10-Q/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A (Amendment No. 1)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended June 30, 2022
	Or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from _______ to _____
Commission file number:  000-56022
Mycotopia Therapies, Inc.
(Exact name of registrant as specified in its charter)
Nevada			87-0645794
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
100 SE 2nd Street, Suite 2000, Miami, FL 33131
(Address of principal executive offices, including zip code)
954-233-3511
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class		Trading Symbol(s)	Name of each exchange on which registered
N/A		N/A	N/A
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, Par Value $0.001
(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  ¨ Yes  x No

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Indicate by check mark if the registrant is not required to file reports pursuant to the Section 13 or Section 15(d) of the Exchange Act. ¨ Yes  x No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes  ¨No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
	Large accelerated filer ¨	Accelerated filer ¨
	Non-accelerated Filer x	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  No

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  ☐Yes xNo

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. As of August 5, 2022, we had 14,554,095 shares of common stock outstanding.

EXPLANATORY NOTE

Mycotopia Therapies, Inc. (the “Company”) filed its Quarterly Report on Form 10-Q for the six months ended June 30, 2022, with the Securities and Exchange Commission (“SEC”) on August 11, 2022 (the “Original Form 10-Q”). This Amendment No. 1 on Form 10-Q/A is being filed to reflect the restatement of accrue expenses – related party, common stock, additional paid-in capital, general and administrative expense, net loss, and net loss per share (the “Restatement”) in the consolidated balance sheet and statement of operations for the three and six months ended June 30, 2022.

The Restatement is due to the Company performing an evaluation of its accounting in connection with the employment agreement entered into between Mycotopia Therapies, Inc. (“Mycotopia”) and Ben Kaplan, the Company’s CEO. Management determined that the does not give effect to $432,000 cash compensation owed through June 30, 2022 and the issuance of a warrant (the “Warrant”) to purchase shares 5% of the fully diluted common stock outstanding of Mycotopia. The cash compensation and Warrant was granted to the Chief Executive Officer of the Company pursuant to his consulting agreement with Mycotopia entered into on November 17, 2021. On April 25, 2023, management concluded its evaluation and determined that the identified errors require the filing of Amendment No. 1, as further discussed in Notes 1 and 4 to the consolidated financial statements included in this Form 10-Q/A.

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Mycotopia Therapies, Inc.

Form 10-Q for the Quarter Ended June 30, 2022

TABLE OF CONTENTS

Item		Page
	Part I—Financial Information
1	Financial Statements	4
	Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (restated and unaudited)	4
	Condensed Consolidated Statements of Operations for the Six Months Ended June 30, 2022 and 2021 ( restated and unaudited)	5
	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Six Months Ended June 30, 2022 and 2021 (restated and unaudited)	6
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (restated and unaudited)	7
	Notes to the Unaudited Condensed Consolidated Financial Statements	8
2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
3	Quantitative and Qualitative Disclosures about Market Risk	18
4	Controls and Procedures	18
	Part II—Other Information
6	Exhibits	19
	Signatures	20

PART I–FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MYCOTOPIA THERAPIES, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

		June 30,			December 31,
		2022			2021
		(Restated)			(Restated)
CURRENT ASSETS:
Cash	$	783,377		$	1,267,519
TOTAL CURRENT ASSETS		783,377			1,267,519
NON-CURRENT ASSETS
Property and equipment, net		1,999			2,497
TOTAL ASSETS	$	785,376		$	1,270,016
LIABILITIES, MEZZANINE EQUITY (DEFICIT) AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES:	$			$
Accounts payable and accrued expenses		84,868			121,031
Accrued expenses – related party		432,000			338,000
Accrued interest - shareholder loan		10,763			10,339
Shareholder loan		-			125,000
TOTAL CURRENT LIABILITES		527,631			594,370
Convertible Note Payable, net of debt discount		416,900			123,625
Shareholder loan payable, non-current		-			500,000
TOTAL LIABILITIES		944,531			1,217,995
MEZZANINE EQUITY (DEFICIT)
Preferred stock, $0.001 par value; 5,000,000 shares authorized, and 5,000 and 0, as of June 30, 2022, and December 31, 2021; liquidation preference of $50,000 and $0, respectively		50,000			-
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock, $0.001 par value, 100,000,000 shares authorized; 14,440,660 and 13,967,332, shares issued and outstanding, respectively.		14,440			13,966
Additional paid-in capital		6,659,820			5,205,820
Accumulated deficit		(6,883,415	)		(5,167,765	)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)		(159,155	)		52,021
TOTAL LIABILITIES, MEZZANINE EQUITY (DEFICIT) AND STOCKHOLDERS' EQUITY (DEFICIT)	$	785,376		$	1,270,016

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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MYCOTOPIA THERAPIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
	(Restated)						(Restated)
Operating Expenses	$			$			$			$
General and administrative expenses		160,611			104,896			1,282,718			112,598
Total Operating Expenses		160,611			104,896			1,282,718			112,598
Loss from operations		(160,611	)		(104,896	)		(1,282,718	)		(112,598	)
Other expense:
Interest expense		(247,602	)		-			(427,508	)		-
Interest expense – related party		(2,727	)		(2,513	)		(5,424	)		(3,051	)
Total Other (Expense) Income		(250,329)			(2,513	)		(432,932	)		(3,051	)
Net loss before provision for income taxes		(410,940	)		(107,409	)		(1,715,650	)		(115,649	)
Provision for income taxes		-			-			-			-
Net (loss) income	$	(410,940	)	$	(107,409	)	$	(1,715,650	)	$	(115,649	)
Loss per share - basic and diluted	$	(0.03	)	$	(0.01	)	$	(0.12	)	$	(0.01	)
Weighted-average common shares outstanding – basic and diluted		14,351,954			12,925,420			14,268,731			12,925,420

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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MYCOTOPIA THERAPIES, INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT) AND MEZZANINE EQUITY (DEFICIT)

(Unaudited)

	Common Stock						Preferred Stock
	Shares			Amount			Shares		Amount		Additional Paid-in Capital			Accumulated Deficit			Total Stockholders’ Equity (Deficit)
Balance as of December 31, 2021 (Restated)		-		$	-			13,967,332	$	13,966	$	5,205,820		$	(5,167,765	)	$	52,021
Stock based compensation		-			-			322,000		322		1,018,492			-			1,018,814
Sale of preferred shares in private placements		15,000			150,000			-		-		-			-			150,000
Conversion of preferred shares to common shares		(7,000	)		(70,000	)		32,920		33		69,967			-			-
Debt discount on convertible debt and warrants		-			-			-		-		250,000			-			250,000
Net loss for the three months ended March 31, 2022		-			-			-		-		-			(1,304,710	)		(1,304,710	)
Balance as of March 31, 2022 (Restated)		8,000		$	80,000			14,322,374	$	14,321	$	6,544,279		$	(6,472,475	)	$	166,125
Stock based compensation		-			-			-		-		2,015			-			2,015
Conversion of preferred shares to common shares		(3,000	)		(30,000	)		22,914		23		29,977			-			-
Conversion of convertible debt into shares of common stock		-			-			83,645		84		83,561			-			83,645
Common stock issued on cashless exercise of warrant		-			-			11,727		12		(12	)		-			-
Net loss for the three months ended June 30, 2022		-			-			-		-		-			(410,940	)		(410,940	)
Balance as of June 30, 2022 (Restated)		5,000		$	50,000			14,440,660	$	14,440	$	6,659,820		$	(6,883,415	)	$	(159,155	)

	Common Stock				Preferred Stock
	Shares		Amount		Shares		Amount		Additional Paid-in Capital		Accumulated Deficit			Total Stockholders’ Equity (Deficit)
Balance as of December 31, 2020		12,925,420	$	12,925		-	$	-	$	-	$	(29,174	)	$	(16,249	)
Net loss for the three months ended March 31, 2021												(8,240	)		(8,240	)
Balance as of March 31, 2021		12,925,420	$	12,925		-	$	-	$	-	$	(37,414	)	$	(24,489	)
Net loss for the three months ended June 30, 2021												(107,409	)		(107,409	)
Balance as of June 30, 2021		12,925,420	$	12,925		-	$	-	$	-	$	(144,823	)	$	(131,898	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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MYCOTOPIA THERAPIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	For the Period Ended June 30,
	2022			2021
	(Restated)
CASH FLOWS FROM OPERATING ACTIVITES:
Net loss	$	(1,715,650	)	$	(115,649	)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depreciation expense		498			-
Amortization of debt discount		377,204			-
Stock based compensation		1,020,829			-
Changes in operating assets and liabilities:
Increase (decrease) in accounts payable and accrued expenses		(35,017	)		15,786
Increase (decrease) in accrued expenses – related party		94,000
Accrued interest – shareholder loan payable		424			3,050
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(257,712	)		(96,813	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shareholder loan		-			500,000
Repayment of shareholder loan		(625,000	)		-
Proceeds from the issuance of preferred stock		150,000			-
Proceeds from the issuance of convertible note payable		250,000			-
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(225,000	)		500,000
CASH FLOWS FROM INVESTING ACTIVITES:
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES:		-			-
NET CHANGE IN CASH		(482,712	)		403,187
CASH AT BEGINNING OF PERIOD		1,267,519			110,747
CASH AT END OF PERIOD	$	784,807		$	513,934
Supplemental cash flow information:
Cash paid during the period:
Cash paid for interest	$	5,000		$	-
Cash paid for income taxes	$	-		$	-
NON-CASH FINACING ACTIVITIES:
Conversion of preferred to common stock	$	100,000		$	-
Debt discount on convertible note payable	$	250,000		$	-
Conversion of convertible debt in common stock	$	83,645		$	-

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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MYCOTOPIA THERAPIES, INC.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2022

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

Organization and Business Activity

Mycotopia Therapies Inc, (formerly 20/20 Global)(“the Company” or “Mycotopia”) headquarter in Florida, incorporated in the state of Nevada in January of 2020, and is a 100% wholly owned corporation of Ehave Inc, a public traded company. Mycotopia Therapies, Inc. promotes the study of psychedelics for the treatment of mental health issues and supports the creation of both natural and synthetic molecules for the development of appropriate treatments. also intends to deploy technology from its parent company, Ehave, Inc., in the collection of research and clinical data to further the study of the effects of psychedelics in the treatment of mental health issues.

On January 19, 2021, Mycotopia Therapies, Inc. acquired 75.77% of the Company’s outstanding stock and there was a change in control of the board of directors, the transaction was accounted for as a reverse merger in which Mycotopia Therapies, Inc. was deemed to be the accounting acquirer and the Company the legal acquirer. As a result of the transaction the historical consolidated financial statements of the Company are presented to reflect the acquisition retroactively in the balance sheet and statement of stockholders’ equity.

NOTE 2 - GOING CONCERN (RESTATED)

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. To date, the Company has generated no revenues, experienced negative operating cash flows and has incurred operating losses since inception. Management expects the Company to continue to fund its operations primarily through the issuance of debt or equity.

For the six months ended June 30, 2022, the Company incurred a net loss of $1,715,650, had negative cash flows from operations of $257,712 and may incur additional future losses. At June 30, 2022, the Company had total current assets of $783,377 and total current liabilities of $527,631, resulting in working capital of $257,746.

The Company’s existence is dependent upon management’s ability to develop profitable operations. Management is devoting substantially all of its efforts to developing its business and raising capital and there can be no assurance that the Company’s efforts will be successful. No assurance can be given that management’s actions will result in profitable operations or the resolution of its liquidity problems. The accompanying consolidated financial statements do not include any adjustments that might result should the Company be unable to continue as a going concern.  The ongoing COVID-19 pandemic contributes to this uncertainty.

In order to improve the Company’s liquidity, the Company’s management is actively pursuing additional equity financing through discussions with investment bankers and private investors. There can be no assurance that the Company will be successful in its effort to secure additional equity financing.

The financial statements do not include any adjustments relating to the recoverability of assets and the amount or classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Restatement of Previously Issued Financial Statements

Subsequent to the Company’s filing of its Annual Report on Form 10-Q for the six months ended June 30, 2022, with the Securities and Exchange Commission on August 11, 2022, the Company performed an evaluation of its accounting in connection with the employment agreement entered into between the Company and Ben Kaplan, the Company’s CEO. Management determined that the Original Form 10-Q does not give effect to $288,000 annual cash compensation and the issuance of a warrant (the “Warrant”) to purchase shares 5% of the fully diluted common stock outstanding of the Company. The cash compensation and Warrant was granted to the Chief Executive Officer of the Company pursuant to his consulting agreement (the “Consulting Agreement”) with the Company entered into on November 17, 2021. Management concluded on April 25, 2023 that it has identified errors in its calculation of compensation in relation to the Consulting Agreement. Accordingly, the Company restates its consolidated financial statements in this Form 10-Q/A as outlined further below and in Note 4 - Related Party Transactions.

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The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported consolidated balance sheets for the period ended June 30, 2022.

	As Reported	Adjustment	As Restated
Accrued expenses – related party	-	432,000	432,000
Total current liabilities	95,631	432,000	527,631
Total liabilities	512,531	432,000	944,531
Additional paid-in capital	4,483,567	2,176,253	6,659,820
Accumulated deficit	(4,275,163)	(2,608,252)	(6,883,415)
Total stockholders’ equity	272,845	(432,000)	(159,155)

The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported consolidated statements of operations for the three months ended June 30, 2022.

	As Reported		Adjustment		As Restated
General and administrative		86,596		74,015		160,611
Total operating expenses		86,596		74,015		160,611
Loss from operations		(86,596)		(74,015)		(160,611)
Net loss before provision from income taxes		(336,925)		(74,015)		(410,940)
Net loss		(336,925)		(74,015)		(410,940)
Basic and diluted loss per share		(0.02)		(0.01)		(0.03)

The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported consolidated statements of operations for the six months ended June 30, 2022.

	As Reported		Adjustment		As Restated
General and administrative		992,327		290,391		1,282,718
Total operating expenses		992,327		290,391		1,282,718
Loss from operations		(992,327)		(290,391)		(1,282,718)
Net loss before provision from income taxes		(1,425,259)		(290,391)		(1,715,650)
Net loss		(1,425,259)		(290,391)		(1,715,650)
Basic and diluted loss per share		(0.10)		(0.02)		(0.12)

Additionally, please refer to Note 4. – Related Party Transactions, where the Company has included additional disclosure related to the CEO’s consulting agreement with the Company.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its wholly owned subsidiary, Mycotopia Therapies Inc., a Florida corporation. All inter-company accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Updates, or ASUs, of the Financial Accounting Standards Board.

Basis of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Mycotopia Therapies Inc. (“MYC”). All inter-company accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Our financial statements include, when applicable, disclosures of estimates, assumptions, uncertainties, and markets that could affect our financial statements and future operations.

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The Effects of COVID-19

Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur, and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and money market funds that invest primarily in certificates of deposits, commercial paper and U.S. government and U.S. government agency obligations. Cash equivalents are reported at fair value.

Fixed Assets and Depreciation

Property, plant, and equipment are stated at cost. For financial reporting, we provide for depreciation on the straight-line method at rates based upon the estimated useful lives of the various assets. Depreciation expense was $498 and $0 for the six months ended June 30, 2022 and 2021, respectively. The estimated useful lives are as follows: buildings and improvements—30 years; machinery and equipment—10-15 years; computer software—3-5 years; vehicles—3-7 years; and land improvements—10-20 years. We assess our long-lived assets for impairment whenever there is an indicator of impairment. Impairment losses are evaluated if the estimated undiscounted cash flows from using the assets are less than carrying value. A loss is recognized when the carrying value of an asset exceeds its fair value. There were no impairment losses during the six months ended June 30, 2022 and 2021.

Fair Value of Financial Instruments

The Company accounts for financial instruments in accordance with ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 – Quoted prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices, and inputs that are not directly observable but are corroborated by observable market data;

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

There were no changes in the fair value hierarchy leveling during the six months ended June 30, 2022 and 2021.

Stock Based Compensation

We follow ASC Topic 718, Compensation–Stock Compensation, which prescribes accounting and reporting standards for all share-based payment transactions in which employee and non-employee services are acquired. Share-based payments to employees and non-employees, including grants of stock options, are recognized as compensation expense in the financial statements based on their fair values on the grant date. That expense is recognized over the period required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).

Income Taxes

The Company provides for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of June 30, 2022 and June 30, 2021, the Company had a full valuation allowance against its deferred tax assets.

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We adopted ASC Topic 740-10-25, Income Taxes—Recognition, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC Topic 740-10-25, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC Topic 740-10-25 also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods and requires increased disclosures. We had no material adjustments to our liabilities for unrecognized income tax benefits according to the provisions of ASC Topic 740-10-25.

Basic and Diluted Net Loss per Share

Basic loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period before giving effect to stock options, stock warrants, restricted stock units and convertible securities outstanding, which are considered to be dilutive common stock equivalents. Diluted net loss per common share is calculated based on the weighted average number of common and potentially dilutive shares outstanding during the period after giving effect to dilutive common stock equivalents. Contingently issuable shares are included in the computation of basic loss per share when issuance of the shares is no longer contingent. The common stock equivalents not included in the computation of earnings per share because the effect was antidilutive, were related to convertible debt and totaled 1,317,613 and 0 for the three and six months ended June 30, 2022 and 2021, respectively, and the outstanding warrants that totaled 1,667,393 and 0 for the three and six months ended June 30, 2022 and 2021, respectively.

Recent Accounting Pronouncements 

Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying consolidated financial statements, other than those disclosed below.

In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40)” (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. The ASU’s amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is currently evaluating the impact ASU 2020-06 will have on its financial statements.

NOTE 4 – RELATED PARTY TRANSACTION

During February and April 2020, the Company entered into three term promissory notes with Ehave, Inc. (a majority shareholder) in the amounts of $25,000, $100,000, and $500,000, respectively. The notes mature two years after the issuance date and bear an interest rate of 1.75% per year. The Company repaid all the outstanding principal due on these three promissory notes in a May 2023 installment of $400,000 and a June 2023 installment of $225,000. As of June 30, 2022, and December 31, 2021, the Company owed $0 and $625,000, respectively, in principle related to these promissory notes. During the six months ended June 30, 2022, and June 30, 2021, the Company recorded interest expense of $5,424 and $3,051, respectively, in relation to these notes, and paid $5,000 and $0, respectively, towards the outstanding accrued interest balance. As of June 30, 2022, and December 31, 2021, the Company’s outstanding accrued interest balance related to these promissory notes was $10,763 and $10,339 respectively.

Mycotopia Consulting Agreement with the CEO

On November 17, 2021, Mycotopia entered into an Executive Consulting Agreement (the “Mycotopia Consulting Agreement”), with Benjamin Kaplan (“BK”) to serve as the Company’s CEO for an initial term of 36 months. As of June 30, 2022, the Company has recorded $432,000 for cash compensation as accrued expense - related party  in relation to the Mycotopia Consulting Agreement. During the three months ended June 30, 2022 and 2021, the Company has recorded $74,015 and $0, respectively, as general and administrative expense, of which $2,015 was recorded as stock-based compensation in relation to the Warrant issued, in connection with the Mycotopia Consulting Agreement. During the six months ended June 30, 2022 and 2021, the Company has recorded $290,391 and $0, respectively, as general and administrative expense, of which $146,391 was recorded as stock-based compensation in relation to the Warrant issued, in connection with the Mycotopia Consulting Agreement.

Significant terms of the Mycotopia Consulting Agreement are as follows:

BK was granted a Warrant to purchase that number of shares of the Company’s common stock equal to 5% of the issued and outstanding common shares, on a fully diluted basis. The Warrant has an exercise price of $0.01 per share and shall expire November 16, 2023.

12

During the six months ended June 30, 2022, the Company issued 53,609 vested warrants in accordance with the Warrant valued at $146,391 (please see Note 6).

Bonus

The Company will pay the CEO a bonus in the Company’s restricted stock or restricted stock units based on the following EBITDA milestones. As of June 30, 2022, no EBITDA milestones were met, and no amounts have been recorded for the bonus milestones.

Bonus		EBITDA Milestones
$	100,000	1st $1,000,000
$	100,000	2nd $1,000,000
$	100,000	3rd $1,000,000
$	100,000	4th $1,000,000
$	100,000	5th $1,000,000

The Company will pay the CEO a bonus in restricted stock or restricted stock units based on the following Company market capitalization by maintaining the below market cap for a period of 22 consecutive trading days:

Bonus (Shares)	Market Capitalization Milestone
250,000	$	30,000,000
250,000	$	40,000,000
250,000	$	60,000,000
250,000	$	80,000,000
250,000	$	100,000,000

Stock Grants – Significant Transactions

Upon the Company closing of a Significant Transaction with the Company, the CEO shall be granted shares of the Company’s common stock or new series of the Company’s preferred shares that is convertible into common stock equal to 5% of the value of all the consideration, including any stock, cash or debt of such completed transaction for the Company. The CEO shall earn this grant for each Significant Transaction. A “Significant Transaction” shall mean a financing of at least $500,000 or the closing of an acquisition with a valuation of at least $1,000,000. As of June 30, 2022 and December 31, 2021, the Company did not grant any equity in relation to a Significant Transaction.

As of June 30, 2022, no amounts have been accrued related to the bonuses.

NOTE 5 – PROMISSORY AND CONVERTIBLE NOTES

During the six months ended June 30, 2022 and 2021, the Company issued convertible promissory notes in the principal amount of $325,000 and $0, respectively. During the six months ended June 30, 2022, the Company received notice to convert two loans for an aggregate of $82,500 in principal and $1,145 in interest, into 83,645 shares of common stock (see Note 6).  As a result, the company had outstanding to various lenders as convertible promissory notes an aggregate amount of $1,250,000 and $1,007,500 as of June 30, 2022, and December 31, 2021, respectively. In aggregate, as of June 30, 2022, the principal amount included $163,500 of original issue discount, $18,000 in cash financing fees, $49,750 in non-cash financing fees (see note 6) and 1,305,000 warrants with an exercise price of $1.50 per share. All notes are due to mature 24 months from their respective effective date and mature beginning on August 27, 2023 through January 21, 2024 Additionally, the notes effective interest rate of the notes is 8% and are convertible into share of common stock at $1.00 per share.

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The following tables reflects a summary of the outstanding principal and interest by each lender and their respective maturity date as of June 30, 2022 and December 31, 2021:

		June 30, 2022			December 31, 2021
	Maturity Date	Total Outstanding***	Principal	Interest	Total Outstanding***	Principal	Interest
Lender A	8/27/2023	534,472	500,000	34,472	513,883	500,000	13,883
Lender B	9/27/2023	58,523.31	55,000	3,523	56,268.91	55,000	1,269
Lender C	10/27/2023	232,074	220,000	12,074	223,134	220,000	3,134
Lender D	11/9/2023	-	-	-	27,813	27,500	313
Lender E	10/21/2023	-	-	-	55,856	55,000	856
Lender F	12/27/2023	156,146	150,000	6,146	150,132	150,000	132
Lender G	1/21/2024	336,397	325,000	11,397	-	-	-
		1,317,613	1,250,000	67,613	1,027,087	1,007,500	19,587
		*** - Total Outstanding = Principal + Interest as of June 30, 2022 and December 31, 2021

During the six months ended June 30, 2022 and 2021, the Company recorded an aggregate debt discount of $325,000 and $0, respectively, under the terms of convertible promissory note agreement. The total $325,000 debt discount was allocated between the original issue discount related to cash financing fees of $75,000, as well as, $250,000 recorded in connection with the beneficial conversion feature and warrants. Additionally, the Company recorded the $250,000 as a debt discount with an offset to additional paid-in capital in relation to the beneficial conversion feature and warrants (see note 6). The beneficial conversion feature was valued at $68,347 and the warrants were valued at $181,653, in the aggregate.

During the six months ended June 30, 2022 and 2021, the Company recorded amortization expense in the amount of $375,774 and $0, respectively, as amortization of debt discount of which $314,131 was recorded as amortization expense in relation to the warrants and conversion feature, $45,217 was recorded as interest expense in relation to the original issue discount and, $16,426 financing fees in the consolidated statements of operations and comprehensive income. As of June 30, 2022, the Company had an unamortized debt discount balance of $833,101 with a weighted amortization period of 1.48 years.

NOTE 6 – STOCKHOLDERS’ EQUITY

We are authorized to issue 100,000,000 shares of common stock, $0.001 par value, and 5,000,000 shares of preferred stock, $0.001 par value. Each share of common stock entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

Mezzanine Equity

The Preferred Shares are recorded as mezzanine equity in accordance with ASC 480 at its initial net carrying value in the amount of $50,000. The Series A Shares are recorded as mezzanine equity in accordance with ASC 480 because the Company may be obligated to issue a variable number of shares at a fixed price known at inception and there is no maximum number of shares that could potentially be issued upon conversion. In this instance, cash settlement would be presumed and the Series A Shares are classified as mezzanine equity in accordance with ASC 480-10-S99. Immediately upon effectiveness of the registration statement registering for resale of all the common stock issuable under the Series A Shares, all outstanding Series A Shares shall automatically convert into common stock.

During the six months ended, the Company sold 15,000 shares of preferred stock to three shareholders for $150,000 in proceeds as part under a Regulation A offering of Section 3(6) of the Securities Act of 1933.  The shares are allowed to convert into Common stock by option of the holder at any time based on the fair market value of the common stock at the date of the conversion. As of June 30, 2022, 10,000 preferred shares with a fair value of $100,000 had been converted in various installments, into an aggregate 55,834 shares of common stock.

Conversion of Convertible Debt and Warrants to Equity

During the year ended December 31, 2021, the Company issued 141,635,524 shares of common stock, in the aggregate, upon the conversion of convertible promissory notes and accrued interest in the amount of $1,469,004, in the aggregate. During the six months ended June 30, 2022, the Company issued 83,645 shares of common stock, in the aggregate, upon the conversion of convertible promissory notes and accrued interest in the amount of $83,645 (see Note 5).

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STOCK BASED COMPENSATION

On January 21, 2022, the Company issued 250,000 shares of common stock to a related party and majority shareholder, Benjamin Kaplan, as part of his compensation for services rendered in accordance with his Agreement (note 7) for services rendered as CEO. The Company expensed $750,000 in relation to this issuance.

On January 24, 2022, the Company issued 12,500 shares of common stock to a consultant for services rendered. The Company expensed $38,188 in relation to this issuance.

On March 17, 2022, the Company issued 59,622 shares of common stock valued at $86,250 as stock-based compensation for consulting services rendered.

Warrant Activity

During the six months ended June 30, 2022 and 2021, the Company issued 166,667 warrants to purchase common stock as part of the convertible promissory notes discussed above in Note 5.

During the six months ended June 30, 2022, the Company issued 53,609 warrants to purchase common stock as part of the consulting agreement with the Company’s CEO, Ben Kaplan. The warrants were valued at $146,391 and were recorded as stock-based compensation. The warrants were valued using the black-scholes option pricing model with the following weighted average terms a) stock price of $2.73, b) exercise price of $0.01, c) discount rate of 2.32%, d) volatility of 369%, d) dividend yield of 0%, and f) term of 1.73 years.

During the six months ended June 30, 2022, the Company issued 11,727 shares of common stock upon the cashless exercise of 16,667 warrants.

The following table reflects a summary of Common Stock warrants outstanding and warrant activity for the six months ended June 30, 2022:

	Underlying Shares			Weighted Average Exercise Price		Weighted Average Term (Years)
Warrants outstanding at January 1, 2022		1,463,784		$	0.67		1.83
Granted		220,276			1.14		1.93
Exercised		(16,667	)		-		-
Forfeited		-			-		-
Warrants outstanding and exercisable at June 30, 2022		1,667,393		$	0.72		1.36

As of June 30, 2022, the outstanding and exercisable warrants have an intrinsic value of $450,178. The aggregate intrinsic value was calculated as the difference between the closing market price as of June 30, 2022, which was $0.53, and the exercise price of the outstanding stock options.

The warrants granted during the period ending June 30, 2022 were valued using the Black-Scholes option pricing model using the following weighted average assumptions:

	For the Six Months Ended,
	June 30, 2022		June 30, 2021
Expected term, in years		1.93
Exercise price		$1.14		-
Expected volatility		138%		-
Stock price		$2.96		-
Risk-free interest rate		1.20%		-
Dividend yield		0%		-

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NOTE 7 – COMMITMENTS AND CONTINGENCIES

Related Party Transaction

On November 17, 2021, the Company entered into an Executive Consulting Agreement (the “Agreement”) with Benjamin Kaplan whereby Mr. Kaplan was appointed as CEO of the Company (see Note 4).

NOTE 8 – SUBSEQUENT EVENTS

The company’s management has evaluated subsequent events occurring after June 30, 2022, the date of our most recent balance sheet, through the date our financial statements were issued.

Subsequent to the six months ended June 30, 2022, the Company converted $113,345 in outstanding principal and equity into 113,345 shares of common stock.  

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Item 2. MANAGEMENT’S DISCUSSION AND ANLAYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements and the related notes and the other financial information included elsewhere in this Quarterly Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Quarterly Report, particularly those under “Risk Factors.”

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report on Form 10-Q contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “can,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “seek,” “estimate,” “continue,” “plan,” “point to,” “project,” “predict,” “could,” “intend,” “target,” “potential” and other similar words and expressions of the future.

Overview

Mycotopia Therapies, Inc. (“Mycotopia Therapy”) focuses on the psychedelic space. We provide psychedelic therapies through technology-focused, data-driven, and medical-based solutions for people dealing with anxiety, depression, bipolar disorders, PTSD, ADHD, autism, and addictions. With a primary focus of helping patients heal and reclaim their life, Mycotopia Therapy endeavors to guide individuals through their journey of healing. This is accomplished by acquiring an understanding of the causes and works to mental wellness through psychedelic enhanced psychotherapy, integrated with a professional team of mental wellness practitioners and cutting-edge technology. Psychedelic therapy is a holistic and spiritual approach providing healing and has shown successful treatment for many years. 

Recent Developments

On January 19, 2021, Ehave, Inc, a publicly traded company, sold 100% of its wholly-owned subsidiary Mycotopia Therapy to the Company (previously known as 20/20 Global Inc.) On May 4, 2021 20/20 Global, Inc. changes its name to Mycotopia Therapies, Inc. and changes its symbol to TPIA which trades on the OTC Pink sheets. As a result of the transaction closing, Ehave controls approximately 75.77% of our outstanding shares

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with U.S. GAAP requires companies to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. These estimates and judgments are subject to an inherent degree of uncertainty, and actual results may differ. Our significant accounting policies are more fully described in Note 3 to our financial statements included elsewhere in this Quarterly Report. Critical accounting estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, and are particularly important to the portrayal of our financial position and results of operations. Our estimates are primarily guided by observing the following critical accounting policies.

Results of Operations

Comparison of the Three Months Ended June 30, 2022 and 2021

General and administrative

General administrative expenses consist primarily of costs associated without overall operations and being a public company. The costs include legal and professional services, corporate and compliance related fees.

17

General and administrative expense for the three months ended June 30, 2022 totaled $160,611, an increase of $55,715 compared to $104,896 for the three months ended June 30, 2021. The increase was primarily due to legal and professional services in relation to being a public traded company.

Other expense

Other expense for the three months ended June 30, 2022 totaled $250,329, an increase of $247,816 compared to $2,513 for the three months ended June 30, 2021. The increase was due to interest expense on our convertible promissory notes.

Comparison of the Six months ended June 30, 2022 and 2021

General and administrative

General administrative expenses consist primarily of costs associated with our overall operations and being a public company. The costs include legal and professional services, corporate and compliance related fees.

General and administrative expense for the six months ended June 30, 2022 totaled $1,282,718, an increase of $1,170,120 compared to $112,598 for the six months ended June 30, 2021. The increase was primarily due to stock-based compensation, advertising and marketing expenses, and legal and professional services in relation to being a public traded company.

Other expense

Other expense for the six months ended June 30, 2022 totaled $432,932, an increase of $429,881 compared to $3,051 for the six months ended June 30, 2021. The increase was due to the interest expense and amortization expense on the debt discount from our loans.

Liquidity and Capital Resources

To date, we have generated no revenues, experienced negative operating cash flows and have incurred operating losses from our activities. We expect to continue to fund our operations through the issuance of debt or equity. As of June 30, 2022, our accumulated deficit was $6,883,415. Such conditions raise substantial doubts about our ability to continue as a going concern.

During the six months ended, June 30, 2022, the Company raised $150,000 from the sale of the Company’s preferred stock. Additionally, the Company raised an additional $250,000 from the proceeds from convertible debt. This is addition to previous capital raises that occurred during the year ended December 31, 2021, in which, the Company raised $895,000 in cash proceeds from the issuance of convertible debt, as well as, $500,000 in cash proceeds from a related party loan.

As of June 30, 2022, we had total current assets of $783,377 and total current liabilities of $527,631 resulting in a working capital of $255,746. Net cash used in operating activities for the six months ended June 30, 2022 was $257,712, which includes a net loss from continuing operations of $1,715,650 offset by changes in net working capital items related to the increase in stock based compensation of $1,020,829, the increase in the amortization of debt discount of $375,774, the increase in depreciation expense of $498, the decrease in accounts payable and accrued expenses of $35,017, an increase to accrued expenses – related party of $94,000, and the increase in accrued interest – shareholder loan of $424..

As of June 30, 2022, we had cash of $783,377. We will need to raise significant additional capital to continue to fund operations. We may seek to sell common or preferred equity, convertible debt securities or seek other debt financing. In addition, we may seek to raise cash through collaborative agreements or from government grants. The sale of equity and convertible debt securities may result in dilution to our shareholders and certain of those securities may have rights senior to those of our common shares. If we raise additional funds through the issuance of preferred stock, convertible debt securities or other debt financing, these securities or other debt could contain covenants that would restrict our operations. Any other third-party funding arrangement could require us to relinquish valuable rights. The source, timing and availability of any future financing will depend principally upon market conditions, and, more specifically, on the progress of our product and programs as well as commercial activities. Funding may not be available when needed, at all, or on terms acceptable to us. Lack of necessary funds may require us, among other things, to delay, scale back or eliminate expenses including those associated with our planned product development and commercial efforts.

Off-Balance Sheet Arrangements

We did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements, as defined under SEC rules, such as relationships with unconsolidated entities or financial partnerships, which are often referred to as structured finance or special purpose entities, established for the purpose of facilitating financing transactions that are not required to be reflected on our balance sheets.

18

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not Applicable.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Principal Accounting Officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2022. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. As a result of a material weakness in our internal control over financial reporting, our Chief Executive Officer and Principal Accounting Officer concluded that our disclosure controls and procedures were not effective at the reasonable assurance level as of June 30, 2022.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

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

Unregistered Sales of Equity Securities

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None

Item 6. Exhibits

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Mycotopia Therapies, Inc.
Date: October 17, 2023	By:	/s/ Ben Kaplan
	Name:	Ben Kaplan
	Title:	Chief Executive Officer and Principal Accounting Officer

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XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Details
Registrant CIK	0001763329
Fiscal Year End	--12-31
Registrant Name	Mycotopia Therapies, Inc.
SEC Form	10-Q/A
Period End date	Jun. 30, 2022
Tax Identification Number (TIN)	87-0645794
Number of common stock shares outstanding		14,554,095
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Interactive Data Current	Yes
Shell Company	false
Small Business	true
Emerging Growth Company	false
Amendment Description	Mycotopia Therapies, Inc. (the Company) filed its Quarterly Report on Form 10-Q for the six months ended June 30, 2022, with the Securities and Exchange Commission (SEC) on August 11, 2022 (the Original Form 10-Q). This Amendment No. 1 on Form 10-Q/A is being filed to reflect the restatement of accrue expenses - related party, common stock, additional paid-in capital, general and administrative expense, net loss, and net loss per share (the Restatement) in the consolidated balance sheet and statement of operations for the three and six months ended June 30, 2022. The Restatement is due to the Company performing an evaluation of its accounting in connection with the employment agreement entered into between Mycotopia Therapies, Inc. (Mycotopia) and Ben Kaplan, the Companys CEO. Management determined that the does not give effect to $432,000 cash compensation owed through June 30, 2022 and the issuance of a warrant (the Warrant) to purchase shares 5% of the fully diluted common stock outstanding of Mycotopia. The cash compensation and Warrant was granted to the Chief Executive Officer of the Company pursuant to his consulting agreement with Mycotopia entered into on November 17, 2021. On April 25, 2023, management concluded its evaluation and determined that the identified errors require the filing of Amendment No. 1, as further discussed in Notes 1 and 4 to the consolidated financial statements included in this Form 10-Q/A.
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-56022
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	100 SE 2nd Street
Entity Address, Address Line Two	Suite 2000
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33131
City Area Code	954
Local Phone Number	233-3511
Amendment Flag	true
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

XML

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash	$ 783,377	$ 1,267,519
TOTAL CURRENT ASSETS	783,377	1,267,519
NON-CURRENT ASSETS
Property and equipment, net	1,999	2,497
TOTAL ASSETS	785,376	1,270,016
CURRENT LIABILITIES
Accounts payable and accrued expenses	84,868	121,031
Accrued expenses - related party	432,000	338,000
Accrued interest - shareholder loan	10,763	10,339
Shareholder loan	0	125,000
TOTAL CURRENT LIABILITES	527,631	594,370
TOTAL LIABILITIES	944,531	1,217,995
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $0.001 par value, 100,000,000 shares authorized; 14,440,660 and 13,967,332, shares issued and outstanding, respectively	14,440	13,966
Additional paid-in capital	6,659,820	5,205,820
Accumulated deficit	(6,883,415)	(5,167,765)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	(159,155)	52,021
TOTAL LIABILITIES, MEZZANINE EQUITY (DEFICIT) AND STOCKHOLDERS' EQUITY (DEFICIT)	785,376	1,270,016
Convertible Note Payable, net of debt discount	416,900	123,625
Shareholder loan payable, non-current	0	500,000
MEZZANINE EQUITY (DEFICIT)
Preferred stock, $0.001 par value; 5,000,000 shares authorized, and 5,000 and 0, as of June 30, 2022, and December 31, 2021; liquidation preference of $50,000 and $0, respectively	$ 50,000	$ 0

XML

CONSOLIDATED BALANCE SHEETS - Parenthetical - USD ($)	Jun. 30, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Temporary Equity, Par or Stated Value Per Share	$ 0.001	$ 0.001
Temporary Equity, Shares Authorized	5,000,000	5,000,000
Temporary Equity, Shares Outstanding	5,000	0
Liquidation Preference	$ 50,000	$ 0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	14,440,660	13,967,332
Common Stock, Shares, Outstanding	14,440,660	13,967,332

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Expenses
General and administrative expenses	$ 160,611	$ 104,896	$ 1,282,718	$ 112,598
Total Operating Expenses	160,611	104,896	1,282,718	112,598
Loss from operations	(160,611)	(104,896)	(1,282,718)	(112,598)
Other expense
Interest expense	(247,602)	0	(427,508)	0
Interest expense - related party	(2,727)	(2,513)	(5,424)	(3,051)
Total Other (Expense) Income	(250,329)	(2,513)	(432,932)	(3,051)
Net loss before provision for income taxes	(410,940)	(107,409)	(1,715,650)	(115,649)
Provision for income taxes	0	0	0	0
Net (loss) income	$ (410,940)	$ (107,409)	$ (1,715,650)	$ (115,649)
Loss per share - basic and diluted	$ (0.03)	$ (0.01)	$ (0.12)	$ (0.01)
Weighted-average common shares outstanding - basic and diluted	14,351,954	12,925,420	14,268,731	12,925,420

XML

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Equity, Attributable to Parent, Beginning Balance at Dec. 31, 2020	$ 0	$ 12,925	$ 0	$ (29,174)	$ (16,249)
Shares, Outstanding, Beginning Balance at Dec. 31, 2020	0	12,925,420
Net (loss) income				(8,240)	(8,240)
Equity, Attributable to Parent, Ending Balance at Mar. 31, 2021	$ 0	$ 12,925	0	(37,414)	(24,489)
Shares, Outstanding, Ending Balance at Mar. 31, 2021	0	12,925,420
Equity, Attributable to Parent, Beginning Balance at Dec. 31, 2020	$ 0	$ 12,925	0	(29,174)	(16,249)
Shares, Outstanding, Beginning Balance at Dec. 31, 2020	0	12,925,420
Stock based compensation					0
Debt discount on convertible note payable					0
Net (loss) income					(115,649)
Equity, Attributable to Parent, Ending Balance at Jun. 30, 2021	$ 0	$ 12,925	0	(144,823)	(131,898)
Shares, Outstanding, Ending Balance at Jun. 30, 2021	0	12,925,420
Conversion of convertible debt in common stock					0
Equity, Attributable to Parent, Beginning Balance at Dec. 31, 2020	$ 0	$ 12,925	0	(29,174)	(16,249)
Shares, Outstanding, Beginning Balance at Dec. 31, 2020	0	12,925,420
Equity, Attributable to Parent, Ending Balance at Dec. 31, 2021	$ 0	$ 13,966	5,205,820	(5,167,765)	52,021
Shares, Outstanding, Ending Balance at Dec. 31, 2021	0	13,967,332
Conversion of convertible debt in common stock					1,469,004
Conversion of convertible debt in common stock, Shares		141,635,524
Equity, Attributable to Parent, Beginning Balance at Mar. 31, 2021	$ 0	$ 12,925	0	(37,414)	(24,489)
Shares, Outstanding, Beginning Balance at Mar. 31, 2021	0	12,925,420
Net (loss) income				(107,409)	(107,409)
Equity, Attributable to Parent, Ending Balance at Jun. 30, 2021	$ 0	$ 12,925	0	(144,823)	(131,898)
Shares, Outstanding, Ending Balance at Jun. 30, 2021	0	12,925,420
Equity, Attributable to Parent, Beginning Balance at Dec. 31, 2021	$ 0	$ 13,966	5,205,820	(5,167,765)	52,021
Shares, Outstanding, Beginning Balance at Dec. 31, 2021	0	13,967,332
Stock based compensation	$ 0	$ 322	1,018,492	0	1,018,814
Stock based compensation		322,000
Sale of preferred shares in private placements	$ 150,000	$ 0	0	0	150,000
Sale of preferred shares in private placements	15,000
Conversion of preferred to common	$ (70,000)	$ 33	69,967	0	0
Conversion of preferred to common	(7,000)	32,920
Debt discount on convertible note payable	$ 0	$ 0	250,000	0	250,000
Net (loss) income	0	0	0	(1,304,710)	(1,304,710)
Equity, Attributable to Parent, Ending Balance at Mar. 31, 2022	$ 80,000	$ 14,321	6,544,279	(6,472,475)	166,125
Shares, Outstanding, Ending Balance at Mar. 31, 2022	8,000	14,322,374
Equity, Attributable to Parent, Beginning Balance at Dec. 31, 2021	$ 0	$ 13,966	5,205,820	(5,167,765)	52,021
Shares, Outstanding, Beginning Balance at Dec. 31, 2021	0	13,967,332
Stock based compensation					1,020,829
Sale of preferred shares in private placements					150,000
Conversion of preferred to common	(10,000)	55,834
Debt discount on convertible note payable					250,000
Net (loss) income					(1,715,650)
Equity, Attributable to Parent, Ending Balance at Jun. 30, 2022	$ 50,000	$ 14,440	6,659,820	(6,883,415)	(159,155)
Shares, Outstanding, Ending Balance at Jun. 30, 2022	5,000	14,440,660
Conversion of convertible debt in common stock					$ 83,645
Conversion of convertible debt in common stock, Shares		83,645
Common Stock Issued On Cashless Exercise Of Warrant, Shares					11,727
Equity, Attributable to Parent, Beginning Balance at Mar. 31, 2022	$ 80,000	$ 14,321	6,544,279	(6,472,475)	$ 166,125
Shares, Outstanding, Beginning Balance at Mar. 31, 2022	8,000	14,322,374
Stock based compensation	$ 0	$ 0	2,015	0	2,015
Conversion of preferred to common	$ (30,000)	$ 23	29,977	0	0
Conversion of preferred to common	(3,000)	22,914
Net (loss) income	$ 0	$ 0	0	(410,940)	(410,940)
Equity, Attributable to Parent, Ending Balance at Jun. 30, 2022	$ 50,000	$ 14,440	6,659,820	(6,883,415)	(159,155)
Shares, Outstanding, Ending Balance at Jun. 30, 2022	5,000	14,440,660
Conversion of convertible debt in common stock	$ 0	$ 84	83,561	0	83,645
Conversion of convertible debt in common stock, Shares		83,645
Common stock issued on cashless exercise of warrant	$ 0	$ 12	$ (12)	$ 0	$ 0
Common Stock Issued On Cashless Exercise Of Warrant, Shares		11,727

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)			3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITES
Net loss			$ (410,940)	$ (1,304,710)	$ (107,409)	$ (8,240)	$ (1,715,650)	$ (115,649)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities
Depreciation expense	$ 498	$ 0					498	0
Amortization of debt discount							377,204	0
Stock based compensation			2,015	1,018,814			1,020,829	0
Changes in operating assets and liabilities
Increase (decrease) in accounts payable and accrued expenses							(35,017)	15,786
Increase (decrease) in accrued expenses - related party							94,000
Accrued interest - shareholder loan payable							424	3,050
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES							(257,712)	(96,813)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shareholder loan							0	500,000
Repayment of shareholder loan							(625,000)	0
Proceeds from the issuance of preferred stock							150,000	0
Proceeds from the issuance of convertible note payable							250,000	0
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES							(225,000)	500,000
CASH FLOWS FROM INVESTING ACTIVITES
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES							0	0
NET CHANGE IN CASH							(482,712)	403,187
CASH AT BEGINNING OF PERIOD				1,267,519		$ 110,747	1,267,519	110,747	$ 110,747
CASH AT END OF PERIOD	$ 784,807	$ 1,267,519	784,807		$ 513,934		784,807	513,934	1,267,519
Cash paid during the period
Cash paid for interest							5,000	0
Cash paid for income taxes							$ 0	$ 0
NON-CASH FINACING ACTIVITIES
Conversion of preferred to common stock							100,000	0
Debt discount on convertible note payable				$ 250,000			$ 250,000	$ 0
Conversion of convertible debt in common stock			$ 83,645				$ 83,645	$ 0	$ 1,469,004

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NOTE 1. Organization and Description of Business

6 Months Ended

Jun. 30, 2022

Notes

NOTE 1. Organization and Description of Business

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

Organization and Business Activity

Mycotopia Therapies Inc, (formerly 20/20 Global)(“the Company” or “Mycotopia”) headquarter in Florida, incorporated in the state of Nevada in January of 2020, and is a 100% wholly owned corporation of Ehave Inc, a public traded company. Mycotopia Therapies, Inc. promotes the study of psychedelics for the treatment of mental health issues and supports the creation of both natural and synthetic molecules for the development of appropriate treatments. also intends to deploy technology from its parent company, Ehave, Inc., in the collection of research and clinical data to further the study of the effects of psychedelics in the treatment of mental health issues.

On January 19, 2021, Mycotopia Therapies, Inc. acquired 75.77% of the Company’s outstanding stock and there was a change in control of the board of directors, the transaction was accounted for as a reverse merger in which Mycotopia Therapies, Inc. was deemed to be the accounting acquirer and the Company the legal acquirer. As a result of the transaction the historical consolidated financial statements of the Company are presented to reflect the acquisition retroactively in the balance sheet and statement of stockholders’ equity.

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NOTE 2. Going Concern (Restated)

6 Months Ended

Jun. 30, 2022

Notes

NOTE 2. Going Concern (Restated)

NOTE 2 - GOING CONCERN (RESTATED)

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. To date, the Company has generated no revenues, experienced negative operating cash flows and has incurred operating losses since inception. Management expects the Company to continue to fund its operations primarily through the issuance of debt or equity.

For the six months ended June 30, 2022, the Company incurred a net loss of $1,715,650, had negative cash flows from operations of $257,712 and may incur additional future losses. At June 30, 2022, the Company had total current assets of $783,377 and total current liabilities of $527,631, resulting in working capital of $257,746.

The Company’s existence is dependent upon management’s ability to develop profitable operations. Management is devoting substantially all of its efforts to developing its business and raising capital and there can be no assurance that the Company’s efforts will be successful. No assurance can be given that management’s actions will result in profitable operations or the resolution of its liquidity problems. The accompanying consolidated financial statements do not include any adjustments that might result should the Company be unable to continue as a going concern.  The ongoing COVID-19 pandemic contributes to this uncertainty.

In order to improve the Company’s liquidity, the Company’s management is actively pursuing additional equity financing through discussions with investment bankers and private investors. There can be no assurance that the Company will be successful in its effort to secure additional equity financing.

The financial statements do not include any adjustments relating to the recoverability of assets and the amount or classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

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NOTE 3. Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Notes

NOTE 3. Summary of Significant Accounting Policies

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Restatement of Previously Issued Financial Statements

Subsequent to the Company’s filing of its Annual Report on Form 10-Q for the six months ended June 30, 2022, with the Securities and Exchange Commission on August 11, 2022, the Company performed an evaluation of its accounting in connection with the employment agreement entered into between the Company and Ben Kaplan, the Company’s CEO. Management determined that the Original Form 10-Q does not give effect to $288,000 annual cash compensation and the issuance of a warrant (the “Warrant”) to purchase shares 5% of the fully diluted common stock outstanding of the Company. The cash compensation and Warrant was granted to the Chief Executive Officer of the Company pursuant to his consulting agreement (the “Consulting Agreement”) with the Company entered into on November 17, 2021. Management concluded on April 25, 2023 that it has identified errors in its calculation of compensation in relation to the Consulting Agreement. Accordingly, the Company restates its consolidated financial statements in this Form 10-Q/A as outlined further below and in Note 4 - Related Party Transactions.

The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported consolidated balance sheets for the period ended June 30, 2022.

	As Reported	Adjustment	As Restated
Accrued expenses – related party	-	432,000	432,000
Total current liabilities	95,631	432,000	527,631
Total liabilities	512,531	432,000	944,531
Additional paid-in capital	4,483,567	2,176,253	6,659,820
Accumulated deficit	(4,275,163)	(2,608,252)	(6,883,415)
Total stockholders’ equity	272,845	(432,000)	(159,155)

The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported consolidated statements of operations for the three months ended June 30, 2022.

	As Reported		Adjustment		As Restated
General and administrative		86,596		74,015		160,611
Total operating expenses		86,596		74,015		160,611
Loss from operations		(86,596)		(74,015)		(160,611)
Net loss before provision from income taxes		(336,925)		(74,015)		(410,940)
Net loss		(336,925)		(74,015)		(410,940)
Basic and diluted loss per share		(0.02)		(0.01)		(0.03)

The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported consolidated statements of operations for the six months ended June 30, 2022.

	As Reported		Adjustment		As Restated
General and administrative		992,327		290,391		1,282,718
Total operating expenses		992,327		290,391		1,282,718
Loss from operations		(992,327)		(290,391)		(1,282,718)
Net loss before provision from income taxes		(1,425,259)		(290,391)		(1,715,650)
Net loss		(1,425,259)		(290,391)		(1,715,650)
Basic and diluted loss per share		(0.10)		(0.02)		(0.12)

Additionally, please refer to Note 4. – Related Party Transactions, where the Company has included additional disclosure related to the CEO’s consulting agreement with the Company.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its wholly owned subsidiary, Mycotopia Therapies Inc., a Florida corporation. All inter-company accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Updates, or ASUs, of the Financial Accounting Standards Board.

Basis of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Mycotopia Therapies Inc. (“MYC”). All inter-company accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Our financial statements include, when applicable, disclosures of estimates, assumptions, uncertainties, and markets that could affect our financial statements and future operations.

The Effects of COVID-19

Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur, and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and money market funds that invest primarily in certificates of deposits, commercial paper and U.S. government and U.S. government agency obligations. Cash equivalents are reported at fair value.

Fixed Assets and Depreciation

Property, plant, and equipment are stated at cost. For financial reporting, we provide for depreciation on the straight-line method at rates based upon the estimated useful lives of the various assets. Depreciation expense was $498 and $0 for the six months ended June 30, 2022 and 2021, respectively. The estimated useful lives are as follows: buildings and improvements—30 years; machinery and equipment—10-15 years; computer software—3-5 years; vehicles—3-7 years; and land improvements—10-20 years. We assess our long-lived assets for impairment whenever there is an indicator of impairment. Impairment losses are evaluated if the estimated undiscounted cash flows from using the assets are less than carrying value. A loss is recognized when the carrying value of an asset exceeds its fair value. There were no impairment losses during the six months ended June 30, 2022 and 2021.

Fair Value of Financial Instruments

The Company accounts for financial instruments in accordance with ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 – Quoted prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices, and inputs that are not directly observable but are corroborated by observable market data;

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

There were no changes in the fair value hierarchy leveling during the six months ended June 30, 2022 and 2021.

Stock Based Compensation

We follow ASC Topic 718, Compensation–Stock Compensation, which prescribes accounting and reporting standards for all share-based payment transactions in which employee and non-employee services are acquired. Share-based payments to employees and non-employees, including grants of stock options, are recognized as compensation expense in the financial statements based on their fair values on the grant date. That expense is recognized over the period required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).

Income Taxes

The Company provides for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of June 30, 2022 and June 30, 2021, the Company had a full valuation allowance against its deferred tax assets.

We adopted ASC Topic 740-10-25, Income Taxes—Recognition, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC Topic 740-10-25, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC Topic 740-10-25 also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods and requires increased disclosures. We had no material adjustments to our liabilities for unrecognized income tax benefits according to the provisions of ASC Topic 740-10-25.

Basic and Diluted Net Loss per Share

Basic loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period before giving effect to stock options, stock warrants, restricted stock units and convertible securities outstanding, which are considered to be dilutive common stock equivalents. Diluted net loss per common share is calculated based on the weighted average number of common and potentially dilutive shares outstanding during the period after giving effect to dilutive common stock equivalents. Contingently issuable shares are included in the computation of basic loss per share when issuance of the shares is no longer contingent. The common stock equivalents not included in the computation of earnings per share because the effect was antidilutive, were related to convertible debt and totaled 1,317,613 and 0 for the three and six months ended June 30, 2022 and 2021, respectively, and the outstanding warrants that totaled 1,667,393 and 0 for the three and six months ended June 30, 2022 and 2021, respectively.

Recent Accounting Pronouncements 

Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying consolidated financial statements, other than those disclosed below.

In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40)” (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. The ASU’s amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is currently evaluating the impact ASU 2020-06 will have on its financial statements.

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NOTE 4 - RELATED PARTY TRANSACTION (RESTATED)

6 Months Ended

Jun. 30, 2022

Notes

NOTE 4 - RELATED PARTY TRANSACTION (RESTATED)

NOTE 4 – RELATED PARTY TRANSACTION

During February and April 2020, the Company entered into three term promissory notes with Ehave, Inc. (a majority shareholder) in the amounts of $25,000, $100,000, and $500,000, respectively. The notes mature two years after the issuance date and bear an interest rate of 1.75% per year. The Company repaid all the outstanding principal due on these three promissory notes in a May 2023 installment of $400,000 and a June 2023 installment of $225,000. As of June 30, 2022, and December 31, 2021, the Company owed $0 and $625,000, respectively, in principle related to these promissory notes. During the six months ended June 30, 2022, and June 30, 2021, the Company recorded interest expense of $5,424 and $3,051, respectively, in relation to these notes, and paid $5,000 and $0, respectively, towards the outstanding accrued interest balance. As of June 30, 2022, and December 31, 2021, the Company’s outstanding accrued interest balance related to these promissory notes was $10,763 and $10,339 respectively.

Mycotopia Consulting Agreement with the CEO

On November 17, 2021, Mycotopia entered into an Executive Consulting Agreement (the “Mycotopia Consulting Agreement”), with Benjamin Kaplan (“BK”) to serve as the Company’s CEO for an initial term of 36 months. As of June 30, 2022, the Company has recorded $432,000 for cash compensation as accrued expense - related party  in relation to the Mycotopia Consulting Agreement. During the three months ended June 30, 2022 and 2021, the Company has recorded $74,015 and $0, respectively, as general and administrative expense, of which $2,015 was recorded as stock-based compensation in relation to the Warrant issued, in connection with the Mycotopia Consulting Agreement. During the six months ended June 30, 2022 and 2021, the Company has recorded $290,391 and $0, respectively, as general and administrative expense, of which $146,391 was recorded as stock-based compensation in relation to the Warrant issued, in connection with the Mycotopia Consulting Agreement.

Significant terms of the Mycotopia Consulting Agreement are as follows:

BK was granted a Warrant to purchase that number of shares of the Company’s common stock equal to 5% of the issued and outstanding common shares, on a fully diluted basis. The Warrant has an exercise price of $0.01 per share and shall expire November 16, 2023.

During the six months ended June 30, 2022, the Company issued 53,609 vested warrants in accordance with the Warrant valued at $146,391 (please see Note 6).

Bonus

The Company will pay the CEO a bonus in the Company’s restricted stock or restricted stock units based on the following EBITDA milestones. As of June 30, 2022, no EBITDA milestones were met, and no amounts have been recorded for the bonus milestones.

Bonus		EBITDA Milestones
$	100,000	1st $1,000,000
$	100,000	2nd $1,000,000
$	100,000	3rd $1,000,000
$	100,000	4th $1,000,000
$	100,000	5th $1,000,000

The Company will pay the CEO a bonus in restricted stock or restricted stock units based on the following Company market capitalization by maintaining the below market cap for a period of 22 consecutive trading days:

Bonus (Shares)	Market Capitalization Milestone
250,000	$	30,000,000
250,000	$	40,000,000
250,000	$	60,000,000
250,000	$	80,000,000
250,000	$	100,000,000

Stock Grants – Significant Transactions

Upon the Company closing of a Significant Transaction with the Company, the CEO shall be granted shares of the Company’s common stock or new series of the Company’s preferred shares that is convertible into common stock equal to 5% of the value of all the consideration, including any stock, cash or debt of such completed transaction for the Company. The CEO shall earn this grant for each Significant Transaction. A “Significant Transaction” shall mean a financing of at least $500,000 or the closing of an acquisition with a valuation of at least $1,000,000. As of June 30, 2022 and December 31, 2021, the Company did not grant any equity in relation to a Significant Transaction.

As of June 30, 2022, no amounts have been accrued related to the bonuses.

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NOTE 5 - PROMISSORY AND CONVERTIBLE NOTES

6 Months Ended

Jun. 30, 2022

Notes

NOTE 5 - PROMISSORY AND CONVERTIBLE NOTES

NOTE 5 – PROMISSORY AND CONVERTIBLE NOTES

During the six months ended June 30, 2022 and 2021, the Company issued convertible promissory notes in the principal amount of $325,000 and $0, respectively. During the six months ended June 30, 2022, the Company received notice to convert two loans for an aggregate of $82,500 in principal and $1,145 in interest, into 83,645 shares of common stock (see Note 6).  As a result, the company had outstanding to various lenders as convertible promissory notes an aggregate amount of $1,250,000 and $1,007,500 as of June 30, 2022, and December 31, 2021, respectively. In aggregate, as of June 30, 2022, the principal amount included $163,500 of original issue discount, $18,000 in cash financing fees, $49,750 in non-cash financing fees (see note 6) and 1,305,000 warrants with an exercise price of $1.50 per share. All notes are due to mature 24 months from their respective effective date and mature beginning on August 27, 2023 through January 21, 2024 Additionally, the notes effective interest rate of the notes is 8% and are convertible into share of common stock at $1.00 per share.

The following tables reflects a summary of the outstanding principal and interest by each lender and their respective maturity date as of June 30, 2022 and December 31, 2021:

		June 30, 2022			December 31, 2021
	Maturity Date	Total Outstanding***	Principal	Interest	Total Outstanding***	Principal	Interest
Lender A	8/27/2023	534,472	500,000	34,472	513,883	500,000	13,883
Lender B	9/27/2023	58,523.31	55,000	3,523	56,268.91	55,000	1,269
Lender C	10/27/2023	232,074	220,000	12,074	223,134	220,000	3,134
Lender D	11/9/2023	-	-	-	27,813	27,500	313
Lender E	10/21/2023	-	-	-	55,856	55,000	856
Lender F	12/27/2023	156,146	150,000	6,146	150,132	150,000	132
Lender G	1/21/2024	336,397	325,000	11,397	-	-	-
		1,317,613	1,250,000	67,613	1,027,087	1,007,500	19,587
		*** - Total Outstanding = Principal + Interest as of June 30, 2022 and December 31, 2021

During the six months ended June 30, 2022 and 2021, the Company recorded an aggregate debt discount of $325,000 and $0, respectively, under the terms of convertible promissory note agreement. The total $325,000 debt discount was allocated between the original issue discount related to cash financing fees of $75,000, as well as, $250,000 recorded in connection with the beneficial conversion feature and warrants. Additionally, the Company recorded the $250,000 as a debt discount with an offset to additional paid-in capital in relation to the beneficial conversion feature and warrants (see note 6). The beneficial conversion feature was valued at $68,347 and the warrants were valued at $181,653, in the aggregate.

During the six months ended June 30, 2022 and 2021, the Company recorded amortization expense in the amount of $375,774 and $0, respectively, as amortization of debt discount of which $314,131 was recorded as amortization expense in relation to the warrants and conversion feature, $45,217 was recorded as interest expense in relation to the original issue discount and, $16,426 financing fees in the consolidated statements of operations and comprehensive income. As of June 30, 2022, the Company had an unamortized debt discount balance of $833,101 with a weighted amortization period of 1.48 years.

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NOTE 6 - STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2022

Notes

NOTE 6 - STOCKHOLDERS' EQUITY

NOTE 6 – STOCKHOLDERS’ EQUITY

We are authorized to issue 100,000,000 shares of common stock, $0.001 par value, and 5,000,000 shares of preferred stock, $0.001 par value. Each share of common stock entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

Mezzanine Equity

The Preferred Shares are recorded as mezzanine equity in accordance with ASC 480 at its initial net carrying value in the amount of $50,000. The Series A Shares are recorded as mezzanine equity in accordance with ASC 480 because the Company may be obligated to issue a variable number of shares at a fixed price known at inception and there is no maximum number of shares that could potentially be issued upon conversion. In this instance, cash settlement would be presumed and the Series A Shares are classified as mezzanine equity in accordance with ASC 480-10-S99. Immediately upon effectiveness of the registration statement registering for resale of all the common stock issuable under the Series A Shares, all outstanding Series A Shares shall automatically convert into common stock.

During the six months ended, the Company sold 15,000 shares of preferred stock to three shareholders for $150,000 in proceeds as part under a Regulation A offering of Section 3(6) of the Securities Act of 1933.  The shares are allowed to convert into Common stock by option of the holder at any time based on the fair market value of the common stock at the date of the conversion. As of June 30, 2022, 10,000 preferred shares with a fair value of $100,000 had been converted in various installments, into an aggregate 55,834 shares of common stock.

Conversion of Convertible Debt and Warrants to Equity

During the year ended December 31, 2021, the Company issued 141,635,524 shares of common stock, in the aggregate, upon the conversion of convertible promissory notes and accrued interest in the amount of $1,469,004, in the aggregate. During the six months ended June 30, 2022, the Company issued 83,645 shares of common stock, in the aggregate, upon the conversion of convertible promissory notes and accrued interest in the amount of $83,645 (see Note 5).

STOCK BASED COMPENSATION

On January 21, 2022, the Company issued 250,000 shares of common stock to a related party and majority shareholder, Benjamin Kaplan, as part of his compensation for services rendered in accordance with his Agreement (note 7) for services rendered as CEO. The Company expensed $750,000 in relation to this issuance.

On January 24, 2022, the Company issued 12,500 shares of common stock to a consultant for services rendered. The Company expensed $38,188 in relation to this issuance.

On March 17, 2022, the Company issued 59,622 shares of common stock valued at $86,250 as stock-based compensation for consulting services rendered.

Warrant Activity

During the six months ended June 30, 2022 and 2021, the Company issued 166,667 warrants to purchase common stock as part of the convertible promissory notes discussed above in Note 5.

During the six months ended June 30, 2022, the Company issued 53,609 warrants to purchase common stock as part of the consulting agreement with the Company’s CEO, Ben Kaplan. The warrants were valued at $146,391 and were recorded as stock-based compensation. The warrants were valued using the black-scholes option pricing model with the following weighted average terms a) stock price of $2.73, b) exercise price of $0.01, c) discount rate of 2.32%, d) volatility of 369%, d) dividend yield of 0%, and f) term of 1.73 years.

During the six months ended June 30, 2022, the Company issued 11,727 shares of common stock upon the cashless exercise of 16,667 warrants.

The following table reflects a summary of Common Stock warrants outstanding and warrant activity for the six months ended June 30, 2022:

	Underlying Shares			Weighted Average Exercise Price		Weighted Average Term (Years)
Warrants outstanding at January 1, 2022		1,463,784		$	0.67		1.83
Granted		220,276			1.14		1.93
Exercised		(16,667	)		-		-
Forfeited		-			-		-
Warrants outstanding and exercisable at June 30, 2022		1,667,393		$	0.72		1.36

As of June 30, 2022, the outstanding and exercisable warrants have an intrinsic value of $450,178. The aggregate intrinsic value was calculated as the difference between the closing market price as of June 30, 2022, which was $0.53, and the exercise price of the outstanding stock options.

The warrants granted during the period ending June 30, 2022 were valued using the Black-Scholes option pricing model using the following weighted average assumptions:

	For the Six Months Ended,
	June 30, 2022		June 30, 2021
Expected term, in years		1.93
Exercise price		$1.14		-
Expected volatility		138%		-
Stock price		$2.96		-
Risk-free interest rate		1.20%		-
Dividend yield		0%		-

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NOTE 7 - COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2022

Notes

NOTE 7 - COMMITMENTS AND CONTINGENCIES

NOTE 7 – COMMITMENTS AND CONTINGENCIES

Related Party Transaction

On November 17, 2021, the Company entered into an Executive Consulting Agreement (the “Agreement”) with Benjamin Kaplan whereby Mr. Kaplan was appointed as CEO of the Company (see Note 4).

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NOTE 8 - SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2022

Notes

NOTE 8 - SUBSEQUENT EVENTS

NOTE 8 – SUBSEQUENT EVENTS

The company’s management has evaluated subsequent events occurring after June 30, 2022, the date of our most recent balance sheet, through the date our financial statements were issued.

Subsequent to the six months ended June 30, 2022, the Company converted $113,345 in outstanding principal and equity into 113,345 shares of common stock.  

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NOTE 3. Summary of Significant Accounting Policies: Restatement of Previously Issued Financial Statements (Policies)

6 Months Ended

Jun. 30, 2022

Policies

Restatement of Previously Issued Financial Statements

Restatement of Previously Issued Financial Statements

Subsequent to the Company’s filing of its Annual Report on Form 10-Q for the six months ended June 30, 2022, with the Securities and Exchange Commission on August 11, 2022, the Company performed an evaluation of its accounting in connection with the employment agreement entered into between the Company and Ben Kaplan, the Company’s CEO. Management determined that the Original Form 10-Q does not give effect to $288,000 annual cash compensation and the issuance of a warrant (the “Warrant”) to purchase shares 5% of the fully diluted common stock outstanding of the Company. The cash compensation and Warrant was granted to the Chief Executive Officer of the Company pursuant to his consulting agreement (the “Consulting Agreement”) with the Company entered into on November 17, 2021. Management concluded on April 25, 2023 that it has identified errors in its calculation of compensation in relation to the Consulting Agreement. Accordingly, the Company restates its consolidated financial statements in this Form 10-Q/A as outlined further below and in Note 4 - Related Party Transactions.

The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported consolidated balance sheets for the period ended June 30, 2022.

	As Reported	Adjustment	As Restated
Accrued expenses – related party	-	432,000	432,000
Total current liabilities	95,631	432,000	527,631
Total liabilities	512,531	432,000	944,531
Additional paid-in capital	4,483,567	2,176,253	6,659,820
Accumulated deficit	(4,275,163)	(2,608,252)	(6,883,415)
Total stockholders’ equity	272,845	(432,000)	(159,155)

The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported consolidated statements of operations for the three months ended June 30, 2022.

	As Reported		Adjustment		As Restated
General and administrative		86,596		74,015		160,611
Total operating expenses		86,596		74,015		160,611
Loss from operations		(86,596)		(74,015)		(160,611)
Net loss before provision from income taxes		(336,925)		(74,015)		(410,940)
Net loss		(336,925)		(74,015)		(410,940)
Basic and diluted loss per share		(0.02)		(0.01)		(0.03)

The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported consolidated statements of operations for the six months ended June 30, 2022.

	As Reported		Adjustment		As Restated
General and administrative		992,327		290,391		1,282,718
Total operating expenses		992,327		290,391		1,282,718
Loss from operations		(992,327)		(290,391)		(1,282,718)
Net loss before provision from income taxes		(1,425,259)		(290,391)		(1,715,650)
Net loss		(1,425,259)		(290,391)		(1,715,650)
Basic and diluted loss per share		(0.10)		(0.02)		(0.12)

Additionally, please refer to Note 4. – Related Party Transactions, where the Company has included additional disclosure related to the CEO’s consulting agreement with the Company.

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NOTE 3. Summary of Significant Accounting Policies: Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2022

Policies

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its wholly owned subsidiary, Mycotopia Therapies Inc., a Florida corporation. All inter-company accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Updates, or ASUs, of the Financial Accounting Standards Board.

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NOTE 3. Summary of Significant Accounting Policies: Basis of Consolidation (Policies)

6 Months Ended

Jun. 30, 2022

Policies

Basis of Consolidation

Basis of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Mycotopia Therapies Inc. (“MYC”). All inter-company accounts and transactions have been eliminated in consolidation.

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NOTE 3. Summary of Significant Accounting Policies: Use of Estimates (Policies)

6 Months Ended

Jun. 30, 2022

Policies

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Our financial statements include, when applicable, disclosures of estimates, assumptions, uncertainties, and markets that could affect our financial statements and future operations.

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NOTE 3. Summary of Significant Accounting Policies: The Effects of COVID-19 (Policies)

6 Months Ended

Jun. 30, 2022

Policies

The Effects of COVID-19

The Effects of COVID-19

Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur, and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.

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NOTE 3. Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)

6 Months Ended

Jun. 30, 2022

Policies

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and money market funds that invest primarily in certificates of deposits, commercial paper and U.S. government and U.S. government agency obligations. Cash equivalents are reported at fair value.

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NOTE 3. Summary of Significant Accounting Policies: Fixed Assets and Depreciation (Policies)

6 Months Ended

Jun. 30, 2022

Policies

Fixed Assets and Depreciation

Fixed Assets and Depreciation

Property, plant, and equipment are stated at cost. For financial reporting, we provide for depreciation on the straight-line method at rates based upon the estimated useful lives of the various assets. Depreciation expense was $498 and $0 for the six months ended June 30, 2022 and 2021, respectively. The estimated useful lives are as follows: buildings and improvements—30 years; machinery and equipment—10-15 years; computer software—3-5 years; vehicles—3-7 years; and land improvements—10-20 years. We assess our long-lived assets for impairment whenever there is an indicator of impairment. Impairment losses are evaluated if the estimated undiscounted cash flows from using the assets are less than carrying value. A loss is recognized when the carrying value of an asset exceeds its fair value. There were no impairment losses during the six months ended June 30, 2022 and 2021.

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NOTE 3. Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)

6 Months Ended

Jun. 30, 2022

Policies

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company accounts for financial instruments in accordance with ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 – Quoted prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices, and inputs that are not directly observable but are corroborated by observable market data;

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

There were no changes in the fair value hierarchy leveling during the six months ended June 30, 2022 and 2021.

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NOTE 3. Summary of Significant Accounting Policies: Stock- Based Compensation (Policies)

6 Months Ended

Jun. 30, 2022

Policies

Stock- Based Compensation

Stock Based Compensation

We follow ASC Topic 718, Compensation–Stock Compensation, which prescribes accounting and reporting standards for all share-based payment transactions in which employee and non-employee services are acquired. Share-based payments to employees and non-employees, including grants of stock options, are recognized as compensation expense in the financial statements based on their fair values on the grant date. That expense is recognized over the period required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).

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NOTE 3. Summary of Significant Accounting Policies: Income Taxes (Policies)

6 Months Ended

Jun. 30, 2022

Policies

Income Taxes

Income Taxes

The Company provides for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of June 30, 2022 and June 30, 2021, the Company had a full valuation allowance against its deferred tax assets.

We adopted ASC Topic 740-10-25, Income Taxes—Recognition, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC Topic 740-10-25, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC Topic 740-10-25 also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods and requires increased disclosures. We had no material adjustments to our liabilities for unrecognized income tax benefits according to the provisions of ASC Topic 740-10-25.

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NOTE 3. Summary of Significant Accounting Policies: Basic and diluted net loss per share (Policies)

6 Months Ended

Jun. 30, 2022

Policies

Basic and diluted net loss per share

Basic and Diluted Net Loss per Share

Basic loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period before giving effect to stock options, stock warrants, restricted stock units and convertible securities outstanding, which are considered to be dilutive common stock equivalents. Diluted net loss per common share is calculated based on the weighted average number of common and potentially dilutive shares outstanding during the period after giving effect to dilutive common stock equivalents. Contingently issuable shares are included in the computation of basic loss per share when issuance of the shares is no longer contingent. The common stock equivalents not included in the computation of earnings per share because the effect was antidilutive, were related to convertible debt and totaled 1,317,613 and 0 for the three and six months ended June 30, 2022 and 2021, respectively, and the outstanding warrants that totaled 1,667,393 and 0 for the three and six months ended June 30, 2022 and 2021, respectively.

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NOTE 3. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2022

Policies

Recent Accounting Pronouncements

Recent Accounting Pronouncements 

Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying consolidated financial statements, other than those disclosed below.

In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40)” (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. The ASU’s amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is currently evaluating the impact ASU 2020-06 will have on its financial statements.

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NOTE 3. Summary of Significant Accounting Policies: Restatement of Previously Issued Financial Statements: Schedule of Error Corrections and Prior Period Adjustments (Tables)

6 Months Ended

Jun. 30, 2022

Tables/Schedules

Schedule of Error Corrections and Prior Period Adjustments

	As Reported	Adjustment	As Restated
Accrued expenses – related party	-	432,000	432,000
Total current liabilities	95,631	432,000	527,631
Total liabilities	512,531	432,000	944,531
Additional paid-in capital	4,483,567	2,176,253	6,659,820
Accumulated deficit	(4,275,163)	(2,608,252)	(6,883,415)
Total stockholders’ equity	272,845	(432,000)	(159,155)

The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported consolidated statements of operations for the three months ended June 30, 2022.

	As Reported		Adjustment		As Restated
General and administrative		86,596		74,015		160,611
Total operating expenses		86,596		74,015		160,611
Loss from operations		(86,596)		(74,015)		(160,611)
Net loss before provision from income taxes		(336,925)		(74,015)		(410,940)
Net loss		(336,925)		(74,015)		(410,940)
Basic and diluted loss per share		(0.02)		(0.01)		(0.03)

The following table sets forth the effects of the adjustments on affected items within the Company’s previously reported consolidated statements of operations for the six months ended June 30, 2022.

	As Reported		Adjustment		As Restated
General and administrative		992,327		290,391		1,282,718
Total operating expenses		992,327		290,391		1,282,718
Loss from operations		(992,327)		(290,391)		(1,282,718)
Net loss before provision from income taxes		(1,425,259)		(290,391)		(1,715,650)
Net loss		(1,425,259)		(290,391)		(1,715,650)
Basic and diluted loss per share		(0.10)		(0.02)		(0.12)

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NOTE 5 - PROMISSORY AND CONVERTIBLE NOTES: Schedule of Outstanding Principal and Interest by Each Lender (Tables)

6 Months Ended

Jun. 30, 2022

Tables/Schedules

Schedule of Outstanding Principal and Interest by Each Lender

		June 30, 2022			December 31, 2021
	Maturity Date	Total Outstanding***	Principal	Interest	Total Outstanding***	Principal	Interest
Lender A	8/27/2023	534,472	500,000	34,472	513,883	500,000	13,883
Lender B	9/27/2023	58,523.31	55,000	3,523	56,268.91	55,000	1,269
Lender C	10/27/2023	232,074	220,000	12,074	223,134	220,000	3,134
Lender D	11/9/2023	-	-	-	27,813	27,500	313
Lender E	10/21/2023	-	-	-	55,856	55,000	856
Lender F	12/27/2023	156,146	150,000	6,146	150,132	150,000	132
Lender G	1/21/2024	336,397	325,000	11,397	-	-	-
		1,317,613	1,250,000	67,613	1,027,087	1,007,500	19,587
		*** - Total Outstanding = Principal + Interest as of June 30, 2022 and December 31, 2021

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NOTE 6 - STOCKHOLDERS' EQUITY: Schedule of Common Stock Warrants Outstanding and Warrant Activity (Tables)

6 Months Ended

Jun. 30, 2022

Tables/Schedules

Schedule of Common Stock Warrants Outstanding and Warrant Activity

	Underlying Shares			Weighted Average Exercise Price		Weighted Average Term (Years)
Warrants outstanding at January 1, 2022		1,463,784		$	0.67		1.83
Granted		220,276			1.14		1.93
Exercised		(16,667	)		-		-
Forfeited		-			-		-
Warrants outstanding and exercisable at June 30, 2022		1,667,393		$	0.72		1.36

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NOTE 6 - STOCKHOLDERS' EQUITY: Schedule of Assumptions Used (Tables)

6 Months Ended

Jun. 30, 2022

Warrants

Schedule of Assumptions Used

	For the Six Months Ended,
	June 30, 2022		June 30, 2021
Expected term, in years		1.93
Exercise price		$1.14		-
Expected volatility		138%		-
Stock price		$2.96		-
Risk-free interest rate		1.20%		-
Dividend yield		0%		-

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NOTE 1. Organization and Description of Business (Details)	Jan. 19, 2021
2020 Produce Sales Inc
Equity Method Investment, Ownership Percentage	75.77%

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NOTE 2. Going Concern (Restated) (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Details
Net (loss) income	$ (410,940)	$ (1,304,710)	$ (107,409)	$ (8,240)	$ (1,715,650)	$ (115,649)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES					(257,712)	$ (96,813)
TOTAL CURRENT ASSETS	783,377				783,377		$ 1,267,519
TOTAL CURRENT LIABILITES	527,631				527,631		$ 594,370
Working Capital	$ 257,746				$ 257,746

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NOTE 3. Summary of Significant Accounting Policies: Restatement of Previously Issued Financial Statements: Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Accrued expenses - related party	$ 432,000				$ 432,000
TOTAL CURRENT LIABILITES	527,631				527,631		$ 594,370
TOTAL LIABILITIES	944,531				944,531		1,217,995
Additional paid-in capital	6,659,820				6,659,820		5,205,820
Accumulated deficit	(6,883,415)				(6,883,415)		(5,167,765)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	(159,155)	$ 166,125	$ (131,898)	$ (24,489)	(159,155)	$ (131,898)	$ 52,021	$ (16,249)
General and administrative expenses	160,611		104,896		1,282,718	112,598
Total Operating Expenses	160,611		104,896		1,282,718	112,598
Loss from operations	(160,611)		(104,896)		(1,282,718)	(112,598)
Net loss before provision for income taxes	(410,940)		(107,409)		(1,715,650)	(115,649)
Net (loss) income	$ (410,940)	$ (1,304,710)	$ (107,409)	$ (8,240)	$ (1,715,650)	$ (115,649)
Loss per share - basic and diluted	$ (0.03)		$ (0.01)		$ (0.12)	$ (0.01)
Previously Reported
Accrued expenses - related party	$ 0				$ 0
TOTAL CURRENT LIABILITES	95,631				95,631
TOTAL LIABILITIES	512,531				512,531
Additional paid-in capital	4,483,567				4,483,567
Accumulated deficit	(4,275,163)				(4,275,163)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	272,845				272,845
General and administrative expenses	86,596				992,327
Total Operating Expenses	86,596				992,327
Loss from operations	(86,596)				(992,327)
Net loss before provision for income taxes	(336,925)				(1,425,259)
Net (loss) income	$ (336,925)				$ (1,425,259)
Loss per share - basic and diluted	$ (0.02)				$ (0.10)
Revision of Prior Period, Adjustment
Accrued expenses - related party	$ 432,000				$ 432,000
TOTAL CURRENT LIABILITES	432,000				432,000
TOTAL LIABILITIES	432,000				432,000
Additional paid-in capital	2,176,253				2,176,253
Accumulated deficit	(2,608,252)				(2,608,252)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	(432,000)				(432,000)
General and administrative expenses	74,015				290,391
Total Operating Expenses	74,015				290,391
Loss from operations	(74,015)				(290,391)
Net loss before provision for income taxes	(74,015)				(290,391)
Net (loss) income	$ (74,015)				$ (290,391)
Loss per share - basic and diluted	$ (0.01)				$ (0.02)

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NOTE 3. Summary of Significant Accounting Policies: Fixed Assets and Depreciation (Details) - USD ($)			6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Depreciation expense	$ 498	$ 0	$ 498	$ 0
Building and Building Improvements
Property Plant And Equipment Estimated Useful Lives 2			30 years
Machinery and Equipment
Property Plant And Equipment Estimated Useful Lives 2			10-15 years
Software and Software Development Costs
Property Plant And Equipment Estimated Useful Lives 2			3-5 years
Vehicles
Property Plant And Equipment Estimated Useful Lives 2			3-7 years
Land Improvements
Property Plant And Equipment Estimated Useful Lives 2			10-20 years

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NOTE 3. Summary of Significant Accounting Policies: Basic and diluted net loss per share (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Details
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,317,613	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number	1,667,393		0

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NOTE 4 - RELATED PARTY TRANSACTION (RESTATED) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Details
Long-Term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.75%
Due to Related Parties	$ 0		$ 625,000
Interest Expense, Related Party	5,424	$ 3,051
Accrued interest - shareholder loan	$ 10,763		$ 10,339

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NOTE 5 - PROMISSORY AND CONVERTIBLE NOTES (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Details
Convertible Debt, Principal		$ 1,250,000		$ 1,007,500
Debt discount on convertible note payable	$ 250,000	250,000	$ 0
Amortization of Debt Issuance Costs and Discounts		375,774	$ 0
Unamortized Debt Discount		$ 833,101

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NOTE 5 - PROMISSORY AND CONVERTIBLE NOTES: Schedule of Outstanding Principal and Interest by Each Lender (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Lender A
Convertible Debt, Maturity Date	Aug. 27, 2023
Convertible Debt, Outstanding	$ 534,472	$ 513,883
Convertible Debt, Principal	500,000	500,000
Convertible Debt, Interest	$ 34,472	13,883
Lender B
Convertible Debt, Maturity Date	Sep. 27, 2023
Convertible Debt, Outstanding	$ 58,523.31	56,268.91
Convertible Debt, Principal	55,000	55,000
Convertible Debt, Interest	$ 3,523	1,269
Lender C
Convertible Debt, Maturity Date	Oct. 27, 2023
Convertible Debt, Outstanding	$ 232,074	223,134
Convertible Debt, Principal	220,000	220,000
Convertible Debt, Interest	$ 12,074	3,134
Lender D
Convertible Debt, Maturity Date	Nov. 09, 2023
Convertible Debt, Outstanding	$ 0	27,813
Convertible Debt, Principal	0	27,500
Convertible Debt, Interest	$ 0	313
Lender E
Convertible Debt, Maturity Date	Oct. 21, 2023
Convertible Debt, Outstanding	$ 0	55,856
Convertible Debt, Principal	0	55,000
Convertible Debt, Interest	$ 0	856
Lender F
Convertible Debt, Maturity Date	Dec. 27, 2023
Convertible Debt, Outstanding	$ 156,146	150,132
Convertible Debt, Principal	150,000	150,000
Convertible Debt, Interest	$ 6,146	132
Lender G
Convertible Debt, Maturity Date	Jan. 21, 2024
Convertible Debt, Outstanding	$ 336,397	0
Convertible Debt, Principal	325,000	0
Convertible Debt, Interest	11,397	0
Convertible Debt, Outstanding	1,317,613	1,027,087
Convertible Debt, Principal	1,250,000	1,007,500
Convertible Debt, Interest	$ 67,613	$ 19,587

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NOTE 6 - STOCKHOLDERS' EQUITY (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Common Stock, Shares Authorized	100,000,000		100,000,000		100,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001		$ 0.001		$ 0.001
Preferred Stock, Shares Authorized	5,000,000		5,000,000		5,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001		$ 0.001		$ 0.001
Sale of preferred shares in private placements		$ 150,000	$ 150,000
Conversion of convertible debt in common stock	$ 83,645		$ 83,645	$ 0	$ 1,469,004
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures			220,276
Common Stock Issued On Cashless Exercise Of Warrant, Shares			11,727
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised			16,667
Stock Issuance 1
Stock Issued During Period, Shares, Issued for Services			250,000
Stock Issued During Period, Value, Issued for Services			$ 750,000
Stock Issuance 1 | Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures			166,667
Stock Issuance 2
Stock Issued During Period, Shares, Issued for Services			12,500
Stock Issued During Period, Value, Issued for Services			$ 38,188
Stock Issuance 2 | Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures			53,609
Stock Issuance 3
Stock Issued During Period, Shares, Issued for Services			59,622
Stock Issued During Period, Value, Issued for Services			$ 86,250
Preferred Stock
Sale of preferred shares in private placements		$ 150,000
Conversion of preferred to common	3,000	7,000	10,000
Conversion of preferred to common	(3,000)	(7,000)	(10,000)
Conversion of convertible debt in common stock	$ 0
Common Stock
Sale of preferred shares in private placements		$ 0
Conversion of preferred to common	(22,914)	(32,920)	(55,834)
Conversion of preferred to common	22,914	32,920	55,834
Conversion of convertible debt in common stock, Shares	83,645		83,645		141,635,524
Conversion of convertible debt in common stock	$ 84
Common Stock Issued On Cashless Exercise Of Warrant, Shares	11,727

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NOTE 6 - STOCKHOLDERS' EQUITY: Schedule of Common Stock Warrants Outstanding and Warrant Activity (Details)		6 Months Ended
	Dec. 31, 2021 $ / shares shares	Jun. 30, 2022 $ / shares shares
Details
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number	1,463,784
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares	$ 0.67	$ 0.72
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	1 year 9 months 29 days	1 year 4 months 9 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures		220,276
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares		$ 1.14
Sharebased Compensation Arrangement By Sharebased Payment Award Options Granted Weighted Average Remaining Contractual Term		1.93
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised		(16,667)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period		0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number	0	1,667,393

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NOTE 6 - STOCKHOLDERS' EQUITY: Schedule of Assumptions Used (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Expected term, in years	1 year 11 months 4 days
Exercise price	$ 1.14	$ 0
Expected volatility	138.00%	0.00%
Stock price	$ 2.96	$ 0
Risk-free interest rate	1.20%	0.00%
Dividend yield	0.00%	0.00%