EDGM EdgeMode Inc (CE)

Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q/A

Amendment No. 1

 

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2024

 

OR

 

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ________________ to ________________

 

Commission file number 000-55647

 

EDGEMODE, INC.

(Exact name of registrant as specified in its charter)

 

Nevada	47-4046237
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)
110 E. Broward Blvd., Suite 1700, Ft. Lauderdale, FL	33301
(Address of principal executive offices)	(Zip Code)

 

Registrant’s telephone number, including area code: (707) 687-9093

 

Securities registered pursuant to Section 12(b) of the Act: None

 

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 preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒     No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒     No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

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

 

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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

 

There were 390,687,459 shares of the registrant’s common stock outstanding as of August 9, 2024.

 

 

 

 

 

EXPLANATORY NOTE

 

We are filing this comprehensive Quarterly Report on Form 10-Q for the period ended June 30, 2024 (“Comprehensive Form 10-Q”). This Comprehensive Form 10-Q contains restatements our unaudited consolidated financial statements for the three and six months ended June 30, 2023 and unaudited consolidated financial statements for the quarterly periods ended March 31, 2023 through June 30, 2023, originally included in our Quarterly Reports on Form 10-Q for the periods ended March 31, 2023 and June 30, 2023 (collectively, the “Form 10-Qs” the “Prior Financial Statements”). Except as provided below, no other portion of the original Form 10-Q for the period ended June 30, 2024 (the “Original June 30, 2024 Form 10-Q”) is being amended and this comprehensive Form 10-Q does not reflect any events occurring after the filing of the Original June 30, 2024 Form 10-Q.

 

Restatement Background

 

As previously disclosed in our Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on September 17, 2024, we, in consultation with our Board of Directors, concluded that the Prior Financial Statements should no longer be relied upon due to errors in such consolidated financial statements and should be restated to correct the misstatements therein.

 

During the three months ended March 31, 2023, the Company granted 5,000,000 options to purchase shares of our common stock to a consultant with a fair value of approximately $230,000. The previously filed Form 10-Qs do not give effect to stock options granted, resulting in understatement in operating expenses for the three months ended March 31, 2023 and six months ended June 30, 2023.

  

Restatement Overview

 

Other sections impacted by the restatement of the Prior Financial Statements are:

 

	·	Part I, Item 1. Financial Statements and Supplementary Data
	·	Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

We have not filed, and do not intend to file, amendments to the previously filed Form 10-Q for the period ended March 31, 2024. Accordingly, investors should rely only on the financial information and other disclosures regarding the restated periods in this Comprehensive Form 10-Q or in future filings with the SEC (as applicable), and not on any previously issued or filed reports, earnings releases or similar communications relating to these periods.

 

Refer to Note 2 – Restatement of Previously Issued Consolidated Financial Statements and Note 4 – Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements in the accompanying consolidated financial statements included in Part I, Item 1 for additional information.

 

The Company’s Principal Executive Officer and Principal Financial Officer have provided new certifications dated as of the date of this filing in connection with this Comprehensive Form 10-Q.

 

Internal Control Considerations

 

In connection with the Restatement Adjustments, management has evaluated its disclosure controls and procedures and internal control over financial reporting as of June 30, 2024. As a result of that assessment, management has concluded that the restatement is a result of our previously disclosed material weakness for the limited multiple levels of review in the financial close process, along with a lack of well-established policies and procedures to identify, approve, and report related party transactions.

  

For a discussion of management’s consideration of disclosure controls and procedures, internal controls over financial reporting, and the material weaknesses identified, see Part I, Item 4.

 

 

 

 

 

 

TABLE OF CONTENTS

 

Page

 

PART I – FINANCIAL INFORMATION		3
Item 1.	Financial Statements (Unaudited)	3
	Consolidated Balance Sheets	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Stockholders’ Equity (Deficit)	5
	Consolidated Statements of Cash Flows	6
	Notes to the Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	21
Item 4.	Controls and Procedures	21
PART II – OTHER INFORMATION		22
Item 1.	Legal Proceedings	22
Item 1A.	Risk Factors	22
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 3.	Defaults Upon Senior Securities	22
Item 4.	Mine Safety Disclosures	22
Item 5.	Other Information	22
Item 6.	Exhibits	22
	Signatures	23
	Exhibit Index	24

 

 

Unless the context otherwise indicates, when used in this report, the terms the “Company,” “Edgemode”, “we,” “us, “our” and similar terms refer to Edgemode, Inc. and our wholly owned subsidiary, EdgeMode, a Wyoming corporation. Our corporate website is www.edgemode.io. There we make available copies of Edgemode documents, news releases and our filings with the U.S. Securities and Exchange Commission including financial statements.

 

Unless specifically set forth to the contrary, the information that appears on our website is not part of this report.

 

 

 

 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1.

FINANCIAL STATEMENTS

 

Edgemode, Inc.

Consolidated Balance Sheets

(Unaudited)

 

		June 30, 2024 (Restated)				December 31, 2023
ASSETS
Current assets:
Cash		$	376			$	298
Prepaid expenses and other current assets			1,368				20,258
Total current assets			1,744				20,556
Intangible assets – cryptocurrencies			32				32
Total assets		$	1,776			$	20,588
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses		$	767,505			$	721,780
Accrued payroll			1,193,338				661,201
Equipment notes payable			1,179,972				1,179,972
Notes payable			35,000				35,000
Notes payable – related parties			32,725				16,000
Convertible notes payable			343,732				342,501
Derivative liabilities			349,142				197,090
							–
Total current liabilities			3,901,414				3,153,544
Total liabilities			3,901,414				3,153,544
Commitments and contingencies			–				–
Stockholders’ deficit:
Preferred shares, $0.001 par value, 4,999,000 shares authorized June 30, 2024 and December 31, 2023; none issued and outstanding			–				–
Common shares, $0.001 par value, 950,000,000 shares authorized June 30, 2024 and December 31, 2023; 390,687,459 shares issued and outstanding, June 30, 2024 and December 31, 2023			390,687				390,687
Additional paid-in capital			35,371,266				35,371,266
Accumulated deficit			(39,661,591	)			(38,894,909	)
Stockholders’ deficit			(3,899,638	)			(3,132,956	)
Total liabilities and stockholders’ deficit		$	1,776			$	20,588

 

See accompanying notes to the unaudited consolidated financial statements.

 

 

 

 

Edgemode, Inc.

Consolidated Statements of Operations

(unaudited)

 

 

		For the three months ended								For the six months ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023 (Restated)
Operating expenses:
General and administrative expenses		$	380,819			$	417,501			$	717,418			$	2,352,061
Loss on cryptocurrencies			4,600				4,746				4,600				7,344
Total operating expenses			385,419				422,247				722,018				2,359,405
Loss from operations			(385,419	)			(422,247	)			(722,018	)			(2,359,405	)
Other income (expense):
Interest expense			(18,132	)			(15,113	)			(42,552	)			(22,387	)
Penalty on redemption of Preferred B shares			–				–				–				(51,859	)
Other expense			(60	)			–				(60	)			(780
Refund of equipment deposit			150,000				500,000				150,000				500,000
Change in fair value of derivatives			(61,867	)			–				(152,052	)			–
Loss on settlement			–				–				–				(9,975	)
Total other income (expense), net			69,941				484,887				(44,664	)			414,999
Income (loss) before provision for income taxes			(315,478	)			62,640				(766,682	)			(1,944,406	)
Provision for income taxes			–				–				–				–
Net income (loss)			(315,478	)			62,640				(766,682	)			(1,944,406	)
Loss per common share - basic		$	(0.00	)		$	0.00			$	(0.00	)		$	(0.00	)
Loss per common share - diluted		$	(0.00	)		$	0.00			$	(0.00	)		$	(0.00	)
Weighted average shares outstanding – basic			390,687,459				390,687,459				390,687,459				390,564,531
Weighted average shares outstanding - diluted			390,687,459				476,595,449				390,687,459				390,564,531

 

See accompanying notes to the unaudited consolidated financial statements.

 

 

 

 

Edgemode, Inc.

Consolidated Statements of Stockholders’ Equity (Deficit)

For the three and six months ended June 30, 2024 and 2023

(Unaudited)

 

																		Total
						Common				Additional								Stockholders'
		Common				Stock				Paid-In				Accumulated				Equity
		Shares				Amount				Capital				Deficit				(Deficit)
Balance December 31, 2023 (Restated)			390,687,459			$	390,687			$	35,371,266			$	(38,894,909	)		$	(3,132,956	)
Net loss			–				–				–				(451,204	)			(451,204	)
Balance March 31, 2024 (Restated)			390,687,459				390,687				35,371,266				(39,346,113	)			(3,584,160	)
Net loss			–				–				–				(315,478	)			(315,478	)
Balance June 30, 2024 (Restated)			390,687,459			$	390,687			$	35,371,266			$	(39,661,591	)		$	(3,899,638	)
Balance December 31, 2022			390,437,459			$	390,437			$	33,896,019			$	(35,880,128	)		$	(1,593,672	)
Common shares issued for settlement of claims			250,000				250				9,725				–				9,975
Stock-based compensation			–				–				1,465,522				–				1,465,522
Net loss			–				–				–				(2,007,046	)			(2,007,046	)
Balance March 31, 2023 (Restated)			390,687,459				390,687				35,371,266				(37,887,174	)			(2,125,221	)
Net income			–				–				–				62,640				62,640
Balance June 30, 2023 (Restated)			390,687,459			$	390,687			$	35,371,266			$	(37,824,534	)		$	(2,062,581	)

 

See accompanying notes to the unaudited consolidated financial statements.

 

 

 

 

 

Edgemode, Inc.

Consolidated Statements of Cash Flows

(unaudited)

 

		For the six months ended
		June 30, 2024				June 30, 2023 (Restated)
Operating Activities:
Net loss		$	(766,682	)		$	(1,944,406	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of discounts			11,231				11,365
Penalty on redemption of Preferred B shares			–				51,859
Loss on settlement			–				9,975
Stock-based compensation			–				1,465,522
Loss on cryptocurrency transactions			4,600				7,344
Change in fair value of derivative liabilities			152,052				–
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			18,890				901,735
Accounts payable and accrued expenses			45,725				(60,705	)
Accrued payroll			532,137				(41,695	)
Net cash provided by (used in) operating activities			(2,047	)			400,994
Investing Activities:
Proceeds from sale of cryptocurrencies			–				20,000
Purchase of cryptocurrencies			(4,600	)			–
Net cash provided by (used in) investing activities			(4,600	)			20,000
Financing Activities:
Payments on preferred B shares			–				(270,549	)
Proceeds from convertible notes payable			–				160,000
Proceeds from related party advances			16,725				–
Payments on convertible notes			(10,000	)			(13,502	)
Net cash provided by (used in) financing activities			6,725				(124,051	)
Net change in cash			78				296,943
Cash - beginning of period			298				70
Cash - end of period		$	376			$	297,013
Supplemental Disclosures:
Interest paid		$	–			$	–
Income taxes paid		$	–			$	–
Supplemental Disclosures of Noncash Financing Information:
Convertible notes issued in exchange for cryptocurrency		$	–			$	57,502
Note payable issued in exchange for cryptocurrency		$	–			$	50,363
Cryptocurrency used to pay accounts payable		$	–			$	4,005

 

See accompanying notes to the unaudited consolidated financial statements.

 

 

 

 

Edgemode, Inc.

Notes to the Consolidated Financial Statements

(Unaudited)

 

NOTE 1 – Basis of Presentation

 

The accompanying unaudited interim financial statements of Edgemode, Inc. (“we”, “our”, “Edgemode” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for our interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2023, as reported in the Form 10-K for the fiscal year ended December 31, 2023 of the Company, have been omitted.

 

NOTE 2 – Restatement of Previously Issued Consolidated Financial Statements

 

On September 17, 2024, the Company determined that 5,000,000 options to purchase shares of our common stock granted to a consultant during the three months ended March 31, 2023 were omitted from its previously issued unaudited condensed consolidated financial statements for the quarterly periods ended March 31, 2023 through September 30, 2023, originally included in our Quarterly Reports on Form 10-Q for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023 (collectively, the “Interim Periods” and together with the Annual Period, the “Affected Periods”).

 

The Company evaluated the materiality of these misstatements both qualitatively and quantitatively in accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements in Current Year Financial Statements, and determined the effect of correcting these misstatements was material to the Affected Periods. As a result of the material misstatements, the Company has restated its consolidated financial statements for the Affected Periods in accordance with ASC 250, Accounting Changes and Error Corrections (the “Restated Consolidated Financial Statements”).

 

A reconciliation from the amounts previously reported for the Affected Periods to the restated amounts in the Restated Consolidated Financial Statements is provided for the impacted financial statement line items below for: (i) the consolidated balance sheet as of June 30, 2024; (ii) the consolidated statement of operations for the six months ended June 30, 2023; (iii) the consolidated statement of changes in stockholders’ equity for the three and six ended June 30, 2023; and (iv) the consolidated statement of cash flows for the six months ended June 30, 2023. The amounts labeled “Restatement Adjustments” represent the effects of the Restatement Adjustments.

 

The following table presents the effects of the Restatement Adjustments on the Company’s consolidated balance sheet as of June 30, 2024 and December 31, 2023:

Restated financial information

		Balance as of June 30, 2024
		As Previously				Restatement				As
		Stated				Adjustments				Restated
Additional paid-in capital		$	35,142,231			$	229,035			$	35,371,266
Accumulated deficit		$	(39,432,556	)		$	(229,035	)		$	(39,661,591	)

 

		Balance as of December 31, 2023
		As Previously				Restatement				As
		Stated				Adjustments				Restated
Additional paid-in capital		$	35,142,231			$	229,035			$	35,371,266
Accumulated deficit		$	(38,665,874	)		$	(229,035	)		$	(38,894,909	)

 

 

 

7

 

 

The following table presents the effects of the Restatement Adjustments on the Company’s consolidated statement of operations for the six months ended June 30, 2023:

 

		For the Six Months Ended June 30, 2023
		As Previously				Restatement				As
		Stated				Adjustments				Restated
Operating expenses:
General and administrative expenses		$	2,123,026			$	229,035			$	2,352,061
Total operating expenses		$	2,130,370			$	229,035			$	2,359,405
Loss from operations		$	(2,130,370	)		$	(229,035	)		$	(2,359,405	)
Loss before provision for income taxes		$	(1,715,371	)		$	(229,035	)		$	(1,944,406	)
Net loss		$	(1,715,371	)		$	(229,035	)		$	(1,944,406	)
Loss per common share - basic and diluted		$	(0.00	)		$	–			$	(0.00	)
Weighted average shares outstanding - basic and diluted			390,564,531								390,564,531

 

The following table presents the effects of the Restatement Adjustments on the Company’s consolidated statement of changes in stockholders’ equity for the three months ended June 30, 2024 and 2023:

 

		For the Three Months June 30, 2024
		As Previously				Restatement				As
		Stated				Adjustments				Restated
Additional Paid in Capital			35,142,231				229,035				35,371,266
Accumulated Deficit			(39,432,556	)			(229,035	)			(39,661,591	)

 

		For the Three Months June 30, 2023
		As Previously				Restatement				As
		Stated				Adjustments				Restated
Additional Paid in Capital			35,142,231				229,035				35,371,266
Accumulated Deficit			(37,595,499	)			(229,035	)			(37,824,534	)

 

The following table presents the effects of the Restatement Adjustments on the Company’s consolidated statement of cash flows for the six months ended June 30, 2023:

 

		For the Six Months Ended June 30, 2023
		As Previously				Restatement				As
		Stated				Adjustments				Restated
Net loss		$	(1,715,371	)		$	(229,035	)		$	(1,944,406	)
Stock-based compensation		$	1,236,487			$	229,035			$	1,465,522
Net cash provided by (used in) operating activities		$	400,994			$	–			$	400,994

  

 

 

8

 

 

NOTE 3 – Summary of Significant Accounting Policies

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results could materially differ from these estimates. It is reasonably possible that changes in estimates will occur in the near term.

 

Principals of consolidation

 

The accompanying consolidated financial statements include the accounts of Edgemode, Inc., the accounts of its 100% owned subsidiaries, EdgeMode and Edgemode Mine Co UK Limited. All intercompany transactions and balances have been eliminated in consolidation.

 

Fair Value Measurements

 

Generally accepted accounting principles define fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and such principles also establish a fair value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority):

 

	·	Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
	·	Level 2 – Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means.
	·	Level 3 – Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable.

 

The following fair value hierarchy tables present information about the Company’s liabilities measured at fair value on a recurring basis:

Schedule of liabilities measured at fair value

Fair Value Measurements at June 30, 2024

Level 1

Level 2

Level 3

Liabilities:

Derivative liabilities

$

–

$

–

$

349,142

 

Fair Value Measurements at December 31, 2023

Level 1

Level 2

Level 3

Liabilities:

Derivative liabilities

$

–

$

–

$

197,090

 

The Company had no assets valued using level 1, level 2, or level 3 inputs as of June 30, 2024 or December 31, 2023.

 

 

 

9

 

 

Derivative Financial Instruments

 

Derivatives are measured at their fair value on the balance sheet. In determining the appropriate fair value, the Company uses a binomial calculator model. Changes in fair value are recorded in the consolidated statements of operations.

 

Revenue Recognition

 

We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers. This standard provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. The standard’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation.

 

The Company has entered into digital asset mining pools by executing contracts, as amended from time to time, with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party and the Company’s enforceable right to compensation only begins when the Company provides computing power to the mining pool operator. In exchange for providing computing power, the Company is entitled to a fractional share of the fixed cryptocurrency award the mining pool operator receives (less digital asset transaction fees to the mining pool operator which are recorded as a component of cost of revenues), for successfully adding a block to the blockchain. The terms of the agreement provides that neither party can dispute settlement terms after thirty-five days following settlement. The Company’s fractional share is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm.

 

Providing computing power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision of providing such computing power is the only performance obligation in the Company’s contracts with mining pool operators. The transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions.

 

Fair value of the cryptocurrency award received is determined using the quoted price of the related cryptocurrency at the time of receipt. There is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the Company’s consolidated financial position and results from operations.

 

 

 

10

 

 

Stock-Based Compensation

 

The Company accounts for equity instruments issued to employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718) and Equity-Based Payments to Non-employees pursuant to ASC 2018-07 (ASC 2018-07). All transactions in which the consideration provided in exchange for the purchase of goods or services consists of the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the counterparty’s performance is complete or the date at which a commitment for performance by the counterparty to earn the equity instruments is reached because of sufficiently large disincentives for nonperformance.

 

The Company accounts for equity-based transactions with non-employees under the provisions of ASC Topic No. 505-50, “Equity-Based Payments to Non-Employees” (“Topic No. 505-50”). Topic No. 505-50 establishes that equity-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.

 

Long-Lived Assets – Cryptocurrencies

 

We account for our cryptocurrencies, intangible assets and long-term license agreement in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 350-30, General Intangibles Other Than Goodwill, and ASC Subtopic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC Subtopic 350-30 requires assets to be measured based on the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Our cryptocurrencies are deemed to have an indefinite useful life; therefore amounts are not amortized, but rather are assessed for impairment as further discussed in our impairment policy. Under ASC Subtopic 350-30 any intangible asset with a useful life is required to be amortized over that life and the useful life is to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. Costs of internally developing, maintaining, or restoring intangible assets are recognized as an expense when incurred.

 

Recent Accounting Pronouncements

 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The Company is currently evaluating the effect of this pronouncement on its disclosures.

 

In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). This ASU is intended to improve the accounting for certain crypto assets by requiring an entity to measure those crypto assets at fair value each reporting period with changes in fair value recognized in net income. The amendments also improve the information provided to investors about an entity’s crypto asset holdings by requiring disclosure about significant holdings, contractual sale restrictions, and changes during the reporting period. ASU 2023-08 requires a cumulative-effect adjustment to the opening balance of retained earning as of the beginning of the annual reporting period in which the entity adopts the amendment and is effective for all reporting companies for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years, with early adoption permitted. The Company is evaluating the impact that this ASU may have on its consolidated financial statements.

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required for income taxes. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the effect of this pronouncement on its disclosures.

 

 

 

 

11

 

 

NOTE 4 – Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements

 

The following tables present the effects of the Restatement Adjustments described in Note 2 - Restatement of Previously Issued Consolidated Financial Statements on the Company’s unaudited interim condensed consolidated financial statements for the periods indicated.

 

The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated balance sheets as of the dates indicated:

Restatement schedules for interim statements

		Balance as of March 31, 2024
		As Previously				Restatement				As
		Stated				Adjustments				Restated
Additional paid-in capital		$	35,142,231			$	229,035			$	35,371,266
Accumulated deficit		$	(39,117,078	)		$	(229,035	)		$	(39,346,113	)

 

 

The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated statements of operations for the periods indicated:

 

		For the Three Months Ended March 31, 2023
		As Previously				Restatement				As
		Stated				Adjustments				Restated
General and administrative expenses		$	1,705,525			$	229,035			$	1,934,560
Total operating expenses		$	1,708,123			$	229,035			$	1,937,158
Loss from operations		$	(1,708,123	)		$	(229,035	)		$	(1,937,158	)
Loss before provision for income taxes		$	(1,778,011	)		$	(229,035	)		$	(2,007,046	)
Net loss		$	(1,778,011	)		$	(229,035	)		$	(2,007,046	)
Loss per common share - basic and diluted		$	(0.00	)		$	(0.01	)		$	(0.01	)
Weighted average shares outstanding - basic and diluted			390,440,237								390,440,237

 

The following table presents the effects of the Restatement Adjustments on the Company’s consolidated statement of changes in stockholders’ equity for the periods indicated:

 

		For the Three Months March 31, 2023
		As Previously				Restatement				As
		Stated				Adjustments				Restated
Stock-based compensation		$	1,236,487			$	229,035			$	1,465,522
Net loss		$	(1,778,011	)		$	(229,035	)		$	(2,007,046	)
Additional Paid in Capital		$	35,142,231			$	229,035			$	35,371,266
Accumulated Deficit		$	(37,658,139	)		$	(229,035	)		$	(37,887,174	)

 

		For the Three Months March 31, 2024
		As Previously				Restatement				As
		Stated				Adjustments				Restated
Additional Paid in Capital		$	35,142,231			$	229,035			$	35,371,266
Accumulated Deficit		$	(39,117,078	)		$	(229,035	)		$	(39,346,113	)

 

The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated statements of cash flows for the periods indicated:

 

		For the Three Months Ended March 31, 2023
		As Previously				Restatement				As
		Stated				Adjustments				Restated
Net loss		$	(1,778,011	)		$	(229,035	)		$	(2,007,046	)
Stock-based compensation		$	1,236,487			$	229,035			$	1,465,522
Net cash provided by (used in) operating activities		$	281,586			$	–			$	281,586

 

 

 

 

 

12

 

 

NOTE 5 – Going Concern

 

These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At June 30, 2024, the Company had not yet achieved profitable operations and expects to incur further losses as it has suspended its operations until such time, if any, that the Company receives adequate funding, all of which raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s management has also begun exploring possible opportunities for the Company involving mergers, acquisitions or other business combination transactions in an effort to diversify our business. The Company is not currently a party to any agreement or understandings with any third parties, and there are no assurances even if the Company’s management locates an opportunity which it believes will be in the best interests of the Company’s shareholders that it will ever consummate such a transaction. Accordingly, investors should not place undue reliance on these efforts. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern.

 

NOTE 6 – Related Party Transactions

 

As of June 30, 2024 the Company owed the executive officers of the Company $1,193,338 in accrued payroll for services performed.

 

During the six months ended June 30, 2024, the executive officers of the Company advanced $16,725 to the Company for working capital needs. During the year ended December 31, 2023, the executive officers of the Company advanced $16,000 to the Company for working capital needs. The advances are non-interest bearing and are due on demand. As of June 30, 2024 the total amount owed was $32,725.

 

NOTE 7 – Equity

 

Preferred shares

 

We are authorized to issue 4,999,000 shares of preferred stock. Shares of preferred stock may be issued from time to time in one or more series as may be determined by our Board. The voting powers and preferences, the relative rights of each such series and the qualifications, limitations and restrictions of each series will be established by the Board. Our directors may issue preferred stock with multiple votes per share and dividend rights which would have priority over any dividends paid with respect to the holders of our common stock. In connection with the Transaction, the only outstanding preferred stock was converted into common stock. As of the date of this report, there are no outstanding shares of preferred stock.

 

Series B

 

On July 19, 2022, the Company designated 1,000,000 shares of its original 5,000,000 authorized shares of Preferred Stock as Series B Preferred Stock with a $0.001 par value and a stated value of $1.00 per share. The Series B Convertible Preferred Stock ranks senior to the common stock with respect to dividends and right of liquidation and has no voting rights. The Series B Convertible Preferred Stock has an 8% cumulative annual dividend. In the event of default, the dividend rate increases to 22%. The Company may not, with consent of a majority of the holders of Series B Convertible Preferred Stock, alter or changes the rights of the Series B Convertible Preferred Stock, amend the articles of incorporation, create any other class of stock ranking senior to the Series B Convertible Preferred Stock, increase the authorized shares of Series B Convertible Preferred Stock, or liquidate or dissolve the Company. Beginning 180 days from issuance, the Series B Convertible Preferred Stock may be converted into common stock at a price based on 65% of the average of the two lowest trading prices during the 15 days prior to conversion. The Company may redeem the Series B Convertible Preferred Stock during the first 180 days from issuance, subject to early redemption penalties of up to 25%. The Series B Convertible Preferred Stock must be redeemed by the Company 12 months following issuance if not previously redeemed or converted. Based on the terms of the Series B Convertible Preferred Stock, the Company determined that the preferred stock is mandatorily redeemable and will be accounted for as a liability under ASC 480. As of June 30, 2024, there are no shares of the Series B preferred shares outstanding.

 

 

 

13

 

 

Common shares

 

The Company has authorized 950,000,000 shares of common stock, par value of $0.001, and as of June 30, 2024 has issued 390,687,459 shares of common stock. All of the common shares have the same voting rights and liquidation preferences.

 

Stock Options

 

As of June 30, 2024, the Company has $22,529,707 of value remaining to be expensed based upon completions of milestones, of which $21,679,711 is contingently subject to expense recognition based on the timing of when the Company is able to close on a purchase of at least $15 million of crypto mining equipment as describe above, and $0 of remaining amortization to expensed pursuant to the vesting terms.

 

The following table summarizes the stock option activity for the six months ended June 30, 2024: 

Schedule of stock option activity
		Options				Weighted-Average Exercise Price Per Share
Outstanding, December 31, 2023			398,284,669			$	0.09
Granted			–				–
Exercised			–				–
Forfeited			–				–
Expired			–				–
Outstanding, June 30, 2024			398,284,669			$	0.09

  

As of June 30, 2024, the Company had 90,907,990 stock options that were exercisable and 137,473 that are in dispute. The weighted average remaining life of all outstanding stock options was 3.25 years as of June 30, 2024. Aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option and the fair value of the Company’s common stock for stock options that were in-the-money at period end. As of June 30, 2024, the intrinsic value for the options vested and outstanding was $0 and $27, respectively.

 

Stock Warrants

 

The following table summarizes the stock warrant activity for the six months ended June 30, 2024: 

Schedule of stock warrant activity
		Warrants				Weighted-Average Exercise Price Per Share
Outstanding, December 31, 2023			9,530,000			$	0.50
Granted			–				–
Exercised			–				–
Forfeited			–				–
Expired			–				–
Outstanding, June 30, 2024			9,530,000			$	0.50

 

 

 

14

 

 

NOTE 8 – Notes Payable and Convertible Notes Payable

 

Notes Payable

 

Pursuant to the Company’s Agreement and Plan of Merger and Reorganization effective January 31, 2022, the Company acquired outstanding note payables in the amount of $35,000. These loans were advanced as due on demand and no communication has been received from the original lenders.

 

Equipment Notes Payable

 

In 2021, the Company entered into multiple financing agreements whereby the company agreed to purchase assets related to its crypto mining operations. The financing agreements required a down payments in the aggregate of $600,408 and 24 equal monthly payments. The Company used a 15% discount rate to determine the net present value of the loan value in the aggregate of $2,441,591. During the years ended December 31, 2022 and 2021 the company made payments of $248,184 and $1,366,860, respectively, of which $40,032 and $217,467 was recorded as interest expense.

 

On July 11, 2022, the Company terminated its agreements with the vendor for the financed equipment described above. As of September 30, 2023, and through the date of this filing, no agreement or communication from the vendor has been received confirming the terms of the termination, and therefore the Company has maintained these balances in equipment notes payable on the Company's balance sheet. The balance of the loans as of June 30, 2024 is $1,179,972, which is due on demand as a result of the default.

 

Convertible notes payable

 

1800 Diagonal Lending Notes

 

On April 11, 2023, the Company entered into a Securities Purchase Agreement effective April 20, 2023 with 1800 Diagonal Lending LLC, an accredited investor, pursuant to which the Company sold the investor an unsecured promissory note in the principal amount of $60,760 (the “April Promissory Note”). The Company received net proceeds of $50,000 in consideration of issuance of the April Promissory Note after original issue discount of $6,510 and legal fees of $4,250. The aggregate debt discount of $10,760 is being amortized to interest expense over the respective term of the note. The April Promissory Note shall incur a one-time interest charge of 13%, which is added to the principal balance, has a maturity date of March 11, 2024, and requires monthly payments of $7,629 beginning on September 15, 2023. The April Promissory Note is convertible into common shares of the Company upon an event of default, at a rate of 71% of the lowest price for the preceding 20 trading days. In addition, upon default, the Company must repay an amount equal to 150% of the then outstanding amount of principal and accrued interest combined. During the six months ended June 30, 2024, the Company repaid $10,000 of principal on the note. As of June 30, 2024, the note is in default and the balance on the note is $32,262, with a remaining unamortized discount of $0.

 

In addition, on April 11, 2023, the Company entered into an additional Securities Purchase Agreement effective April 20, 2023 with 1800 Diagonal Lending LLC, pursuant to which the Company sold the investor an unsecured promissory note in the principal amount of $56,962 (the “Convertible Note”), bears interest at a rate of 8%, or 22% in the event of default, and matures on April 11, 2024. The Company received net proceeds of $50,000 in consideration of issuance of the Convertible Note after original issue discount of $2,712 and legal fees of $4,250. The aggregate debt discount of $6,962 is being amortized to interest expense over the respective term of the note. The Convertible Note is convertible into common shares of the Company beginning on the sixth-month anniversary, at a rate of 65% average of the three of the lowest prices for the preceding 15 trading days. In addition, upon default, the Company must repay an amount equal to 150% of the then outstanding amount of principal and accrued interest combined. As of June 30, 2024, the note is in default and the balance on the note is $94,439, with a remaining unamortized discount of $0.

 

 

 

15

 

 

On August 4, 2023, the Company entered into a Securities Purchase Agreement with 1800 Diagonal Lending LLC, an accredited investor, pursuant to which the Company sold the investor an unsecured original issuance discount promissory note in the principal amount of $71,450 (the “August Promissory Note”). The Company received net proceeds of $60,000 in consideration of issuance of the August Promissory Note after original issue discount of $7,200 and legal fees of $4,250. The aggregate debt discount of $11,450 is being amortized to interest expense over the respective term of the note. The August Promissory Note shall incur a one-time interest charge of 13%, which is added to the principal balance, has a maturity date of May 24, 2024, and requires monthly payments of $8,971 beginning on September 15, 2023. The August Promissory Note is convertible into common shares of the Company at any time following an event of default at a rate of 71% of the lowest trading price of the Company’s common stock during the twenty prior trading days. In addition, upon default, the Company must repay an amount equal to 150% of the then outstanding amount of principal and accrued interest combined. As of June 30, 2024, the note is in default and the balance on the note is $99,529, with a remaining unamortized discount of $0.

 

On October 20, 2023 and May 21, 2024 the Company received notices from 1800 Diagonal Lending LLC, the holder of the April Promissory Note, Convertible Note and August Promissory Note (collectively, the “1800 Notes”) that such notes were in default. The holder has made demand for the immediate payment of the 1800 Notes of a sum representing 150% of the remaining outstanding principal balances of the 1800 Notes in the aggregate of $226,230, together with accrued interest and default interest as provided for in the 1800 Notes. As a result of the default, the 1800 Notes became convertible into common stock and an additional $88,618 of principal was added to the note balance. In addition, as a result of the default the notes became convertible at a variable rate resulting in derivative liability accounting under ASC 815. The fair value of the derivative on the date of default was charged directly to interest expense, as the notes are passed due. See further discussion under Note 7.

 

Other Convertible Promissory Notes

 

On April 25, 2023, the Company entered into a Securities Purchase Agreement with an accredited investor, pursuant to which the Company sold the investor an unsecured promissory note in the principal amount of $60,000. The Company received proceeds of $60,000 in consideration of issuance of the Promissory Note. The Promissory Note shall bear interest at a rate of 10% and have a maturity date of May 26, 2023. The Promissory Note has a prepayment percentage of 130% for the period beginning on the issuance date and ending on the maturity date. As of June 30, 2024, the balance on the note is $60,000. The note is past due.

 

In addition, on April 26, 2023, the Company entered into a Promissory Note Purchase Agreement with another investor, pursuant to which the Company sold the investor an unsecured convertible promissory note in the principal amount of $57,502 Promissory Note. The Company received gross proceeds of $57,502 in consideration of issuance of the Promissory Note. The Promissory Note shall bear interest at a rate of 10% and have a maturity date of May 26, 2023. The Promissory Note has a prepayment percentage of 130% for the period beginning on the issuance date and ending on the maturity date. As of June 30, 2024, the balance on the note is $57,502. The note is past due.

 

The investors may in their option, at any time following the 180-day anniversary from the issuance date, as defined in the Promissory Notes, convert all or any part of the outstanding and unpaid amount of the Promissory Notes into fully paid and non-assessable shares of Common Stock. If the Promissory Notes are not repaid on or prior to the maturity date, the conversion price will be $0.20 or 50% of the preceding five day VWAP on the six month anniversary, which is lower, subject to a floor conversion price of $0.01 per share. On the 180-day anniversary date the resulting conversion price is equal to $0.01 Furthermore, the Promissory Notes contain a “most favored nation” provision that allows each investor to claim any preferable terms from any future securities, excluding certain exempt issuances.

 

 

 

16

 

 

NOTE 9 – Derivative Liabilities

 

The fair values of the conversion option of outstanding convertible notes payable and common stock warrants were determined to be derivative liabilities under ASC 815 due to the default on convertible notes payable disclosed above, which resulted in a variable conversion price on the outstanding convertible note payable. The fair value of the derivative liabilities was estimated using a binomial model with the following assumptions: 

Schedule of assumptions for derivative liabilities
		As of June 30, 2024
		Conversion Option				Warrants
Volatility			317.38%				213.21%
Dividend Yield			0%				0%
Risk-free rate			5.03%				4.52%
Expected term			1 year				2.5-3 years
Stock price		$	0.0002			$	0.0002
Exercise price			$0.00013-0.01			$	0.5
Derivative liability fair value		$	348,839			$	303
Number of shares issued upon conversion, exercise, or satisfaction of required conditions as of June 30, 2024			834,991,901				9,530,000

 

All fair value measurements related to the derivative liabilities are considered significant unobservable inputs (Level 3) under the fair value hierarchy of ASC 820.

 

The table below presents the change in the fair value of the derivative liability during the year ended December 31, 2023:

Schedule of fair value of derivative liability
Fair value as of December 31, 2023		$	197,090
Fair value on the date of cash repayments			(13,181	)
Change in fair value of derivatives			165,233
Fair value as of June 30, 2024		$	349,142

 

The total impact of derivative liabilities recognized in the Company’s consolidated statements of operations includes the change in fair value of derivatives and derivative liabilities settled upon cash repayments, with the Company recognizing a total loss of $152,052 during the six months ended June 30, 2024. In addition, as a result of the default, all other potentially dilutive instruments must also be recorded at fair value pursuant to ASC 815.

 

NOTE 10 – Cryptocurrency Assets

 

The Company conducts various business activities using its cryptocurrency assets. The below table represents the cryptocurrency activities during the six months ended June 30, 2024: 

Schedule of cryptocurrency
Cryptocurrency at December 31, 2023		$	32
Purchases of cryptocurrency			4,600
Loss on cryptocurrency			(4,600	)
Cryptocurrency at June 30, 2024		$	32

  

NOTE 11 – Commitments and Contingencies

 

Legal Contingencies

 

On February 8, 2022, the Company was notified of a potential lawsuit related to the termination of our Advisory Panel Membership agreement with Taylor Black Wealth, Ltd. (“Taylor”). The Company engaged Taylor for assistance with capital raises and was to be partially compensated with stock options, subject to vesting. Taylor claims that the Company terminated the agreement unlawfully and therefore are still entitled to the remaining unvested options which the Company believes to be cancelled. The total number of stock options being contested is 137,473. No additional communication has been received related to the claims from Taylor.

 

NOTE 12 – Subsequent events

 

On July 5, 2024, the Company received an additional refund of $275,000 related to prior advances made for the purchase of equipment.

 

 

 

 

 

 

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements, and the notes thereto, and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The following discussion and analysis compares our consolidated results of operations for the three months ended June 30, 2024 (the “2024 Quarter”) with those for the six months ended June 30, 2023 (the “2023 Quarter”) and our consolidated results of operations for the six months ended June 30, 2024 (the “2024 Period”) with those for the six months ended June 30, 2023 (the “2023 Period”).

 

Cautionary Note Regarding Forward-Looking Statements

 

This report contains “forward-looking statements”. These statements include, among other things, statements regarding expanding our business and our liquidity as well as other statements regarding our future operations, financial condition and prospects, and business strategies. Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially and adversely from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, our ability to raise capital to buy crypto mining machines we have commitments to purchase, regulatory issues which affect our business model, and those discussed under the caption "Risk Factors" in our Form 10-K for the year ended December 31, 2023 and those discussed in other documents we file with the SEC. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

 

Business Overview

 

Since our incorporation, the Company has attempted to become involved in a number of business ventures, all of which, excluding Edgemode Wyoming, were unsuccessful and which have been abandoned. Edgemode Wyoming historically mined Ethereum from late 2020 until September 2022. Although Edgemode Wyoming historically mined Ethereum, due to the change of Ethereum (ETH) from Proof of Work (POW) to Proof of stake (POS), the Company terminated all rental agreements and future purchase orders related to Ethereum mining operations. We now intend to mine Bitcoin, subject to financing. However, we require significant financing to commence Bitcoin mining. Since late 2022 we have focused on securing a debt facility. We cannot provide any assurances we will receive any capital under a debt facility. Any debt financing will be used to finance the purchase of Bitcoin mining hardware and hosting contracts. We have suspended our daily operations subject to receiving additional funding. There are no assurances we will receive adequate financing. Our management has also begun exploring possible opportunities for the Company involving mergers, acquisitions or other business combination transactions in an effort to diversify our business. We are not currently a party to any agreement or understandings with any third parties, and there are no assurances even if our management locates an opportunity which it believes will be in the best interests of our shareholders that we will ever consummate such a transaction. Accordingly, investors should not place undue reliance on these efforts.

 

As stated above, at present, the Company has no sources of revenue and has no specific business plan or purpose without significant financing. Therefore, the Company’s business plan is to also seek an acquisition or merger candidate (a “Business Combination”). As a result, the Company is considered a “blank check” or “shell” company. See the Risk Factors included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Management does not intend to undertake any efforts to cause a market to develop in the Company’s securities until such time as the Company has successfully implemented its business plan and/or closed on a suitable Business Combination. 

 

 

 

 

 

Although we have been in discussions with potential partners or targets, we have not entered into any definitive agreements. The evaluation and selection of a business opportunity is a complex and uncertain process, and we have not yet identified a target operating business for acquisition. Business opportunities that we believe are in the best interests of the Company and its shareholders may be scarce, or we may be unable to attract the businesses we identify as viable for our objectives, including due to competitive forces in the marketplace beyond our control. There is no assurance that we will be able to locate compatible business opportunities for the Company.

 

Critical Accounting Policies and Estimates

 

We discuss the material accounting policies that are critical in making the estimates and judgments in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, under the caption “Management’s Discussion and Analysis—Critical Accounting Policies and Estimates”. There has been no material change in critical accounting policies or estimates during the period covered by this report.

 

Recent Accounting Pronouncements

 

For information on recent accounting pronouncements and impacts, see Note 1 to the unaudited condensed consolidated financial statements.

 

Three Months Ended June 30, 2024 Compared to the Three Months Ended June 30, 2023

 

Results of operations

 

Our operating expenses for the 2024 Quarter was $385,419 compared to $422,247, for the 2023 Quarter, a decrease of 9%. The 2024 Quarter had lower expenses as the Company continues to reduce cost compared to the 2023 Quarter.

 

Our other income for the 2024 Quarter was $69,941 compared to other income of $484,887 for the 2023 Quarter. Other income in the 2024 quarter was comprised of $18,132 in interest expense and $61,867 for the loss on the change in fair value of derivative liabilities offset by income of $150,000 on the refund of an equipment deposit. Other income for the 2023 quarter was comprised of $15,113 in interest expense, offset by income of $500,000 in deposits from equipment refunds.

 

Six Months Ended June 30, 2024 Compared to the Six Months Ended June 30, 2023

 

Results of operations

 

Our operating expenses for the 2024 Period was $722,018 compared to $2,355,273, for the 2023 Period, a decrease of 70%. In the 2024 Quarter, the Company incurred stock-based compensation expense of $0 compared to $1,468,734 for the 2023 Quarter. The stock-based compensation for the 2023 Quarter was related to the amendment of options to the officers of the Company.

 

Our other expense for the 2024 Period was $44,664 compared to other income of $414,999 for the 2023 Period. Other expense in the 2024 quarter was comprised of $45,552 in interest expense and $152,052 for the loss on the change in fair value of derivative liabilities offset by income of $150,000 on the refund of an equipment deposit. Other income for the 2023 quarter was comprised of $22,387 in interest expense, $51,859 in prepayment penalties on the preferred B shares, loss on legal settlement of $9,975, offset by income of $500,000 in deposits from equipment refunds.

 

 

 

 

 

Liquidity and Capital Resources

 

As of June 30, 2024, and the date of the filing of this report, Company had approximately $400 and $64,000 of cash on hand. Our liquidity was primarily derived from debt and equity investments from accredited investors and also from selling the crypto that we mined through September 2022. On July 5, 2024, subsequent to the period covered by this report, the Company received an additional refund of $275,000 related to prior advances made for the purchase of equipment. To recommence our crypto operations and fund operations for the next 12 months, the Company is seeking to raise $75 million in debt facility. We currently have no available sources of capital and we can provide no assurances that any debt financings will be available in the future. Additionally, the Company is (i) in default under the 1800 Notes in the sum of 150% of the remaining outstanding principal balances of the 1800 Notes in the aggregate of approximately $226,000, plus accrued interest and default interest as defined under such notes, (ii) in default under two other notes in the aggregate principal amount of approximately $120,000 and (iii) owes a significant amount of money to its executive officers for accrued salary.

 

We have suspended our operations. If we fail to close on a debt facility or raise sufficient additional funds from other sources, we will be required to abandon our plan of operations.

 

The Company has terminated agreements for approximately $1.6 million of debt for equipment that the Company was using for mining and returned the equipment to the vendor to settle the outstanding liabilities. The Company is making no further payments against the potential balance. No confirmation has been received from 2CRSI and as such the balance remains outstanding on the Company’s balance sheet in the accompanying financial statements.

 

Summary of cash flows

 

		June 30, 2024				June 30, 2023
Net cash provided by (used in) operating activities		$	(2,047	)		$	400,994
Net cash provided by (used in) investing activities		$	(4,600	)		$	20,000
Net cash provided by (used in) financing activities		$	6,725			$	(124,051	)

 

During the 2024 Quarter and the 2023 Quarter, our sources and uses of cash were as follows:

 

Operating Activities

 

During the 2024 Period, cash used in operating activities of $2,047 primarily resulted from the net loss of $766,682 offset by change in fair value of derivative liabilities of $152,052, increases in accounts payable and accrued expenses of $45,725 and increases in accrued payroll of $532,137.

 

During the 2023 Period, cash provided by operating activities of $400,994 primarily resulted from the refund of prepaid hosting services, offset by the net loss of $1,715,371 and stock-based compensation of $1,236,487.

 

Investing Activities

 

Cash used in investing activities in the 2024 Period of $4,600 resulted from the purchase of cryptocurrency assets.

 

Cash provided by investing activities in the 2023 Period of $20,000 resulted from the sale of cryptocurrency assets.

 

 

 

 

 

Financing Activities

 

In the 2024 Period, cash provided by financing activities of $6,725 consisted of $10,000 for the repayment of convertible notes payable, offset by proceeds from related party advances of $16,725.

 

In the 2023 Period, cash used in financing activities of $124,051 consisted of the repayment of Series B preferred shares, offset by proceeds from convertible notes payable of $160,000.

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4.

CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures. We are required to maintain “disclosure controls and procedures” as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”). Based on their evaluation as of the end of the period covered by this report, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures were not effective to ensure that the information relating to our company, required to be disclosed in our Securities and Exchange Commission (“SEC”) reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure as a result of material weaknesses in our internal control over financial reporting result from limited segregation of duties and limited multiple levels of review in the financial close process, along with a lack of well-established policies and procedures to identify, approve, and report related party transactions.

 

The continuing weakness resulted in our management’s failure to account for 5,000,000 options to purchase shares of our common stock granted to a consultant with a fair value of approximately $230,000 during the period ended March 31, 2023.

 

We will continue to monitor our internal control over financial reporting on an ongoing basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow. We do not, however, expect that the material weaknesses in our disclosure controls will be remediated until such time as we have added additional personnel, including additional accounting and administrative staff, allowing improved internal control over financial reporting.

 

Changes in Internal Control Over Financial Reporting. There were no changes in our internal control over financial reporting as defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 

 

 

 

 

 

PART II – OTHER INFORMATION

 

ITEM 1.

LEGAL PROCEEDINGS

 

From time to time, the Company may become a party to legal actions or proceedings in the ordinary course of its business. At June 30, 2024, there were no such actions or proceedings, either individually or in the aggregate, that, if decided adversely to the Company’s interests, the Company believes would be material to its operation or cash flow.

 

ITEM 1A.

RISK FACTORS

 

While we attempt to identify, manage, and mitigate risks and uncertainties associated with our business to the extent practical under the circumstances, some level of risk and uncertainty will always be present. Our “Risk Factors” in the Form 10-K for the fiscal year ended December 31, 2023, describes some of the risks and uncertainties associated with our business, which we strongly encourage you to review. These risks and uncertainties have the potential to materially affect our business, financial condition, results of operations, cash flows, projected results, and future prospects. There have been no material changes in our risk factors from those disclosed in the Form 10-K for the fiscal year ended December 31, 2023.

 

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

There were no unregistered sales of the Company’s equity securities during the 2024 Quarter.

 

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4.

MINE SAFETY DISCLOSURES

 

Not Applicable.

 

ITEM 5.

OTHER INFORMATION

 

During the quarter ended June 30, 2024, no director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.

 

ITEM 6.

EXHIBITS

 

The exhibits listed in the accompanying “Index to Exhibits” are filed or incorporated by reference as part of this Form 10-Q.

 

 

 

 

 

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

 

Dated:  February 21, 2025

 

	EDGEMODE, INC.
	By: /s/ Charlie Faulkner                     Charlie Faulkner Chief Executive Officer (Principal Executive Officer)     By: /s/Simon Wajcenberg                 Simon Wajcenberg Chief Financial Officer (Principal Financial and Accounting Officer)

 

 

 

 

 

 

 

 

 

 

EXHIBIT INDEX

 

			Incorporated by Reference
Exhibit No.		Exhibit Description	Form	Date	Number	Filed or Furnished Herewith
2.1		Agreement and Plan of Merger and Reorganization +	8-K	12/8/2021	2.1
3.1		Certificate of Incorporation, as Amended and Restated	10-K	4/12/2022	3.1
3.2		Bylaws	8-K	2/7/2022	3.2
3.2(a)		Amendment No. 1 to the Bylaws	8-K	4/15/2022	3.1
31.1		CEO Certification (302)				Filed
31.2		CFO Certification (302)				Filed
32.1		CEO Certification (906)				Furnished
32.2		CFO Certification (906)				Furnished
101.INS		XBRL Instance Document				Filed
101.SCH		XBRL Taxonomy Extension Schema Document				Filed
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document				Filed
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document				Filed
101.LAB		XBRL Taxonomy Extension Label Linkbase Document				Filed
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document				Filed
104		Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)

 

 

+ Exhibits and/or Schedules have been omitted. The Company hereby agrees to furnish to the Staff of the Securities and Exchange Commission upon request any omitted information. Copies of this filing (including the financial statements) and any of the exhibits referred to above will be furnished at no cost to our shareholders who make a written request to Edgemode, Inc., 110 E. Broward Blvd., Suite 1700, Ft. Lauderdale, FL 33301; Attention: Corporate Secretary.

 

 

 

 

 

 

 

Exhibit 31.1

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES OXLEY ACT OF 2002

 

I, Charlie Faulkner, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q/A of Edgemode, Inc.;

 

2. 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;

 

3. 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;

 

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 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 cause 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

 

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of the 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 significant role in the registrant's internal control over financial reporting.

 

February 21, 2025		/s/ Charlie Faulkner
		Charlie Faulkner, Principal Executive Officer

 

Exhibit 31.2

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES OXLEY ACT OF 2002

 

I, Simon Wajcenberg, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q/A of Edgemode, Inc.;

 

2. 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;

 

3. 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;

 

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 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 cause 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

 

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of the 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 significant role in the registrant's internal control over financial reporting.

 

February 21, 2025		/s/ Simon Wajcenberg
		Simon Wajcenberg, Principal Financial and Accounting Officer

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 USC, SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the report of Edgemode, Inc. the "(Company") on Form 10-Q/A for the period ending June 30, 2024 as filed with the Securities and Exchange Commission (the "Report"), Charlie Faulkner, the Company’s Principal Executive Officer, certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2013, that to the best of their knowledge:

 

	(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of the Company.

 

 

February 21, 2025		/s/ Charlie Faulkner
		Charlie Faulkner, Principal Executive Officer

 

Exhibit 32.2

 

CERTIFICATION PURSUANT TO

18 USC, SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the report of Edgemode, Inc. the "(Company") on Form 10-Q/A for the period ending June 30, 2024 as filed with the Securities and Exchange Commission (the "Report"), Simon Wajcenberg, the Company’s Principal Financial and Accounting Officer, certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2013, that to the best of their knowledge:

 

 

	(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of the Company.

 

 

February 21, 2025		/s/ Simon Wajcenberg
		Simon Wajcenberg, Principal Financial and Accounting Officer

 

 

v3.25.0.1

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 09, 2024
Cover [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Amendment Description	Restated financials
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	000-55647
Entity Registrant Name	EDGEMODE, INC.
Entity Central Index Key	0001652958
Entity Tax Identification Number	47-4046237
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	110 E. Broward Blvd.
Entity Address, Address Line Two	Suite 1700
Entity Address, City or Town	Ft. Lauderdale
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33301
City Area Code	707
Local Phone Number	687-9093
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		390,687,459

v3.25.0.1

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 376	$ 298
Prepaid expenses and other current assets	1,368	20,258
Total current assets	1,744	20,556
Intangible assets – cryptocurrencies	32	32
Total assets	1,776	20,588
Current liabilities:
Accounts payable and accrued expenses	767,505	721,780
Accrued payroll	1,193,338	661,201
Equipment notes payable	1,179,972	1,179,972
Notes payable	35,000	35,000
Notes payable – related parties	32,725	16,000
Convertible notes payable	343,732	342,501
Derivative liabilities	349,142	197,090
Total current liabilities	3,901,414	3,153,544
Total liabilities	3,901,414	3,153,544
Commitments and contingencies
Stockholders’ deficit:
Preferred shares, $0.001 par value, 4,999,000 shares authorized June 30, 2024 and December 31, 2023; none issued and outstanding	0	0
Common shares, $0.001 par value, 950,000,000 shares authorized June 30, 2024 and December 31, 2023; 390,687,459 shares issued and outstanding, June 30, 2024 and December 31, 2023	390,687	390,687
Additional paid-in capital	35,371,266	35,371,266
Accumulated deficit	(39,661,591)	(38,894,909)
Stockholders’ deficit	(3,899,638)	(3,132,956)
Total liabilities and stockholders’ deficit	$ 1,776	$ 20,588

v3.25.0.1

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	4,999,000	4,999,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	950,000,000	950,000,000
Common stock, shares issued	390,687,459	390,687,459
Common stock, shares outstanding	390,687,459	390,687,459

v3.25.0.1

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
General and administrative expenses	$ 380,819	$ 417,501	$ 717,418	$ 2,352,061
Loss on cryptocurrencies	4,600	4,746	4,600	7,344
Total operating expenses	385,419	422,247	722,018	2,359,405
Loss from operations	(385,419)	(422,247)	(722,018)	(2,359,405)
Other income (expense):
Interest expense	(18,132)	(15,113)	(42,552)	(22,387)
Penalty on redemption of Preferred B shares	0	0	0	(51,859)
Other expense	(60)	0	(60)	(780)
Refund of equipment deposit	150,000	500,000	150,000	500,000
Change in fair value of derivatives	(61,867)	0	(152,052)	0
Loss on settlement	0	0	0	(9,975)
Total other income (expense), net	69,941	484,887	(44,664)	414,999
Income (loss) before provision for income taxes	(315,478)	62,640	(766,682)	(1,944,406)
Provision for income taxes	0	0	0	0
Net income (loss)	$ (315,478)	$ 62,640	$ (766,682)	$ (1,944,406)
Loss per common share - basic	$ (0.00)	$ 0.00	$ (0.00)	$ (0.00)
Loss per common share - diluted	$ (0.00)	$ 0.00	$ (0.00)	$ (0.00)
Weighted average shares outstanding – basic	390,687,459	390,687,459	390,687,459	390,564,531
Weighted average shares outstanding - diluted	390,687,459	476,595,449	390,687,459	390,564,531

v3.25.0.1

Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance March 31, 2023 (Restated) at Dec. 31, 2022	$ 390,437	$ 33,896,019	$ (35,880,128)	$ (1,593,672)
Beginning balance, shares at Dec. 31, 2022	390,437,459
Common shares issued for settlement of claims	$ 250	9,725		9,975
Common shares issued for settlement of claims, shares	250,000
Stock-based compensation		1,465,522		1,465,522
Net income			(2,007,046)	(2,007,046)
Balance June 30, 2023 (Restated) at Mar. 31, 2023	$ 390,687	35,371,266	(37,887,174)	(2,125,221)
Ending balance, shares at Mar. 31, 2023	390,687,459
Balance March 31, 2023 (Restated) at Dec. 31, 2022	$ 390,437	33,896,019	(35,880,128)	(1,593,672)
Beginning balance, shares at Dec. 31, 2022	390,437,459
Net income				(1,944,406)
Balance June 30, 2023 (Restated) at Jun. 30, 2023	$ 390,687	35,371,266	(37,824,534)	(2,062,581)
Balance March 31, 2023 (Restated) at Mar. 31, 2023	$ 390,687	35,371,266	(37,887,174)	(2,125,221)
Beginning balance, shares at Mar. 31, 2023	390,687,459
Net income			62,640	62,640
Balance June 30, 2023 (Restated) at Jun. 30, 2023	390,687	35,371,266	(37,824,534)	(2,062,581)
Balance March 31, 2023 (Restated) at Dec. 31, 2023	$ 390,687	35,371,266	(38,894,909)	(3,132,956)
Beginning balance, shares at Dec. 31, 2023	390,687,459
Net income			(451,204)	(451,204)
Balance June 30, 2023 (Restated) at Mar. 31, 2024	$ 390,687	35,371,266	(39,346,113)	(3,584,160)
Ending balance, shares at Mar. 31, 2024	390,687,459
Balance March 31, 2023 (Restated) at Dec. 31, 2023	$ 390,687	35,371,266	(38,894,909)	(3,132,956)
Beginning balance, shares at Dec. 31, 2023	390,687,459
Net income				(766,682)
Balance June 30, 2023 (Restated) at Jun. 30, 2024	$ 390,687	35,371,266	(39,661,591)	(3,899,638)
Ending balance, shares at Jun. 30, 2024	390,687,459
Balance March 31, 2023 (Restated) at Mar. 31, 2024	$ 390,687	35,371,266	(39,346,113)	(3,584,160)
Beginning balance, shares at Mar. 31, 2024	390,687,459
Net income			(315,478)	(315,478)
Balance June 30, 2023 (Restated) at Jun. 30, 2024	$ 390,687	$ 35,371,266	$ (39,661,591)	$ (3,899,638)
Ending balance, shares at Jun. 30, 2024	390,687,459

v3.25.0.1

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities:
Net loss	$ (766,682)	$ (1,944,406)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of discounts	11,231	11,365
Penalty on redemption of Preferred B shares	(0)	51,859
Loss on settlement	(0)	9,975
Stock-based compensation	0	1,465,522
Loss on cryptocurrency transactions	4,600	7,344
Change in fair value of derivative liabilities	152,052	(0)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	18,890	901,735
Accounts payable and accrued expenses	45,725	(60,705)
Accrued payroll	532,137	(41,695)
Net cash provided by (used in) operating activities	(2,047)	400,994
Investing Activities:
Proceeds from sale of cryptocurrencies	0	20,000
Purchase of cryptocurrencies	(4,600)	0
Net cash provided by (used in) investing activities	(4,600)	20,000
Financing Activities:
Payments on preferred B shares	0	(270,549)
Proceeds from convertible notes payable	0	160,000
Proceeds from related party advances	16,725	0
Payments on convertible notes	(10,000)	(13,502)
Net cash provided by (used in) financing activities	6,725	(124,051)
Net change in cash	78	296,943
Cash - beginning of period	298	70
Cash - end of period	376	297,013
Supplemental Disclosures:
Interest paid	0	0
Income taxes paid	0	0
Supplemental Disclosures of Noncash Financing Information:
Convertible notes issued in exchange for cryptocurrency	0	57,502
Note payable issued in exchange for cryptocurrency	0	50,363
Cryptocurrency used to pay accounts payable	$ 0	$ 4,005

v3.25.0.1

Pay vs Performance Disclosure - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (315,478)	$ (451,204)	$ 62,640	$ (2,007,046)	$ (766,682)	$ (1,944,406)

v3.25.0.1

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.25.0.1

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	NOTE 1 – Basis of Presentation   The accompanying unaudited interim financial statements of Edgemode, Inc. (“we”, “our”, “Edgemode” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for our interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2023, as reported in the Form 10-K for the fiscal year ended December 31, 2023 of the Company, have been omitted.

v3.25.0.1

Restatement of Previously Issued Consolidated Financial Statements	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Restatement of Previously Issued Consolidated Financial Statements	NOTE 2 – Restatement of Previously Issued Consolidated Financial Statements   On September 17, 2024, the Company determined that 5,000,000 options to purchase shares of our common stock granted to a consultant during the three months ended March 31, 2023 were omitted from its previously issued unaudited condensed consolidated financial statements for the quarterly periods ended March 31, 2023 through September 30, 2023, originally included in our Quarterly Reports on Form 10-Q for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023 (collectively, the “Interim Periods” and together with the Annual Period, the “Affected Periods”).   The Company evaluated the materiality of these misstatements both qualitatively and quantitatively in accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements in Current Year Financial Statements, and determined the effect of correcting these misstatements was material to the Affected Periods. As a result of the material misstatements, the Company has restated its consolidated financial statements for the Affected Periods in accordance with ASC 250, Accounting Changes and Error Corrections (the “Restated Consolidated Financial Statements”).   A reconciliation from the amounts previously reported for the Affected Periods to the restated amounts in the Restated Consolidated Financial Statements is provided for the impacted financial statement line items below for: (i) the consolidated balance sheet as of June 30, 2024; (ii) the consolidated statement of operations for the six months ended June 30, 2023; (iii) the consolidated statement of changes in stockholders’ equity for the three and six ended June 30, 2023; and (iv) the consolidated statement of cash flows for the six months ended June 30, 2023. The amounts labeled “Restatement Adjustments” represent the effects of the Restatement Adjustments.   The following table presents the effects of the Restatement Adjustments on the Company’s consolidated balance sheet as of June 30, 2024 and December 31, 2023: Restated financial information     Balance as of June 30, 2024       As Previously     Restatement     As       Stated     Adjustments     Restated                       Additional paid-in capital   $ 35,142,231     $ 229,035     $ 35,371,266   Accumulated deficit   $ (39,432,556 )   $ (229,035 )   $ (39,661,591 )       Balance as of December 31, 2023       As Previously     Restatement     As       Stated     Adjustments     Restated                       Additional paid-in capital   $ 35,142,231     $ 229,035     $ 35,371,266   Accumulated deficit   $ (38,665,874 )   $ (229,035 )   $ (38,894,909 )   The following table presents the effects of the Restatement Adjustments on the Company’s consolidated statement of operations for the six months ended June 30, 2023:       For the Six Months Ended June 30, 2023       As Previously     Restatement     As       Stated     Adjustments     Restated                       Operating expenses:                         General and administrative expenses   $ 2,123,026     $ 229,035     $ 2,352,061   Total operating expenses   $ 2,130,370     $ 229,035     $ 2,359,405   Loss from operations   $ (2,130,370 )   $ (229,035 )   $ (2,359,405 ) Loss before provision for income taxes   $ (1,715,371 )   $ (229,035 )   $ (1,944,406 ) Net loss   $ (1,715,371 )   $ (229,035 )   $ (1,944,406 ) Loss per common share - basic and diluted   $ (0.00 )   $ –     $ (0.00 ) Weighted average shares outstanding - basic and diluted     390,564,531               390,564,531     The following table presents the effects of the Restatement Adjustments on the Company’s consolidated statement of changes in stockholders’ equity for the three months ended June 30, 2024 and 2023:       For the Three Months June 30, 2024       As Previously     Restatement     As       Stated     Adjustments     Restated                       Additional Paid in Capital     35,142,231       229,035       35,371,266   Accumulated Deficit     (39,432,556 )     (229,035 )     (39,661,591 )       For the Three Months June 30, 2023       As Previously     Restatement     As       Stated     Adjustments     Restated                       Additional Paid in Capital     35,142,231       229,035       35,371,266   Accumulated Deficit     (37,595,499 )     (229,035 )     (37,824,534 )   The following table presents the effects of the Restatement Adjustments on the Company’s consolidated statement of cash flows for the six months ended June 30, 2023:       For the Six Months Ended June 30, 2023       As Previously     Restatement     As       Stated     Adjustments     Restated   Net loss   $ (1,715,371 )   $ (229,035 )   $ (1,944,406 ) Stock-based compensation   $ 1,236,487     $ 229,035     $ 1,465,522   Net cash provided by (used in) operating activities   $ 400,994     $ –     $ 400,994

v3.25.0.1

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 3 – Summary of Significant Accounting Policies   Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results could materially differ from these estimates. It is reasonably possible that changes in estimates will occur in the near term.   Principals of consolidation   The accompanying consolidated financial statements include the accounts of Edgemode, Inc., the accounts of its 100% owned subsidiaries, EdgeMode and Edgemode Mine Co UK Limited. All intercompany transactions and balances have been eliminated in consolidation.   Fair Value Measurements   Generally accepted accounting principles define fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and such principles also establish a fair value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority):     · Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.         · Level 2 – Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means.         · Level 3 – Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable.   The following fair value hierarchy tables present information about the Company’s liabilities measured at fair value on a recurring basis: Schedule of liabilities measured at fair value                       Fair Value Measurements at June 30, 2024       Level 1     Level 2     Level 3   Liabilities:                         Derivative liabilities   $ –     $ –     $ 349,142                             Fair Value Measurements at December 31, 2023       Level 1     Level 2     Level 3   Liabilities:                         Derivative liabilities   $ –     $ –     $ 197,090     The Company had no assets valued using level 1, level 2, or level 3 inputs as of June 30, 2024 or December 31, 2023.   Derivative Financial Instruments   Derivatives are measured at their fair value on the balance sheet. In determining the appropriate fair value, the Company uses a binomial calculator model. Changes in fair value are recorded in the consolidated statements of operations.   Revenue Recognition   We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers. This standard provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. The standard’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation.   The Company has entered into digital asset mining pools by executing contracts, as amended from time to time, with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party and the Company’s enforceable right to compensation only begins when the Company provides computing power to the mining pool operator. In exchange for providing computing power, the Company is entitled to a fractional share of the fixed cryptocurrency award the mining pool operator receives (less digital asset transaction fees to the mining pool operator which are recorded as a component of cost of revenues), for successfully adding a block to the blockchain. The terms of the agreement provides that neither party can dispute settlement terms after thirty-five days following settlement. The Company’s fractional share is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm.   Providing computing power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision of providing such computing power is the only performance obligation in the Company’s contracts with mining pool operators. The transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions.   Fair value of the cryptocurrency award received is determined using the quoted price of the related cryptocurrency at the time of receipt. There is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the Company’s consolidated financial position and results from operations.   Stock-Based Compensation   The Company accounts for equity instruments issued to employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718) and Equity-Based Payments to Non-employees pursuant to ASC 2018-07 (ASC 2018-07). All transactions in which the consideration provided in exchange for the purchase of goods or services consists of the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the counterparty’s performance is complete or the date at which a commitment for performance by the counterparty to earn the equity instruments is reached because of sufficiently large disincentives for nonperformance.   The Company accounts for equity-based transactions with non-employees under the provisions of ASC Topic No. 505-50, “Equity-Based Payments to Non-Employees” (“Topic No. 505-50”). Topic No. 505-50 establishes that equity-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.   Long-Lived Assets – Cryptocurrencies   We account for our cryptocurrencies, intangible assets and long-term license agreement in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 350-30, General Intangibles Other Than Goodwill, and ASC Subtopic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC Subtopic 350-30 requires assets to be measured based on the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Our cryptocurrencies are deemed to have an indefinite useful life; therefore amounts are not amortized, but rather are assessed for impairment as further discussed in our impairment policy. Under ASC Subtopic 350-30 any intangible asset with a useful life is required to be amortized over that life and the useful life is to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. Costs of internally developing, maintaining, or restoring intangible assets are recognized as an expense when incurred.   Recent Accounting Pronouncements   In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The Company is currently evaluating the effect of this pronouncement on its disclosures.   In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). This ASU is intended to improve the accounting for certain crypto assets by requiring an entity to measure those crypto assets at fair value each reporting period with changes in fair value recognized in net income. The amendments also improve the information provided to investors about an entity’s crypto asset holdings by requiring disclosure about significant holdings, contractual sale restrictions, and changes during the reporting period. ASU 2023-08 requires a cumulative-effect adjustment to the opening balance of retained earning as of the beginning of the annual reporting period in which the entity adopts the amendment and is effective for all reporting companies for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years, with early adoption permitted. The Company is evaluating the impact that this ASU may have on its consolidated financial statements.   In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required for income taxes. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the effect of this pronouncement on its disclosures.

v3.25.0.1

Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements	6 Months Ended
	Jun. 30, 2024
Restatement Of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements
Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements	NOTE 4 – Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements   The following tables present the effects of the Restatement Adjustments described in Note 2 - Restatement of Previously Issued Consolidated Financial Statements on the Company’s unaudited interim condensed consolidated financial statements for the periods indicated.   The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated balance sheets as of the dates indicated: Restatement schedules for interim statements     Balance as of March 31, 2024       As Previously     Restatement     As       Stated     Adjustments     Restated                       Additional paid-in capital   $ 35,142,231     $ 229,035     $ 35,371,266   Accumulated deficit   $ (39,117,078 )   $ (229,035 )   $ (39,346,113 )     The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated statements of operations for the periods indicated:       For the Three Months Ended March 31, 2023       As Previously     Restatement     As       Stated     Adjustments     Restated                       General and administrative expenses   $ 1,705,525     $ 229,035     $ 1,934,560   Total operating expenses   $ 1,708,123     $ 229,035     $ 1,937,158   Loss from operations   $ (1,708,123 )   $ (229,035 )   $ (1,937,158 ) Loss before provision for income taxes   $ (1,778,011 )   $ (229,035 )   $ (2,007,046 ) Net loss   $ (1,778,011 )   $ (229,035 )   $ (2,007,046 ) Loss per common share - basic and diluted   $ (0.00 )   $ (0.01 )   $ (0.01 ) Weighted average shares outstanding - basic and diluted     390,440,237               390,440,237     The following table presents the effects of the Restatement Adjustments on the Company’s consolidated statement of changes in stockholders’ equity for the periods indicated:       For the Three Months March 31, 2023       As Previously     Restatement     As       Stated     Adjustments     Restated                       Stock-based compensation   $ 1,236,487     $ 229,035     $ 1,465,522   Net loss   $ (1,778,011 )   $ (229,035 )   $ (2,007,046 ) Additional Paid in Capital   $ 35,142,231     $ 229,035     $ 35,371,266   Accumulated Deficit   $ (37,658,139 )   $ (229,035 )   $ (37,887,174 )       For the Three Months March 31, 2024       As Previously     Restatement     As       Stated     Adjustments     Restated                       Additional Paid in Capital   $ 35,142,231     $ 229,035     $ 35,371,266   Accumulated Deficit   $ (39,117,078 )   $ (229,035 )   $ (39,346,113 )   The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated statements of cash flows for the periods indicated:       For the Three Months Ended March 31, 2023       As Previously     Restatement     As       Stated     Adjustments     Restated   Net loss   $ (1,778,011 )   $ (229,035 )   $ (2,007,046 ) Stock-based compensation   $ 1,236,487     $ 229,035     $ 1,465,522   Net cash provided by (used in) operating activities   $ 281,586     $ –     $ 281,586

v3.25.0.1

Going Concern	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	NOTE 5 – Going Concern   These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At June 30, 2024, the Company had not yet achieved profitable operations and expects to incur further losses as it has suspended its operations until such time, if any, that the Company receives adequate funding, all of which raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s management has also begun exploring possible opportunities for the Company involving mergers, acquisitions or other business combination transactions in an effort to diversify our business. The Company is not currently a party to any agreement or understandings with any third parties, and there are no assurances even if the Company’s management locates an opportunity which it believes will be in the best interests of the Company’s shareholders that it will ever consummate such a transaction. Accordingly, investors should not place undue reliance on these efforts. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern.

v3.25.0.1

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 6 – Related Party Transactions   As of June 30, 2024 the Company owed the executive officers of the Company $1,193,338 in accrued payroll for services performed.   During the six months ended June 30, 2024, the executive officers of the Company advanced $16,725 to the Company for working capital needs. During the year ended December 31, 2023, the executive officers of the Company advanced $16,000 to the Company for working capital needs. The advances are non-interest bearing and are due on demand. As of June 30, 2024 the total amount owed was $32,725.

v3.25.0.1

Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	NOTE 7 – Equity   Preferred shares   We are authorized to issue 4,999,000 shares of preferred stock. Shares of preferred stock may be issued from time to time in one or more series as may be determined by our Board. The voting powers and preferences, the relative rights of each such series and the qualifications, limitations and restrictions of each series will be established by the Board. Our directors may issue preferred stock with multiple votes per share and dividend rights which would have priority over any dividends paid with respect to the holders of our common stock. In connection with the Transaction, the only outstanding preferred stock was converted into common stock. As of the date of this report, there are no outstanding shares of preferred stock.   Series B   On July 19, 2022, the Company designated 1,000,000 shares of its original 5,000,000 authorized shares of Preferred Stock as Series B Preferred Stock with a $0.001 par value and a stated value of $1.00 per share. The Series B Convertible Preferred Stock ranks senior to the common stock with respect to dividends and right of liquidation and has no voting rights. The Series B Convertible Preferred Stock has an 8% cumulative annual dividend. In the event of default, the dividend rate increases to 22%. The Company may not, with consent of a majority of the holders of Series B Convertible Preferred Stock, alter or changes the rights of the Series B Convertible Preferred Stock, amend the articles of incorporation, create any other class of stock ranking senior to the Series B Convertible Preferred Stock, increase the authorized shares of Series B Convertible Preferred Stock, or liquidate or dissolve the Company. Beginning 180 days from issuance, the Series B Convertible Preferred Stock may be converted into common stock at a price based on 65% of the average of the two lowest trading prices during the 15 days prior to conversion. The Company may redeem the Series B Convertible Preferred Stock during the first 180 days from issuance, subject to early redemption penalties of up to 25%. The Series B Convertible Preferred Stock must be redeemed by the Company 12 months following issuance if not previously redeemed or converted. Based on the terms of the Series B Convertible Preferred Stock, the Company determined that the preferred stock is mandatorily redeemable and will be accounted for as a liability under ASC 480. As of June 30, 2024, there are no shares of the Series B preferred shares outstanding.   Common shares   The Company has authorized 950,000,000 shares of common stock, par value of $0.001, and as of June 30, 2024 has issued 390,687,459 shares of common stock. All of the common shares have the same voting rights and liquidation preferences.   Stock Options   As of June 30, 2024, the Company has $22,529,707 of value remaining to be expensed based upon completions of milestones, of which $21,679,711 is contingently subject to expense recognition based on the timing of when the Company is able to close on a purchase of at least $15 million of crypto mining equipment as describe above, and $0 of remaining amortization to expensed pursuant to the vesting terms.   The following table summarizes the stock option activity for the six months ended June 30, 2024:  Schedule of stock option activity                     Options     Weighted-Average Exercise Price Per Share                 Outstanding, December 31, 2023     398,284,669     $ 0.09   Granted     –       –   Exercised     –       –   Forfeited     –       –   Expired     –       –   Outstanding, June 30, 2024     398,284,669     $ 0.09      As of June 30, 2024, the Company had 90,907,990 stock options that were exercisable and 137,473 that are in dispute. The weighted average remaining life of all outstanding stock options was 3.25 years as of June 30, 2024. Aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option and the fair value of the Company’s common stock for stock options that were in-the-money at period end. As of June 30, 2024, the intrinsic value for the options vested and outstanding was $0 and $27, respectively.   Stock Warrants   The following table summarizes the stock warrant activity for the six months ended June 30, 2024:  Schedule of stock warrant activity                     Warrants     Weighted-Average Exercise Price Per Share                 Outstanding, December 31, 2023     9,530,000     $ 0.50   Granted     –       –   Exercised     –       –   Forfeited     –       –   Expired     –       –   Outstanding, June 30, 2024     9,530,000     $ 0.50

v3.25.0.1

Notes Payable and Convertible Notes Payable	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Notes Payable and Convertible Notes Payable	NOTE 8 – Notes Payable and Convertible Notes Payable   Notes Payable   Pursuant to the Company’s Agreement and Plan of Merger and Reorganization effective January 31, 2022, the Company acquired outstanding note payables in the amount of $35,000. These loans were advanced as due on demand and no communication has been received from the original lenders.   Equipment Notes Payable   In 2021, the Company entered into multiple financing agreements whereby the company agreed to purchase assets related to its crypto mining operations. The financing agreements required a down payments in the aggregate of $600,408 and 24 equal monthly payments. The Company used a 15% discount rate to determine the net present value of the loan value in the aggregate of $2,441,591. During the years ended December 31, 2022 and 2021 the company made payments of $248,184 and $1,366,860, respectively, of which $40,032 and $217,467 was recorded as interest expense.   On July 11, 2022, the Company terminated its agreements with the vendor for the financed equipment described above. As of September 30, 2023, and through the date of this filing, no agreement or communication from the vendor has been received confirming the terms of the termination, and therefore the Company has maintained these balances in equipment notes payable on the Company's balance sheet. The balance of the loans as of June 30, 2024 is $1,179,972, which is due on demand as a result of the default.   Convertible notes payable   1800 Diagonal Lending Notes   On April 11, 2023, the Company entered into a Securities Purchase Agreement effective April 20, 2023 with 1800 Diagonal Lending LLC, an accredited investor, pursuant to which the Company sold the investor an unsecured promissory note in the principal amount of $60,760 (the “April Promissory Note”). The Company received net proceeds of $50,000 in consideration of issuance of the April Promissory Note after original issue discount of $6,510 and legal fees of $4,250. The aggregate debt discount of $10,760 is being amortized to interest expense over the respective term of the note. The April Promissory Note shall incur a one-time interest charge of 13%, which is added to the principal balance, has a maturity date of March 11, 2024, and requires monthly payments of $7,629 beginning on September 15, 2023. The April Promissory Note is convertible into common shares of the Company upon an event of default, at a rate of 71% of the lowest price for the preceding 20 trading days. In addition, upon default, the Company must repay an amount equal to 150% of the then outstanding amount of principal and accrued interest combined. During the six months ended June 30, 2024, the Company repaid $10,000 of principal on the note. As of June 30, 2024, the note is in default and the balance on the note is $32,262, with a remaining unamortized discount of $0.   In addition, on April 11, 2023, the Company entered into an additional Securities Purchase Agreement effective April 20, 2023 with 1800 Diagonal Lending LLC, pursuant to which the Company sold the investor an unsecured promissory note in the principal amount of $56,962 (the “Convertible Note”), bears interest at a rate of 8%, or 22% in the event of default, and matures on April 11, 2024. The Company received net proceeds of $50,000 in consideration of issuance of the Convertible Note after original issue discount of $2,712 and legal fees of $4,250. The aggregate debt discount of $6,962 is being amortized to interest expense over the respective term of the note. The Convertible Note is convertible into common shares of the Company beginning on the sixth-month anniversary, at a rate of 65% average of the three of the lowest prices for the preceding 15 trading days. In addition, upon default, the Company must repay an amount equal to 150% of the then outstanding amount of principal and accrued interest combined. As of June 30, 2024, the note is in default and the balance on the note is $94,439, with a remaining unamortized discount of $0.   On August 4, 2023, the Company entered into a Securities Purchase Agreement with 1800 Diagonal Lending LLC, an accredited investor, pursuant to which the Company sold the investor an unsecured original issuance discount promissory note in the principal amount of $71,450 (the “August Promissory Note”). The Company received net proceeds of $60,000 in consideration of issuance of the August Promissory Note after original issue discount of $7,200 and legal fees of $4,250. The aggregate debt discount of $11,450 is being amortized to interest expense over the respective term of the note. The August Promissory Note shall incur a one-time interest charge of 13%, which is added to the principal balance, has a maturity date of May 24, 2024, and requires monthly payments of $8,971 beginning on September 15, 2023. The August Promissory Note is convertible into common shares of the Company at any time following an event of default at a rate of 71% of the lowest trading price of the Company’s common stock during the twenty prior trading days. In addition, upon default, the Company must repay an amount equal to 150% of the then outstanding amount of principal and accrued interest combined. As of June 30, 2024, the note is in default and the balance on the note is $99,529, with a remaining unamortized discount of $0.   On October 20, 2023 and May 21, 2024 the Company received notices from 1800 Diagonal Lending LLC, the holder of the April Promissory Note, Convertible Note and August Promissory Note (collectively, the “1800 Notes”) that such notes were in default. The holder has made demand for the immediate payment of the 1800 Notes of a sum representing 150% of the remaining outstanding principal balances of the 1800 Notes in the aggregate of $226,230, together with accrued interest and default interest as provided for in the 1800 Notes. As a result of the default, the 1800 Notes became convertible into common stock and an additional $88,618 of principal was added to the note balance. In addition, as a result of the default the notes became convertible at a variable rate resulting in derivative liability accounting under ASC 815. The fair value of the derivative on the date of default was charged directly to interest expense, as the notes are passed due. See further discussion under Note 7.   Other Convertible Promissory Notes   On April 25, 2023, the Company entered into a Securities Purchase Agreement with an accredited investor, pursuant to which the Company sold the investor an unsecured promissory note in the principal amount of $60,000. The Company received proceeds of $60,000 in consideration of issuance of the Promissory Note. The Promissory Note shall bear interest at a rate of 10% and have a maturity date of May 26, 2023. The Promissory Note has a prepayment percentage of 130% for the period beginning on the issuance date and ending on the maturity date. As of June 30, 2024, the balance on the note is $60,000. The note is past due.   In addition, on April 26, 2023, the Company entered into a Promissory Note Purchase Agreement with another investor, pursuant to which the Company sold the investor an unsecured convertible promissory note in the principal amount of $57,502 Promissory Note. The Company received gross proceeds of $57,502 in consideration of issuance of the Promissory Note. The Promissory Note shall bear interest at a rate of 10% and have a maturity date of May 26, 2023. The Promissory Note has a prepayment percentage of 130% for the period beginning on the issuance date and ending on the maturity date. As of June 30, 2024, the balance on the note is $57,502. The note is past due.   The investors may in their option, at any time following the 180-day anniversary from the issuance date, as defined in the Promissory Notes, convert all or any part of the outstanding and unpaid amount of the Promissory Notes into fully paid and non-assessable shares of Common Stock. If the Promissory Notes are not repaid on or prior to the maturity date, the conversion price will be $0.20 or 50% of the preceding five day VWAP on the six month anniversary, which is lower, subject to a floor conversion price of $0.01 per share. On the 180-day anniversary date the resulting conversion price is equal to $0.01 Furthermore, the Promissory Notes contain a “most favored nation” provision that allows each investor to claim any preferable terms from any future securities, excluding certain exempt issuances.

v3.25.0.1

Derivative Liabilities	6 Months Ended
	Jun. 30, 2024
Derivative Liabilities
Derivative Liabilities	NOTE 9 – Derivative Liabilities   The fair values of the conversion option of outstanding convertible notes payable and common stock warrants were determined to be derivative liabilities under ASC 815 due to the default on convertible notes payable disclosed above, which resulted in a variable conversion price on the outstanding convertible note payable. The fair value of the derivative liabilities was estimated using a binomial model with the following assumptions:  Schedule of assumptions for derivative liabilities                     As of June 30, 2024       Conversion Option     Warrants                 Volatility     317.38%       213.21%   Dividend Yield     0%       0%   Risk-free rate     5.03%       4.52%   Expected term     1 year       2.5-3 years   Stock price   $ 0.0002     $ 0.0002   Exercise price     $0.00013-0.01     $ 0.5   Derivative liability fair value   $ 348,839     $ 303   Number of shares issued upon conversion, exercise, or satisfaction of required conditions as of June 30, 2024     834,991,901       9,530,000     All fair value measurements related to the derivative liabilities are considered significant unobservable inputs (Level 3) under the fair value hierarchy of ASC 820.   The table below presents the change in the fair value of the derivative liability during the year ended December 31, 2023: Schedule of fair value of derivative liability       Fair value as of December 31, 2023   $ 197,090   Fair value on the date of cash repayments     (13,181 ) Change in fair value of derivatives     165,233   Fair value as of June 30, 2024   $ 349,142     The total impact of derivative liabilities recognized in the Company’s consolidated statements of operations includes the change in fair value of derivatives and derivative liabilities settled upon cash repayments, with the Company recognizing a total loss of $152,052 during the six months ended June 30, 2024. In addition, as a result of the default, all other potentially dilutive instruments must also be recorded at fair value pursuant to ASC 815.

v3.25.0.1

Cryptocurrency Assets	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Cryptocurrency Assets	NOTE 10 – Cryptocurrency Assets   The Company conducts various business activities using its cryptocurrency assets. The below table represents the cryptocurrency activities during the six months ended June 30, 2024:  Schedule of cryptocurrency         Cryptocurrency at December 31, 2023   $ 32   Purchases of cryptocurrency     4,600   Loss on cryptocurrency     (4,600 ) Cryptocurrency at June 30, 2024   $ 32

v3.25.0.1

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 11 – Commitments and Contingencies   Legal Contingencies   On February 8, 2022, the Company was notified of a potential lawsuit related to the termination of our Advisory Panel Membership agreement with Taylor Black Wealth, Ltd. (“Taylor”). The Company engaged Taylor for assistance with capital raises and was to be partially compensated with stock options, subject to vesting. Taylor claims that the Company terminated the agreement unlawfully and therefore are still entitled to the remaining unvested options which the Company believes to be cancelled. The total number of stock options being contested is 137,473. No additional communication has been received related to the claims from Taylor.

v3.25.0.1

Subsequent events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent events	NOTE 12 – Subsequent events   On July 5, 2024, the Company received an additional refund of $275,000 related to prior advances made for the purchase of equipment.

v3.25.0.1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results could materially differ from these estimates. It is reasonably possible that changes in estimates will occur in the near term.
Principals of consolidation	Principals of consolidation   The accompanying consolidated financial statements include the accounts of Edgemode, Inc., the accounts of its 100% owned subsidiaries, EdgeMode and Edgemode Mine Co UK Limited. All intercompany transactions and balances have been eliminated in consolidation.
Fair Value Measurements	Fair Value Measurements   Generally accepted accounting principles define fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and such principles also establish a fair value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority):     · Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.         · Level 2 – Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means.         · Level 3 – Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable.   The following fair value hierarchy tables present information about the Company’s liabilities measured at fair value on a recurring basis: Schedule of liabilities measured at fair value                       Fair Value Measurements at June 30, 2024       Level 1     Level 2     Level 3   Liabilities:                         Derivative liabilities   $ –     $ –     $ 349,142                             Fair Value Measurements at December 31, 2023       Level 1     Level 2     Level 3   Liabilities:                         Derivative liabilities   $ –     $ –     $ 197,090     The Company had no assets valued using level 1, level 2, or level 3 inputs as of June 30, 2024 or December 31, 2023.
Derivative Financial Instruments	Derivative Financial Instruments   Derivatives are measured at their fair value on the balance sheet. In determining the appropriate fair value, the Company uses a binomial calculator model. Changes in fair value are recorded in the consolidated statements of operations.
Revenue Recognition	Revenue Recognition   We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers. This standard provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific guidance. The standard’s stated core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, ASC 606 includes provisions within a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation.   The Company has entered into digital asset mining pools by executing contracts, as amended from time to time, with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party and the Company’s enforceable right to compensation only begins when the Company provides computing power to the mining pool operator. In exchange for providing computing power, the Company is entitled to a fractional share of the fixed cryptocurrency award the mining pool operator receives (less digital asset transaction fees to the mining pool operator which are recorded as a component of cost of revenues), for successfully adding a block to the blockchain. The terms of the agreement provides that neither party can dispute settlement terms after thirty-five days following settlement. The Company’s fractional share is based on the proportion of computing power the Company contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm.   Providing computing power in digital asset transaction verification services is an output of the Company’s ordinary activities. The provision of providing such computing power is the only performance obligation in the Company’s contracts with mining pool operators. The transaction consideration the Company receives, if any, is noncash consideration, which the Company measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Company has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Company receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions.   Fair value of the cryptocurrency award received is determined using the quoted price of the related cryptocurrency at the time of receipt. There is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for cryptocurrencies recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the Company’s consolidated financial position and results from operations.
Stock-Based Compensation	Stock-Based Compensation   The Company accounts for equity instruments issued to employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718) and Equity-Based Payments to Non-employees pursuant to ASC 2018-07 (ASC 2018-07). All transactions in which the consideration provided in exchange for the purchase of goods or services consists of the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date of the fair value of the equity instrument issued is the earlier of the date on which the counterparty’s performance is complete or the date at which a commitment for performance by the counterparty to earn the equity instruments is reached because of sufficiently large disincentives for nonperformance.   The Company accounts for equity-based transactions with non-employees under the provisions of ASC Topic No. 505-50, “Equity-Based Payments to Non-Employees” (“Topic No. 505-50”). Topic No. 505-50 establishes that equity-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.
Long-Lived Assets – Cryptocurrencies	Long-Lived Assets – Cryptocurrencies   We account for our cryptocurrencies, intangible assets and long-term license agreement in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 350-30, General Intangibles Other Than Goodwill, and ASC Subtopic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC Subtopic 350-30 requires assets to be measured based on the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Our cryptocurrencies are deemed to have an indefinite useful life; therefore amounts are not amortized, but rather are assessed for impairment as further discussed in our impairment policy. Under ASC Subtopic 350-30 any intangible asset with a useful life is required to be amortized over that life and the useful life is to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. Costs of internally developing, maintaining, or restoring intangible assets are recognized as an expense when incurred.
Recent Accounting Pronouncements	Recent Accounting Pronouncements   In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The Company is currently evaluating the effect of this pronouncement on its disclosures.   In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). This ASU is intended to improve the accounting for certain crypto assets by requiring an entity to measure those crypto assets at fair value each reporting period with changes in fair value recognized in net income. The amendments also improve the information provided to investors about an entity’s crypto asset holdings by requiring disclosure about significant holdings, contractual sale restrictions, and changes during the reporting period. ASU 2023-08 requires a cumulative-effect adjustment to the opening balance of retained earning as of the beginning of the annual reporting period in which the entity adopts the amendment and is effective for all reporting companies for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years, with early adoption permitted. The Company is evaluating the impact that this ASU may have on its consolidated financial statements.   In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required for income taxes. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the effect of this pronouncement on its disclosures.

v3.25.0.1

Restatement of Previously Issued Consolidated Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Restated financial information	Restated financial information     Balance as of June 30, 2024       As Previously     Restatement     As       Stated     Adjustments     Restated                       Additional paid-in capital   $ 35,142,231     $ 229,035     $ 35,371,266   Accumulated deficit   $ (39,432,556 )   $ (229,035 )   $ (39,661,591 )       Balance as of December 31, 2023       As Previously     Restatement     As       Stated     Adjustments     Restated                       Additional paid-in capital   $ 35,142,231     $ 229,035     $ 35,371,266   Accumulated deficit   $ (38,665,874 )   $ (229,035 )   $ (38,894,909 )   The following table presents the effects of the Restatement Adjustments on the Company’s consolidated statement of operations for the six months ended June 30, 2023:       For the Six Months Ended June 30, 2023       As Previously     Restatement     As       Stated     Adjustments     Restated                       Operating expenses:                         General and administrative expenses   $ 2,123,026     $ 229,035     $ 2,352,061   Total operating expenses   $ 2,130,370     $ 229,035     $ 2,359,405   Loss from operations   $ (2,130,370 )   $ (229,035 )   $ (2,359,405 ) Loss before provision for income taxes   $ (1,715,371 )   $ (229,035 )   $ (1,944,406 ) Net loss   $ (1,715,371 )   $ (229,035 )   $ (1,944,406 ) Loss per common share - basic and diluted   $ (0.00 )   $ –     $ (0.00 ) Weighted average shares outstanding - basic and diluted     390,564,531               390,564,531     The following table presents the effects of the Restatement Adjustments on the Company’s consolidated statement of changes in stockholders’ equity for the three months ended June 30, 2024 and 2023:       For the Three Months June 30, 2024       As Previously     Restatement     As       Stated     Adjustments     Restated                       Additional Paid in Capital     35,142,231       229,035       35,371,266   Accumulated Deficit     (39,432,556 )     (229,035 )     (39,661,591 )       For the Three Months June 30, 2023       As Previously     Restatement     As       Stated     Adjustments     Restated                       Additional Paid in Capital     35,142,231       229,035       35,371,266   Accumulated Deficit     (37,595,499 )     (229,035 )     (37,824,534 )   The following table presents the effects of the Restatement Adjustments on the Company’s consolidated statement of cash flows for the six months ended June 30, 2023:       For the Six Months Ended June 30, 2023       As Previously     Restatement     As       Stated     Adjustments     Restated   Net loss   $ (1,715,371 )   $ (229,035 )   $ (1,944,406 ) Stock-based compensation   $ 1,236,487     $ 229,035     $ 1,465,522   Net cash provided by (used in) operating activities   $ 400,994     $ –     $ 400,994

v3.25.0.1

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of liabilities measured at fair value	Schedule of liabilities measured at fair value                       Fair Value Measurements at June 30, 2024       Level 1     Level 2     Level 3   Liabilities:                         Derivative liabilities   $ –     $ –     $ 349,142

v3.25.0.1

Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2024
Restatement Of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements
Restatement schedules for interim statements	Restatement schedules for interim statements     Balance as of March 31, 2024       As Previously     Restatement     As       Stated     Adjustments     Restated                       Additional paid-in capital   $ 35,142,231     $ 229,035     $ 35,371,266   Accumulated deficit   $ (39,117,078 )   $ (229,035 )   $ (39,346,113 )     The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated statements of operations for the periods indicated:       For the Three Months Ended March 31, 2023       As Previously     Restatement     As       Stated     Adjustments     Restated                       General and administrative expenses   $ 1,705,525     $ 229,035     $ 1,934,560   Total operating expenses   $ 1,708,123     $ 229,035     $ 1,937,158   Loss from operations   $ (1,708,123 )   $ (229,035 )   $ (1,937,158 ) Loss before provision for income taxes   $ (1,778,011 )   $ (229,035 )   $ (2,007,046 ) Net loss   $ (1,778,011 )   $ (229,035 )   $ (2,007,046 ) Loss per common share - basic and diluted   $ (0.00 )   $ (0.01 )   $ (0.01 ) Weighted average shares outstanding - basic and diluted     390,440,237               390,440,237     The following table presents the effects of the Restatement Adjustments on the Company’s consolidated statement of changes in stockholders’ equity for the periods indicated:       For the Three Months March 31, 2023       As Previously     Restatement     As       Stated     Adjustments     Restated                       Stock-based compensation   $ 1,236,487     $ 229,035     $ 1,465,522   Net loss   $ (1,778,011 )   $ (229,035 )   $ (2,007,046 ) Additional Paid in Capital   $ 35,142,231     $ 229,035     $ 35,371,266   Accumulated Deficit   $ (37,658,139 )   $ (229,035 )   $ (37,887,174 )       For the Three Months March 31, 2024       As Previously     Restatement     As       Stated     Adjustments     Restated                       Additional Paid in Capital   $ 35,142,231     $ 229,035     $ 35,371,266   Accumulated Deficit   $ (39,117,078 )   $ (229,035 )   $ (39,346,113 )   The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated statements of cash flows for the periods indicated:       For the Three Months Ended March 31, 2023       As Previously     Restatement     As       Stated     Adjustments     Restated   Net loss   $ (1,778,011 )   $ (229,035 )   $ (2,007,046 ) Stock-based compensation   $ 1,236,487     $ 229,035     $ 1,465,522   Net cash provided by (used in) operating activities   $ 281,586     $ –     $ 281,586

v3.25.0.1

Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of stock option activity	Schedule of stock option activity                     Options     Weighted-Average Exercise Price Per Share                 Outstanding, December 31, 2023     398,284,669     $ 0.09   Granted     –       –   Exercised     –       –   Forfeited     –       –   Expired     –       –   Outstanding, June 30, 2024     398,284,669     $ 0.09
Schedule of stock warrant activity	Schedule of stock warrant activity                     Warrants     Weighted-Average Exercise Price Per Share                 Outstanding, December 31, 2023     9,530,000     $ 0.50   Granted     –       –   Exercised     –       –   Forfeited     –       –   Expired     –       –   Outstanding, June 30, 2024     9,530,000     $ 0.50

v3.25.0.1

Derivative Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Liabilities
Schedule of assumptions for derivative liabilities	Schedule of assumptions for derivative liabilities                     As of June 30, 2024       Conversion Option     Warrants                 Volatility     317.38%       213.21%   Dividend Yield     0%       0%   Risk-free rate     5.03%       4.52%   Expected term     1 year       2.5-3 years   Stock price   $ 0.0002     $ 0.0002   Exercise price     $0.00013-0.01     $ 0.5   Derivative liability fair value   $ 348,839     $ 303   Number of shares issued upon conversion, exercise, or satisfaction of required conditions as of June 30, 2024     834,991,901       9,530,000
Schedule of fair value of derivative liability	Schedule of fair value of derivative liability       Fair value as of December 31, 2023   $ 197,090   Fair value on the date of cash repayments     (13,181 ) Change in fair value of derivatives     165,233   Fair value as of June 30, 2024   $ 349,142

v3.25.0.1

Cryptocurrency Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Schedule of cryptocurrency	Schedule of cryptocurrency         Cryptocurrency at December 31, 2023   $ 32   Purchases of cryptocurrency     4,600   Loss on cryptocurrency     (4,600 ) Cryptocurrency at June 30, 2024   $ 32

v3.25.0.1

Restated financial information (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional paid-in capital	$ 35,371,266	$ 35,371,266	$ 35,371,266	$ 35,371,266	$ 35,371,266	$ 35,371,266	$ 35,371,266
Accumulated deficit	(39,661,591)	(39,346,113)	(37,824,534)	(37,887,174)	(39,661,591)	(37,824,534)	(38,894,909)
General and administrative expenses	380,819		417,501	1,934,560	717,418	2,352,061
Total operating expenses	385,419		422,247	1,937,158	722,018	2,359,405
Loss from operations	(385,419)		(422,247)	(1,937,158)	(722,018)	(2,359,405)
Loss before provision for income taxes	(315,478)		62,640	(2,007,046)	(766,682)	(1,944,406)
Net loss	$ (315,478)	(451,204)	$ 62,640	$ (2,007,046)	$ (766,682)	$ (1,944,406)
Loss per common share	$ (0.00)		$ 0.00	$ (0.01)	$ (0.00)	$ (0.00)
Loss per common share	$ (0.00)		$ 0.00	$ (0.01)	$ (0.00)	$ (0.00)
Weighted average shares outstanding	390,687,459		390,687,459	390,440,237	390,687,459	390,564,531
Weighted average shares outstanding	390,687,459		476,595,449	390,440,237	390,687,459	390,564,531
Stock-based compensation				$ 1,465,522	$ 0	$ 1,465,522
Net cash provided by (used in) operating activities				281,586	(2,047)	400,994
Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional paid-in capital	$ 35,142,231	35,142,231	$ 35,142,231	35,142,231	35,142,231	35,142,231	35,142,231
Accumulated deficit	(39,432,556)	(39,117,078)	(37,595,499)	(37,658,139)	(39,432,556)	(37,595,499)	(38,665,874)
General and administrative expenses				1,705,525		2,123,026
Total operating expenses				1,708,123		2,130,370
Loss from operations				(1,708,123)		(2,130,370)
Loss before provision for income taxes				(1,778,011)		(1,715,371)
Net loss				$ (1,778,011)		$ (1,715,371)
Loss per common share				$ (0.00)		$ (0.00)
Loss per common share				$ (0.00)		$ (0.00)
Weighted average shares outstanding				390,440,237		390,564,531
Weighted average shares outstanding				390,440,237		390,564,531
Stock-based compensation				$ 1,236,487		$ 1,236,487
Net cash provided by (used in) operating activities				281,586		400,994
Revision of Prior Period, Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional paid-in capital	229,035	229,035	229,035	229,035	229,035	229,035	229,035
Accumulated deficit	$ (229,035)	$ (229,035)	$ (229,035)	(229,035)	$ (229,035)	(229,035)	$ (229,035)
General and administrative expenses				229,035		229,035
Total operating expenses				229,035		229,035
Loss from operations				(229,035)		(229,035)
Loss before provision for income taxes				(229,035)		(229,035)
Net loss				$ (229,035)		(229,035)
Loss per common share				$ (0.01)
Loss per common share				$ (0.01)
Stock-based compensation				$ 229,035		229,035
Net cash provided by (used in) operating activities				$ 0		$ 0

v3.25.0.1

Summary of significant Accounting Policies (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Platform Operator, Crypto Asset [Line Items]
Derivative liabilities	$ 349,142	$ 197,090
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto Asset [Line Items]
Derivative liabilities	0	0
Fair Value, Inputs, Level 2 [Member]
Platform Operator, Crypto Asset [Line Items]
Derivative liabilities	0	0
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto Asset [Line Items]
Derivative liabilities	$ 349,142	$ 197,090

v3.25.0.1

Restatement schedules for interim statements (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Additional paid-in capital	$ 35,371,266	$ 35,371,266	$ 35,371,266	$ 35,371,266	$ 35,371,266	$ 35,371,266	$ 35,371,266
Accumulated deficit	(39,661,591)	(39,346,113)	(37,824,534)	(37,887,174)	(39,661,591)	(37,824,534)	(38,894,909)
General and administrative expenses	380,819		417,501	1,934,560	717,418	2,352,061
Total operating expenses	385,419		422,247	1,937,158	722,018	2,359,405
Loss from operations	(385,419)		(422,247)	(1,937,158)	(722,018)	(2,359,405)
Loss before provision for income taxes	(315,478)		62,640	(2,007,046)	(766,682)	(1,944,406)
Net loss	$ (315,478)	(451,204)	$ 62,640	$ (2,007,046)	$ (766,682)	$ (1,944,406)
Loss per common share	$ (0.00)		$ 0.00	$ (0.01)	$ (0.00)	$ (0.00)
Loss per common share	$ (0.00)		$ 0.00	$ (0.01)	$ (0.00)	$ (0.00)
Weighted average shares outstanding	390,687,459		390,687,459	390,440,237	390,687,459	390,564,531
Weighted average shares outstanding	390,687,459		476,595,449	390,440,237	390,687,459	390,564,531
Stock-based compensation				$ 1,465,522	$ 0	$ 1,465,522
Net cash provided by (used in) operating activities				281,586	(2,047)	400,994
Previously Reported [Member]
Additional paid-in capital	$ 35,142,231	35,142,231	$ 35,142,231	35,142,231	35,142,231	35,142,231	35,142,231
Accumulated deficit	(39,432,556)	(39,117,078)	(37,595,499)	(37,658,139)	(39,432,556)	(37,595,499)	(38,665,874)
General and administrative expenses				1,705,525		2,123,026
Total operating expenses				1,708,123		2,130,370
Loss from operations				(1,708,123)		(2,130,370)
Loss before provision for income taxes				(1,778,011)		(1,715,371)
Net loss				$ (1,778,011)		$ (1,715,371)
Loss per common share				$ (0.00)		$ (0.00)
Loss per common share				$ (0.00)		$ (0.00)
Weighted average shares outstanding				390,440,237		390,564,531
Weighted average shares outstanding				390,440,237		390,564,531
Stock-based compensation				$ 1,236,487		$ 1,236,487
Net cash provided by (used in) operating activities				281,586		400,994
Revision of Prior Period, Adjustment [Member]
Additional paid-in capital	229,035	229,035	229,035	229,035	229,035	229,035	229,035
Accumulated deficit	$ (229,035)	$ (229,035)	$ (229,035)	(229,035)	$ (229,035)	(229,035)	$ (229,035)
General and administrative expenses				229,035		229,035
Total operating expenses				229,035		229,035
Loss from operations				(229,035)		(229,035)
Loss before provision for income taxes				(229,035)		(229,035)
Net loss				$ (229,035)		(229,035)
Loss per common share				$ (0.01)
Loss per common share				$ (0.01)
Stock-based compensation				$ 229,035		229,035
Net cash provided by (used in) operating activities				$ 0		$ 0

v3.25.0.1

Related Party Transactions (Details Narrative) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transactions [Abstract]
Accrued payroll	$ 1,193,338		$ 661,201
Related party advances	16,725	$ 0	$ 16,000
Owed amount	$ 32,725

v3.25.0.1

Equity (Details - Stock option activity) - Options Held [Member]	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Options outstanding, beginning balance | shares	398,284,669
Weighted-average exercise price per share, beginning balance | $ / shares	$ 0.09
Options granted | shares	0
Weighted-average exercise price per share, granted | $ / shares	$ 0
Options exercised | shares	0
Weighted-average exercise price per share, exercised | $ / shares	$ 0
Options forfeited | shares	0
Weighted-average exercise price per share, forfeited | $ / shares	$ 0
Options expired | shares	0
Weighted-average exercise price per share, expired | $ / shares	$ 0
Options outstanding, ending balance | shares	398,284,669
Weighted-average exercise price per share, ending balance | $ / shares	$ 0.09

v3.25.0.1

Equity (Details - Warrant activity) - Warrant [Member]	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding, beginning balance | shares	9,530,000
Weighted-average exercise price per share, beginning balance | $ / shares	$ 0.50
Warrants granted | shares	0
Weighted-average exercise price per share, warrants granted | $ / shares	$ 0
Warrants exercised | shares	0
Weighted-average exercise price per share, warrants exercised | $ / shares	$ 0
Warrants forfeited | shares	0
Weighted-average exercise price per share, warrants forfeited | $ / shares	$ 0
Warrants expired | shares	0
Weighted-average exercise price per share, warrants expired | $ / shares	$ 0
Warrants outstanding, ending balance | shares	9,530,000
Weighted-average exercise price per share, ending balance | $ / shares	$ 0.50

v3.25.0.1

Equity (Details Narrative) - USD ($)		6 Months Ended
	Jul. 19, 2022	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares authorized	5,000,000	4,999,000	4,999,000
Preferred stock, par value		$ 0.001	$ 0.001
Preferred stock, shares outstanding		0	0
Common stock, shares authorized		950,000,000	950,000,000
Common stock, par value		$ 0.001	$ 0.001
Common stock, shares issued		390,687,459	390,687,459
Remaining share based compensation expense		$ 22,529,707
Stock options exercisable		90,907,990
Stock options vested		$ 0
Stock options outstanding		$ 27
Options In Dispute [Member]
Class of Stock [Line Items]
Stock options exercisable		137,473
Crypto Mining Milestone [Member]
Class of Stock [Line Items]
Remaining share based compensation expense		$ 21,679,711
Vesting Terms [Member]
Class of Stock [Line Items]
Remaining share based compensation expense		$ 0
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized	1,000,000
Preferred stock, par value	$ 0.001
Preferred stock dividend rate	8.00%
Preferred stock, shares outstanding		0

v3.25.0.1

Notes Payable and Convertible Notes Payable (Details Narrative) - USD ($)					6 Months Ended		12 Months Ended
	Aug. 04, 2023	Apr. 26, 2023	Apr. 25, 2023	Apr. 11, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2022
Debt Instrument [Line Items]
Gross proceeds					$ 0	$ 160,000
Amortization of discounts					$ 11,231	$ 11,365
Convertible note description					On October 20, 2023 and May 21, 2024 the Company received notices from 1800 Diagonal Lending LLC, the holder of the April Promissory Note, Convertible Note and August Promissory Note (collectively, the “1800 Notes”) that such notes were in default. The holder has made demand for the immediate payment of the 1800 Notes of a sum representing 150% of the remaining outstanding principal balances of the 1800 Notes in the aggregate of $226,230, together with accrued interest and default interest as provided for in the 1800 Notes.
Additional principal amount					$ 88,618
Equipment Notes Payable [Member]
Debt Instrument [Line Items]
Debt aggregate down payment								$ 600,408
Present value note payable								2,441,591
Repayments of notes payable							$ 248,184	1,366,860
Interest expense							$ 40,032	$ 217,467
Loan amount					1,179,972
April Promissory Note [Member] | Diagonal Lending 1800 [Member]
Debt Instrument [Line Items]
Debt face amount				$ 60,760	10,000
Gross proceeds				50,000
Unamortized discount				6,510	0
Legal fees				4,250
Amortization of discounts				$ 10,760
Interest rate				13.00%
Maturity date				Mar. 11, 2024
Debt periodic payment frequency				monthly
Debt periodic payment				$ 7,629
Note payable balance					32,262
Convertible Note [Member] | Diagonal Lending 1800 [Member] | Securities Purchase Agreement [Member]
Debt Instrument [Line Items]
Debt face amount				56,962
Gross proceeds				50,000
Unamortized discount				2,712	0
Legal fees				$ 4,250
Interest rate				8.00%
Maturity date				Apr. 11, 2024
Note payable balance					94,439
August Promissory Note [Member] | Diagonal Lending 1800 [Member]
Debt Instrument [Line Items]
Debt face amount	$ 71,450
Gross proceeds	60,000
Unamortized discount	7,200				0
Legal fees	$ 4,250
Maturity date	May 24, 2024
Debt periodic payment frequency	monthly
Debt periodic payment	$ 8,971
Note payable balance					99,529
April Promissory Notes [Member] | Securities Purchase Agreement [Member]
Debt Instrument [Line Items]
Debt face amount			$ 60,000
Gross proceeds			$ 60,000
Interest rate			10.00%
Maturity date			May 26, 2023
Note payable balance					60,000
April Promissory Notes [Member] | Promissory Note Purchase Agreement [Member]
Debt Instrument [Line Items]
Debt face amount		$ 57,502
Gross proceeds		$ 57,502
Interest rate		10.00%
Maturity date		May 26, 2023
Note payable balance					$ 57,502
Edge Mode [Member]
Debt Instrument [Line Items]
Outstanding note payable amount									$ 35,000

v3.25.0.1

Derivative Liabilities (Details - Fair value of derivative liabilities)	6 Months Ended
	Jun. 30, 2024 USD ($) shares
Conversion Option [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability fair value | $	$ 348,839
Number of shares issued upon conversion, exercise, or satisfaction | shares	834,991,901
Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability fair value | $	$ 303
Number of shares issued upon conversion, exercise, or satisfaction | shares	9,530,000
Measurement Input, Price Volatility [Member] | Conversion Option [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price	317.38%
Measurement Input, Price Volatility [Member] | Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price	213.21%
Measurement Input, Expected Dividend Rate [Member] | Conversion Option [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price	0%
Measurement Input, Expected Dividend Rate [Member] | Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price	0%
Measurement Input, Risk Free Interest Rate [Member] | Conversion Option [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price	5.03%
Measurement Input, Risk Free Interest Rate [Member] | Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price	4.52%
Measurement Input, Expected Term [Member] | Conversion Option [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price	1 year
Measurement Input, Expected Term [Member] | Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price	2.5-3 years
Measurement Input, Share Price [Member] | Conversion Option [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price	0.0002
Measurement Input, Share Price [Member] | Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price	0.0002
Measurement Input, Exercise Price [Member] | Conversion Option [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price	$0.00013-0.01
Measurement Input, Exercise Price [Member] | Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price	0.5

v3.25.0.1

Derivative Liabilities (Details - Change in the fair value of derivative liabilities)	6 Months Ended
	Jun. 30, 2024 USD ($)
Derivative Liabilities
Fair value of derivative liability, beginning	$ 197,090
Fair value on the date of cash repayments	(13,181)
Change in fair value of derivatives	165,233
Fair value of derivative liability, ending	$ 349,142

v3.25.0.1

Derivative Liabilities (Details Narrative)	6 Months Ended
	Jun. 30, 2024 USD ($)
Derivative Liabilities
Gain on derivative liabilities	$ 152,052

v3.25.0.1

Cryptocurrency Assets (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Other Liabilities Disclosure [Abstract]
Cryptocurrency, beginning balance	$ 32
Purchases of cryptocurrency	4,600
Loss on cryptocurrency	(4,600)
Cryptocurrency, ending balance	$ 32

v3.25.0.1

Commitments and Contingencies (Details Narrative)	Feb. 08, 2022 shares
Commitments and Contingencies Disclosure [Abstract]
Stock options contested, shares	137,473

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