Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Apr. 22, 2024 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-53259 | ||
Entity Registrant Name | POWERDYNE INTERNATIONAL, INC. | ||
Entity Central Index Key | 0001435617 | ||
Entity Tax Identification Number | 20-5572576 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 45 Main Street | ||
Entity Address, City or Town | North Reading | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01864 | ||
City Area Code | (401) | ||
Local Phone Number | 739-3300 | ||
Title of 12(g) Security | Common Stock, par value $0.0001 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Elected Not To Use the Extended Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 800,459 | ||
Entity Common Stock, Shares Outstanding | 1,884,930,584 | ||
Documents Incorporated by Reference [Text Block] | Portions of the registrant’s definitive proxy statement pursuant to Regulation 14A in connection with the 2024 annual meeting of shareholders are incorporated by reference into Part III of this Form 10-K. The proxy statement will be filed with the SEC not later than 120 days after the registrant’s fiscal year ended December 31, 2023. | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 5968 | 5041 | |
Auditor Name | OLAYINKA OYEBOLA & CO | BF Borgers CPA PC | |
Auditor Location | Lagos, Nigeria | Lakewood, CO |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash | $ 84,004 | $ 33,962 |
Trade accounts receivable | 70,884 | 222,489 |
Inventory | 77,124 | 54,982 |
Total current assets | 232,013 | 311,433 |
Equipment | ||
Cryptocurrency miners | 15,000 | 15,000 |
Less: accumulated depreciation | (15,000) | (15,000) |
Total equipment | ||
Intangible asset - Cryptocurrency | 6,103 | |
Total Assets | 232,013 | 317,536 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 62,568 | 81,870 |
Advance deposits | 3,658 | 10,231 |
Sales tax payable | 1,765 | 1,241 |
Total Current Liabilities | 306,070 | 316,420 |
Commitments and contingencies | ||
Stockholders’ (Deficit) / Equity: | ||
Preferred stock, $0.0001 par value, 20,000,000 shares authorized, 2,000,000 shares issued and outstanding as of December 31, 2023, and 2022 | 200 | 200 |
Common stock, $0.0001 par value, 2,000,000,000 shares authorized, 1,884,930,584 shares issued and outstanding as of December 31, 2023, and 1,862,430,584 shares issued and outstanding as of December 31, 2022 | 188,493 | 186,243 |
Additional paid-in-capital | 4,814,651 | 4,807,901 |
Accumulated deficit | (5,077,401) | (4,993,228) |
Total Stockholders’ (Deficit) / Equity | (74,058) | 1,116 |
Total Liabilities and Stockholders’ (Deficit) / Equity | 232,012 | 317,536 |
Related Party [Member] | ||
Current Liabilities: | ||
Due to related party - CEO | $ 238,079 | $ 223,079 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 26, 2015 | Dec. 31, 2014 | Dec. 13, 2010 |
Statement of Financial Position [Abstract] | |||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||
Preferred stock, shares issued | 2,000,000 | 2,000,000 | |||
Preferred stock, shares outstanding | 2,000,000 | 2,000,000 | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 550,000,000 | 300,000,000 |
Common stock, shares issued | 1,884,930,584 | 1,862,430,584 | |||
Common stock, shares outstanding | 1,884,930,584 | 1,862,430,584 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Revenues | $ 1,452,950 | $ 1,207,168 |
Cost of revenues | 1,022,114 | 801,040 |
Gross profit | 430,836 | 406,128 |
Operating expenses | 515,009 | 356,774 |
Loss on related party acquisition | 1,391,370 | |
Loss from operations and before income taxes | (84,173) | (1,342,016) |
Income tax expense | ||
Net loss | $ (84,173) | $ (1,342,016) |
Basic loss per common share | $ 0 | $ 0 |
Diluted loss per common share | $ 0 | $ 0 |
Basic weighted average common shares outstanding | 1,881,355,242 | 1,862,430,584 |
Diluted weighted average common shares outstanding | 1,881,355,242 | 1,862,430,584 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholder's (Deficit) / Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 186,243 | $ 3,308,101 | $ (3,651,212) | $ (156,868) | |
Balance, shares at Dec. 31, 2021 | 1,862,430,584 | ||||
Issuance of preferred stock for related party merger transaction | $ 200 | 1,499,800 | 1,500,000 | ||
Issuance of preferred stock for related party merger transaction, shares | 2,000,000 | ||||
Net loss | (1,342,016) | (1,342,016) | |||
Balance at Dec. 31, 2022 | $ 200 | $ 186,243 | 4,807,901 | (4,993,228) | 1,116 |
Balance, shares at Dec. 31, 2022 | 2,000,000 | 1,862,430,584 | |||
Net loss | (84,173) | (84,173) | |||
Issuance of common stock for services | $ 2,250 | 6,750 | 9,000 | ||
Issuance of common stock for services, shares | 22,500,000 | ||||
Balance at Dec. 31, 2023 | $ 200 | $ 188,493 | $ 4,814,651 | $ (5,077,401) | $ (74,058) |
Balance, shares at Dec. 31, 2023 | 2,000,000 | 1,884,930,584 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Activities: | ||
Net loss | $ (84,173) | $ (1,342,016) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 6,000 | |
Reversal of non-cash related party loss on acquisition | 1,391,370 | |
Reversal of non-cash change in intangible assets - Crypto | 6,103 | 7,286 |
Issuance of common stock for consulting services | 9,000 | |
Changes in operating assets and liabilities: | ||
Trade Accounts receivable | 151,604 | (113,460) |
Inventory | (22,142) | (54,982) |
Accounts payable and accrued expenses | (19,301) | 50,057 |
Advance deposits | (6,573) | 10,231 |
Sales taxes payable | 524 | 1,241 |
Net cash provided / (used) in operating activities | 35,042 | (44,274) |
Financing Activities: | ||
Due to related party - CEO | 15,000 | 69,179 |
Net cash provided by financing activities | 15,000 | 69,179 |
Net increase in cash | 50,042 | 24,905 |
Cash, beginning of period | 33,962 | 9,057 |
Cash, end of period | 84,004 | 33,962 |
Non-cash investing and financing activities: | ||
Preferred stock issued upon acquisition | 1,500,000 | |
Supplemental disclosure if cash flow information | ||
Cash paid for interest | ||
Cash paid for taxes |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | 1. ORGANIZATION Powerdyne, Inc., was incorporated on February 2, 2010, in Nevada, and is registered to do business in Rhode Island and Massachusetts. On February 7, 2011, Powerdyne, Inc. merged with Powerdyne International, Inc., formerly Greenmark Acquisition Corporation, a publicly held Delaware corporation. On December 13, 2010, Powerdyne International, Inc., formerly Greenmark Acquisition Corporation, filed an Amended and Restated Articles of Incorporation in order to, among other things, increase the authorized capital stock to 300,000,000 0.0001 At the closing of the merger, each share of Powerdyne, Inc’s common stock issued and outstanding immediately prior to the closing of the Merger was exchanged for the right to receive 7,520 188,000,000 In 2014, Powerdyne International, Inc. filed an amendment to its Articles of Incorporation which increased the authorized capital stock to 550,000,000 0.0001 On January 26, 2015, Powerdyne International, Inc. filed an amendment to its Articles of Incorporation which increased the authorized capital stock to 2,020,000,000 2,000,000,000 0.0001 20,000,000 0.0001 During the year ended December 31, 2022, the Company ended the mining of Sia coin and any crypto currency due to the lack of productivity of its crypto miners. On March 6, 2022, pursuant to a Securities Purchase Agreement (the “SPA”), Powerdyne International, Inc. (the “Company”), acquired all of the issued and outstanding membership interests of Creative Motion Technology, LLC, a Massachusetts limited liability company, (the “Membership Interest”). The Membership Interest was owned by Mr. James F. O’Rourke, the principal owner and sole director and officer of the Company. The purchase price paid by the Company was 2,000,000 1,500,000 1,000 0.0001 Creative Motion Technology, LLC (“CM Tech”) is a small New England based motor manufacturer founded in 2004 and has been in business for over 17 years. CM Tech’s management has over 60 years of design and manufacturing expertise, specializing in the design and custom building of industrial servomotors both brush and brushless motor designs. CM Tech’s current market focus is on the niche motor demands for low volume, high-quality cost-effective motors which are primarily used in industrial robotics for the semiconductor manufacturing industry. The motors that CM Tech currently has in production primarily provide the X, Y, and Z axis articulation in factory automation robots. POWERDYNE INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and 2022 1. ORGANIZATION (continued) Included with CM Tech acquisition is Frame One, which is a custom picture framing shop located in North Reading, MA. Frame One has been in business since 2006 and brings with it a strong client base consisting of local schools, colleges, artist guilds, artists, interior decorators/designers, museums, photographers, art galleries and theaters. The issuance of the 2,000,000 |
REVERSE MERGER ACCOUNTING
REVERSE MERGER ACCOUNTING | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
REVERSE MERGER ACCOUNTING | 2. REVERSE MERGER ACCOUNTING On February 7, 2011, Greenmark Acquisition Corporation, which was a publicly held Delaware corporation, merged with Powerdyne, Inc. Upon closing of the transaction, Greenmark Acquisition Corporation, the surviving corporation in the merger, changed its name to Powerdyne International, Inc. The merger was accounted for as a reverse-merger, and recapitalization in accordance with generally accepted accounting principles in the United States (“GAAP”). Powerdyne Inc. was the acquirer for financial reporting purposes and the Company was the acquired company. Consequently, the assets and liabilities and the operations that are reflected in the historical financial statements prior to the merger are those of Powerdyne, Inc. and have been recorded at the historical cost basis of Powerdyne, Inc., and the financial statements after completion of the merger include the assets and liabilities of the Company and Powerdyne, Inc., historical operations of Powerdyne, Inc. and operations of the Company from the closing date of the merger. Common stock and the corresponding capital amounts of the Company pre-merger were retroactively restated as capital stock shares reflecting the exchange ratio in the merger. In conjunction with the merger, the Company received no cash and assumed no liabilities from Greenmark Acquisition Corporation. On March 6, 2022, the Company acquired CM Tech from its 100 1,391,370 POWERDYNE INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and 2022 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. Such consolidated financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects and have been consistently applied in preparing the accompanying consolidated financial statements. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) as promulgated in the United States of America. All figures are in U.S. Dollars. Going Concern Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets and raising capital. The Company has not generated significant revenues from its principal operations until March 6, 2022, with the acquisition of CM Tech that will generate between $ 1.4 2.0 5,077,401 4,993,228 The Company’s activities will necessitate significant uses of working capital beyond December 31, 2023. Additionally, the Company’s capital requirements will depend on many factors, including the success of the Company’s sales, cash flow from operations and the status of competitive products. The Company plans to continue financing its operations with cash received from financing activities, revenue from operations and or affiliate funding. While the Company strongly believes that its capital resources will be sufficient in the near term, there is no assurance that the Company’s activities will generate sufficient revenues to sustain its operations without additional capital or, if additional capital is needed, that such funds if available, will be obtainable on terms satisfactory to the Company. The accompanying audited consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. Principles of Consolidation Our consolidated financial statements include the accounts of Powerdyne International Inc and its one division and related subsidiaries. All intercompany transactions and balances between consolidated entities have been eliminated. The Company has the following wholly owned subsidiaries: Creative Motion Technology, LLC and Frame One, LLC. Reclassifications Certain amounts in the prior period have been reclassified to conform to the current period presentation. These reclassifications have no material effect on the reported financial results. POWERDYNE INTERNATIONAL, INC. December 31, 2023, and 2021 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2023, and 2022, respectively. Allowances for Sales Returns and Doubtful Accounts Sales Returns - We may, on a case-by-case basis, accept returns of products from our customers, without restocking charges, when they can demonstrate an acceptable cause for the return. Doubtful Accounts - Management analysis its accounts receivable in accordance with ASC 326 are their “expected losses” in their portfolio of customers. The Company has a direct and long-term relationship with all of its customers. The Company reviews each customer on a quarterly basis. Historically, the Company has not incurred any significant bad debt expenses. Therefore, based on historical results and our current analysis the Company does not expect any losses to the December 31, 2023 as no losses are expected to be incurred. The Company operates in the manufacturing and retail industry and its accounts receivable are primarily derived from retail and wholesale customers; the Company recognizes an expected allowance for credit losses. In addition, also at each reporting date, this estimate is updated to reflect any changes in credit risk since the receivable was initially which could exist in circumstances where amounts are considered at risk or uncollectible. The allowance estimate is derived from a review of the Company’s historical losses based on the ageing of receivables. This estimate is adjusted for management’s assessment of current conditions, in which to calculate the expected allowance for credit losses. The Company’s customer base has remained constant since inception. The Company expects across all pools of accounts receivable that there are no changes in credit losses for 2023 and maintains a zero balance for 2023 and for 2022. The Company does not expect its credit loss reserve to change in the next twelve months. The Company sometimes receives cash deposits in advance of manufacturing and shipping its products. As of December 31, 2023, there is $ 3,658 10,231 Inventory Inventory, consisting principally of products held for sale, is stated at the lower of cost, using the first-in, first-out method, and net realizable value. The amount presented in the accompanying consolidated balance sheet has no valuation allowance. We regularly evaluate our inventory to identify costs in excess of the lower of cost and net realizable value, slow-moving inventory and potential obsolescence. Equipment Equipment is stated at cost. Capital expenditure for improvements and upgrades to existing equipment are also capitalized. Maintenance and repairs are expensed as incurred. The computer equipment is depreciated over 5 0 6,000 Intangible Assets and Goodwill We account for intangible assets and goodwill in accordance with ASC 350 “Intangibles-Goodwill and Other” 10 20 We assess our intangible assets in accordance with ASC 360 “ Property, Plant, and Equipment The Company had disposed of all its crypto currencies in the second quarter of 2023. The Company immediately closed its crypto-currency account and / or wallet. Long-Lived Assets In accordance with ASC 360, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. POWERDYNE INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and 2022 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Long-Lived Assets (Continued) When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. The Company’s management currently believes there is no impairment of its long-lived assets since they are fully amortized and / or disposed of. There can be no assurance, however, that market conditions will not change or demand for the Company’s products under development will continue. Either of these could result in future impairment of long-lived assets, if the Company acquires any long-lived assets. Business Combinations We apply the provisions of ASC 805, Business Combinations (ASC 805), in accounting for our acquisitions. ASC 805 requires that we evaluate whether a transaction pertains to an acquisition of assets, or to an acquisition of a business. A business is defined as an integrated set of assets and activities that is capable of being conducted and managed for the purpose of providing a return to investors. Asset acquisitions are accounted for by allocating the cost of the acquisition to the individual assets and liabilities assumed on a relative fair value basis; whereas the acquisition of a business requires us to recognize separately from goodwill the assets acquired, and the liabilities assumed at the acquisition date fair values. Goodwill as of the business acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the business acquisition date as well as any contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the business acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of a business acquisition’s measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations. In addition, uncertain tax positions and tax related valuation allowances assumed in a business combination are initially estimated as of the acquisition date. We reevaluate these items quarterly based upon facts and circumstances that existed as of the business acquisition date with any adjustments to our preliminary estimates being recorded to goodwill if identified within the measurement period. Subsequent to the measurement period or our final determination of the tax allowances or contingency’s estimated value, whichever comes first, changes to these uncertain tax positions and tax related valuation allowances will affect our provision for income taxes in our consolidated statement of operations and could have a material impact on our results of operations and financial position. Advertising Expenses The Company records advertising expenses per ASC 720-35-50-1 which they are expensed as they are incurred or the first time when the advertising takes place. During the years ended December 31, 2023, and 2022, there were no Shipping Activities Outbound shipping charges to customers are included in “Product revenue”. Outbound shipping-related costs are included in “Cost of products sold”. Stock-Based Compensation Share-based compensation is accounted for based on the requirements of ASC 718, “Compensation-Stock Compensation’ (“ASC 718”) which requires recognition in the financial statements of the cost of employee, consultant, or director services received in exchange for an award of equity instruments over the period the employee, consultant, or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee, consultant, or director services received in exchange for an award based on the grant-date fair value of the award. Income Taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740, Income Taxes (“ASC 740”), which clarifies the accounting and disclosure for uncertainty in tax positions, as defined, seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. We adopted the provisions of ASC 740 as of January 1, 2007, and have analyzed filing positions in each of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions. We have identified the U.S. federal, Rhode, Island and Massachusetts as our “major” tax jurisdictions. With limited exceptions, we remain subject to Internal Revenue Service (“IRS”) examination of our income tax returns filed within the last three (3) years, and to Massachusetts Department of Revenue examination of our income tax returns filed within the last four (4) years. However, we have certain tax attribute carryforwards which will remain subject to review and adjustment by the relevant tax authorities until the statute of limitations closes with respect to the year in which such attributes are utilized. We believe that our income tax filing positions and deductions will be sustained in the audit and do not anticipate any adjustments that will result in a material change to our financial position. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC 740. Our policy for recording interest and penalties associated with income-based tax audits is to record such items as a component of income taxes. POWERDYNE INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and 2022 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Financial Instruments The Company follows Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value, and expands disclosure about such fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2: Applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3: Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments consisted of cash, accounts receivable, intangible assets – cryptocurrency, accounts payable and accrued expenses, advance deposit, due to related party – CEO and sales tax payable. The estimated fair value of these financial instruments approximates its carrying amount based on the short-term maturity of these instruments. Other Comprehensive Income The Company has analyzed paragraphs ASC 220-10-45-1 to ASC 220-10-45-10B and none of the items recorded in the income statement would qualify as Other Comprehensive Income. POWERDYNE INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and 2022 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Loss per Common Share Basic loss per common share excludes dilutive securities and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. As of December 31, 2023, and December 31, 2022, there were no 2,000,000 The following table represents the computation of basic and diluted losses per share: Net loss per share is based upon the weighted average shares of common stock outstanding. SCHEDULE OF COMPUTATION OF BASIC AND DILUTED INCOME (LOSS) PER SHARE Year ended Year ended Loss available for common shareholder $ (84,173 ) $ (1,342,016 ) Basic and fully diluted loss per share $ (0.00 ) $ (0.00 ) Weighted average common shares outstanding - basic and diluted 1,881,355,242 1,862,430,584 Use of Estimates and Assumptions Our management has made several estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from those estimates. POWERDYNE INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and 2022 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Recent Accounting Guidance Not Yet Adopted None Recent Accounting Guidance Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which introduces a new approach to estimate credit losses on certain types of financial instruments based on expected losses instead of incurred losses. It also modified the impairment model for available-for-sale debt securities and provided a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU No. 2016-13 is effective for smaller reporting companies for fiscal years beginning after December 15, 2021, and the interim periods within those fiscal years. Early adoption is permitted. The Company has adopted this new accounting standard on its consolidated financial statements and related disclosures; however, adoption of this ASU has had no material impact on the Company’s financial statements. In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes” “Income Taxes” In August 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-08, “Clarifies Accounting for Contract Assets and Contract Liabilities in a Business Combination”. The pronouncement requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue recognition guidance as if the acquirer had originated the contract. That is such acquired contracts will not be measured at fair value. ASU 2021-08 will be effective in fiscal years starting after December 15, 2022. Early adoption is permitted. The adoption of this standard did not have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial position or consolidated results of operations. Lease Accounting For contracts entered into on or after October 1, 2019, the Company assesses at contract inception whether the contract is, or contains, a lease. Generally, it determines that a lease exists when (i) the contract involves the use of a distinct identified asset, (ii) obtains the right to substantially all economic benefits from use of the asset and (iii) it has the right to direct the use of the asset. At the lease commencement date, the Company recognizes a right-of-use asset and a lease liability for all leases, except short-term leases with an original term of 12 months or less. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any prepayments to the lessor and initial direct costs, such as brokerage commissions, less any lease incentives received. All right-of-use assets are periodically reviewed for impairment in accordance with standards that apply to long-lived assets. The lease liability is initially measured at the present value of the lease payments, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with the same term as the underlying lease. The incremental borrowing rates used for the initial measurement of lease liabilities as of October 1, 2019, were based on the original lease terms. Lease payments included in the measurement of lease liabilities consist of (i) fixed lease payments for the noncancelable lease term, (ii) fixed lease payments for optional renewal periods where it is reasonably certain the renewal option will be exercised, and (iii) variable lease payments that depend on an underlying index or rate, based on the index or rate in effect at lease commencement. Certain of the Company’s real estate lease agreements require variable lease payments that do not depend on an underlying index or rate, such as sales and value-added taxes, the Company’s proportionate share of actual property taxes, insurance, common area maintenance, and utilities. The Company has elected an accounting policy, as permitted by ASC 842, not to account for such payments as part of related lease payments. Consequently, such payments are recognized as operating expenses when incurred. Lease expense for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Amortization of the right-of-use asset for operating leases reflects amortization of the lease liability, any differences between straight-line expense and related lease payments during the accounting period, and any impairments. Finance lease payments are allocated between a reduction of the lease liability and interest expense, and the related asset is depreciated as described under “Equipment” above. Revenue Recognition Sia coin is the only crypto coin that Powerdyne has mined. The coins were held in the Company’s Sia coin digital wallet. When coins were exchanged for USD, they were then transferred to the Company’s exchange wallet that was held at a US based crypto exchange which provides support for two-factor authentication. We also had wallet password management, and offsite backups. The coins were held in anticipation of future price appreciation as crypto currencies become more widely accepted, but some coins were exchanged for USD on an as needed basis. The Company also realized there was no guarantee the coins would appreciate in value. Revenue was recognized on the last date of the quarter based on the market price of the Sia coin at that date times the number of coins in the wallet. The Company no longer is in the business of producing Sia coins. As of March 6, 2022, with the acquisition of CM Tech, we recognize revenue from contracts with customers in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). Revenue is recognized at the point at which control of the underlying products are transferred to the customer. Satisfaction of our performance obligations occurs upon the transfer of control of products from our facilities. We consider customer purchase orders to be the contracts with a customer. All revenue is generated from contracts with customers. Major Customers and Concentration of Credit Risk The Company has two major customers, which account for approximately 66 66 30 22 Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company places its cash with high quality banking institutions. From time to time, the Company may maintain cash balances at certain institutions in excess of the Federal Deposit Insurance Corporation limit of $250,000. The Company has not incurred any loss from this risk, nor does it expect it to. The Company’s revenues from product sales and accounts receivable have no material or significant concentration in anyone or a multitude of customers and all receivables are expected to be collected. Segment Reporting ASC Topic 280, “ Segment Reporting We primarily service the Original Equipment Manufacturers (OEM’s) in the semiconductor market by supplying custom designed motors for the robotics used in semiconductor manufacturing equipment. We also provide custom picture framing under Frame One. We consider both businesses to operate as their own business for reporting purposes. We provide cost-effective value-added turn-key solutions to our clients’ drives and articulation needs. POWERDYNE INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and 2022 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Market We service the Global Semiconductor Equipment Manufacture’s our Sales to International customers were 32 36 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2023 | |
Credit Loss [Abstract] | |
ACCOUNTS RECEIVABLE | 4. ACCOUNTS RECEIVABLE Accounts receivable primarily relate to uncollected sales of custom designed motors and custom picture frames. Differences between the amounts from customers less an estimated allowance for doubtful accounts, if deemed necessary by management, and based on review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts, if any, by identifying troubled accounts and by using historical experience applied to the aging of accounts. As of December 31, 2023, and 2022 there was no allowance for doubtful accounts required. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 5. INVENTORIES As of December 31, 2023, and 2022, the Company’s inventories consist of custom designed motors and picture frames. Inventories are valued at the lower cost of the market (net realizable value). |
EQUIPMENT - NET
EQUIPMENT - NET | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
EQUIPMENT - NET | 6. EQUIPMENT - NET Equipment consists of the following as of December 31, 2023, and 2022: SCHEDULE OF EQUIPMENT-NET December 31, December 31, 2023 2022 (unaudited) (audited) Cryptocurrency miners $ 15,000 $ 15,000 Less accumulated depreciation (15,000 ) (15,000 ) Total Property and Equipment $ - $ - Equipment is stated at cost and depreciated on a straight- line basis over the assets’ estimated useful lives: computer equipment 5 0 6,000 During the quarter ended March 31, 2019, Powerdyne International, Inc. purchased several crypto currency miners and began mining certain crypto coins. This was done in an effort to enter into the crypto markets and explore other potential revenue opportunities for Powerdyne International, Inc. During the year ended December 31, 2022, Powerdyne stopped the mining of Sia coin and any crypto currency due to the lack of productivity of its crypto miners. |
INTANGIBLE ASSET _ CRYTPOCURREN
INTANGIBLE ASSET – CRYTPOCURRENCY | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSET – CRYTPOCURRENCY | 7. INTANGIBLE ASSET – CRYTPOCURRENCY The Company considers intangible assets - cryptocurrency to be revenue that has been earned, but for which no cash has been received. Intangible assets consist of crypto mined coins that are held in a digital wallet and have not been cashed out. The basis of the valuation is the market price of the Sia coins on December 31, 2023. The Company considers this to be an intangible asset under GAAP guidelines. The Company had $- 0 6,103 POWERDYNE INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and 2022 |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 8. ACCOUNTS PAYABLE AND ACCRUED EXPENSES As of December 31, 2023, and 2022, our accounts payable are primarily made up of trade payables for purchase of motor parts and picture frames. Additionally, our accounts payable and accrued liabilities will consist of other vendor invoices, amounts owed to employees and other invoices related to the Company’s advisors. |
DUE TO RELATED PARTY - CEO
DUE TO RELATED PARTY - CEO | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
DUE TO RELATED PARTY - CEO | 9. DUE TO RELATED PARTY - CEO During the year ended December 31, 2023, our CEO advanced the Company $ 15,000 69,179 238,079 223,079 |
ACQUISITION OF PRIVATE COMPANY
ACQUISITION OF PRIVATE COMPANY OWNED BY CEO | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITION OF PRIVATE COMPANY OWNED BY CEO | 10. ACQUISITION OF PRIVATE COMPANY OWNED BY CEO On March 6, 2022, pursuant to a Securities Purchase Agreement (the “SPA”), Powerdyne International, Inc. (the “Company”), acquired 100% 2,000,000 1,500,000 The Series A Preferred Stock, shall be entitled to have one thousand (1,000) votes per one (1) share Creative Motion Technology, LLC (“CM Tech”) is a small New England based motor manufacturer founded in 2004 and has been in business for over 17 years. CM Tech’s management has over 60 years of design and manufacturing expertise, specializing in the design and custom building of industrial servomotors both brush and brushless motor designs. CM Tech’s current market focus is on the niche motor demands for low volume, high-quality cost-effective motors which are primarily used in industrial robotics for the semiconductor manufacturing industry. The motors that CM Tech currently has in production primarily provide the X, Y, and Z axis articulation in factory automation robots. Included with CM Tech acquisition is Frame One, which is a custom picture framing shop located in North Reading, MA. Frame One has been in business since 2006 and brings with it a strong client base consisting of local schools, colleges, artist guilds, artists, interior decorators/designers, museums, photographers, art galleries and theaters. The foregoing description of the SPA does not purport to be complete and is qualified in its entirety by reference to the complete text of the document, which is filed as an exhibit to this report and is incorporated herein by reference. The following table summarizes the consideration transferred to acquire CM Tech and the amounts of identified assets acquired recorded at historical cost at the acquisition date and the consideration provided: SCHEDULE OF AMOUNTS OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES Cash $ 26,042 Inventory 82,588 Total Assets Acquired 108,630 Loss on acquisition of entity owned by CEO. 1,391,370 The purchase price consists of the following: Preferred Shares 1,500,000 Total Purchase Price $ 1,500,000 The historical cost of the assets acquired includes cash and inventory at approximately $ 108,630 POWERDYNE INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and 2022 10. ACQUISITION OF PRIVATE COMPANY OWNED BY CEO (Continued) Business combination related costs were expensed as incurred and consisted of various advisory, legal, accounting and other professionals approximate $ 65,000 The pro forma financial information below presents statements of operations data as if the acquisition of CM Tech took place on January 1, 2020. The audited financial information does not purport to be indicative of the Company’s combined results of operations which would actually have been obtained had the acquisition taken place on January 1, 2020, nor should it be taken as indicative of future consolidated results of operations. SCHEDULE OF STATEMENTS OF OPERATION Consolidated Consolidated For the year For the year ended ended December 31, December 31, Revenues $ 1,224,290 $ 985,613 Cost of Goods Sold 721,243 525,454 Gross profit $ 503,047 $ 460,159 Operating expenses 265,779 245,531 Net Income $ 237,268 $ 214,628 |
STOCKHOLDERS_ (DEFICIT) _ EQUIT
STOCKHOLDERS’ (DEFICIT) / EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ (DEFICIT) / EQUITY | 11. STOCKHOLDERS’ (DEFICIT) / EQUITY Preferred Stock – There are 20,000,000 0.0001 2,000,000 2,000,000 The Series A Preferred Stock, shall be entitled to have one thousand (1,000) votes per one (1) share, at each meeting of stockholders of the Corporation (or pursuant to any action by written consent) with respect to any and all matters presented to the stockholders of the Corporation for their action or consideration. The holders of Series A Preferred Stock shall vote together with the holders of Common Stock as a single class Common Stock – There are 2,000,000,000 0.0001 1,884,930,584 1,862,430,584 March 6, 2022, the Company issued 2,000,000 100% Common stock was issued by the Company for the year ended December 31, 2023, as described below and no common stock was issued by the Company for the year ended December 31, 2022. Stock issued for services. On February 27, 2023, the Company issued 7,500,000 3,000 On February 27, 2023, the Company issued 15,000,000 6,000 The Company recorded $ 9,000 22,500,000 The Company relied upon Section 4(2) and/or Regulation D of the Securities Act of 1933, as amended, for the issuance of these securities. No commissions were paid regarding the share issuance and the share certificates were issued, or “book entry”, with a Rule 144 restrictive legend. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 12. INCOME TAXES Income tax provision is summarized as follows: SCHEDULE OF INCOME TAX PROVISION 2023 2022 Year Ended December 31, 2023 2022 Current: Federal $ 17,676 $ 10,449 State 6,734 3,980 Total 24,410 14,429 Deferred: Federal - - State - - Change in valuation allowance 434,409 57,805 Net operating losses (458,819 ) (72,234 ) Income tax provision $ - $ - POWERDYNE INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and 2022 12. INCOME TAXES (Continued) The actual income tax provision differs from the “expected” tax computed by applying the Federal corporate tax rate of 21% SCHEDULE OF INCOME BEFORE INCOME TAXES 2023 2022 Year Ended December 31, 2023 2022 “Expected” income tax benefit $ 17,676 $ 49,754 State tax expense, net of Federal Benefit 6,734 3,980 Change in valuation allowance 434,409 57,805 Other - - Net operating losses (458,819 ) (111,539 ) Income tax provision $ - $ - The tax effects of temporary differences which give rise to significant portions of the deferred taxes are summarized as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2023 2022 Year Ended December 31, 2023 2022 Deferred tax assets: Inventory reserves $ - $ - Allowances for bad debts and returns - - Accrued expenses (19,301 ) (50,055 ) Asset valuation reserves - - Net operating loss carry forwards - estimated 5,396,883 4,993,228 Other - Total deferred tax assets 5,377,582 4,943,173 Valuation allowance (5,377,582 ) (4,943,173 ) Net deferred tax assets - - Deferred tax liabilities: Deferred state taxes - - Total deferred tax liabilities - - Net deferred tax assets $ - $ - As of December 31, 2023, we have an estimated $ 5,256,116 4,993,228 1,250 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 13. COMMITMENTS AND CONTINGENCIES Office Space Our corporate headquarters are in a full-service office suite located in a building in North Reading, Massachusetts, consisting of approximately 5,000 square feet of retail, manufacturing, and office space. The Company’s contractual term as of December 31, 2023, is less than twelve months. The agreement has no option for renewal and no bargain purchase option. Based on these facts and other legal terms in the rental agreement. The Company has recorded the agreement as a rental contract as its terms are effectively a month-to-month contract and can be terminated at any time. The Company pays $ 5,000 5,000 Litigation There is no pending, threatened or actual legal proceedings in which the Company or any subsidiary is a party. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) as promulgated in the United States of America. All figures are in U.S. Dollars. |
Going Concern | Going Concern Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets and raising capital. The Company has not generated significant revenues from its principal operations until March 6, 2022, with the acquisition of CM Tech that will generate between $ 1.4 2.0 5,077,401 4,993,228 The Company’s activities will necessitate significant uses of working capital beyond December 31, 2023. Additionally, the Company’s capital requirements will depend on many factors, including the success of the Company’s sales, cash flow from operations and the status of competitive products. The Company plans to continue financing its operations with cash received from financing activities, revenue from operations and or affiliate funding. While the Company strongly believes that its capital resources will be sufficient in the near term, there is no assurance that the Company’s activities will generate sufficient revenues to sustain its operations without additional capital or, if additional capital is needed, that such funds if available, will be obtainable on terms satisfactory to the Company. The accompanying audited consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. |
Principles of Consolidation | Principles of Consolidation Our consolidated financial statements include the accounts of Powerdyne International Inc and its one division and related subsidiaries. All intercompany transactions and balances between consolidated entities have been eliminated. The Company has the following wholly owned subsidiaries: Creative Motion Technology, LLC and Frame One, LLC. |
Reclassifications | Reclassifications Certain amounts in the prior period have been reclassified to conform to the current period presentation. These reclassifications have no material effect on the reported financial results. POWERDYNE INTERNATIONAL, INC. December 31, 2023, and 2021 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2023, and 2022, respectively. |
Allowances for Sales Returns and Doubtful Accounts | Allowances for Sales Returns and Doubtful Accounts Sales Returns - We may, on a case-by-case basis, accept returns of products from our customers, without restocking charges, when they can demonstrate an acceptable cause for the return. Doubtful Accounts - Management analysis its accounts receivable in accordance with ASC 326 are their “expected losses” in their portfolio of customers. The Company has a direct and long-term relationship with all of its customers. The Company reviews each customer on a quarterly basis. Historically, the Company has not incurred any significant bad debt expenses. Therefore, based on historical results and our current analysis the Company does not expect any losses to the December 31, 2023 as no losses are expected to be incurred. The Company operates in the manufacturing and retail industry and its accounts receivable are primarily derived from retail and wholesale customers; the Company recognizes an expected allowance for credit losses. In addition, also at each reporting date, this estimate is updated to reflect any changes in credit risk since the receivable was initially which could exist in circumstances where amounts are considered at risk or uncollectible. The allowance estimate is derived from a review of the Company’s historical losses based on the ageing of receivables. This estimate is adjusted for management’s assessment of current conditions, in which to calculate the expected allowance for credit losses. The Company’s customer base has remained constant since inception. The Company expects across all pools of accounts receivable that there are no changes in credit losses for 2023 and maintains a zero balance for 2023 and for 2022. The Company does not expect its credit loss reserve to change in the next twelve months. The Company sometimes receives cash deposits in advance of manufacturing and shipping its products. As of December 31, 2023, there is $ 3,658 10,231 |
Inventory | Inventory Inventory, consisting principally of products held for sale, is stated at the lower of cost, using the first-in, first-out method, and net realizable value. The amount presented in the accompanying consolidated balance sheet has no valuation allowance. We regularly evaluate our inventory to identify costs in excess of the lower of cost and net realizable value, slow-moving inventory and potential obsolescence. |
Equipment | Equipment Equipment is stated at cost. Capital expenditure for improvements and upgrades to existing equipment are also capitalized. Maintenance and repairs are expensed as incurred. The computer equipment is depreciated over 5 0 6,000 |
Intangible Assets and Goodwill | Intangible Assets and Goodwill We account for intangible assets and goodwill in accordance with ASC 350 “Intangibles-Goodwill and Other” 10 20 We assess our intangible assets in accordance with ASC 360 “ Property, Plant, and Equipment The Company had disposed of all its crypto currencies in the second quarter of 2023. The Company immediately closed its crypto-currency account and / or wallet. |
Long-Lived Assets | Long-Lived Assets In accordance with ASC 360, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. POWERDYNE INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and 2022 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Long-Lived Assets (Continued) When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. The Company’s management currently believes there is no impairment of its long-lived assets since they are fully amortized and / or disposed of. There can be no assurance, however, that market conditions will not change or demand for the Company’s products under development will continue. Either of these could result in future impairment of long-lived assets, if the Company acquires any long-lived assets. |
Business Combinations | Business Combinations We apply the provisions of ASC 805, Business Combinations (ASC 805), in accounting for our acquisitions. ASC 805 requires that we evaluate whether a transaction pertains to an acquisition of assets, or to an acquisition of a business. A business is defined as an integrated set of assets and activities that is capable of being conducted and managed for the purpose of providing a return to investors. Asset acquisitions are accounted for by allocating the cost of the acquisition to the individual assets and liabilities assumed on a relative fair value basis; whereas the acquisition of a business requires us to recognize separately from goodwill the assets acquired, and the liabilities assumed at the acquisition date fair values. Goodwill as of the business acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the business acquisition date as well as any contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the business acquisition date, we record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of a business acquisition’s measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of operations. In addition, uncertain tax positions and tax related valuation allowances assumed in a business combination are initially estimated as of the acquisition date. We reevaluate these items quarterly based upon facts and circumstances that existed as of the business acquisition date with any adjustments to our preliminary estimates being recorded to goodwill if identified within the measurement period. Subsequent to the measurement period or our final determination of the tax allowances or contingency’s estimated value, whichever comes first, changes to these uncertain tax positions and tax related valuation allowances will affect our provision for income taxes in our consolidated statement of operations and could have a material impact on our results of operations and financial position. |
Advertising Expenses | Advertising Expenses The Company records advertising expenses per ASC 720-35-50-1 which they are expensed as they are incurred or the first time when the advertising takes place. During the years ended December 31, 2023, and 2022, there were no |
Shipping Activities | Shipping Activities Outbound shipping charges to customers are included in “Product revenue”. Outbound shipping-related costs are included in “Cost of products sold”. |
Stock-Based Compensation | Stock-Based Compensation Share-based compensation is accounted for based on the requirements of ASC 718, “Compensation-Stock Compensation’ (“ASC 718”) which requires recognition in the financial statements of the cost of employee, consultant, or director services received in exchange for an award of equity instruments over the period the employee, consultant, or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee, consultant, or director services received in exchange for an award based on the grant-date fair value of the award. |
Income Taxes | Income Taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC 740, Income Taxes (“ASC 740”), which clarifies the accounting and disclosure for uncertainty in tax positions, as defined, seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. We adopted the provisions of ASC 740 as of January 1, 2007, and have analyzed filing positions in each of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions. We have identified the U.S. federal, Rhode, Island and Massachusetts as our “major” tax jurisdictions. With limited exceptions, we remain subject to Internal Revenue Service (“IRS”) examination of our income tax returns filed within the last three (3) years, and to Massachusetts Department of Revenue examination of our income tax returns filed within the last four (4) years. However, we have certain tax attribute carryforwards which will remain subject to review and adjustment by the relevant tax authorities until the statute of limitations closes with respect to the year in which such attributes are utilized. We believe that our income tax filing positions and deductions will be sustained in the audit and do not anticipate any adjustments that will result in a material change to our financial position. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC 740. Our policy for recording interest and penalties associated with income-based tax audits is to record such items as a component of income taxes. POWERDYNE INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and 2022 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Financial Instruments | Financial Instruments The Company follows Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value, and expands disclosure about such fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2: Applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3: Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments consisted of cash, accounts receivable, intangible assets – cryptocurrency, accounts payable and accrued expenses, advance deposit, due to related party – CEO and sales tax payable. The estimated fair value of these financial instruments approximates its carrying amount based on the short-term maturity of these instruments. |
Other Comprehensive Income | Other Comprehensive Income The Company has analyzed paragraphs ASC 220-10-45-1 to ASC 220-10-45-10B and none of the items recorded in the income statement would qualify as Other Comprehensive Income. POWERDYNE INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and 2022 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Loss per Common Share | Loss per Common Share Basic loss per common share excludes dilutive securities and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. As of December 31, 2023, and December 31, 2022, there were no 2,000,000 The following table represents the computation of basic and diluted losses per share: Net loss per share is based upon the weighted average shares of common stock outstanding. SCHEDULE OF COMPUTATION OF BASIC AND DILUTED INCOME (LOSS) PER SHARE Year ended Year ended Loss available for common shareholder $ (84,173 ) $ (1,342,016 ) Basic and fully diluted loss per share $ (0.00 ) $ (0.00 ) Weighted average common shares outstanding - basic and diluted 1,881,355,242 1,862,430,584 |
Use of Estimates and Assumptions | Use of Estimates and Assumptions Our management has made several estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from those estimates. POWERDYNE INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and 2022 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) |
Recent Accounting Guidance Not Yet Adopted | Recent Accounting Guidance Not Yet Adopted None |
Recent Accounting Guidance Adopted | Recent Accounting Guidance Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which introduces a new approach to estimate credit losses on certain types of financial instruments based on expected losses instead of incurred losses. It also modified the impairment model for available-for-sale debt securities and provided a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU No. 2016-13 is effective for smaller reporting companies for fiscal years beginning after December 15, 2021, and the interim periods within those fiscal years. Early adoption is permitted. The Company has adopted this new accounting standard on its consolidated financial statements and related disclosures; however, adoption of this ASU has had no material impact on the Company’s financial statements. In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes” “Income Taxes” In August 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-08, “Clarifies Accounting for Contract Assets and Contract Liabilities in a Business Combination”. The pronouncement requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue recognition guidance as if the acquirer had originated the contract. That is such acquired contracts will not be measured at fair value. ASU 2021-08 will be effective in fiscal years starting after December 15, 2022. Early adoption is permitted. The adoption of this standard did not have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial position or consolidated results of operations. Lease Accounting For contracts entered into on or after October 1, 2019, the Company assesses at contract inception whether the contract is, or contains, a lease. Generally, it determines that a lease exists when (i) the contract involves the use of a distinct identified asset, (ii) obtains the right to substantially all economic benefits from use of the asset and (iii) it has the right to direct the use of the asset. At the lease commencement date, the Company recognizes a right-of-use asset and a lease liability for all leases, except short-term leases with an original term of 12 months or less. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any prepayments to the lessor and initial direct costs, such as brokerage commissions, less any lease incentives received. All right-of-use assets are periodically reviewed for impairment in accordance with standards that apply to long-lived assets. The lease liability is initially measured at the present value of the lease payments, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with the same term as the underlying lease. The incremental borrowing rates used for the initial measurement of lease liabilities as of October 1, 2019, were based on the original lease terms. Lease payments included in the measurement of lease liabilities consist of (i) fixed lease payments for the noncancelable lease term, (ii) fixed lease payments for optional renewal periods where it is reasonably certain the renewal option will be exercised, and (iii) variable lease payments that depend on an underlying index or rate, based on the index or rate in effect at lease commencement. Certain of the Company’s real estate lease agreements require variable lease payments that do not depend on an underlying index or rate, such as sales and value-added taxes, the Company’s proportionate share of actual property taxes, insurance, common area maintenance, and utilities. The Company has elected an accounting policy, as permitted by ASC 842, not to account for such payments as part of related lease payments. Consequently, such payments are recognized as operating expenses when incurred. Lease expense for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Amortization of the right-of-use asset for operating leases reflects amortization of the lease liability, any differences between straight-line expense and related lease payments during the accounting period, and any impairments. Finance lease payments are allocated between a reduction of the lease liability and interest expense, and the related asset is depreciated as described under “Equipment” above. |
Revenue Recognition | Revenue Recognition Sia coin is the only crypto coin that Powerdyne has mined. The coins were held in the Company’s Sia coin digital wallet. When coins were exchanged for USD, they were then transferred to the Company’s exchange wallet that was held at a US based crypto exchange which provides support for two-factor authentication. We also had wallet password management, and offsite backups. The coins were held in anticipation of future price appreciation as crypto currencies become more widely accepted, but some coins were exchanged for USD on an as needed basis. The Company also realized there was no guarantee the coins would appreciate in value. Revenue was recognized on the last date of the quarter based on the market price of the Sia coin at that date times the number of coins in the wallet. The Company no longer is in the business of producing Sia coins. As of March 6, 2022, with the acquisition of CM Tech, we recognize revenue from contracts with customers in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). Revenue is recognized at the point at which control of the underlying products are transferred to the customer. Satisfaction of our performance obligations occurs upon the transfer of control of products from our facilities. We consider customer purchase orders to be the contracts with a customer. All revenue is generated from contracts with customers. |
Major Customers and Concentration of Credit Risk | Major Customers and Concentration of Credit Risk The Company has two major customers, which account for approximately 66 66 30 22 Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company places its cash with high quality banking institutions. From time to time, the Company may maintain cash balances at certain institutions in excess of the Federal Deposit Insurance Corporation limit of $250,000. The Company has not incurred any loss from this risk, nor does it expect it to. The Company’s revenues from product sales and accounts receivable have no material or significant concentration in anyone or a multitude of customers and all receivables are expected to be collected. |
Segment Reporting | Segment Reporting ASC Topic 280, “ Segment Reporting We primarily service the Original Equipment Manufacturers (OEM’s) in the semiconductor market by supplying custom designed motors for the robotics used in semiconductor manufacturing equipment. We also provide custom picture framing under Frame One. We consider both businesses to operate as their own business for reporting purposes. We provide cost-effective value-added turn-key solutions to our clients’ drives and articulation needs. POWERDYNE INTERNATIONAL, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2023, and 2022 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Market We service the Global Semiconductor Equipment Manufacture’s our Sales to International customers were 32 36 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED INCOME (LOSS) PER SHARE | Net loss per share is based upon the weighted average shares of common stock outstanding. SCHEDULE OF COMPUTATION OF BASIC AND DILUTED INCOME (LOSS) PER SHARE Year ended Year ended Loss available for common shareholder $ (84,173 ) $ (1,342,016 ) Basic and fully diluted loss per share $ (0.00 ) $ (0.00 ) Weighted average common shares outstanding - basic and diluted 1,881,355,242 1,862,430,584 |
EQUIPMENT - NET (Tables)
EQUIPMENT - NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF EQUIPMENT-NET | Equipment consists of the following as of December 31, 2023, and 2022: SCHEDULE OF EQUIPMENT-NET December 31, December 31, 2023 2022 (unaudited) (audited) Cryptocurrency miners $ 15,000 $ 15,000 Less accumulated depreciation (15,000 ) (15,000 ) Total Property and Equipment $ - $ - |
ACQUISITION OF PRIVATE COMPAN_2
ACQUISITION OF PRIVATE COMPANY OWNED BY CEO (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
SCHEDULE OF AMOUNTS OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES | The following table summarizes the consideration transferred to acquire CM Tech and the amounts of identified assets acquired recorded at historical cost at the acquisition date and the consideration provided: SCHEDULE OF AMOUNTS OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES Cash $ 26,042 Inventory 82,588 Total Assets Acquired 108,630 Loss on acquisition of entity owned by CEO. 1,391,370 The purchase price consists of the following: Preferred Shares 1,500,000 Total Purchase Price $ 1,500,000 |
SCHEDULE OF STATEMENTS OF OPERATION | The pro forma financial information below presents statements of operations data as if the acquisition of CM Tech took place on January 1, 2020. The audited financial information does not purport to be indicative of the Company’s combined results of operations which would actually have been obtained had the acquisition taken place on January 1, 2020, nor should it be taken as indicative of future consolidated results of operations. SCHEDULE OF STATEMENTS OF OPERATION Consolidated Consolidated For the year For the year ended ended December 31, December 31, Revenues $ 1,224,290 $ 985,613 Cost of Goods Sold 721,243 525,454 Gross profit $ 503,047 $ 460,159 Operating expenses 265,779 245,531 Net Income $ 237,268 $ 214,628 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME TAX PROVISION | Income tax provision is summarized as follows: SCHEDULE OF INCOME TAX PROVISION 2023 2022 Year Ended December 31, 2023 2022 Current: Federal $ 17,676 $ 10,449 State 6,734 3,980 Total 24,410 14,429 Deferred: Federal - - State - - Change in valuation allowance 434,409 57,805 Net operating losses (458,819 ) (72,234 ) Income tax provision $ - $ - |
SCHEDULE OF INCOME BEFORE INCOME TAXES | The actual income tax provision differs from the “expected” tax computed by applying the Federal corporate tax rate of 21% SCHEDULE OF INCOME BEFORE INCOME TAXES 2023 2022 Year Ended December 31, 2023 2022 “Expected” income tax benefit $ 17,676 $ 49,754 State tax expense, net of Federal Benefit 6,734 3,980 Change in valuation allowance 434,409 57,805 Other - - Net operating losses (458,819 ) (111,539 ) Income tax provision $ - $ - |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The tax effects of temporary differences which give rise to significant portions of the deferred taxes are summarized as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2023 2022 Year Ended December 31, 2023 2022 Deferred tax assets: Inventory reserves $ - $ - Allowances for bad debts and returns - - Accrued expenses (19,301 ) (50,055 ) Asset valuation reserves - - Net operating loss carry forwards - estimated 5,396,883 4,993,228 Other - Total deferred tax assets 5,377,582 4,943,173 Valuation allowance (5,377,582 ) (4,943,173 ) Net deferred tax assets - - Deferred tax liabilities: Deferred state taxes - - Total deferred tax liabilities - - Net deferred tax assets $ - $ - |
ORGANIZATION (Details Narrative
ORGANIZATION (Details Narrative) - USD ($) | Mar. 06, 2022 | Jan. 26, 2015 | Dec. 13, 2010 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2014 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Common stock, shares authorized | 2,000,000,000 | 300,000,000 | 2,000,000,000 | 2,000,000,000 | 550,000,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Capital stock authorized | 2,020,000,000 | |||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | |||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Series A Preferred Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Purchase price, shares | 2,000,000 | |||||
Purchase price, value | $ 1,500,000 | |||||
Convertible preferred stock | 1,000 | |||||
Fixed price | $ 0.0001 | |||||
Series A Preferred Stock [Member] | Securities Purchase Agreement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock, shares | 2,000,000 | |||||
Powerdyne Inc [Member] | Common Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Number of shares exchanged for right | 7,520 | |||||
Number of shares issued | 188,000,000 |
REVERSE MERGER ACCOUNTING (Deta
REVERSE MERGER ACCOUNTING (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 06, 2022 | |
Business Acquisition [Line Items] | |||
Loss on related party acquisition | $ 1,391,370 | ||
Creative Motion Technology, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Ownership percentage | 100% | ||
Loss on related party acquisition | $ 1,391,370 |
SCHEDULE OF COMPUTATION OF BASI
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED INCOME (LOSS) PER SHARE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Loss available for common shareholder | $ (84,173) | $ (1,342,016) |
Basic loss per share | $ 0 | $ 0 |
Diluted loss per share | $ 0 | $ 0 |
Weighted average common shares outstanding - basic | 1,881,355,242 | 1,862,430,584 |
Weighted average common shares outstanding - diluted | 1,881,355,242 | 1,862,430,584 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | ||
Mar. 06, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Product Information [Line Items] | |||
Accumulated deficit | $ 5,077,401 | $ 4,993,228 | |
Advance deposits | 3,658 | 10,231 | |
Depreciation expense | 0 | 6,000 | |
Advertising expense | $ 0 | $ 0 | |
Dilutive securities | 0 | 0 | |
Preferred stock, shares outstanding | 2,000,000 | 2,000,000 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Service [Member] | |||
Product Information [Line Items] | |||
Total sales percentage | 32% | 36% | |
Two Major Customers [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Product Information [Line Items] | |||
Total sales percentage | 66% | 66% | |
Two Major Customers [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Product Information [Line Items] | |||
Total sales percentage | 30% | 22% | |
Series A Preferred Stock [Member] | |||
Product Information [Line Items] | |||
Preferred stock, shares outstanding | 2,000,000 | ||
Computer Equipment [Member] | |||
Product Information [Line Items] | |||
Estimated useful life | 5 years | ||
Minimum [Member] | |||
Product Information [Line Items] | |||
Intangible asset, useful life | 10 years | ||
Maximum [Member] | |||
Product Information [Line Items] | |||
Intangible asset, useful life | 20 years | ||
Creative Motion Technology, LLC [Member] | Minimum [Member] | |||
Product Information [Line Items] | |||
Revenues | $ 1,400,000 | ||
Creative Motion Technology, LLC [Member] | Maximum [Member] | |||
Product Information [Line Items] | |||
Revenues | $ 2,000,000 |
SCHEDULE OF EQUIPMENT-NET (Deta
SCHEDULE OF EQUIPMENT-NET (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Cryptocurrency miners | $ 15,000 | $ 15,000 |
Less accumulated depreciation | (15,000) | (15,000) |
Total equipment |
EQUIPMENT - NET (Details Narrat
EQUIPMENT - NET (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expenses | $ 0 | $ 6,000 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years |
INTANGIBLE ASSET _ CRYTPOCURR_2
INTANGIBLE ASSET – CRYTPOCURRENCY (Details Narrative) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible assets | $ 6,103 |
DUE TO RELATED PARTY - CEO (Det
DUE TO RELATED PARTY - CEO (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||
CEO advanced amount | $ 15,000 | $ 69,179 |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related party - CEO | $ 238,079 | $ 223,079 |
SCHEDULE OF AMOUNTS OF IDENTIFI
SCHEDULE OF AMOUNTS OF IDENTIFIED ASSETS ACQUIRED AND LIABILITIES (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Business Combination and Asset Acquisition [Abstract] | |
Cash | $ 26,042 |
Inventory | 82,588 |
Total Assets Acquired | 108,630 |
Loss on acquisition of entity owned by CEO. | 1,391,370 |
Preferred Shares | 1,500,000 |
Total Purchase Price | $ 1,500,000 |
SCHEDULE OF STATEMENTS OF OPERA
SCHEDULE OF STATEMENTS OF OPERATION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Combination and Asset Acquisition [Abstract] | ||
Revenues | $ 1,224,290 | $ 985,613 |
Cost of Goods Sold | 721,243 | 525,454 |
Gross profit | 503,047 | 460,159 |
Operating expenses | 265,779 | 245,531 |
Net Income | $ 237,268 | $ 214,628 |
ACQUISITION OF PRIVATE COMPAN_3
ACQUISITION OF PRIVATE COMPANY OWNED BY CEO (Details Narrative) - USD ($) | 12 Months Ended | ||
Mar. 06, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | |||
Assets acquired cash and inventory | $ 108,630 | ||
Business combination related costs | $ 65,000 | ||
Series A Preferred Stock [Member] | |||
Business Acquisition [Line Items] | |||
Preferred stock voting rights | The Series A Preferred Stock, shall be entitled to have one thousand (1,000) votes per one (1) share | The Series A Preferred Stock, shall be entitled to have one thousand (1,000) votes per one (1) share, at each meeting of stockholders of the Corporation (or pursuant to any action by written consent) with respect to any and all matters presented to the stockholders of the Corporation for their action or consideration. The holders of Series A Preferred Stock shall vote together with the holders of Common Stock as a single class | |
Securities Purchase Agreement [Member] | Series A Preferred Stock [Member] | Creative Motion Technology, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Number of shares issued | 2,000,000 | ||
Number of shares issued, value | $ 1,500,000 | ||
Securities Purchase Agreement [Member] | Creative Motion Technology, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Equity Method Investment, Ownership Percentage | 100% |
STOCKHOLDERS_ (DEFICIT) _ EQU_2
STOCKHOLDERS’ (DEFICIT) / EQUITY (Details Narrative) - USD ($) | 12 Months Ended | ||||||
Feb. 27, 2023 | Mar. 06, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 26, 2015 | Dec. 31, 2014 | Dec. 13, 2010 | |
Class of Stock [Line Items] | |||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Preferred stock, shares issued | 2,000,000 | 2,000,000 | |||||
Preferred stock, shares outstanding | 2,000,000 | 2,000,000 | |||||
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 550,000,000 | 300,000,000 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common stock, shares issued | 1,884,930,584 | 1,862,430,584 | |||||
Common stock, shares outstanding | 1,884,930,584 | 1,862,430,584 | |||||
Accounting service, value | $ 9,000 | ||||||
Issuance of stock and warrants for services or claims | $ 9,000 | ||||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of shares issued for services | 22,500,000 | ||||||
Accounting service, value | $ 2,250 | ||||||
Accounting Services [Member] | Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of shares issued for services | 7,500,000 | ||||||
Accounting service, value | $ 3,000 | ||||||
Legal Services [Member] | Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of shares issued for services | 15,000,000 | ||||||
Accounting service, value | $ 6,000 | ||||||
Securities Purchase Agreement [Member] | Creative Motion Technology, LLC [Member] | |||||||
Class of Stock [Line Items] | |||||||
Equity method investment, ownership percentage | 100% | ||||||
Series A Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares outstanding | 2,000,000 | ||||||
Preferred stock voting rights | The Series A Preferred Stock, shall be entitled to have one thousand (1,000) votes per one (1) share | The Series A Preferred Stock, shall be entitled to have one thousand (1,000) votes per one (1) share, at each meeting of stockholders of the Corporation (or pursuant to any action by written consent) with respect to any and all matters presented to the stockholders of the Corporation for their action or consideration. The holders of Series A Preferred Stock shall vote together with the holders of Common Stock as a single class | |||||
Common Class A [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||
Common stock, shares issued | 1,884,930,584 | 1,862,430,584 | |||||
Common stock, shares outstanding | 1,884,930,584 | 1,862,430,584 | |||||
Chief Executive Officer [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares issued | 2,000,000 | 2,000,000 |
SCHEDULE OF INCOME TAX PROVISIO
SCHEDULE OF INCOME TAX PROVISION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current: | ||
Federal | $ 17,676 | $ 10,449 |
State | 6,734 | 3,980 |
Total | 24,410 | 14,429 |
Deferred: | ||
Federal | ||
State | ||
Change in valuation allowance | 434,409 | 57,805 |
Net operating losses | (458,819) | (72,234) |
Income tax provision |
SCHEDULE OF INCOME BEFORE INCOM
SCHEDULE OF INCOME BEFORE INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
“Expected” income tax benefit | $ 17,676 | $ 49,754 |
State tax expense, net of Federal Benefit | 6,734 | 3,980 |
Change in valuation allowance | 434,409 | 57,805 |
Other | ||
Net operating losses | (458,819) | (111,539) |
Income tax provision |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Inventory reserves | ||
Allowances for bad debts and returns | ||
Accrued expenses | (19,301) | (50,055) |
Asset valuation reserves | ||
Net operating loss carry forwards - estimated | 5,396,883 | 4,993,228 |
Other | ||
Total deferred tax assets | 5,377,582 | 4,943,173 |
Valuation allowance | (5,377,582) | (4,943,173) |
Net deferred tax assets | ||
Deferred state taxes | ||
Total deferred tax liabilities | ||
Net deferred tax assets |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Federal corporate tax rate | 21% | |
Deferred tax assets operating loss carryforwards | $ 5,256,116 | $ 4,993,228 |
Income tax paid | $ 1,250 | $ 1,250 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 USD ($) ft² | |
Commitments and Contingencies Disclosure [Abstract] | |
Area of Land | ft² | 5,000 |
Payments for rent | $ 5,000 |
Other Expenses | $ 5,000 |