Powerdyne International Files Q2 2024 10-Q

TL;DR

Powerdyne Intl 10-Q filed. Financials for Q2 ending June 30, 2024, are in.

AI Summary

Powerdyne International, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial figures and balance sheet information are presented, reflecting the company's status as of June 30, 2024, and comparative periods.

Why It Matters

This filing provides investors and analysts with the latest financial health and performance data for Powerdyne International, Inc., crucial for understanding its current standing and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information without immediate, significant new risks or disclosures.

Key Numbers

• 2024-06-30 — Period End Date (Financial reporting period)
• 2023-12-31 — Previous Year End Date (Comparative balance sheet data)
• 2023-06-30 — Prior Year Q2 End Date (Comparative income statement data)

Key Players & Entities

• POWERDYNE INTERNATIONAL, INC. (company) — Filer
• 0001435617 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240813 (date) — Filing Date
• 45 MAIN STREET, NORTH READING, MA 01864 (address) — Business Address

FAQ

Filing Documents

• form10-q.htm (10-Q) — 546KB
• ex31-1.htm (EX-31.1) — 11KB
• ex32-1.htm (EX-32.1) — 7KB
• 0001493152-24-031560.txt ( ) — 3347KB
• pwdy-20240630.xsd (EX-101.SCH) — 22KB
• pwdy-20240630_cal.xml (EX-101.CAL) — 35KB
• pwdy-20240630_def.xml (EX-101.DEF) — 125KB
• pwdy-20240630_lab.xml (EX-101.LAB) — 209KB
• pwdy-20240630_pre.xml (EX-101.PRE) — 184KB
• form10-q_htm.xml (XML) — 433KB

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. 22

Controls and Procedures

Item 4. Controls and Procedures 22 PART II.

Legal Proceedings

Item 1. Legal Proceedings. 23

Risk Factors

Item 1A. Risk Factors. 23

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 23

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 23

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 23

Other Information

Item 5. Other Information. 23

Exhibits

Item 6. Exhibits. 23 EXHIBIT INDEX 23

SIGNATURES

SIGNATURES 24 2 POWERDYNE INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEET June 30, 2024 December 31, 2023 (audited) ASSETS Current Assets: Cash $ 66,773 $ 84,004 Trade accounts receivable 78,821 70,884 Inventories 49,970 77,124 Loan origination fees 11,700 - Total current assets 207,264 232,013 Property and Equipment Cryptocurrency miners 15,000 15,000 Less: accumulated depreciation ( 15,000 ) ( 15,000 ) Total property and equipment - - Total Assets $ 207,264 $ 232,013 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses 52,642 62,567 Advance deposits 7,159 3,658 Due to related party - CEO 238,079 238,079 Sales tax payable 1,779 1,765 Short term loan payable 61,200 - Line of credit 39,500 - Total Current Liabilities 400,359 306,069 Stockholders' Deficit: Preferred stock, $ 0.0001 par value, 20,000,000 shares authorized, 2,000,000 shares issued and outstanding as of June 30, 2024, and December 31, 2023, respectively. 200 200 Common stock, $ 0.0001 par value, 2,000,000,000 shares authorized, 1,884,930,584 shares issued and outstanding as of June 30, 2024, and December 31, 2023, respectively. 188,493 188,493 Additional paid-in capital 4,814,651 4,814,651 Accumulated deficit ( 5,196,439 ) ( 5,077,401 ) Total Stockholders' Deficit ( 193,095 ) ( 74,056 ) Total Liabilities and Stockholders' Deficit $ 207,264 $ 232,013 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 For the three For the six For the six months ended months ended months ended months ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenues $ 317,529 $ 285,224 $ 593,268 $ 734,598 Cost of revenues 223,178 242,956 438,429 545,680 Gross profit

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

View Full Filing

View this 10-Q filing on SEC EDGAR