Powerdyne International Files Q1 2024 10-Q

TL;DR

**POWERDYNE Q1 2024 10-Q FILED - CHECK FINANCIALS**

AI Summary

Powerdyne International, Inc. filed its 10-Q for the period ending March 31, 2024. The filing details financial performance and operational updates for the first quarter of 2024. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with the latest financial health and operational status of Powerdyne International, Inc., crucial for making informed investment decisions.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal significant positive or negative trends, impacting the company's stock.

Key Players & Entities

• POWERDYNE INTERNATIONAL, INC. (company) — Filer of the 10-Q
• 20240331 (date) — End of reporting period
• 20240521 (date) — Filing date
• Greenmark Acquisition CORP (company) — Former company name
• Greenlight Acquisition CORP (company) — Former company name

FAQ

Filing Documents

• form10-q.htm (10-Q) — 472KB
• ex31-1.htm (EX-31.1) — 10KB
• ex32-1.htm (EX-32.1) — 7KB
• 0001493152-24-020830.txt ( ) — 2933KB
• pwdy-20240331.xsd (EX-101.SCH) — 20KB
• pwdy-20240331_cal.xml (EX-101.CAL) — 33KB
• pwdy-20240331_def.xml (EX-101.DEF) — 81KB
• pwdy-20240331_lab.xml (EX-101.LAB) — 192KB
• pwdy-20240331_pre.xml (EX-101.PRE) — 157KB
• form10-q_htm.xml (XML) — 377KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risks

Item 3. Quantitative and Qualitative Disclosures About Market Risks. 21

Controls and Procedures

Item 4. Controls and Procedures 21 PART II.

Legal Proceedings

Item 1. Legal Proceedings. 22

Risk Factors

Item 1A. Risk Factors. 22

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 22

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 22

Other Information

Item 5. Other Information. 22

Exhibits

Item 6. Exhibits. 22 EXHIBIT INDEX 22

SIGNATURES

SIGNATURES 23 2 POWERDYNE INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 ASSETS Current Assets: Cash $ 94,780 $ 84,004 Trade accounts receivable 68,107 70,884 Inventories 71,396 77,124 Loan origination fees 11,700 - Total current assets 245,983 232,013 Equipment Cryptocurrency miners 15,000 15,000 Less: accumulated depreciation ( 15,000 ) ( 15,000 ) Total equipment - - Total Assets $ 245,983 $ 232,013 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 99,116 $ 62,568 Advance deposits 6,312 3,658 Due to related party - CEO 238,079 238,079 Sales tax payable 2,035 1,765 Short term loan payable 70,200 - Total Current Liabilities 415,742 306,070 Commitments and contingencies - - Stockholders' Deficit: Preferred stock, $ 0.0001 par value, 20,000,000 shares authorized, 2,000,000 shares issued and outstanding as of March 31, 2024, and December 31, 2023 200 200 Common stock, $ 0.0001 par value, 2,000,000,000 shares authorized, 1,884,930,584 shares issued and outstanding as of March 31, 2024, and December 31, 2023 188,493 188,493 Additional paid-in-capital 4,814,651 4,814,651 Accumulated deficit ( 5,173,103 ) ( 5,077,401 ) Total Stockholders' Deficit ( 169,759 ) ( 74,058 ) Total Liabilities and Stockholders' Deficit $ 245,983 $ 232,012 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 POWERDYNE INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the three months ending For the three months ending March 31, 2024 March 31, 2023 Revenues $ 275,739 $ 450,274 Cost of revenues 215,251 302,723 Gross profit 60,488 147,551 Operating expenses 156,189 150,731 Loss from operations and before income taxes ( 95,702 ) ( 3,180 ) Income tax expense - - Net loss $ ( 95

Business

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 adjust

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