies will be permitted to make elections to establish the expected term and either recognize forfeitures as they occur or apply a forfeiture rate. Compensation expense recognition using a graded vesting schedule will no longer be permitted. This pending content is the result of the FASB’s Simplification Initiative, to maintain or improve the usefulness of the information provided to the users of financial statements while reducing cost and complexity in financial reporting. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. Because the Company does not currently have any outstanding awards to non-employees for which a measurement date has not been established the adoption of ASU 2018-07 does not have a material impact to the Company’s financial statements and related disclosures upon adoption. The adoption of this standard will change the way that the Company accounts for non-employee compensation in the future. In January 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842, In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842) Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported consolidated net loss.

CAPITAL STOCK

CAPITAL STOCK9 Months Ended
Sep. 30, 2020
CAPITAL STOCK
NOTE 3 - CAPITAL STOCKPreferred Stock The Company has designated a “Class B Convertible Preferred Stock” (the “Class B Preferred”). The number of authorized shares totals 1,000,000 and the par value is $.001 per share. The Class B Preferred shareholders vote together with the common stock as a single class. The holders of Class B Preferred are entitled to receive all notices relating to voting as are required to be given to the holders of the Common Stock. The holders of shares of Class B Preferred shall be entitled to 10,000 votes per share. The Class B Preferred Stock will have the rights to liquidation as all classes of the Common Stock of the Company. The Class B Preferred stockholders are entitled to receive non-cumulative dividends at the rate of 8% per annum, and are accrued daily. The Class B Preferred Stock shall be redeemed by the Corporation for 100% of the original purchase price plus the amount of cash dividends accrued on the earlier of 6 months from the date of issuance, or the date that the Corporation received its funding from any outside source in conjunction with a merger, reverse merger or any change of control. In the event of any liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary, the holders of the Class B Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any assets of the Corporation to the holders of the Common Stock, the amount of $.035 per share plus any and all accrued but unpaid dividends. Common Stock As of September 30, 2020 and December 31, 2019, the Company had 1,253,239,584 and 26,446,236 shares of its $0.001 par value common stock issued and outstanding, respectively. In addition, as of September 30, 2020 and December 31, 2019, the Company had 147,819,000 and 6,688,666 shares of common stock issuable, respectively. During the nine months ended September 30, 2020, the Company issued common shares as follows, · During the first quarter of 2020 the company convertible promissory notes Principal balance $596,863 and accrued interest of $37,336 was converted to equity and issued a total of 431,729,278 shares of common stock. · During the 2 nd During the nine months ended September 30, 2019, the Company issued common shares as follows, · On January 8, 2019, the Company issued 70,588 common shares valued at $0.08 per share for a total of $5,647 to repay the outstanding amount of a convertible note of $17,688, resulting in a gain from debt extinguishment of $12,041. · On May 10, 2019, the Company issued 50,000 common shares valued at $0.25 for $12,500 to repay the loan from the President and Director of the Company. · In May 2019, the Company issued 190,000 common shares for cash proceeds of $43,500 · The Company will issue 6,400,000 common shares valued at $0.001 par value for total of $6,400 as partial consideration for the acquisition of assets from AH Original, Inc. (“AOH”), a common controlled corporation owned by the same owner group of the Company. · On July 1, 2019, the Company issued 300,000 shares of common stock valued at $60,000, based on market price on the issuance dates, as partial consideration to a corporation for investor relations services. · During three months ended September 30, 2019, the Company issued 764,758 shares of common shares to convert the principal amount of $53,352 and accrued interest of $5,728 of convertible notes. Warrants Exercisable to Common Shares The following assumptions were used to determine the fair value for the warrants granted using a Black-Scholes-Merton pricing model during the nine months ended September 30, 2020: Nine Months Ended September 30, 2020 Fair value of common stock at measurement date $ 0.20-$0.49 Expected term at issuance 2 years-5 years Expected average volatility 324%-631 % Expected dividend yield - Risk-free interest rate 2.33%-2.57 % The following table summarizes information relating to outstanding and exercisable stock warrants as of September 30, 2020: Warrants Outstanding Weighted Average Weighted Warrants Remaining Contractual Average Exercise Exercisable Number of Number of Shares life (in years) Price Shares 700,363 3.40 $ 0.29 700,363 As of September 30, 2020 and December 31, 2019, the intrinsic value warrants outstanding was $0 and $1,690 based on the closing market price of $0.017 on September 30, 2020 and $0.12 on December 31, 2019, respectively. Stock Options There were no stock options granted during the nine months period ending September 30, 2020. During the nine months ended September 30, 2019, the Company granted 50,000 options to consultants with an exercise price of $0.50 vested immediately and the fair value of these options were calculated using the Black-Scholes-Merton model. The stock compensation expense related to these options was $37,061. The following assumptions were used to determine the fair value for the options granted using a Black-Scholes-Merton pricing model during the nine months ended September 30, 2020: For the Nine months ended September 30, 2020 Fair values $ 0.25 Exercise price $ 0.30 Expected term at issuance 3 years Expected average volatility 93.62 % Expected dividend yield — Risk-free interest rate 2.34 % A summary of the change in stock purchase options outstanding for the nine months ended September 30, 2020 and the year ended December 31, 2019 is as follows: Average Weighted Weighted Remaining Average Average Contractual Options Exercise Grant Date Life Outstanding Price Fair Value (Years) Balance - December 31, 2017 2,650,000 $ 0.33 $ 0.33 6.92 Options issued - - - - Options expired - - - - Options exercised - - - - Balance - December 31, 2018 2,650,000 $ 0.33 $ 0.30 5.92 Options issued 50,000 $ 0.50 $ 0.30 2.73 Options expired (See note above) - - - - Options exercised - - - - Balance - September 30, 2019 2,700,000 $ 0.34 $ 0.30 5.37

NOTES PAYABLE

NOTES PAYABLE9 Months Ended
Sep. 30, 2020
NOTES PAYABLE
NOTE 4 - NOTES PAYABLEUnsecured Notes Payable On November 25, 2014, the Company issued an unsecured promissory note to an individual in the amount of $100,000 at 10% interest and due on April 1, 2015. On April 1, 2016, the Company entered into a forbearance agreement. The Company was granted an extension of the note through September 30, 2016 in consideration of 150,000 shares of common stock valued at $150,000 with interest accruing after March 29, 2016 at 12%. The lender was issued an additional 50,000 shares valued at $50,000 to extend the note to August 31, 2017. On September 24, 2019, the Company made $5,000 repayment. The note and accrued interest was $165,605 and $157,855 as of September 30, 2019 and December 31, 2018. The initial extension fee was amortized ratably over the extension period of 180 days. The note remains unpaid as of September 30, 2019 and is currently in default. During the year ended December 31, 2016, the Company received two separate payments of $12,500, totaling $25,000, as secured notes. The notes are non-interest bearing and have no terms of repayment. The balance of the notes was $25,000 as of September 30, 2020 and December 31, 2019. On December 12, 2016, the Company issued an unsecured promissory note to an investor. The note bears interest at 5% and matured on June 30, 2017. As of December 31, 2016, payments from the investor are $2,200. On January 11, 2017, the investor loaned an additional $5,000 related to the promissory note. The balance of this note plus accrued interest totals $8,179 and $7,909 as of September 30, 2020 and December 31, 2019, respectively. The notes are currently unpaid and in default. On March 14, 2017, the Company issued an unsecured promissory note to an investor in the amount of $5,000. The note bears interest at 4% and matures on March 14, 2018. The balance of this note plus interest totals $5,469 and $5,319 as of September 30, 2020 and December 31, 2019, respectively and is currently in default. During the three months ended September 30, 2019 the Company received four separate payments of $12,500, totaling $50,000, as secured notes. The notes are non-interest bearing and have no terms of repayment. The balance of the notes was $50,000 as of September 30, 2019. Convertible Notes Payable – related party In August 2015, the Company issued an unsecured promissory note to an investor in the amount of $50,000, convertible to common stock at $1.00 per share. The note bears an interest rate of 8% per annum and matured on August 8, 2016. The note is currently unpaid and in default. The note does not contain a beneficial conversion feature. The balance of this note plus accrued interest totals were $68,500 and $67,500 at September 30, 2020 and December 31, 2019, respectively. Promissory Notes Payable – related party On June 18, 2019, the Company issued a promissory note at a principal amount of $447,150 as part of the consideration for the acquisition of assets from AH Originals, Inc., a corporation controlled by the same owner group of Global Fiber Technologies, Inc. The promissory note bears 3% interest per annum and have a one year term with eight options to extend the maturity date for three-month periods. The balance of this note, net of note discount of $211,123 plus accrued interest totals were $175,936 at September 30, 2020. Convertible Notes Payable During the first quarter of 2020 a total of $709,362 convertible promissory notes plus accrued interest of $37,336 was converted into 731,729,278 shares common stock. During the 2nd quarter of 2020 a total of $173,500 convertible promissory notes plus accrued interest of $16,142 was converted into 794,664,070 shares common stock. As a result of conversion of promissory notes, the fair value of the derivative liabilities written down by $649,742. Self-Liquidating Escrow Notes During the quarter the company entered into definitive agreement with several parties for total proceeds of $150,000. These notes are self-liquidating and carries a 5% interest per annum and will entitle to received 150,000 shares of Authentic Heroes Inc. common stock and 75,000 2-year common stock purchase warrants $1.50. and a 1/2 % Royalty on Sale of all AH Products for a period of thirty (36) six months. 50% of 50% of all sales proceeds will be placed in escrow until the amount necessary to retire the Notes has been achieved.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS9 Months Ended
Sep. 30, 2020
RELATED PARTY TRANSACTIONS
NOTE 5 - RELATED PARTY TRANSACTIONSDuring the six months period there were no significant related party transactions except for accrual of interest due on convertible notes $7,270 and $1,743 for office expenses.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES9 Months Ended
Sep. 30, 2020
COMMITMENTS AND CONTINGENCIES
NOTE 6 - COMMITMENTS AND CONTINGENCIESOn June 18, 2019, the Company completed its acquisition of assets from AH Originals, In. and assumed lease for the facility where the equipment purchased is located. The lease will be expired on September 30, 2020. The following is a schedule of minimum future rentals on leases as of September 30, 2020: Year Ending December 31: 2020 $ 11,865 Thereafter 35,595 Total minimum future rentals $ 47,460

NET LOSS PER SHARE

NET LOSS PER SHARE9 Months Ended
Sep. 30, 2020
NET LOSS PER SHARE
NOTE 7 - NET LOSS PER SHAREPotentially dilutive securities are excluded from the calculation of net loss per share when their effect would be anti-dilutive. For all periods presented in the consolidated financial statements, all potentially dilutive securities have been excluded from the diluted share calculations as they were anti-dilutive as a result of the net losses incurred for the respective periods. Accordingly, basic shares equal diluted shares for all periods presented. Potentially dilutive securities were comprised of the following: September 30, December 31, 2020 2019 Warrants 1,150,363 1,150,363 Options 2,700,000 2,700,000 Convertible notes payable, including accrued interest 4,253,000 19,749,863 8,103,363 23,600226

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS9 Months Ended
Sep. 30, 2020
SUBSEQUENT EVENTS
NOTE 8 - SUBSEQUENT EVENTSThe company has evaluated subsequent events for recognition and disclosure through August 23, 2021 which is the date the financial statements were available to be issued. No other matters were identified affecting the accompanying financial statements and related disclosures.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)9 Months Ended
Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of ConsolidationThe accompanying consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries, Trident Merchant Group, Inc. and ECO CHAIN 360, Inc. which are 51% owned. All significant intercompany accounts and transactions have been eliminated. As noted above in Note 1, our 51% owned subsidiaries, ECO CHAIN 360, Inc., had no operations, assets or liabilities as of September 30, 2020 and December 31, 2019. Because of this, a non-controlling interest is not reflected in these financial statements. In addition, the Company has consolidated Authentic Heroes, Inc., Inc. of which the Company owns 80%.
Cash and Cash EquivalentsCash and cash equivalents include cash on hand and investments in money market funds. The Company considers all highly-liquid instruments with an original maturity of 90 days or less at the time of purchase to be cash equivalents.
InventoriesInventories are stated at the lower of cost (first-in, first-out method) or net realizable value. On June 18, 2019, the Company acquired inventories from AH Originals, Inc. for an aggregate amount of $60,815. September 30, 2020 December 31, 2019 Raw Material $ 13,631 $ 13,361 Finished Goods 47,184 47,184 $ 60,815 $ 60,815
EquipmentProperty and equipment are stated at cost. Costs of replacements and major improvements are capitalized, and maintenance and repairs are charged to operations as incurred. Depreciation expense is provided primarily by the straight-line method over the estimated useful lives of the assets as follows: Equipment 5 Years Furniture and Fixtures 7 Years Forklift 3 Years September 30, December 31, 2020 2019 Furniture and Equipment $ 218,315 $ 218,315 Forklift 20,433 20,433 238,748 238,748 Less accumulated depreciation (63,169 ) (25,711 ) $ 175,579 $ 213,037 Depreciation expense amounted to $37,458 and $11,593 for the nine months ended September 30, 2020 and 2019, respectively. On June 18, 2019, the Company acquired equipment from AH Originals, Inc. for an aggregate amount of $214,598. The long-lived assets of the Company are reviewed for impairment in accordance with ASC 360, “Property, Plant and Equipment” (“ASC 360”), whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the nine months ended September 30, 2020, and 2019, no impairment losses have been identified.
Intangible AssetsThe Company accounts for intangible assets (including trademarks and website) in accordance with ASC 350 “Intangibles-Goodwill and Other” (“ASC 350”). ASC 350 requires that goodwill and other intangibles with indefinite lives be tested for impairment annually or on an interim basis if events or circumstances indicate that the fair value of an asset has decreased below its carrying value. In addition, ASC 350 requires that goodwill be tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis and between annual tests when circumstances indicate that the recoverability of the carrying amount of goodwill may be in doubt. Application of the goodwill impairment test requires judgment, including the identification of reporting units; assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value. Significant judgments required to estimate the fair value of reporting units include estimating future cash flows, determining appropriate discount rates and other assumptions. Changes in these estimates and assumptions or the occurrence of one or more confirming events in future periods could cause the actual results or outcomes to materially differ from such estimates and could also affect the determination of fair value and/or goodwill impairment at future reporting dates. The cost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits consumed, either on a straight-line or accelerated basis over the estimated periods benefited. Patents, technology and other intangibles with contractual terms are generally amortized over their respective legal or contractual lives. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determinable lives may be adjusted. On June 18, 2019, the Company acquired intangible assets from AH Originals, Inc. for an aggregate amount of $16,200, which includes website of $10,690 and patent of $5,510. We amortize the cost of our intangible assets over the 15-year estimated useful life on a straight-line basis. The following table sets forth the amortization for the intangible assets at September 30, 2020 and December 31, 2019 September 30, December 31, 2020 2019 Patent $ 12,406 $ 9,233 Websites 10,690 10,690 Royalties 50,000 50,000 Total Intangible Assets 73,096 69,923 Less accumulated amortization (1,635 ) (639 ) $ 71,461 $ 69,284 Amortization expense amounted to $996 and $639 for the nine months ended September 30, 2020 and 2019, respectively.
Prepaid interest and depositsPrepaid interest and deposits consist of prepaid consulting fees, OTC market annual fees and license agreement. Prepaid interest is amortized over the life of the related liability.
Revenue RecognitionThe Company recognizes revenue from its contracts with customers in accordance with ASC 606 – Revenue from Contracts with Customers. Revenue related to contracts with customers is evaluated utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation.
Accounts ReceivableAccounts receivable are recorded in accordance with ASC 310, ”Receivables.”
Income taxesIncome taxes are accounted for under the asset and liability method as stipulated by ASC 740 “Income Taxes.” Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities or a change in tax rate is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced to estimated amounts to be realized by the use of a valuation allowance. A valuation allowance is applied when in management’s view it is more likely than not that such deferred tax asset will be unable to be utilized. The Company adopted certain provisions under ASC Topic 740, which provide interpretative guidance for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Effective with the Company’s adoption of these provisions, interest related to the unrecognized tax benefits is recognized in the financial statements as a component of income taxes. In the unlikely event that an uncertain tax position exists in which the Company could incur income taxes, the Company would evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by the taxing authorities. Reserves for uncertain tax positions would be recorded if the Company determined it is probable that a position would not be sustained upon examination or if payment would have to be made to a taxing authority and the amount is reasonably estimated. As of September 30, 2019 and December 31, 2018, the Company does not believe it has any uncertain tax positions that would result in the Company having a liability to the taxing authorities. The Company’s tax returns are subject to examination by the federal and state tax authorities for the years ended 2006 through 2018.
Stock Based CompensationWe account for stock-based awards at fair value on the date of grant and recognize compensation over the service-period that they are expected to vest. We estimate the fair value of stock options and stock purchase warrants using the Black-Scholes option pricing model. The estimated value of the portion of a stock-based award that is ultimately expected to vest, taking into consideration estimated forfeitures, is recognized as expense over the requisite service periods. The model includes subjective input assumptions that can materially affect the fair value estimates. The expected volatility is estimated based on the most recent historical period of time, of other comparative securities, equal to the weighted average life of the options. The estimate of stock awards that will ultimately vest requires judgment, and to the extent that actual forfeitures differ from estimated forfeitures, such differences are accounted for as a cumulative adjustment to compensation expenses and recorded in the period that estimates are revised. For the nine months ended September 30, 2020 and 2019, the Company incurred $ 700 and $83,574 for stock based compensation, respectively.
Beneficial Conversion FeatureFor conventional convertible debt where the rate of conversion is below market value, the Company records any “beneficial conversion feature” (“BCF”) intrinsic value as additional paid in capital and related debt discount. When the Company records a BCF, the relative fair value of the BCF is recorded as a debt discount against the face amount of the respective debt instrument. The discount is amortized over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.
Debt Issue CostsThe Company may pay debt issue costs in connection with raising funds through the issuance of debt whether convertible or not or with other consideration. These costs are recorded as debt discounts and are amortized over the life of the debt to the statement of operations as amortization of debt discount.
Original Issue DiscountIf debt is issued with an original issue discount, the original issue discount is recorded to debt discount, reducing the face amount of the note and is amortized over the life of the debt to the statement of operations as amortization of debt discount. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.
Use of Accounting EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the valuation of stock based awards issued and derivatives embedded in financial instruments. Estimates are used in the determination of depreciation, the valuation of non-cash issuances of common stock, stock options and warrants, valuing convertible notes for beneficial conversion features, among others.
Fair ValueFASB ASC 820, Fair Value Measurements and Disclosure ASC 820 requires that assets and liabilities measured at fair value are classified and disclosed in one of the following three categories: Level 1 — Level 2 — Level 3 — The carrying amounts of cash, accrued compensation, accounts payable and other liabilities, accrued interest payable, and short-term portion of notes payable approximate fair value because of the short-term nature of these items.
Concentration of credit riskThe carrying value of short-term financial instruments, including cash, restricted cash, trade accounts receivable, accounts payable, accrued expenses and short-term debt, approximates the fair value of these instruments. These financial instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market. The Company maintains cash balances at financial institutions that are insured by the FDIC. At September 30, 2020 and December 31, 2019, the Company had no amounts in excess of the FDIC limit.
New Accounting PronouncementsIn July 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This update addresses several aspects of the accounting for nonemployee share-based payment transactions and expands the scope of ASC 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The main provisions of the update change the way nonemployee awards are measured in the financial statements. Under the simplified standards, nonemployee options will be valued once at the date of grant, as compared to at each reporting period end under ASC 505-50. At adoption, all awards without established measurement dates will be revalued one final time, and a cumulative effect adjustment to retained earnings will be recorded as the difference between the pre-adoption value and new value. Companies will be permitted to make elections to establish the expected term and either recognize forfeitures as they occur or apply a forfeiture rate. Compensation expense recognition using a graded vesting schedule will no longer be permitted. This pending content is the result of the FASB’s Simplification Initiative, to maintain or improve the usefulness of the information provided to the users of financial statements while reducing cost and complexity in financial reporting. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. Because the Company does not currently have any outstanding awards to non-employees for which a measurement date has not been established the adoption of ASU 2018-07 does not have a material impact to the Company’s financial statements and related disclosures upon adoption. The adoption of this standard will change the way that the Company accounts for non-employee compensation in the future. In January 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842, In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842)
ReclassificationCertain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported consolidated net loss.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)9 Months Ended
Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Inventories September 30, 2020 December 31, 2019 Raw Material $ 13,631 $ 13,361 Finished Goods 47,184 47,184 $ 60,815 $ 60,815
Schedule of depreciation Equipment 5 Years Furniture and Fixtures 7 Years Forklift 3 Years
Schedule of amortization for the intangible assets September 30, December 31, 2020 2019 Furniture and Equipment $ 218,315 $ 218,315 Forklift 20,433 20,433 238,748 238,748 Less accumulated depreciation (63,169 ) (25,711 ) $ 175,579 $ 213,037
Schedule of fair value measurements September 30, December 31, 2020 2019 Patent $ 12,406 $ 9,233 Websites 10,690 10,690 Royalties 50,000 50,000 Total Intangible Assets 73,096 69,923 Less accumulated amortization (1,635 ) (639 ) $ 71,461 $ 69,284

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)9 Months Ended
Sep. 30, 2020
CAPITAL STOCK
Summary of warrants exercisable Nine Months Ended September 30, 2020 Fair value of common stock at measurement date $ 0.20-$0.49 Expected term at issuance 2 years-5 years Expected average volatility 324%-631 % Expected dividend yield - Risk-free interest rate 2.33%-2.57 % For the Nine months ended September 30, 2020 Fair values $ 0.25 Exercise price $ 0.30 Expected term at issuance 3 years Expected average volatility 93.62 % Expected dividend yield — Risk-free interest rate 2.34 %
Summary of Stock Warrants Warrants Outstanding Weighted Average Weighted Warrants Remaining Contractual Average Exercise Exercisable Number of Number of Shares life (in years) Price Shares 700,363 3.40 $ 0.29 700,363
Summary of stock options outstanding Average Weighted Weighted Remaining Average Average Contractual Options Exercise Grant Date Life Outstanding Price Fair Value (Years) Balance - December 31, 2017 2,650,000 $ 0.33 $ 0.33 6.92 Options issued - - - - Options expired - - - - Options exercised - - - - Balance - December 31, 2018 2,650,000 $ 0.33 $ 0.30 5.92 Options issued 50,000 $ 0.50 $ 0.30 2.73 Options expired (See note above) - - - - Options exercised - - - - Balance - September 30, 2019 2,700,000 $ 0.34 $ 0.30 5.37

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)9 Months Ended
Sep. 30, 2020
COMMITMENTS AND CONTINGENCIES
Schedule of minimum future rentals Year Ending December 31: 2020 $ 11,865 Thereafter 35,595 Total minimum future rentals $ 47,460

NET LOSS PER SHARES (Tables)

NET LOSS PER SHARES (Tables)9 Months Ended
Sep. 30, 2020
NET LOSS PER SHARES (Tables)
Potentially dilutive securities September 30, December 31, 2020 2019 Warrants 1,150,363 1,150,363 Options 2,700,000 2,700,000 Convertible notes payable, including accrued interest 4,253,000 19,749,863 8,103,363 23,600226

DESCRIPTION OF BUSINESS AND G_2

DESCRIPTION OF BUSINESS AND GOING CONCERN (Details Narrative) - USD ($)1 Months Ended3 Months Ended9 Months Ended
Jun. 18, 2019Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Sep. 30, 2020Sep. 30, 2019Dec. 31, 2019Dec. 31, 2018
Common stock, shares authorized1,000,000,000 400,000,000 1,000,000,000 400,000,000 1,000,000,000 400,000,000
Accumulated deficit $ (33,014,969) $ (33,014,969) $ (32,685,424)
Net loss(88,910) $ (75,488) $ (165,148) $ (525,906) $ (280,952) $ (406,019)(329,546) $ (686,971)
Working capital deficit $ (2,218,799) $ (2,218,799) $ (3,198,600)
AHO [Member]
Business acquisition consideration transferred shares issued6,400,000
Business acquisition consideration transferred, promissory note issued $ 447,150
Promissory note, interest rate3.00%
Description for maturity period of promissory notea one-year term with eight options to extend the maturity date for three-month periods
Shares of AHI issued to AHO under acquisition200,000
November 2018 [Member] | ECO CHAIN 360 [Member]
Ownership percentages51.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)Sep. 30, 2020Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Raw Material $ 13,631 $ 13,631
Finished Goods47,184 47,184
Inventories $ 60,815 $ 60,815

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)9 Months Ended
Sep. 30, 2020
Forklift [Member]
Estimated useful lives3 years
Furniture And Fixtures [Member]
Estimated useful lives7 years
Equipment [Member]
Estimated useful lives5 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)Sep. 30, 2020Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Furniture and Equipment $ 218,315 $ 218,315
Forklift20,433 20,433
Total fixed assets238,748 238,748
Less accumulated depreciation(63,169)(25,711)
Assets $ 175,579 $ 213,037

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($)9 Months Ended12 Months Ended
Sep. 30, 2020Sep. 30, 2019Dec. 31, 2019
Total Intangible Assets $ 73,096 $ 69,923
Less accumulated amortization(1,635)(639)
Amortization for the intangible assets, net71,461 69,284
Amortization for the intangible assets996 $ 307
Royalties [Member]
Amortization for the intangible assets50,000 50,000
Websites [Member]
Amortization for the intangible assets10,690 10,690
Patent [Member]
Amortization for the intangible assets $ 12,406 $ 9,233

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)1 Months Ended9 Months Ended
Jun. 18, 2019Sep. 30, 2020Sep. 30, 2019
Depreciation expense $ 37,458 $ 11,593
Amortization expense996 639
Intangible assets, estimated useful life15 years
Stock-based Compensation $ 700 $ 83,574
ECO CHAIN 360 [Member]
Ownership percentages51.00%
AHO [Member]
Business acquisition, inventories acquired $ 60,815
Equipment acquisition consideration transferred214,598
Business acquisition consideration transferred, intangible assets acquired16,200
AHO [Member] | Website [Member]
Business acquisition consideration transferred, intangible assets acquired10,690
AHO [Member] | Patent [Member]
Business acquisition consideration transferred, intangible assets acquired $ 5,510
AHI [Member]
Ownership interest80.00%

CAPITAL STOCK (Details)

CAPITAL STOCK (Details) - Warrants [Member]9 Months Ended
Sep. 30, 2020$ / shares
Expected dividend yield0.00%
Minimum [Member]
Fair value of common stock at measurement date $ 0.20
Expected term at issuance2 years
Expected average volatility324.00%
Risk-free interest rate2.33%
Maximum [Member]
Fair value of common stock at measurement date $ 0.49
Expected term at issuance5 years
Expected average volatility631.00%
Risk-free interest rate2.57%

CAPITAL STOCK (Details 1)

CAPITAL STOCK (Details 1) - Warrants Outstanding [Member]9 Months Ended
Sep. 30, 2020$ / sharesshares
Number of Outstanding700,363
Weighted Average Remaining Contractual Life (Years)3 years 4 months 24 days
Weighted average exercise price outstanding | $ / shares $ 0.29
Number of exercisable700,363

CAPITAL STOCK (Details 2)

CAPITAL STOCK (Details 2) - Stock options [Member]9 Months Ended
Sep. 30, 2020$ / shares
Fair values $ 0.25
Exercise price $ 0.30
Expected term at issuance3 years
Expected average volatility93.62%
Expected dividend yield0.00%
Risk-free interest rate2.34%

CAPITAL STOCK (Details 3)

CAPITAL STOCK (Details 3) - Stock options [Member] - $ / shares9 Months Ended12 Months Ended
Sep. 30, 2021Dec. 31, 2018
Options Outstanding, Beginning Balance2,650,000 2,650,000
Options Outstanding, Options issued50,000 0
Options Outstanding, Options expired0 0
Options Outstanding, Options exercised0 0
Options Outstanding, Ending Balance2,700,000 2,650,000
Weighted Average Exercise Price, Beginning Balance $ 0.33 $ 0.33
Weighted Average Exercise Price, Options issued0.500
Weighted Average Exercise Price, Options expired0 0
Weighted Average Exercise Price, Options exercised0 0
Weighted Average Exercise Price, Ending Balance0.340.33
Weighted Average Grant Date Fair Value, Beginning balance0.300.33
Weighted Average Grant Date Fair Value, Options issued0.30
Weighted Average Grant Date Fair Value, Ending balance $ 0.30 $ 0.30
Average Remaining Contractual Life, Benning balance5 years 11 months 1 day6 years 11 months 1 day
Average Remaining Contractual Life, Options issued2 years 8 months 23 days
Average Remaining Contractual Life, Ending balance5 years 4 months 13 days5 years 11 months 1 day

CAPITAL STOCK (Details Narrativ

CAPITAL STOCK (Details Narrative) - USD ($)May 10, 2019Jan. 08, 2019May 31, 2019Mar. 31, 2020Sep. 30, 2019Jun. 30, 2020Sep. 30, 2020Sep. 30, 2019Dec. 31, 2019
Debt conversion on convertible note, common stock431,729,278 764,758 794,664,070
Common stock, shares par value $ 0.001 $ 0.001
Common stock, shares outstanding1,253,239,584 26,446,236
Common stock, shares issued190,000 1,253,239,584 26,446,236
Debt conversion on convertible note, principal amount $ 596,863 $ 53,352 $ 173,500
Settlement of derivative liabilities649,742
Accrued interest $ 37,336 $ 5,728 $ 16,142 $ 5,728
Gain from extinguishment of debt $ 12,041
Common stock, shares issuable147,819,000 6,688,666
Common stock issued for conversion of convertible notes $ 5,647
Common stock issuable for settlement, shares70,588
Share price $ 0.08
Repayment of outstanding convertible note $ 17,688
Proceeds from issuance of common stock $ 43,500 $ 0 43,500
Intrinsic value $ 0 $ 1,690
Market price $ 0.017 $ 0.12
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized1,000,000 1,000,000
Stock options One [Member]
Stock based compensation expense $ 37,061
Expiry terms descriptionCompany granted 50,000 options to consultants with an exercise price of $0.50 vested immediately and the fair value of these options were calculated using the Black-Scholes-Merton model.
Exercise price $ 0.50
Class B Preferred Stock [Member]
Preferred stock, par value$ .001
Preferred stock, shares authorized1,000,000
Preferred stock voting rights10,000 votes per share
Redemption descriptionThe Class B Preferred stockholders are entitled to receive non-cumulative dividends at the rate of 8% per annum and are accrued daily. The Class B Preferred Stock shall be redeemed by the Corporation for 100% of the original purchase price plus the amount of cash dividends accrued on the earlier of 6 months from the date of issuance, or the date that the Corporation received its funding from any outside source in conjunction with a merger, reverse merger or any change of control.
July 1, 2019 [Member]
Common stock, shares issued300,000 300,000
Common stock issued, value $ 60,000
President and Director [Member]
Common stock, shares issued50,000
Share price $ 0.25
Common stock issued, value12,500
AOH [Member]
Common stock, shares par value $ 0.01 $ 0.01
Common stock, shares issued6,400,000 6,400,000
Common stock issued, value $ 6,400

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)Jan. 11, 2017Sep. 24, 2019Jun. 18, 2019Aug. 31, 2017Dec. 31, 2016Mar. 31, 2020Sep. 30, 2019Jun. 30, 2020Sep. 30, 2020Sep. 30, 2019Dec. 31, 2016Dec. 31, 2019Dec. 31, 2018Mar. 14, 2017Aug. 31, 2015
Accrued interest $ 37,336 $ 5,728 $ 16,142 $ 5,728
Fair value of the derivative liabilities written down $ 340,070 $ 989,813
Notes payable and accrued interest256,633 211,245
Proceeds from unsecured notes0 50,000
Repayment of convertible debt $ 0 135,000
Self-Liquidating Escrow Notes [Member]
Interest rate5.00%
Proceeds from agreement $ 150,000
Common stock shares received150,000
Warrant purchase , description75,000 2-year common stock purchase warrants @ $1.50. and a 1/2 % Royalty on Sale of all AH Products for a period of thirty (36) six months. 50% of 50% of all sales proceeds will be placed in escrow until the amount necessary to retire the Notes has been achieved
Lender [Member]
Shares issued against extension of maturity date, shares50,000
Shares issued against extension of maturity date, value $ 50,000
Convertible Notes Payable [Member]
Accrued interest $ 37,336 16,142
Fair value of the derivative liabilities written down $ 649,742
Converted promissory notes, shares731,729,278 794,664,070
Converted promissory notes, value $ 709,362 $ 173,500
Promissory Notes Payable [Member] | AH Originals, Inc [Member]
Accrued interest $ 175,936
Interest rate3.00%8.00%
Per share price $ 1
Debt discount211,123
Promissory note $ 447,150
Unsecured Notes Payable Three [Member] | Investor [Member]
Interest rate4.00%
Notes payable $ 5,469 5,319 $ 5,000
Unsecured Debt [Member] | November 25, 2014 [Member]
Interest rate10.00%
Due dateApril 1, 2015
Notes payable and accrued interest165,605 165,605 $ 157,855
Note payable issued $ 100,000
Unsecured Debt [Member] | April 1, 2016 [Member] | Forbearance agreement [Member]
Interest rate12.00%
Shares to be issued under agreement, shares150,000
Shares to be issued under agreement, value $ 150,000
Unsecured Notes Payable Two [Member] | Investor [Member]
Notes payable8,179 7,909
Proceeds from unsecured notes $ 5,000 $ 2,200
Unsecured Notes Payable One [Member]
Notes payable50,000 25,000 $ 50,000 25,000
Proceeds from unsecured notes12,500 $ 12,500
Repayment of convertible debt $ 5,000 $ 50,000
Gross proceeds from unsecured notes $ 25,000
Unsecured Notes Payable Four [Member] | Investor [Member]
Notes payable $ 68,500 $ 67,500 $ 50,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)Sep. 30, 2020Dec. 31, 2019
RELATED PARTY TRANSACTIONS
Accrual of interest due on convertible notes $ 7,270 $ 1,743

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details)Sep. 30, 2020USD ($)
Year Ending December 31:
2020 $ 11,865
Thereafter35,595
Total minimum future rentals $ 47,460

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - shares9 Months Ended12 Months Ended
Sep. 30, 2020Dec. 31, 2019
Potentially dilutive securities8,103,363 23,600,226
Convertible Notes Payable [Member]
Potentially dilutive securities4,253,000 19,749,863
Warrants [Member]
Potentially dilutive securities1,150,363 1,150,363
Stock options [Member]
Potentially dilutive securities2,700,000 2,700,000