0001575705-19-000119.txt : 20191114 0001575705-19-000119.hdr.sgml : 20191114 20191114163414 ACCESSION NUMBER: 0001575705-19-000119 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191114 DATE AS OF CHANGE: 20191114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POWERVERDE, INC. CENTRAL INDEX KEY: 0000933972 STANDARD INDUSTRIAL CLASSIFICATION: MOTORS & GENERATORS [3621] IRS NUMBER: 880271109 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-27866 FILM NUMBER: 191220957 BUSINESS ADDRESS: STREET 1: 21615 N. 2ND AVENUE CITY: PHOENIX STATE: AZ ZIP: 85027 BUSINESS PHONE: 623-780-3321 MAIL ADDRESS: STREET 1: 21615 N. 2ND AVENUE CITY: PHOENIX STATE: AZ ZIP: 85027 FORMER COMPANY: FORMER CONFORMED NAME: VYREX CORP DATE OF NAME CHANGE: 19951206 10-Q 1 pwvi_3q19.htm FORM10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

Form 10-Q

☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period ended September 30, 2019

☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission file number: 000-27866

POWERVERDE, INC.

(Exact name of Registrant as specified in its charter)

Delaware		88-0271109
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

9300 S. Dadeland Blvd, Ste 600

Miami, FL 33156

(Address of principal executive offices)

(305) 670-3370

(Registrant’s telephone number including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for 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. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

☐	Large accelerated filer	☐	Accelerated filer
☐	Non-accelerated filer	☒	Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: As of November 14, 2019, the issuer had 31,750,106 shares of common stock outstanding.

Index to Form 10-Q


		Page
PART I	FINANCIAL INFORMATION	1

Item 1.	Condensed Consolidated Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets at September 30, 2019 (Unaudited) and December 31, 2018	1
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018 (Unaudited)	2
	Condensed Consolidated Statements of Changes in Stockholders’ (Deficit) Equity for the three and nine months ended September 30, 2019 and 2018 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 (Unaudited)	5
	Notes to Unaudited Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	14
Item 4.	Controls and Procedures	15

PART II	OTHER INFORMATION	16

Item 1.	Legal Proceedings	16
Item 1A.	Risk Factors	16
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	16
Item 3.	Defaults upon Senior Securities	16
Item 4.	Mine Safety Disclosures	16
Item 5.	Other Information	16
Item 6.	Exhibits	18

SIGNATURES		19

Cautionary Note Regarding Forward-Looking Information

This Form 10-Q contains certain statements related to future results of the Company that are considered “forward-looking statements” within the meaning of the Private Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties, including, but not limited to, changes in political and economic conditions; interest rate fluctuation; competitive pricing pressures within the Company’s market; equity and fixed income market fluctuation; technological changes; changes in law; changes in fiscal, monetary, regulatory, and tax policies; monetary fluctuations as well as other risks and uncertainties detailed elsewhere in this Form 10-Q or from time-to-time in the filings of the Company with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

PART I FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

PowerVerde, Inc. and Subsidiary
Condensed Consolidated Balance Sheets
September 30, 2019 (Unaudited) and December 31, 2018

	2019			2018
Assets
Current Assets:
Cash	$	32,104		$	8,482
Accounts receivable		9,000			10,000
Prepaid expenses and other current assets		19,260			10,866
Total Current Assets		60,364			29,348

Property and Equipment
Property and equipment, net of accumulated depreciation of $107,641 and $107,007, respectively		—			634

Other Assets
License, net of accumulated amortization of $25,822		—			74,178
Total Other Assets		—			74,178
Total Assets	$	60,364		$	104,160

Liabilities and Stockholders’ (Deficit) Equity
Current Liabilities
Accounts payable and accrued expenses	$	61,057		$	39,136
Total Current Liabilities		61,057			39,136

Long Term Liabilities
Convertible note payable		281,097			—
Total Long Term Liabilities		281,097			—

Total Liabilities		342,154			39,136

Stockholders’ (Deficit) Equity
Preferred Stock:
50,000,000 preferred shares authorized, 0 preferred shares issued at September 30, 2019 and December 31, 2018		—			—
Common stock:
200,000,000 common shares authorized, par value $0.0001 per share, 40,300,106 common shares issued and 31,750,106 common shares outstanding at September 30, 2019 and December 31, 2018		3,981			3,981
Additional paid-in capital		12,689,980			12,609,980
Treasury stock, 8,550,000 shares at cost		(491,139	)		(491,139	)
Accumulated deficit		(12,484,612	)		(12,057,798	)
Total Stockholders’ (Deficit) Equity		(281,790	)		65,024

Total Liabilities and Stockholders’ (Deficit) Equity	$	60,364		$	104,160

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

PowerVerde, Inc. and Subsidiary
Condensed Consolidated Statements of Operations
For the three and nine months ended September 30, 2019 and 2018
(Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018

Revenue	$	3,000		$	8,000		$	9,000		$	173,094

Operating Expenses
Research and development		114,620			71,415			184,301			596,128
General and administrative		49,938			47,511			159,326			181,832
Total Operating Expenses		164,558			118,926			343,627			777,960

Loss from Operations		(161,558	)		(110,926	)		(334,627	)		(604,866	)

Other Income (Expenses)
Interest income		—			—			—			1,621
Loss on impairment		—			—			(69,178	)		—
Interest expense		(9,265	)		—			(23,009	)		(699	)
Total Other Income (Expense)		(9,265	)		—			(92,187	)		922

Income (Loss) before Income Taxes		(9,265	)		(110,926	)		(92,187	)		(603,944	)
Provision for Income Taxes		—			—			—			—

Net Loss	$	(170,823	)	$	(110,926	)	$	(426,814	)	$	(603,944	)

Net Income (Loss) per Share - Basic and Diluted	$	0.01		$	0.00		$	0.01		$	0.02

Weighted Average Common Shares Outstanding - Basic and Diluted		31,750,106			31,750,106			31,750,106			31,750,106

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

PowerVerde, Inc and Subsidiary

Condensed Consolidated Changes in Stockholders’ Equity (Deficit)

For the three and nine months ended September 30, 2019 and 2018

(Unaudited)

For the nine months ended September 30, 2019
	Preferred stock		Common stock		Additional paid-in capital		Accumulated deficit			Treasury stock			Total
Balances at December 31, 2018	$	—	$	3,981	$	12,609,980	$	(12,057,798	)	$	(491,139	)	$	65,024
Net loss		—		—		—		(426,814	)		—			(426,814	)
Stock based compensation						80,000								80,000
Balances at September 30, 2019	$	—	$	3,981	$	12,689,980	$	(12,484,612	)	$	(491,139	)	$	(281,790	)

For the three months ended September 30, 2019
	Preferred stock		Common stock		Additional paid-in capital		Accumulated deficit			Treasury stock			Total
Balances at June 30, 2019	$	—	$	3,981	$	12,609,980	$	(12,313,789	)	$	(491,139	)	$	(190,967	)
Net loss		—		—		—		(170,823	)		—			(170,823	)
Stock based compensation						80,000								80,000
Balances at September 30, 2019	$	—	$	3,981	$	12,689,980	$	(12,484,612	)	$	(491,139	)	$	(281,790	)

PowerVerde, Inc and Subsidiary

Condensed Consolidated Changes in Stockholders’ Equity (Deficit)

For the three and nine months ended September 30, 2019 and 2018

(Unaudited)

For the nine months ended September 30, 2018
	Preferred stock		Common stock		Additional paid-in capital		Accumulated deficit			Treasury stock			Total
Balances at December 31, 2017	$	—	$	3,981	$	12,129,331	$	(11,378,720	)	$	(491,139	)	$	263,453
Stock based compensation		—		—		480,649		—			—			480,649
Net loss		—		—		—		(603,944	)		—			(603,944	)
Balances at September 30, 2018	$	—	$	3,981	$	12,609,980	$	(11,982,664	)	$	(491,139	)	$	140,158

For the three months ended September 30, 2018
	Preferred stock		Common stock		Additional paid-in capital		Accumulated deficit			Treasury stock			Total
Balances at June 30, 2018	$	—	$	3,981	$	12,574,131	$	(11,871,738	)	$	(491,139	)	$	215,235
Stock based compensation		—		—		35,849		—			—			35,849
Net loss		—		—		—		(110,926	)		—			(110,926	)
Balances at September 30, 2018	$	—	$	3,981	$	12,609,980	$	(11,982,664	)	$	(491,139	)	$	140,158

PowerVerde, Inc. and Subsidiary
Condensed Consolidated Statements of Cash Flows
For the nine months ended September 30, 2019 and 2018
(Unaudited)

	2019			2018
Cash Flows From Operating Activities
Net loss	$	(426,814	)	$	(603,944	)
Adjustments to reconcile net loss to net cash to net cash provided (used) by operating activities:
Impairment of intangible assets		69,178			—
Depreciation and amortization		5,633			16,783
Amortization of debt issuance costs		5,097			—
Stock based compensation		80,000			480,649
Changes in operating assets and liabilities:
Accounts receivable and prepaid expenses		(7,393	)		350,359
Accounts payable and accrued expenses		21,921			(92,099	)
Liberty notes receivable		—			34,000

Cash (Used) Provided by Operating Activities		(252,378	)		185,748

Cash Flows from Financing Activities
Proceeds from notes payable, related party		300,000			—
Payment for debt issuance costs		(24,000	)		—
Payment on notes payable, related party		—			(150,000	)

Cash provided by (used in) Financing Activities		276,000			(150,000	)

Net Change in Cash and Cash Equivalents		23,622			35,748

Cash and Cash Equivalents at Beginning of Period		8,482			1,336

Cash and Cash Equivalents at End of Period	$	32,104		$	37,084

Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	$	10,747		$	699

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

PowerVerde, Inc. and Subsidiary

Notes to Unaudited Condensed Consolidated Financial Statements

September 30, 2019

Note 1 – Condensed Consolidated Financial Statements

The accompanying unaudited condensed consolidated financial statements prepared in accordance with instructions for Form 10-Q, include all adjustments (consisting only of normal recurring accruals) which are necessary for a fair presentation of the results for the periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the Annual Report of PowerVerde, Inc. (“PowerVerde,” “we,” “us,” “our,” or the “Company”) as of and for the year ended December 31, 2018. The results of operations for the three and nine months ended September 30, 2019, are not necessarily indicative of the results to be expected for the full year or for future periods. The condensed consolidated financial statements include the accounts of PowerVerde, Inc., formerly known as Vyrex Corporation (the “Company”), and PowerVerde Systems, Inc., formerly known as PowerVerde, Inc., its wholly-owned subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

Note 2 – Going Concern

We have financed our operations since inception through the sale of debt and equity securities and through Biotech IP licensing revenues which expired March 2018. As of September 30, 2019, we had a working capital deficit of $693 compared to a working capital deficit of $9,788 at December 31, 2018. This decrease in the working capital deficit is due primarily to cash raised through related party debt financing.

The Company has historically relied upon unrelated and related party debt and equity financing to fund its cash flow shortages and will require either additional debt or equity financing to sustain its operations. The Company’s revenues through 2018 were derived mainly from royalties under its Biotech licensing agreement, which expired in March 2018. Those factors create substantial doubt about the Company’s ability to continue as a going concern.

The Company continues to seek funding from private debt and equity investors, as it needs to promptly raise substantial additional capital in order to finance its plan of operations. There can be no assurance that the Company will be able to promptly raise the necessary funds on commercially acceptable terms, if at all. If the Company does not raise the necessary funds, it may be forced to cease operations.

Note 3 – Summary of Significant Accounting Policies

Nature of Business

The Company is devoting substantially all of its present efforts to establish a new business involving the development and commercialization of clean energy electric power generation systems, and none of its planned principal operations have commenced. However, royalties from licenses unrelated to planned principal operations were recognized as revenue through March 2018, when the underlying license agreement terminated. No revenues from this planned principal operation have been generated.

Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Accounts Receivable

Accounts receivable consist of balances due from assembly services. The Company monitors accounts receivable and provides allowances when considered necessary. At September 30, 2019 and December 31, 2018, accounts receivable were considered to be fully collectible. Accordingly, no allowance for doubtful accounts was provided.

Revenue Recognition

Royalties are recognized as earned in the period the sales to which the royalties relate occur. Manufacturing assembly services are recognized as revenue when the assembled product is delivered to the customer. Revenues recognized under these agreements amount to 100% of total revenues for the three and nine months ended September 30, 2019 and 2018.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Expenditures for major betterments and additions are capitalized, while replacement, maintenance and repairs, which do not extend the lives of the respective assets, are expensed as incurred.

Impairment of Long-Lived Assets

Impairment losses are recorded on long-lived assets (property, equipment and intellectual property) used in operations when impairment indicators are present and the undiscounted expected cash flows estimated to be generated by those assets are less than the carrying value of such assets. No impairment losses were recognized during the three and nine months ended September 30, 2018. For the nine months ended September 30, 2019, the Company recognized an impairment loss of $69,178.

Stock-based Compensation

The Company has accounted for stock-based compensation under the provisions of Accounting Standards Codification (ASC) Topic 718 – “Stock Compensation” which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (stock options and common stock purchase warrants). The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. Expected volatilities are based on historical volatility of peer companies and other factors estimated over the expected term of the stock options. The expected term of options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus the contract term. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term.

Common Stock Purchase Warrants

The Company accounts for common stock purchase warrants in accordance with ASC Topic 815-40, “Derivatives and Hedging – Contracts in Entity’s Own Equity” (“ASC 815-40”). Based on the provisions of ASC 815-40, the Company classifies as equity any contracts that (i) require physical settlement or net-share settlement, or (ii) gives the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company, or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). All outstanding warrants as of December 31, 2018 and September 30, 2019 were classified as equity.

Accounting for Uncertainty in Income Taxes

The Company follows the provisions of ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes” which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This topic also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. There is no uncertain tax positions as of September 30, 2019 and December 30, 2018.

Research and Development Costs

The Company’s research and development costs are expensed in the period in which they are incurred.

Earnings (Loss) Per Share

Earnings (loss) per share is computed in accordance with FASB ASC Topic 260, “Earnings per Share”. Diluted earnings per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock, common stock equivalents and other potentially dilutive securities outstanding during the period. Certain common stock equivalents were not included in the earnings (loss) per share calculation as their effect would be anti-dilutive. Warrants exercisable for 975,000 shares and options for 12,180,500 shares were excluded from weighted average common shares outstanding on a diluted basis.

Financial Instruments

The Company carries cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and notes payable, at historical costs. The respective estimated fair values of these assets and liabilities approximate carrying values due to their current nature.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Note 4 – Recent Accounting Pronouncements

In February 2016, the FASB issued ASU 2016-02, “Leases,” which created a new Topic, ASC Topic 842 and established the core principle that a lessee should recognize the assets, representing rights-of-use, and liabilities to make lease payments that arise from leases. For leases with a term of 12 months or less, a lessee is permitted to make an election under which such assets and liabilities would not be recognized, and lease expense would be recognized generally on a straight-line basis over the lease term. This ASU is effective for public entities for interim and annual reporting periods beginning after December 15, 2018. The Company adopted ASC Topic 842 on January 1, 2019 and such adoption did not have any impact on the Company’s financial statements.

In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718).” ASU 2018-07 simplifies the accounting for nonemployee stock-based payment transactions. This ASU is effective for public entities for interim and annual reporting periods beginning after December 15, 2018, and early application is permitted. The adoption of this guidance on January 1, 2019 did not have an impact on the Company’s financial statements.

Note 5 – Intellectual Property and License Agreement

On June 1, 2016, the Company entered into a ten-year License Agreement with Helidyne LLC for total consideration of $100,000 to utilize the Helidyne intellectual property in the manufacturing of planetary rotor expanders and the incorporation of same in the Company’s distributed electric power generation systems. The license agreement also grants the Company an exclusive license to sell the expanders whether manufactured by Helidyne or by the Company. The Company’s royalty obligation begins on the earlier of the commercialization of the product or three years from the effective date of the agreement. Once the royalty obligation begins, the minimum annual royalty is $50,000 for each of the first six years, and $100,000, per commercial year, for the remainder of the agreement. Helidyne has defaulted under the agreement. Royalties would be payable only if Helidyne performs as required, or if the Company elects to produce its own expanders using Helidyne technology. During the quarter ended June 30, 2019, management of the Company evaluated the continued default by Helidyne and determined that Helidyne will not be able to perform under the license agreement for the foreseeable future. The Company’s license agreement continues to be active and the Company may utilize the Helidyne intellectual property in marketing its own products. Under the terms of the license agreement, the Company has the right to develop a prototype utilizing the Helidyne technology at its own cost. Due to the continued default by Helidyne and the potential cost of developing its own prototype, the Company has determined that the intangible asset related to the above license agreement is impaired and recognized an impairment charge of $69,178 in the second quarter of 2019, which is 100% of the net carrying value. See Note 9.

For the nine months ended September 30, 2019 and 2018, amortization expense was $5,000 and $9,874, respectively and accumulated amortization of the intangible assets was $25,822 at December 31, 2018.

Note 6 – Warrants

A summary of warrants issued, exercised and expired during the nine months ended September 30, 2019 is as follows:

	Shares		Weighted Average Exercise Price		Intrinsic Value
Balance at December 31, 2018		975,000	$	.11		—
Issued		—		—		—
Expired		—		—		—
Converted to Common Stock Options		—		—		—
Balance at September 30, 2019		975,000	$	.11		—

Note 7 – Stock Options

Stock option activity for the nine months ended September 30, 2019, is summarized as follows:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Options outstanding at December 31, 2018		11,180,500	$	0.20		7.02
Granted		1,000,000		0.10		—
Expired/forfeited		—		—
Options outstanding at September 30, 2019		12,180,500	$	0.20		5.85

Total stock option compensation for the nine months ended September 30, 2019 and 2018 was $80,000 and $480,649, respectively. All of the 2019 options were granted to the Company’s president, who was hired in September 2019. See Note 9. There is no unrecognized compensation expense associated with the options.

Note 8 - Convertible Notes Payable to Related Parties

In the first quarter of 2019, the Company issued Convertible Promissory Notes totaling $290,000 to stockholders. The notes are to be paid in one principal payment, along with any unpaid interest by December 31, 2021. Interest is payable semiannually at 10%. The notes are convertible into common stock at a price of $.20 per share through December 31, 2019, $.30 per share from January 1, 2020 through December 31, 2020, and $.40 per share from January 1, 2021 through the maturity date of December 31, 2021.

In May 2019, the Company issued a Convertible Promissory Note in the principal amount of $10,000 to a stockholder in connection with a loan in the same amount. Consequently, Convertible Promissory Notes have been issued in an aggregate principal amount of $300,000 during the first two quarters of 2019.

Long-term debt at September 30, 2019 consisted of the following:

	2019

Note payable to stockholders	$	300,000
Less: Unamortized debt issuance costs		18,903
Total long-term debt	$	281,097

Amortization of the debt issuance costs is reported as interest expense in the income statement.

Note 9 - Commitments and Contingencies

On June 25, 2015, Company consultant Hank Leibowitz assigned to the Company a patent he obtained for a system and method for using high temperature sources in Rankine cycle power systems. The Company has agreed to pay Mr. Leibowitz a 2% royalty for any and all revenues of products and/or project sales by the Company based on the subject patent.

On June 1, 2016, the Company entered into a ten-year License Agreement with Helidyne LLC to utilize the Helidyne intellectual property in order to use Helidyne expanders in Powerverde systems and to sell Helidyne expanders. As part of the licensing agreement the Company committed to purchase two 50 kW expanders, at a price of $25,000 each, on or before the sixth month anniversary of the agreement. The $50,000 was payable in two monthly installments of $25,000 beginning October 2016. The Company had made payments totaling $38,750, towards the purchase of the expanders, all of which was included in prepaid expense and other current assets in the consolidated balance sheets at December 31, 2016. Due to Helidyne’s failure to perform under the agreement, the Company has not made any further payments to Helidyne and does not intend to do so unless and until Helidyne performs as required. Helidyne has not objected to the Company’s position, and it is very unlikely that Helidyne will ever be able to perform.

The Company agreed to pay Helidyne LLC a royalty of 3% of sales, subject to a minimum annual royalty of $50,000 beginning on the earlier of commercialization of the product or three years from the effective date of the agreement. This minimum royalty would be payable only if Helidyne performs as required, which is very unlikely, or if the Company elects to produce its own expanders using Helidyne technology. The Company does intend to produce these expanders directly or through a contract manufacturer in the future. See Note 5.

On April 15, 2017, the Company entered into an assembly agreement with Liberty Plugins, Inc. (“Liberty”) to assemble Liberty’s Hydra electronic vehicle charging systems and ship completed Hydras to Liberty’s facility in Santa Barbara, California (the “Liberty Agreement”). Liberty has agreed to pay $1,000 for the first 10 Hydras assembled in a month, $750 per Hydra for the next 10 Hydras assembled per month and $500 per Hydra for each Hydra assembled above 20 per month. The Company has never assembled/shipped more than 10 Hydras in any month and does not expect to do so in the future. As of September 30, 2019, the Company has built and shipped 43 Hydras. Revenue for these products is reflected in the net revenue on the Company’s condensed consolidated statement of operations as follows: $9,000 and $14,000 for the nine months ended September 30, 2019 and 2018, respectively and $3,000 and $8,000 for the three months ended September 30, 2019 and 2018, respectively.

On September 1, 2019, the Company hired Daniel Bogar to serve as its President, reporting to the CEO. As compensation, Mr. Bogar received a fully-vested non-qualified option to purchase 1,000,000 shares of the Company’s common stock at an exercise price of $.10 per share, with an expiration date of June 30, 2026. In addition, Mr. Bogar will receive an annual salary of $90,000 beginning on the closing of a private financing with gross proceeds of at least $1,000,000; however, the Company will be permitted to defer the salary to the extent required to maintain solvency.

Note 10 - Related Party Transactions

Since July 2010, the accounting firm J.L. Hofmann & Associates, P.A. (“JLHPA”), whose principal is our CFO John L. Hofmann, has provided financial consulting and accounting services to the Company. In December 2017, J.L. Hofmann & Associates, P.A. merged with Kabat, Schertzer, De La Torre, Taraboulos & Co, LLC (“KSDT”). The Company paid $30,334 and $28,380 for its services in the nine months ended September 30, 2019 and 2018, respectively and $11,420 and $10,050 in the three months ended September 30, 2019 and 2018, respectively.

The Company’s consultant and shareholder Hank Leibowitz receives compensation of $7,500 per month, totaling $67,500 for the first nine months of 2019. At September 30, 2019, Mr. Leibowitz was owed accrued compensation of $30,000.

Note 11 – Subsequent Events

The Company’s management evaluated subsequent events through November 14, 2019, in connection with the preparation of these condensed consolidated financial statements, which is the date these financial statements were available to be issued. There are no subsequent events to report as of this date.

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

Forward Looking Statements

Readers are cautioned that the statements in this Report that are not descriptions of historical facts may be forward-looking statements that are subject to risks and uncertainties. This Report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are based on the beliefs of our management, as well as on assumptions made by and information currently available to us as of the date of this Report. When used in this Report, the words “plan,” “will,” “may,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “project” and similar expressions are intended to identify such forward-looking statements. Although we believe these statements are reasonable, actual actions, operations and results could differ materially from those indicated by such forward-looking statements as a result of the risk factors included in our 2016 Annual Report, or other factors. We must caution, however, that this list of factors may not be exhaustive and that these or other factors, many of which are outside of our control, could have a material adverse effect on us and our ability to achieve our objectives. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above.

The following discussion and analysis should be read in conjunction with the financial statements and notes thereto appearing elsewhere herein.

Critical Accounting Policies

The condensed consolidated financial statements of PowerVerde, Inc. are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these condensed consolidated financial statements requires our management to make estimates and assumptions about future events that effect the amounts reported in the financial statements and related notes. Future events and their effects cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment. We believe the following critical accounting policies affect its more significant judgments and estimates used in the preparation of financial statements

Accounting for Uncertainty in Income Taxes

Based on our evaluation, we have concluded that there are no significant uncertain tax positions requiring recognition in our condensed consolidated financial statements. Our evaluation was performed for the tax years ended December 31, 2013, 2014, 2015, 2016 and 2017, the tax years which remain subject to examination by major tax jurisdictions as of September 30, 2019.

We may from time to time be assessed interest or penalties by major tax jurisdictions, although any such assessments historically have been minimal and immaterial to our financial results. In the event we have received an assessment for interest and/or penalties, it has been classified in the condensed consolidated financial statements as general and administrative expense.

Revenue Recognition

Revenue from royalties and assembly services unrelated to the Company’s planned operations is recognized when the goods or services are transferred to the customer. Royalties are recognized as earned in the period the sales to which the royalties relate occur. Manufacturing assembly services are recognized as revenue when the assembled product is delivered to the customer. Revenues recognized under these agreements amount to 100% of total revenues for the three and nine months ended September 30, 2019 and 2018.

Common Stock Purchase Warrants

The Company accounts for common stock purchase warrants in accordance with ASC Topic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (“ASC 815-40”). Based on the provisions of ASC 815-40, the Company classifies as equity any contracts that (i) require physical settlement or net-share settlement, or (ii) gives the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). All outstanding warrants as of September 30, 2019 and December 31, 2018 were classified as equity.

Intellectual Property

The Company reviews intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company uses an estimate of the undiscounted cash flows over the remaining life of its long-lived assets, or related group of assets where applicable, in measuring whether the assets to be held and used will be realizable. In the event of impairment, the Company would discount the future cash flows using its then estimated incremental borrowing rate to estimate the amount of the impairment.

Stock-based compensation.

We account for stock-based compensation based on ASC Topic 718-Stock Compensation which requires expensing of stock options and other share-based payments based on the fair value of each stock option awarded. The fair value of each stock option is estimated on the date of grant using the Black-Scholes valuation model. This model requires management to estimate the expected volatility, expected dividends, and expected term as inputs to the valuation model.

Overview

From January 1991 until October 2005, the Company devoted substantially all of its efforts and resources to research and development related to its unsuccessful Biotech Business, in particular the study of biological oxidation and antioxidation directed to the development of potential therapeutic products for the treatment of various diseases and conditions. In the most recent years, the Company’s research focused mainly on targeted antioxidant therapeutics and nutraceuticals. The Company, has generated only limited revenue from product sales and has relied primarily on equity financing, licensing revenues, and various debt instruments for its working capital. The Company has been unprofitable since its inception.

Following the cessation of material Biotech Business operations in October 2005, the Company turned its primary focus to seeking an appropriate merger partner for its public shell. This resulted in the February 2008 Merger with Vyrex. In March 2009, we assigned most of our Biotech intellectual property other than our rights under existing licensing agreements (the “Biotech IP”) to an investor in exchange for his agreement to pay all future expenses relating to the Biotech IP and to pay us 20% of any net proceeds received from future sale and/or licensing of the Biotech IP. We do not expect this arrangement to generate material revenues.

Since the Merger, we have focused on the development, testing and commercialization of our electric power systems, in particular, their applicability to thermal and natural gas pipeline operations. Our business is subject to significant risks, including the risks inherent in our research and development efforts, uncertainties associated with obtaining and enforcing patents and intense competition. See “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 29, 2019.

Except as specifically noted to the contrary, the following discussion relates only to PowerVerde since, as a result of the Merger, the only historical financial statements presented for the Company in periods following the Merger are those of the operating entity, PowerVerde.

Results of Operations

Three Months Ended September 30, 2019 as Compared to Three Months Ended September 30, 2018

Since inception, we have focused on the development, testing and commercialization of our clean energy Aelectric power generation systems. We had no revenues from sales in the third quarter of 2019 and 2018. Also, we generated $3,000 and $8,000 in revenue for assembly revenues under the Liberty Agreement in the third quarter of 2019 and 2018, respectively. In both years, we had substantial expenses due to our ongoing research and development activities and efforts to commercialize our systems, as well as substantial administrative expenses associated with our status as a public company. Our research and development expenses increased by $43,205 primarily due to the stock options issued in the third quarter of 2019. Our general and administrative expenses increased by $2,427 in the third quarter of 2019 as compared to 2018, primarily because of increased travel expenses. Primarily as a result of stock options issued in the third quarter 2019, our net loss increased by 54% to $170,823 in the third quarter of 2019 from $110,926 in the third quarter of 2018. Substantial net losses are expected until we are able to successfully commercialize and market our systems, as to which there can be no assurance. Any taxes that might result from net income for financial reporting purposes would be eliminated through use of a portion of the Company’s net operating loss carryforward.

Nine Months Ended September 30, 2019 as Compared to Nine Months Ended September 30, 2018

Since inception, we have focused on the development, testing and commercialization of our clean energy electric power generation systems. We had no revenues from sales in the first nine months of 2019 and 2018 – and we recorded $0 and $159,094 in Biotech IP licensing fees (based on pre-Merger contracts), respectively. Also, we generated $9,000 and 14,000 for assembly revenue under the Liberty Agreement in the first nine months of 2019 and 2018, respectively. In both years, we had substantial expenses due to our ongoing research and development activities and efforts to commercialize our systems, as well as substantial administrative expenses associated with our status as a public company. Our research and development expenses decreased by $411,826 (69.1%) in the first nine months of 2019 as compared to 2018. This decrease is primarily due to the stock options issued in the second quarter of 2018. Our general and administrative expenses decreased by $22,506 (12.4%) in the first nine months of 2019 as compared to 2018, due mainly to the decrease in depreciation and legal fees in 2019. Our net loss was $426,814 and $603,944 in the first nine months of 2019 and 2018, respectively, a 29% reduction. The reduced net loss in 2019 reflects the final Biotech IP revenues received in March 2018 and the issuance of substantial stock options in the second quarter of 2018, the net result of which was more than the value of the stock options issued in the third quarter of 2019. Substantial net losses will continue until we are able to successfully commercialize and market our systems, as to which there can be no assurance. Any taxes that might result from net income for financial reporting purposes would be eliminated through use of a portion of the deficit company’s net operating loss carryforward.

Liquidity and Capital Resources

We have financed our operations since inception principally through the sale of debt and equity securities. Also, from 2012 through March 2018 we received material amounts of Biotech IP licensing fees. As of September 30, 2019, we had a working capital deficit of $693 compared to a working capital deficit of $9,788 at December 31, 2018. The decrease in working capital deficit is due primarily to loans received from related parties.

Our Biotech IP license agreement expired in March 2018 due to the expiration of our underlying patents. Consequently, we have no further material source of revenues. We are generating some revenue by using our employee to provide part-time skilled manufacturing services to third parties; however, we expect this arrangement to generate no more than $5,000 per month. We expect to generate substantial revenue from the 374 Water/Duke project in 2019 if we receive the expected purchase order; however, there can be no assurance that we will receive the purchase order.

We continue to seek funding from private equity and debt investors, as we need to promptly raise substantial additional capital in order to finance our plan of operations and commercialize our systems. There can be no assurance that we will be able to promptly raise the necessary funds. If we do not promptly raise the necessary funds, we may be forced to cease operations.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Not applicable.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

The Company, under the supervision and with the participation of its management, including the Chief Executive Officer and President, evaluated the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective.

Management’s Annual Report on Internal Control Over Financial Reporting

Management of the Company is responsible for establishing and maintaining adequate control over financial reporting. Our internal control system was designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of financial statements.

All internal controls over financial reporting, no matter how well designed, have inherent limitations, including the possibility of human error and the circumvention of overriding of controls. Therefore, even effective internal control over financial reporting can provide only reasonable, and not absolute, assurance with respect to financial statement preparation and presentation. Further, because of changes in conditions, the effectiveness of internal controls over financial reporting may vary over time. Because of its inherent limitations, internal controls over financial reporting may also fail to prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

Our Chief Executive Officer and Chief Financial Officer assessed the effectiveness of our internal control over financial reporting as of September 30, 2019. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control—An Integrated Framework. Based on this evaluation, our management concluded that, as of September 30, 2019, our internal control over financial reporting was effective.

No Attestation Report

This quarterly report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this quarterly report.

Changes in Internal Control Over Financial Reporting

There were no significant changes in internal control over financial reporting during the third quarter of 2019 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting

PART II OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

There are no material changes to the risk factors set forth in Part I, Item 1A, “Risk Factors,” of the 2018 Annual Report. Please refer to that section for disclosure regarding the risks and uncertainties related to our business.

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

In the first quarter of 2019, we issued Convertible Promissory Notes totaling $290,000 to stockholders in connection with a loan in the same amount. The notes are to be paid in one principal payment, along with any unpaid interest, by December 31, 2021. Interest is payable semiannually at 10%. The notes are convertible into common stock at a price of $.20 per share through December 31, 2019, $.30 per share from January 1, 2020 through December 31, 2020, and $.40 per share from January 1, 2021 through the maturity date of December 31, 2021.

In the second quarter of 2019, the Company issued a Convertible Promissory Note in the principal amount of $10,000 to a stockholder in connection with a loan in the same amount.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

On September 1, 2019, we hired Daniel Bogar to serve as our President, reporting to our CEO. As compensation, Mr. Bogar received a fully-vested non-qualified option to purchase 1,000,000 shares of our common stock at an exercise price of $.10 per share, with an expiration date of June 30, 2026. In addition, Mr. Bogar will receive an annual salary of $90,000 beginning on the closing of a private financing with gross proceeds of at least $1,000,000; however, the Company will be permitted to defer the salary to the extent required to maintain solvency.

Mr. Bogar is an executive with decades of experience in managing, growing and financing companies. From 1987-2000 he served in various management positions with Cellstar Corporation, a pioneer provider of cellular telephone service, in Miami, Florida, and Mexico City, Mexico. In his last position with Cellstar, Mr. Bogar served as President of the Americas region from 1999-2000. From 2000-2009, he served as Managing Director of Stanford Group Holdings (“Stanford”), a wealth management firm based in Houston, Texas. Mr. Bogar served as President/COO of American Green Technology, Inc./Vida Shield (“AGT”), a South Bend, Indiana manufacturer of LED industrial lighting products and anti-microbial lighting products, from inception in 2009 until 2018. Since 2019, Mr. Bogar has served as an adjunct professor of management at the McCoy School of Business, Texas State University, San Marcos, Texas.

On December 18, 2013, the SEC entered a final decision against Mr. Bogar finding that, in connection with his work on behalf of Stanford, which collapsed in 2009, he violated Section 17(a) of the Securities Act of 1933, Sections 10(b) and 15(c)(1) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. The SEC found Mr. Bogar liable as a result of gross negligence but not willful fraud. Mr. Bogar, his family and friends suffered substantial losses as a result of their investments in Stanford’s securities. Pursuant to the SEC decision, Mr. Bogar was ordered (a) to cease and desist from committing or causing any violations or future violations of the relevant securities laws; (b) barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization and prohibited, permanently, from serving or acting as an employee, officer, director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a registered investment company or affiliated person of such investment adviser, depositor, or principal underwriter; (c) to disgorge $1,555,485.75, plus prejudgment interest; and (d) to pay a civil money penalty of $260,000.

On August 28, 2018, certain noteholders of AGT unaffiliated with AGT’s majority shareholder Ushio America Inc. (“Ushio”) filed an involuntary chapter 11 petition against AGT in the U.S. Bankruptcy Court for the Southern District of Texas. The petition was granted on October 2, 2018. AGT had run out of cash due to Ushio’s refusal to provide further funding and refusal to extend the maturity of prior financing by Ushio which was secured by AGT’s intellectual property (“IP”) and other assets. On December 18, 2018, the court appointed a trustee for AGT, and on July 11, 2019, the court granted the trustee’s motion to convert the case to a Chapter 7 liquidation.

On October 30, 2019, the trustee filed an adversary complaint against Ushio and its affiliates alleging fraud, breach of fiduciary duty and other claims. In essence the trustee alleges that Ushio and its affiliates acted in bad faith in connection with their investment in and control of AGT for the purpose of misappropriating AGT’s IP and other assets. Ushio denies the allegations.

On November 6, 2019, PowerVerde and 374Water Inc. (“374”) entered into a memorandum of understanding (the “MOU”) regarding the strategic relationship between the parties whereby they intend for PowerVerde to provide the complete heat recovery system, including an advanced expander, for 374’s Super Critical Water Oxidation (SCWO) system. The MOU is conditioned upon 374 raising sufficient equity capital by March 31, 2020. Part of the contemplated funding will be used to purchase two nominal 60 kWe expanders from PowerVerde at a price to be agreed upon, which is expected to be approximately $500,000. In addition, upon closing of the financing, 374 will issue equity to PowerVerde in the form of restricted stock and stock options. There can be no assurance that 374 will timely raise the required funding or that the contemplated transactions will be profitable for PowerVerde.

Item 6. Exhibits.

(a)

Exhibits

10.25	Memorandum of Understanding dated November 6, 2019, between PowerVerde Inc. and 374Water Inc.

31.1	Certification of Principal Executive Officer and Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1	Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS	XBRL INSTANCE DOCUMENT

101.SCH	XBRL TAXONOMY EXTENSION SCHEMA

101.CAL	XBRL TAXONOMY EXTENSION CALCULATION LINKBASE

101.DEF	XBRL TAXONOMY EXTENSION DEFINITION LINKBASE

101.LAB	XBRL TAXONOMY EXTENSION LABEL LINKBASE

101.PRE	XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE

SIGNATURES

In accordance with Section 13(a) or 15(d) of the Exchange Act, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	POWERVERDE, INC.

Dated: November 14, 2019	By:	/s/ Richard H. Davis

		Richard H. Davis
		Chief Executive Officer

Dated: November 14, 2019	By:	/s/ John L. Hofmann

		John L. Hofmann
		Chief Financial Officer

Exhibit Index

Exhibit No.		Description
10.25		Memorandum of Understanding dated November 6, 2019, between PowerVerde Inc. and 374Water Inc.

31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		XBRL INSTANCE DOCUMENT

101.SCH		XBRL TAXONOMY EXTENSION SCHEMA

101.CAL		XBRL TAXONOMY EXTENSION CALCULATION LINKBASE

101.DEF		XBRL TAXONOMY EXTENSION DEFINITION LINKBASE

101.LAB		XBRL TAXONOMY EXTENSION LABEL LINKBASE

101.PRE		XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE

EX-10.25 2 ex10_25.htm EXHIBIT 10.25

Exhibit 10.25

MEMORANDUM OF UNDERSTANDING

THIS MEMORANDUM OF UNDERSTANDING (MOU) is dated as of November 06, 2019, between PowerVerde Inc., a Delaware corporation (“PV”) and 374Water Inc., a Delaware corporation (“374”).

1.	The purpose of this MOU is to define the key terms of a strategic relationship between PV and 374 as it relates to the heat recovery system (HRS) of 374’s Supercritical Water Oxidation (SCWO) system. PV and 374 intend to use commercially reasonable efforts to enter into a contractual relationship to collaborate on the commercial development of the SCWO system.

2.	The parties’ obligation to negotiate a transaction under the terms of this MOU are conditional upon 374’s raising equity capital on or before March 30, 2020, on terms set by 374’s board of directors (the “Series A Financing”). The date of the closing of the Series A Financing shall be the effective date for purposes of this MOU (the “Effective Date”).

3.	PV will focus its resources on the development of the complete heat recovery system (HRS) for the SCWO system including the advanced expander. PV will work with 374 to secure funding and to obtain customers for 374’s Nix units.

4.	374 will provide PV with the requirements for the HRS for the Nix6 and the Nix30 expander units. 374 may elect to develop different system scales.

5.	374 will issue to PV 100 shares of 374’s common stock promptly following closing of the Series A Financing, vesting at the rate of l/12th per month for a year beginning with the first month immediately following the Effective Date, subject to PV’s continued provision of services to 374.

6.	374 will also provide PV with an option to purchase after the Effective Date an additional 200 shares at a strike price determined by the valuation of 374’s Series A Financing, such option to be exercisable for a period of 30 days following the earlier of (1) PV’s delivery of a HRS that functions to the satisfaction of 374 or (2) immediately before closing of 374’s second equity financing round.

7.	374 will issue to PV a purchase order (PO) for two nominal 60 kWe expanders and to help fund PV’s preliminary design and engineering for the complete HRS, promptly following the Effective Date. The price is anticipated to be in the range of $500,000, but will be mutually acceptable to 374 and PV and will be paid in stages based on milestones reasonably agreed by the parties. Both parties understand there is no HRS specification at this time. Accordingly, the cost to develop the entire HRS is not reflected in the approximate $500,000 price save for some HRS preliminary design and engineering.

8.	Because of their strategic relationship, the parties will work using an “open book” arrangement. This “esprit de corps” mentality ensures PV in good faith would provide 374 with all internal and contract labor usage and identify the billing rate of each. Materials will be burdened by overhead. All costs incurred in the project will be documented and reported to 374 at regular intervals in arrears, (e.g. weekly or monthly), and 374 will have customary rights to periodically audit the books and records of PV.

9.	As this is a totally novel system, neither party can know with certainty the final cost in advance, but PV is committed to delivering the HRS with transparency and for significantly less cost than other major companies would charge (e.g., Bechtel or G.E.). PV projects that subsequent purchases of multiple expander units for 374’s Nix6 will cost 374 approximately $50,000 for each unit, PV and 374 will negotiate the purchase price in good faith after the parties have obtained additional information regarding the costs, timelines, and complexity of the delivery of the HRS.

10.	After delivery and acceptance of the initial two expander units, 374 agrees to reasonably consider entering into a subsequent supplier agreement on mutually agreed-upon terms with PV for the purpose of engineering, fabricating and supplying 374 with complete HRS’s for its SCWO systems going forward.

11.	In the event that PV is unable or unwilling to provide 374 with expander units going forward, PV will, at 374’s option, grant 374 the rights to manufacture or have manufactured the expander units under the terms of PV’s license agreement with Ranator A.B.

12.	The parties will maintain the strict confidentiality of all non-public information relating to the proposed transactions and operations set forth in this MOU.

13.	The parties will use their best efforts to draft, negotiate and execute on or before December 31, 2019, definitive agreements for the proposed transactions, consistent with the terms of this MOU and containing other language which is customary for comparable transactions. This MOU and all of the agreements will be governed by the laws of the State of Delaware.

POWERVERDE INC.		374WATER INC.

By:		By:
	Richard H.Davis, CEO		Yaacov Nagar, CEO

11/6/2019

EX-31.1 3 ex31_1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Richard H. Davis, certify that:

I have reviewed this Form 10-Q of PowerVerde, Inc.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated:	November 14, 2019	/s/ Richard H. Davis
		Richard H. Davis, Chief Executive Officer

EX-31.2 4 ex31_2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, John L. Hofmann, certify that:

I have reviewed this Form 10-Q of PowerVerde, Inc.

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated:	November 14, 2019	/s/ John L. Hofmann
		John L. Hofmann, Chief Financial Officer

EX-32.1 5 ex32_1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Richard H. Davis, certify as follows:

To the best of my knowledge, the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, fully complies in all material respects with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and

To the best of my knowledge, based upon a review of the report, the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Richard H. Davis
	Richard H. Davis
	Chief Executive Officer November 14, 2019

EX-32.2 6 ex32_2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, John L. Hofmann, certify as follows:

By:	/s/ John L. Hofmann
	John L. Hofmann
	Chief Financial Officer November 14, 2019

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Note 1 – Condensed Consolidated Financial Statements   The accompanying unaudited condensed consolidated financial statements prepared in accordance with instructions for Form 10-Q, include all adjustments (consisting only of normal recurring accruals) which are necessary for a fair presentation of the results for the periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the Annual Report of PowerVerde, Inc. (“PowerVerde,” “we,” “us,” “our,” or the “Company”) as of and for the year ended December 31, 2018. The results of operations for the three and nine months ended September 30, 2019, are not necessarily indicative of the results to be expected for the full year or for future periods. The condensed consolidated financial statements include the accounts of PowerVerde, Inc., formerly known as Vyrex Corporation (the “Company”), and PowerVerde Systems, Inc., formerly known as PowerVerde, Inc., its wholly-owned subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

Note 2 – Going Concern   We have financed our operations since inception through the sale of debt and equity securities and through Biotech IP licensing revenues which expired March 2018. As of September 30, 2019, we had a working capital deficit of $693 compared to a working capital deficit of $9,788 at December 31, 2018. This decrease in the working capital deficit is due primarily to cash raised through related party debt financing.   The Company has historically relied upon unrelated and related party debt and equity financing to fund its cash flow shortages and will require either additional debt or equity financing to sustain its operations. The Company’s revenues through 2018 were derived mainly from royalties under its Biotech licensing agreement, which expired in March 2018. Those factors create substantial doubt about the Company’s ability to continue as a going concern.   The Company continues to seek funding from private debt and equity investors, as it needs to promptly raise substantial additional capital in order to finance its plan of operations. There can be no assurance that the Company will be able to promptly raise the necessary funds on commercially acceptable terms, if at all. If the Company does not raise the necessary funds, it may be forced to cease operations.

Note 3 – Summary of Significant Accounting Policies   Nature of Business   The Company is devoting substantially all of its present efforts to establish a new business involving the development and commercialization of clean energy electric power generation systems, and none of its planned principal operations have commenced. However, royalties from licenses unrelated to planned principal operations were recognized as revenue through March 2018, when the underlying license agreement terminated. No revenues from this planned principal operation have been generated.   Cash Equivalents   The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.   Accounts Receivable   Accounts receivable consist of balances due from assembly services. The Company monitors accounts receivable and provides allowances when considered necessary. At September 30, 2019 and December 31, 2018, accounts receivable were considered to be fully collectible. Accordingly, no allowance for doubtful accounts was provided.   Revenue Recognition   Royalties are recognized as earned in the period the sales to which the royalties relate occur. Manufacturing assembly services are recognized as revenue when the assembled product is delivered to the customer. Revenues recognized under these agreements amount to 100% of total revenues for the three and nine months ended September 30, 2019 and 2018.   Property and Equipment   Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Expenditures for major betterments and additions are capitalized, while replacement, maintenance and repairs, which do not extend the lives of the respective assets, are expensed as incurred.   Impairment of Long-Lived Assets   Impairment losses are recorded on long-lived assets (property, equipment and intellectual property) used in operations when impairment indicators are present and the undiscounted expected cash flows estimated to be generated by those assets are less than the carrying value of such assets. No impairment losses were recognized during the three and nine months ended September 30, 2018. For the nine months ended September 30, 2019, the Company recognized an impairment loss of $69,178.   Stock-based Compensation   The Company has accounted for stock-based compensation under the provisions of Accounting Standards Codification (ASC) Topic 718 – “Stock Compensation” which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (stock options and common stock purchase warrants). The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. Expected volatilities are based on historical volatility of peer companies and other factors estimated over the expected term of the stock options. The expected term of options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus the contract term. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term.   Common Stock Purchase Warrants   The Company accounts for common stock purchase warrants in accordance with ASC Topic 815-40, “Derivatives and Hedging – Contracts in Entity’s Own Equity” (“ASC 815-40”). Based on the provisions of ASC 815-40, the Company classifies as equity any contracts that (i) require physical settlement or net-share settlement, or (ii) gives the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company, or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). All outstanding warrants as of December 31, 2018 and September 30, 2019 were classified as equity.   Accounting for Uncertainty in Income Taxes   The Company follows the provisions of ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes” which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This topic also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. There is no uncertain tax positions as of September 30, 2019 and December 30, 2018.   Research and Development Costs   The Company’s research and development costs are expensed in the period in which they are incurred.   Earnings (Loss) Per Share   Earnings (loss) per share is computed in accordance with FASB ASC Topic 260, “Earnings per Share”. Diluted earnings per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock, common stock equivalents and other potentially dilutive securities outstanding during the period. Certain common stock equivalents were not included in the earnings (loss) per share calculation as their effect would be anti-dilutive. Warrants exercisable for 975,000 shares and options for 12,180,500 shares were excluded from weighted average common shares outstanding on a diluted basis.   Financial Instruments   The Company carries cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and notes payable, at historical costs. The respective estimated fair values of these assets and liabilities approximate carrying values due to their current nature.   Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Note 4 – Recent Accounting Pronouncements   In February 2016, the FASB issued ASU 2016-02, “Leases,” which created a new Topic, ASC Topic 842 and established the core principle that a lessee should recognize the assets, representing rights-of-use, and liabilities to make lease payments that arise from leases. For leases with a term of 12 months or less, a lessee is permitted to make an election under which such assets and liabilities would not be recognized, and lease expense would be recognized generally on a straight-line basis over the lease term. This ASU is effective for public entities for interim and annual reporting periods beginning after December 15, 2018. The Company adopted ASC Topic 842 on January 1, 2019 and such adoption did not have any impact on the Company’s financial statements.   In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718).” ASU 2018-07 simplifies the accounting for nonemployee stock-based payment transactions. This ASU is effective for public entities for interim and annual reporting periods beginning after December 15, 2018, and early application is permitted. The adoption of this guidance on January 1, 2019 did not have an impact on the Company’s financial statements.

Note 5 – Intellectual Property and License Agreement   On June 1, 2016, the Company entered into a ten-year License Agreement with Helidyne LLC for total consideration of $100,000 to utilize the Helidyne intellectual property in the manufacturing of planetary rotor expanders and the incorporation of same in the Company’s distributed electric power generation systems. The license agreement also grants the Company an exclusive license to sell the expanders whether manufactured by Helidyne or by the Company. The Company’s royalty obligation begins on the earlier of the commercialization of the product or three years from the effective date of the agreement. Once the royalty obligation begins, the minimum annual royalty is $50,000 for each of the first six years, and $100,000, per commercial year, for the remainder of the agreement. Helidyne has defaulted under the agreement. Royalties would be payable only if Helidyne performs as required, or if the Company elects to produce its own expanders using Helidyne technology. During the quarter ended June 30, 2019, management of the Company evaluated the continued default by Helidyne and determined that Helidyne will not be able to perform under the license agreement for the foreseeable future. The Company’s license agreement continues to be active and the Company may utilize the Helidyne intellectual property in marketing its own products. Under the terms of the license agreement, the Company has the right to develop a prototype utilizing the Helidyne technology at its own cost. Due to the continued default by Helidyne and the potential cost of developing its own prototype, the Company has determined that the intangible asset related to the above license agreement is impaired and recognized an impairment charge of $69,178 in the second quarter of 2019, which is 100% of the net carrying value. See Note 9.   For the nine months ended September 30, 2019 and 2018, amortization expense was $5,000 and $9,874, respectively and accumulated amortization of the intangible assets was $25,822 at December 31, 2018.

Note 6 – Warrants   A summary of warrants issued, exercised and expired during the nine months ended September 30, 2019 is as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding: 0 0 0 10; text-indent: -10"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intrinsic Value</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; padding: 0 0 0 10; text-indent: -10">Balance at December 31, 2018</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">975,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">.11</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0 0 0 10; text-indent: -10">Issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 10; text-indent: -10">Expired</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding: 0 0 0 10; text-indent: -10">Converted to Common Stock Options</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 10; text-indent: -10">Balance at September 30, 2019</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">975,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">.11</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

Note 7 – Stock Options   Stock option activity for the nine months ended September 30, 2019, is summarized as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Remaining Contractual Life (Years)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 45%; font-weight: bold; text-align: left">Options outstanding at December 31, 2018</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">11,180,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">0.20</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">7.02</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expired/forfeited</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Options outstanding at September 30, 2019</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,180,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5.85</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Total stock option compensation for the nine months ended September 30, 2019 and 2018 was $80,000 and $480,649, respectively. All of the 2019 options were granted to the Company’s president, who was hired in September 2019. See Note 9. There is no unrecognized compensation expense associated with the options.

Note 8 - Convertible Notes Payable to Related Parties   In the first quarter of 2019, the Company issued Convertible Promissory Notes totaling $290,000 to stockholders. The notes are to be paid in one principal payment, along with any unpaid interest by December 31, 2021. Interest is payable semiannually at 10%. The notes are convertible into common stock at a price of $.20 per share through December 31, 2019, $.30 per share from January 1, 2020 through December 31, 2020, and $.40 per share from January 1, 2021 through the maturity date of December 31, 2021.   In May 2019, the Company issued a Convertible Promissory Note in the principal amount of $10,000 to a stockholder in connection with a loan in the same amount. Consequently, Convertible Promissory Notes have been issued in an aggregate principal amount of $300,000 during the first two quarters of 2019.   Long-term debt at September 30, 2019 consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Note payable to stockholders</td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">300,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Unamortized debt issuance costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,903</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total long-term debt</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">281,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Amortization of the debt issuance costs is reported as interest expense in the income statement.

Note 9 - Commitments and Contingencies   On June 25, 2015, Company consultant Hank Leibowitz assigned to the Company a patent he obtained for a system and method for using high temperature sources in Rankine cycle power systems. The Company has agreed to pay Mr. Leibowitz a 2% royalty for any and all revenues of products and/or project sales by the Company based on the subject patent.   On June 1, 2016, the Company entered into a ten-year License Agreement with Helidyne LLC to utilize the Helidyne intellectual property in order to use Helidyne expanders in Powerverde systems and to sell Helidyne expanders. As part of the licensing agreement the Company committed to purchase two 50 kW expanders, at a price of $25,000 each, on or before the sixth month anniversary of the agreement. The $50,000 was payable in two monthly installments of $25,000 beginning October 2016. The Company had made payments totaling $38,750, towards the purchase of the expanders, all of which was included in prepaid expense and other current assets in the consolidated balance sheets at December 31, 2016. Due to Helidyne’s failure to perform under the agreement, the Company has not made any further payments to Helidyne and does not intend to do so unless and until Helidyne performs as required. Helidyne has not objected to the Company’s position, and it is very unlikely that Helidyne will ever be able to perform.   The Company agreed to pay Helidyne LLC a royalty of 3% of sales, subject to a minimum annual royalty of $50,000 beginning on the earlier of commercialization of the product or three years from the effective date of the agreement. This minimum royalty would be payable only if Helidyne performs as required, which is very unlikely, or if the Company elects to produce its own expanders using Helidyne technology. The Company does intend to produce these expanders directly or through a contract manufacturer in the future. See Note 5.   On April 15, 2017, the Company entered into an assembly agreement with Liberty Plugins, Inc. (“Liberty”) to assemble Liberty’s Hydra electronic vehicle charging systems and ship completed Hydras to Liberty’s facility in Santa Barbara, California (the “Liberty Agreement”). Liberty has agreed to pay $1,000 for the first 10 Hydras assembled in a month, $750 per Hydra for the next 10 Hydras assembled per month and $500 per Hydra for each Hydra assembled above 20 per month. The Company has never assembled/shipped more than 10 Hydras in any month and does not expect to do so in the future. As of September 30, 2019, the Company has built and shipped 43 Hydras. Revenue for these products is reflected in the net revenue on the Company’s condensed consolidated statement of operations as follows: $9,000 and $14,000 for the nine months ended September 30, 2019 and 2018, respectively and $3,000 and $8,000 for the three months ended September 30, 2019 and 2018, respectively.   On September 1, 2019, the Company hired Daniel Bogar to serve as its President, reporting to the CEO. As compensation, Mr. Bogar received a fully-vested non-qualified option to purchase 1,000,000 shares of the Company’s common stock at an exercise price of $.10 per share, with an expiration date of June 30, 2026. In addition, Mr. Bogar will receive an annual salary of $90,000 beginning on the closing of a private financing with gross proceeds of at least $1,000,000; however, the Company will be permitted to defer the salary to the extent required to maintain solvency.

Note 10 - Related Party Transactions   Since July 2010, the accounting firm J.L. Hofmann & Associates, P.A. (“JLHPA”), whose principal is our CFO John L. Hofmann, has provided financial consulting and accounting services to the Company. In December 2017, J.L. Hofmann & Associates, P.A. merged with Kabat, Schertzer, De La Torre, Taraboulos & Co, LLC (“KSDT”). The Company paid $30,334 and $28,380 for its services in the nine months ended September 30, 2019 and 2018, respectively and $11,420 and $10,050 in the three months ended September 30, 2019 and 2018, respectively.   The Company’s consultant and shareholder Hank Leibowitz receives compensation of $7,500 per month, totaling $67,500 for the first nine months of 2019. At September 30, 2019, Mr. Leibowitz was owed accrued compensation of $30,000.

Note 11 – Subsequent Events   The Company’s management evaluated subsequent events through November 14, 2019, in connection with the preparation of these condensed consolidated financial statements, which is the date these financial statements were available to be issued. There are no subsequent events to report as of this date.

Nature of Business   The Company is devoting substantially all of its present efforts to establish a new business involving the development and commercialization of clean energy electric power generation systems, and none of its planned principal operations have commenced. However, royalties from licenses unrelated to planned principal operations were recognized as revenue through March 2018, when the underlying license agreement terminated. No revenues from this planned principal operation have been generated.

Cash Equivalents   The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Accounts Receivable   Accounts receivable consist of balances due from assembly services. The Company monitors accounts receivable and provides allowances when considered necessary. At September 30, 2019 and December 31, 2018, accounts receivable were considered to be fully collectible. Accordingly, no allowance for doubtful accounts was provided.

Revenue Recognition   Royalties are recognized as earned in the period the sales to which the royalties relate occur. Manufacturing assembly services are recognized as revenue when the assembled product is delivered to the customer. Revenues recognized under these agreements amount to 100% of total revenues for the three and nine months ended September 30, 2019 and 2018.

Property and Equipment   Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Expenditures for major betterments and additions are capitalized, while replacement, maintenance and repairs, which do not extend the lives of the respective assets, are expensed as incurred.

Impairment of Long-Lived Assets   Impairment losses are recorded on long-lived assets (property, equipment and intellectual property) used in operations when impairment indicators are present and the undiscounted expected cash flows estimated to be generated by those assets are less than the carrying value of such assets. No impairment losses were recognized during the three and nine months ended September 30, 2018. For the nine months ended September 30, 2019, the Company recognized an impairment loss of $69,178.

Stock-based Compensation   The Company has accounted for stock-based compensation under the provisions of Accounting Standards Codification (ASC) Topic 718 – “Stock Compensation” which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (stock options and common stock purchase warrants). The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. Expected volatilities are based on historical volatility of peer companies and other factors estimated over the expected term of the stock options. The expected term of options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus the contract term. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term.

Common Stock Purchase Warrants   The Company accounts for common stock purchase warrants in accordance with ASC Topic 815-40, “Derivatives and Hedging – Contracts in Entity’s Own Equity” (“ASC 815-40”). Based on the provisions of ASC 815-40, the Company classifies as equity any contracts that (i) require physical settlement or net-share settlement, or (ii) gives the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company, or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). All outstanding warrants as of December 31, 2018 and September 30, 2019 were classified as equity.

Accounting for Uncertainty in Income Taxes   The Company follows the provisions of ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes” which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This topic also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. There is no uncertain tax positions as of September 30, 2019 and December 30, 2018.

Research and Development Costs   The Company’s research and development costs are expensed in the period in which they are incurred.

Earnings (Loss) Per Share   Earnings (loss) per share is computed in accordance with FASB ASC Topic 260, “Earnings per Share”. Diluted earnings per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock, common stock equivalents and other potentially dilutive securities outstanding during the period. Certain common stock equivalents were not included in the earnings (loss) per share calculation as their effect would be anti-dilutive. Warrants exercisable for 975,000 shares and options for 12,180,500 shares were excluded from weighted average common shares outstanding on a diluted basis.

Financial Instruments   The Company carries cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and notes payable, at historical costs. The respective estimated fair values of these assets and liabilities approximate carrying values due to their current nature.

Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

A summary of warrants issued, exercised and expired during the nine months ended September 30, 2019 is as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding: 0 0 0 10; text-indent: -10"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intrinsic Value</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; padding: 0 0 0 10; text-indent: -10">Balance at December 31, 2018</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">975,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">.11</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0 0 0 10; text-indent: -10">Issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 10; text-indent: -10">Expired</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding: 0 0 0 10; text-indent: -10">Converted to Common Stock Options</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding: 0 0 0 10; text-indent: -10">Balance at September 30, 2019</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">975,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">.11</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

Stock option activity for the nine months ended September 30, 2019, is summarized as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Weighted Average Remaining Contractual Life (Years)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 45%; font-weight: bold; text-align: left">Options outstanding at December 31, 2018</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">11,180,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">0.20</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">7.02</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expired/forfeited</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Options outstanding at September 30, 2019</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,180,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5.85</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

Long-term debt at September 30, 2019 consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Note payable to stockholders</td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">300,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Unamortized debt issuance costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,903</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total long-term debt</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">281,097</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

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Warrants (Tables)

9 Months Ended

Sep. 30, 2019

Warrants Abstract

Summary of warrants

A summary of warrants issued, exercised and expired during the nine months ended September 30, 2019 is as follows:

	Shares		Weighted Average Exercise Price		Intrinsic Value
Balance at December 31, 2018		975,000	$	.11		—
Issued		—		—		—
Expired		—		—		—
Converted to Common Stock Options		—		—		—
Balance at September 30, 2019		975,000	$	.11		—

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2019

Commitment and Contingencies:

Commitments and Contingencies

Note 9 - Commitments and Contingencies

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Intellectual Property and License Agreement

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Intellectual Property and License Agreement

Note 5 – Intellectual Property and License Agreement

For the nine months ended September 30, 2019 and 2018, amortization expense was $5,000 and $9,874, respectively and accumulated amortization of the intangible assets was $25,822 at December 31, 2018.

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 14, 2019
Document and Entity Information:
Entity Registrant Name	POWERVERDE, INC.
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Entity Central Index Key	0000933972
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		31,750,106
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	000-27866
Entity Incorporation, State or Country Code	NV
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3

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Condensed Consolidated Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Treasury Stock	Total
Balance at Dec. 31, 2017	$ 3,981	$ 12,129,331	$ (11,378,720)	$ (491,139)	$ 263,453
Stock based compensation		480,649			480,649
Net loss			(603,944)		(603,944)
Balance at Sep. 30, 2018	3,981	12,609,980	(11,982,664)	(491,139)	140,158
Balance at Jun. 30, 2018	3,981	12,574,131	(11,871,738)	(491,139)	215,235
Stock based compensation		35,849			35,849
Net loss			(110,926)		(110,926)
Balance at Sep. 30, 2018	3,981	12,609,980	(11,982,664)	(491,139)	140,158
Balance at Dec. 31, 2018	3,981	12,609,980	(12,057,798)	(491,139)	65,024
Stock based compensation		80,000			80,000
Net loss			(426,814)		(426,814)
Balance at Sep. 30, 2019	3,981	12,689,980	(12,484,612)	(491,139)	(281,790)
Balance at Jun. 30, 2019	3,981	12,609,980	(12,313,789)	(491,139)	(190,967)
Stock based compensation		80,000			80,000
Net loss			(170,823)		(170,823)
Balance at Sep. 30, 2019	$ 3,981	$ 12,689,980	$ (12,484,612)	$ (491,139)	$ (281,790)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Policy Text Block [Abstract]

Summary of Significant Accounting Policies

Note 3 – Summary of Significant Accounting Policies

Nature of Business

Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Accounts Receivable

Revenue Recognition

Property and Equipment

Impairment of Long-Lived Assets

Stock-based Compensation

Common Stock Purchase Warrants

Accounting for Uncertainty in Income Taxes

Research and Development Costs

The Company’s research and development costs are expensed in the period in which they are incurred.

Earnings (Loss) Per Share

Financial Instruments

Use of Estimates

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Stock Options (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
Stock Options (Details Narrative) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 80,000	$ 35,849	$ 80,000	$ 480,649
Unrecognized stock-based compensation	$ 0		$ 0

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Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue percentage	100.00%	100.00%	100.00%	100.00%
Impairment losses			$ (69,178)	$ 0
Warrants
Antidilutive Excluded from Computation of Earnings Per Share, Amount			975,000
Option
Antidilutive Excluded from Computation of Earnings Per Share, Amount			12,180,500

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Going Concern

9 Months Ended

Sep. 30, 2019

Going Concern:

Going Concern

Note 2 – Going Concern

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues [Abstract]
Revenue	$ 3,000	$ 8,000	$ 9,000	$ 173,094
Operating Expenses
Research and development	114,620	71,415	184,301	596,128
General and administrative	49,938	47,511	159,326	181,832
Total Operating Expenses	164,558	118,926	343,627	777,960
Loss from Operations	(161,558)	(110,926)	(334,627)	(604,866)
Other Income (Expenses)
Interest income	0	0	0	1,621
Loss on impairment	0	0	(69,178)	0
Interest expense	(9,265)	0	(23,009)	(699)
Total Other Income (Expense)	(9,265)	0	(92,187)	922
Income (Loss) before Income Taxes	(9,265)	(110,926)	(92,187)	(603,944)
Provision for Income Taxes	0	0	0	0
Net Loss	$ (170,823)	$ (110,926)	$ (426,814)	$ (603,944)
Net Income (Loss) per Share - Basic and Diluted	$ 0.01	$ 0.00	$ 0.01	$ 0.02
Weighted Average Common Shares Outstanding - Basic and Diluted	31,750,106	31,750,106	31,750,106	31,750,106

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Stock Options (Details)	9 Months Ended
Stock Options (Details)	Sep. 30, 2019 $ / shares shares
Shares
Granted
Expired/forfeited
Employee Stock Option [Member]
Shares
Begining Balance	11,180,500
Granted	1,000,000
Expired/forfeited
Ending Balance	12,180,500
Weighted Average Exercise Price
Options Outstanding, Begining Balance, Weighted Average Exercise Price \| $ / shares	$ 0.20
Granted \| $ / shares	0.10
Expired/forfeited \| $ / shares
Options Outstanding, Ending Balance, Weighted Average Exercise Price \| $ / shares	$ 0.20
Weighted Average Remaining Contractual Life (Years)
Options outstanding Begining	7 years 7 days
Options outstanding Ending	5 years 10 months 6 days

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Going Concern (Details Narrative) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Going Concern Details Narrative
Working capital deficit	$ (693)	$ (9,788)

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Convertible Notes Payable to Related Parties

9 Months Ended

Sep. 30, 2019

Notes Payable to Related Parties

Convertible Notes Payable to Related Parties

Note 8 - Convertible Notes Payable to Related Parties

Long-term debt at September 30, 2019 consisted of the following:

	2019

Note payable to stockholders	$	300,000
Less: Unamortized debt issuance costs		18,903
Total long-term debt	$	281,097

Amortization of the debt issuance costs is reported as interest expense in the income statement.

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Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2019

Recent Accounting Prouncements

Recent Accounting Pronouncements

Note 4 – Recent Accounting Pronouncements

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Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2019
Policy Text Block [Abstract]
Nature of Business	Nature of Business The Company is devoting substantially all of its present efforts to establish a new business involving the development and commercialization of clean energy electric power generation systems, and none of its planned principal operations have commenced. However, royalties from licenses unrelated to planned principal operations were recognized as revenue through March 2018, when the underlying license agreement terminated. No revenues from this planned principal operation have been generated.
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
Accounts Receivables	Accounts Receivable Accounts receivable consist of balances due from assembly services. The Company monitors accounts receivable and provides allowances when considered necessary. At September 30, 2019 and December 31, 2018, accounts receivable were considered to be fully collectible. Accordingly, no allowance for doubtful accounts was provided.
Revenue Recognition	Revenue Recognition Royalties are recognized as earned in the period the sales to which the royalties relate occur. Manufacturing assembly services are recognized as revenue when the assembled product is delivered to the customer. Revenues recognized under these agreements amount to 100% of total revenues for the three and nine months ended September 30, 2019 and 2018.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Expenditures for major betterments and additions are capitalized, while replacement, maintenance and repairs, which do not extend the lives of the respective assets, are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Impairment losses are recorded on long-lived assets (property, equipment and intellectual property) used in operations when impairment indicators are present and the undiscounted expected cash flows estimated to be generated by those assets are less than the carrying value of such assets. No impairment losses were recognized during the three and nine months ended September 30, 2018. For the nine months ended September 30, 2019, the Company recognized an impairment loss of $69,178.
Stock-based Compensation	Stock-based Compensation The Company has accounted for stock-based compensation under the provisions of Accounting Standards Codification (ASC) Topic 718 – “Stock Compensation” which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (stock options and common stock purchase warrants). The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. Expected volatilities are based on historical volatility of peer companies and other factors estimated over the expected term of the stock options. The expected term of options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus the contract term. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term.
Common Stock Purchase Warrants	Common Stock Purchase Warrants The Company accounts for common stock purchase warrants in accordance with ASC Topic 815-40, “Derivatives and Hedging – Contracts in Entity’s Own Equity” (“ASC 815-40”). Based on the provisions of ASC 815-40, the Company classifies as equity any contracts that (i) require physical settlement or net-share settlement, or (ii) gives the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company, or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). All outstanding warrants as of December 31, 2018 and September 30, 2019 were classified as equity.
Accounting for Uncertainty in Income Taxes	Accounting for Uncertainty in Income Taxes The Company follows the provisions of ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes” which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This topic also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. There is no uncertain tax positions as of September 30, 2019 and December 30, 2018.
Research and Development Costs	Research and Development Costs The Company’s research and development costs are expensed in the period in which they are incurred.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Earnings (loss) per share is computed in accordance with FASB ASC Topic 260, “Earnings per Share”. Diluted earnings per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock, common stock equivalents and other potentially dilutive securities outstanding during the period. Certain common stock equivalents were not included in the earnings (loss) per share calculation as their effect would be anti-dilutive. Warrants exercisable for 975,000 shares and options for 12,180,500 shares were excluded from weighted average common shares outstanding on a diluted basis.
Financial instruments	Financial Instruments The Company carries cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and notes payable, at historical costs. The respective estimated fair values of these assets and liabilities approximate carrying values due to their current nature.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current Assets:
Cash	$ 32,104	$ 8,482
Accounts receivable	9,000	10,000
Prepaid expenses and other current assets	19,260	10,866
Total Current Assets	60,364	29,348
Property and Equipment
Property and equipment, net of accumulated depreciation of $107,641 and $107,007, respectively	0	634
Other Assets
License, net of accumulated amortization of $25,822	0	74,178
Total Other Assets	0	74,178
Total Assets	60,364	104,160
Current Liabilities
Accounts payable and accrued expenses	61,057	39,136
Total Current Liabilities	61,057	39,136
Long Term Liabilities
Convertible note payable	281,097	0
Total Long Term Liabilities	281,097	0
Total Liabilities	342,154	39,136
Stockholders' (Deficit) Equity
Preferred Stock: 50,000,000 preferred shares authorized, 0 preferred shares issued at September 30, 2019 and December 31, 2018	0	0
Common stock: 200,000,000 common shares authorized, par value $0.0001 per share, 40,300,106 common shares issued and 31,750,106 common shares outstanding at September 30, 2019 and December 31, 2018	3,981	3,981
Additional paid-in capital	12,689,980	12,609,980
Treasury stock, 8,550,000 shares at cost	(491,139)	(491,139)
Accumulated deficit	(12,484,612)	(12,057,798)
Total Stockholders (Deficit) Equity	(281,790)	65,024
Total Liabilities and Stockholders' (Deficit) Equity	$ 60,364	$ 104,160

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows From Operating Activities
Net loss	$ (426,814)	$ (603,944)
Adjustments to reconcile net loss to net cash to net cash provided (used) by operating activities:
Impairment of intangible assets	69,178	0
Depreciation and amortization	5,633	16,783
Amortization of debt issuance costs	5,097	0
Stock based compensation	80,000	480,649
Changes in operating assets and liabilities:
Accounts receivable and prepaid expenses	(7,393)	350,359
Accounts payable and accrued expenses	21,921	(92,099)
Liberty notes receivable	0	34,000
Cash (Used) Provided by Operating Activities	(252,378)	185,748
Cash Flows from Financing Activities
Proceeds from notes payable, related party	300,000	0
Payment for debt issuance costs	(24,000)	0
Payment on notes payable, related party	0	(150,000)
Cash provided by (used in) Financing Activities	276,000	(150,000)
Net Change in Cash and Cash Equivalents	23,622	35,748
Cash and cash equivalents at Beginning of Period	8,482	1,336
Cash and cash equivalents at End of Period	32,104	37,084
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	$ 10,747	$ 699

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Convertible Notes Payable to Related Parties (Details) - USD ($)	Sep. 30, 2019	Jun. 30, 2019	May 31, 2019	Mar. 31, 2019
Notes Payable to Related Parties
Note payable to stockholders	$ 300,000	$ 300,000	$ 10,000	$ 290,000
Less: Unamortized debt issuance costs	18,903
Total long-term debt	$ 281,097

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Intellectual Property and License Agreement (Details Narrative) - USD ($)		9 Months Ended
	Jun. 01, 2016	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Amortization expense		$ 5,000	$ 9,874
Accumulated amortization of the intangible asset- intellectual property				$ 25,822
Impairment charge		$ 69,178	$ 0
Helidyne LLC [Member]
Commercial royalty obligation	$ 100,000
Annual royalty	$ 50,000

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Stock Options (Tables)

9 Months Ended

Sep. 30, 2019

Stock Options

Stock Option

Stock option activity for the nine months ended September 30, 2019, is summarized as follows:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Options outstanding at December 31, 2018		11,180,500	$	0.20		7.02
Granted		1,000,000		0.10		—
Expired/forfeited		—		—
Options outstanding at September 30, 2019		12,180,500	$	0.20		5.85

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Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Payments to related party	$ 11,420	$ 10,050	$ 30,334	$ 28,380
Hank Leibowitz
Compensation			67,500
Accrued compensation			$ 30,000

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Related Party Transactions

9 Months Ended

Sep. 30, 2019

Related Party Transactions

Related Party Transactions

Note 10 - Related Party Transactions

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Warrants

9 Months Ended

Sep. 30, 2019

Warrants Abstract

Warrants

Note 6 – Warrants

A summary of warrants issued, exercised and expired during the nine months ended September 30, 2019 is as follows:

	Shares		Weighted Average Exercise Price		Intrinsic Value
Balance at December 31, 2018		975,000	$	.11		—
Issued		—		—		—
Expired		—		—		—
Converted to Common Stock Options		—		—		—
Balance at September 30, 2019		975,000	$	.11		—

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Commitments and Contingencies (Details Narrative) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 01, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Oct. 01, 2016	Jun. 01, 2016	Jun. 25, 2015
Royalty percentage								2.00%
Company made payments				$ 38,750
Two monthly installments						$ 25,000
Revenue from product		$ 3,000	$ 8,000	$ 9,000	$ 14,000
Helidyne LLC [Member]
Royalty percentage							3.00%
Annual royalty							$ 50,000
Two monthly installments							50,000
Committed to purchase price							$ 25,000
Daniel Bogar \| Chief Executive Officer [Member]
Option Purchased	1,000,000
Exercise price	$ .10
Option expiration date	Jun. 30, 2026
Annual Salary	$ 90,000

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Subsequent Events
9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

Subsequent Events
Note 11 – Subsequent Events

The Company’s management evaluated subsequent events through November 14, 2019, in connection with the preparation of these condensed consolidated financial statements, which is the date these financial statements were available to be issued. There are no subsequent events to report as of this date.

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Stock Options
9 Months Ended

Sep. 30, 2019

Stock Options

Stock Options
Note 7 – Stock Options

Stock option activity for the nine months ended September 30, 2019, is summarized as follows:

Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years)

Options outstanding at December 31, 2018 11,180,500 $ 0.20 7.02

Granted 1,000,000 0.10 —

Expired/forfeited — —

Options outstanding at September 30, 2019 12,180,500 $ 0.20 5.85

Total stock option compensation for the nine months ended September 30, 2019 and 2018 was $80,000 and $480,649, respectively. All of the 2019 options were granted to the Company’s president, who was hired in September 2019. See Note 9. There is no unrecognized compensation expense associated with the options.

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Assets

Property and equipment, net of accumulated depreciation $ 107,641 $ 107,007

License, net of accumulated amortization $ 25,822 $ 25,822

Preferred stock, shares authorized 50,000,000 50,000,000

Preferred stock, shares issued 0 0

Preferred stock, shares outstanding 0 0

Common Stock, par value $ 0.0001 $ 0.0001

Common Stock, shares authorized 200,000,000 200,000,000

Common Stock, shares issued 40,300,106 40,300,106

Common Stock, shares outstanding 31,750,106 31,750,106

Treasury stock 8,550,000 8,550,000

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The accompanying unaudited condensed consolidated financial statements prepared in accordance with instructions for Form 10-Q, include all adjustments (consisting only of normal recurring accruals) which are necessary for a fair presentation of the results for the periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the Annual Report of PowerVerde, Inc. (“PowerVerde,” “we,” “us,” “our,” or the “Company”) as of and for the year ended December 31, 2018. The results of operations for the three and nine months ended September 30, 2019, are not necessarily indicative of the results to be expected for the full year or for future periods. The condensed consolidated financial statements include the accounts of PowerVerde, Inc., formerly known as Vyrex Corporation (the “Company”), and PowerVerde Systems, Inc., formerly known as PowerVerde, Inc., its wholly-owned subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Assets
Property and equipment, net of accumulated depreciation	$ 107,641	$ 107,007
License, net of accumulated amortization	$ 25,822	$ 25,822
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock, par value	$ 0.0001	$ 0.0001
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	40,300,106	40,300,106
Common Stock, shares outstanding	31,750,106	31,750,106
Treasury stock	8,550,000	8,550,000

Warrants (Details)	9 Months Ended
Warrants (Details)	Sep. 30, 2019 USD ($) $ / shares shares
Warrants Abstract
Balance at beginning \| shares	975,000
Shares Issued \| shares
Shares Expired \| shares
Shares converted to Common Stock Options \| shares
Balance at end \| shares	975,000
Weighted Average Exercise Price Balance at beginning	$ 0.11
Weighted Average Exercise Price shares Issued
Weighted Average Exercise Price shares Expired
Weighted Average Exercise Price shares converted to Common Stock Options
Weighted Average Exercise Price Balance at end	0.11
Aggregate Intrinsic Value Balance at beginning
Aggregate Intrinsic Value shares Issued
Aggregate Intrinsic Value shares Expired
Aggregate Intrinsic Value shares Converted to Common Stock Options \| $
Aggregate Intrinsic Value Balance at end