10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2023

☐ 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: 000-27781

UNITED HEALTH PRODUCTS, INC.

(Exact name of Company as specified in its charter)

Nevada	84-1517723
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

526 Commerce Circle, Suite #120 Mesquite, NV	89027
(Address of Company’s principal executive offices)	(Zip Code)

(475) 755-1005

(Company’s telephone number, including area code)

None

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

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 checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the 12 preceding months (or such shorter period that the registrant was required to submit such file). 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 definition 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 check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

The number of shares issued and outstanding of the Registrant’s Common Stock, as of November 9, 2023 was 242,983,222.

UNITED HEALTH PRODUCTS, INC.

FORM 10-Q QUARTERLY REPORT

TABLE OF CONTENTS

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Condensed Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022	3
	Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2023 and September 30, 2022 (unaudited)	4
	Condensed Statement of Stockholders’ Deficiency for the Three and Nine Months Ended September 30, 2023 and September 30, 2022 (unaudited)	5
	Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2023 and September 30, 2022 (unaudited)	7
	Notes to Condensed Financial Statements (unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures	26
Item 4.	Controls and Procedures	26
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	27
Item 6.	Exhibits and Reports on Form 8-K	28
SIGNATURES		30

2

    UNITED HEALTH PRODUCTS, INC.

Condensed Balance Sheets

	September 30,			December 31,
	2023			2022
	(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	74,039		$	13,377
Inventory		33,598			34,730
Prepaid and other current assets		30,436			22,932
Total current assets		138,073			71,039
Deferred offering costs		78,512			243,039
Operating lease right-of-use asset		82,813			-
Security deposit		2,850			-
Patents, net		33,412			36,450
TOTAL ASSETS	$	335,660		$	350,528
Current Liabilities
Accounts payable and accrued expenses	$	1,115,192		$	1,255,232
Accrued liabilities - related parties		169,027			172,579
Accrued litigation settlement		50,000			300,000
Operating lease liability - current		27,790			-
Promissory note payable		-			9,136
Loans payable – related parties		-			4,000
Convertible notes payable, net of debt discount		204,746			196,177
Convertible notes payable – related party, net of debt discount		496,264			478,331
Total current liabilities		2,063,019			2,415,455
Operating lease liability – long-term		55,369			-
TOTAL LIABILITIES		2,118,388			2,415,455
Commitments and Contingencies		-			-
Stockholders’ Deficit
Series A Convertible Preferred Stock - $0.001 par value, 1,000,000 shares Authorized and 0 shares issued and outstanding		-			-
Common Stock - $0.001 par value, 300,000,000 shares Authorized, 242,153,222 and 230,871,034 shares issued and outstanding at September 30, 2023 and December 31, 2022		242,153			230,871
Subscription Receivable		-			(50,550	)
Additional Paid-In Capital		74,202,411			71,830,695
Accumulated Deficit		(76,227,292	)		(74,075,943	)
Total Stockholders’ Deficit		(1,782,728	)		(2,064,927	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	335,660		$	350,528

See notes to unaudited condensed financial statements.

3

UNITED HEALTH PRODUCTS, INC.

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2023			2022			2023			2022
Revenues	$	-		$	37,500		$	-		$	37,500
Cost of goods sold		-			18,644			-			18,644
Gross Profit		-			18,856			-			18,856
Operating Costs and Expenses
Selling, general and administrative expenses		328,690			343,056			1,534,332			1,852,388
Research and development		121,761			214,978			445,550			414,944
Total Operating Expenses		450,451			558,034			1,979,882			2,267,332
Loss from Operations		(450,451	)		(539,178	)		(1,979,882	)		(2,248,476	)
Other Income (Expenses)
Interest expense		(15,779	)		(6,673	)		(32,435	)		(6,958	)
Interest expense – related party		(19,502	)		(22,563	)		(58,500	)		(42,906	)
Loss on settlement of debt		-			(14,000	)		(80,532	)		(127,375	)
Other income		-			1,402,981			-			1,402,981
Total Other Income (Expenses)		(35,281	)		1,359,745			(171,467	)		1,225,742
Net Income (Loss)	$	(485,732	)	$	820,567		$	(2,151,349	)	$	(1,022,734	)
Net Income (Loss) per common share:
Basic	$	(0.00	)	$	0.00		$	(0.01	)	$	(0.00	)
Diluted	$	(0.00	)	$	0.00		$	(0.01	)	$	(0.00	)
Weighted average number of shares outstanding:
Basic		241,485,939			230,438,815			237,713,870			229,653,007
Diluted		241,485,939			279,654,911			237,713,870			229,653,007

See notes to unaudited condensed financial statements.

4

UNITED HEALTH PRODUCTS, INC

Condensed Statement of Stockholders’ Deficiency

Three and Nine Months Ended September 30, 2023 and September 30, 2022

(Unaudited)

							Additional
	Common Stock						Paid-in			Subscription		Accumulated
	Shares			Amount			Capital			Receivable		Deficit			Total
Balance at December 31, 2021		228,667,229		$	228,667		$	71,017,881		$	-	$	(72,388,442	)	$	(1,141,894	)
Issuance of common stock for services		20,000			20			10,180			-		-			10,200
Sale of common stock		184,028			184			77,108			-		-			77,292
Common stock issued to settle accounts payable and accrued liabilities		6,252			6			3,995			-		-			4,001
Net Loss		-			-						-		(964,264	)		(964,264	)
Balance at March 31, 2022		228,877,509			228,877			71,109,164			-		(73,352,706	)		(2,014,665	)
Issuance of common stock for services		200,000			200			95,800			-		-			96,000
Issuance of common stock for services – related party		425,000			425			203,575			-		-			204,000
Common stock issued to settle accounts payable and accrued liabilities		200,000			200			95,800			-		-			96,000
Common stock issued to settle accounts payable and accrued liabilities – related party		425,000			425			203,575			-		-			204,000
Cancellation of common stock		(250,000	)		(250	)		250			-		-			-
Net Loss		-			-			-			-		(879,037	)		(879,037	)
Balance at June 30, 2022		229,877,509			229,877			71,708,164			-		(74,231,743	)		(2,293,702	)
Issuance of common stock for services		100,000			100			32,900			-		-			33,000
Issuance of common stock for services – related party		425,000			425			139,825			-		-			140,250
Common stock issued to settle accounts payable and accrued liabilities		466,667			467			153,533			-		-			154,000
Common stock repurchased and cancelled		(2,228,115	)		(2,228	)		(856,553	)		-		-			(858,781	)
Sale of common stock		75,000			75			9,781			-		-			9,856
Common stock issued for commitment fee		757,576			757			249,243			-		-			250,000
Net income		-			-			-			-		820,567			820,567
Balance at September 30, 2022		229,473,637		$	229,473		$	71,436,893		$	-	$	(73,411,176	)	$	(1,744,810	)

5

					Additional
	Common Stock				Paid-in			Subscription			Accumulated
	Shares		Amount		Capital			Receivable			Deficit			Total
Balance at December 31, 2022		230,871,034	$	230,871	$	71,830,695		$	(50,550	)	$	(74,075,943	)	$	(2,064,927	)
Sale of common stock		2,535,000		2,535		522,770			50,550			-			575,855
Common stock issued to settle accrued liabilities – related party		637,500		638		168,300			-			-			168,938
Common stock issued to settle accrued liabilities		300,000		300		79,200			-			-			79,500
Common stock issued for a stock subscription receivable		400,000		400		71,317			(71,717	)		-			-
Amortization of deferred offering costs		-		-		(55,371	)		-			-			(55,371	)
Common stock issued for litigation settlement		1,850,000		1,850		460,650			-			-			462,500
Net Loss		-		-		-			-			(1,142,706	)		(1,142,706	)
Balance at March 31, 2023		236,593,534		236,594		73,077,561			(71,717	)		(75,218,649	)		(1,976,211	)
Sale of common stock		2,450,000		2,450		501,558			71,717			-			575,725
Common stock issued to settle accrued liabilities – related party		567,188		566		101,527			-			-			102,093
Common stock issued to settle accrued liabilities		412,500		413		73,838			-			-			74,251
Common stock issued for a stock subscription receivable		1,100,000		1,100		310,720			(311,820	)		-			-
Amortization of deferred offering costs		-		-		(55,387	)		-			-			(55,387	)
Net Loss		-		-		-			-			(522,911	)		(522,911	)
Balance at June 30, 2023		241,123,222		241,123		74,009,817			(311,820	)		(75,741,560	)		(1,802,440	)
Sale of common stock		1,030,000		1,030		246,363			311,820			-			559,213
Amortization of deferred offering costs		-		-		(53,769	)		-			-			(53,769	)
Net loss		-		-		-			-			(485,732	)		(485,732	)
Balance at September 30, 2023		242,153,222	$	242,153	$	74,202,411		$	-		$	(76,227,292	)	$	(1,782,728	)

See notes to unaudited condensed financial statements.

6

 UNITED HEALTH PRODUCTS, INC.

Condensed Statements of Cash Flows

(Unaudited)

	For the Nine Months Ended September 30,
	2023			2022
Cash Flows from Operating Activities:
Net (Loss)	$	(2,151,349	)	$	(1,022,734	)
Adjustments to Reconcile Net (Loss) to Net Cash Used In Operating Activities:
Stock for services and compensation		-			483,450
Amortization of debt discount		26,502			8,304
Amortization expense		3,038			3,037
Amortization of right-of-use asset		346			-
Stock received as other income		-			(808,781	)
Stock issued for litigation settlement		462,500			-
Loss on settlement of debt		80,532			127,375
Changes in assets and liabilities:
Inventory		1,132			(37,750	)
Prepaid and other current assets		(7,504	)		(25,000	)
Accounts payable and accrued expenses		(14,040	)		441,240
Accrued liabilities – related party		224,698			149,575
Accrued litigation settlement		(250,000	)		280,000
Net Cash Used In Operating Activities		(1,624,145	)		(401,284	)
Cash Flows from Investing Activities:
Purchase of intangible assets		-			(40,500	)
Security deposit		(2,850	)		-
Net Cash Used in Investing Activities		(2,850	)		(40,500	)
Cash Flows from Financing Activities:
Proceeds from loan payable - related party		-			383,275
Repayments on loan payable - related party		(4,000	)		(226,275	)
Repayments on loan payable		(19,136	)		(63,465	)
Repurchase of common stock		-			(50,000	)
Payment of offering costs		(12,000	)		-
Proceeds from sale of common stock		1,722,793			87,148
Proceeds from convertible notes payable – related party		-			93,000
Proceeds from convertible notes payable		-			293,000
Cash flow provided by financing activities		1,687,657			516,683
Increase in Cash and Cash Equivalents		60,662			74,899
Cash and Cash Equivalents – Beginning of period		13,377			21,799
CASH AND CASH EQUIVALENTS – END OF PERIOD	$	74,039		$	96,698
Supplemental cash flow information:
Cash paid for interest	$	15		$	12,861
Cash paid for income taxes	$	-		$	-
Non-cash Investing & Financing Activities:
Cancellation of common stock	$	-		$	250
Amortization of deferred offering costs	$	164,527		$	-
Initial recognition of operating lease right-of-use asset and operating lease liability	$	92,425		$	-
Common stock issued to settle accrued liabilities – related party	$	218,250		$	204,000
Accounts payable and accrued expenses paid with promissory note payable	$	10,000		$	-
Common stock issued to settle accounts payable and accrued liabilities	$	126,000		$	254,001
Accrued litigation settlement paid with loan payable	$	-		$	100,000
Common stock issued for commitment fee	$	-		$	250,000
Loans payable – related party converted to convertible notes payable – related party	$	-		$	372,000
Debt discount related to original issue discount	$	-		$	42,000

See notes to unaudited condensed financial statements.

7

UNITED HEALTH PRODUCTS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE QUARTERS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited)

Note 1. Organization and Basis of Preparation

United Health Products, Inc. (the “Company”) develops, manufactures, and markets a patented hemostatic gauze for the healthcare and wound care sectors. Our gauze product, HemoStyp®, is a neutralized, oxidized, regenerated cellulose derived from cotton and designed to absorb exudate/drainage from superficial wounds and help control bleeding. The Company in the process of seeking regulatory approval to sell our HemoStyp product line into the U.S. Class III and European Union CE Mark surgical markets. 

The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 28, 2023.

In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements for the interim period, have been included.

Note 2. Significant Accounting Policies

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred recurring net losses, negative working capital and operations have not provided cash flows. Additionally, the Company does not currently have sufficient revenue producing operations to cover its operating expenses and meet its current obligations. In view of these matters, there is substantial doubt about the Company’s ability to continue as a going concern. The Company intends to finance its future development activities and its working capital needs largely from the sale of equity securities with some additional funding from other traditional financing sources, including term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

Cash and Cash Equivalents

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

8

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Changes in the economic environment, financial markets, as well as in the healthcare industry, and any other parameters used in determining these estimates, could cause actual results to differ.

Fair Value Measurements

Accounting principles generally accepted in the United States define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1. We value assets and liabilities included in this level using dealer and broker quotations, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2023 and 2022. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments.

 Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the sale of its HemoStyp product by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.

The Company receives orders for its HemoStyp products directly from its customers. Revenues are recognized based on the agreed upon sales or transaction price with the customer when control of the promised goods are transferred to the customer. The transfer of goods to the customer and satisfaction of the Company’s performance obligation will occur either at the time when products are shipped or when the products arrive and are received by the customer. No discounts are currently offered by the Company. The Company does not provide an estimate for returns as there is no anticipation for any returns in the normal course of business.

Trade Accounts Receivable and Concentration Risk

We record accounts receivable at the invoiced amount and we do not charge interest. We review the accounts receivable by amounts due from customers that are past due, to identify specific customers with known disputes or collectability issues. In determining the amount of the reserve, we make judgments about the creditworthiness of significant customers based on ongoing credit evaluations. We will also maintain a sales allowance to reserve for potential credits issued to customers. We will determine the amount of the reserve based on historical credit issued.

9

There were no provisions for doubtful accounts recorded at September 30, 2023 and December 31, 2022. The Company recorded $0 in bad debt expense for the three and nine month periods ended September 30, 2023 and 2022.

Inventory

Inventory is valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. Inventory on the balance sheet consists of work-in process.

	September 30, 2023		December 31, 2022
Finished goods	$	33,598	$	34,730
Total inventory	$	33,598	$	34,730

During the nine months ended September 30, 2023 and 2022, the Company determined that $0 needed to be impaired and written-off.  During the nine months ended September 30, 2023, the Company used $1,132 of inventory as samples for its FDA testing and recorded it to research and development on the Statement of Operations.

Stock Based Compensation

The Company accounts for stock-based compensation under the provisions of ASC 718, Compensation-Stock Compensation. Stock-based compensation expense for employees and non-employees is measured at the grant date fair value.

Per Share Information

Basic earnings per share are calculated using the weighted average number of common shares outstanding for the period presented. Diluted earnings per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. The dilutive effect of potential common shares is not reflected in diluted earnings per share because the Company incurred net losses for the three and nine months ended September 30, 2023 and for the nine months ended September 30, 2022 and the effect of including these potential common shares in the net loss per share calculations would be anti-dilutive.

10

The total potential common shares as of September 30, 2023 included 47,665,000 of restricted stock units, 3,636,957 shares for convertible notes payable – related parties and 1,439,783 shares for convertible notes payable. The total potential common shares as of September 30, 2022 included 46,915,000 of restricted stock units, 1,501,233 shares for convertible notes payable – related parties and 799,863 shares for convertible notes payable.

The following represents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computation for the three months ended September 30, 2022:

	Net Income (Loss)		Shares		Per Share
	(Numerator)		(Denominator)		Amount
Basic EPS	$	820,567		230,438,815	$	0.00
Effect of dilutive securities:
Convertible notes payable (interest expense)		15,290		2,301,096		(0.00	)
Restricted stock units		-		46,915,000		-
Diluted EPS	$	835,857		279,654,911	$	0.00

Patents

Patents are stated on the balance sheet at cost. Costs, such as filing fees with patent granting agencies and legal fees directly relating to those filings, incurred to file patent applications were capitalized when the Company believed that there was a high likelihood that the patent would be issued and there would be future economic benefit associated with the patent. These costs were amortized from the date of the patent application on a straight-line basis over the estimated useful life of 10 years. All costs associated with any abandoned patent applications are expensed.

Accumulated amortization as of September 30, 2023 and December 31, 2022 was $7,088 and $4,050, respectively. Amortization expense for the nine months ended September 30, 2023 and 2022 was $3,038 and $3,037, respectively.

Future Amortization Expense

Year	Amount
2023 (remaining)	$	1,012
2024		4,050
2025		4,050
2026		4,050
2027		4,050
Thereafter		16,200
	$	33,412

Impairment of Long-lived Assets

The Company applies the provisions of ASC 360, Property, Plant and Equipment, where applicable to all long-lived assets. ASC 360 addresses accounting and reporting for impairment and disposal of long-lived assets. The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 360. ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced for the cost of disposal.

When long-lived assets are sold or retired, the related cost and accumulated depreciation or amortization are removed from the accounts and any gain or loss is included in the results of operations. During the nine months ended September 30, 2023 and 2022, the Company determined no impairment was required.

11

Deferred Offering Costs

Deferred offering costs represent specific incremental costs directly attributable to the offering of securities. The deferred offering costs are recorded as an offset to additional paid-in capital and charged against the proceeds received.

Advertising and Marketing Costs

                Advertising and marketing expenses are expensed as incurred. The Company incurred $84,320 and $86,884 in advertising and marketing costs during the nine months ended September 30, 2023 and 2022, respectively. 

Research and Development

                The Company charges research and development costs to expense when incurred. The Company incurred $445,550 and $414,944 in research and development expenses during the nine months ended September 30, 2023 and 2022, respectively.

Leases

The Company follows the provisions of ASC 842, and records right-of-use (“ROU”) assets and lease obligations for its operating leases, which are initially recognized based on the discounted future lease payments over the term of the lease. If the rate implicit in the Company's leases is not readily determinable, the Company's applicable incremental borrowing rate is used in calculating the present value of the sum of the lease payments.

The lease term is defined as the non-cancelable period of the lease plus any options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company has elected not to recognize ROU asset and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less.

New Accounting Pronouncements

The Company considers all new pronouncements and management has determined that there have been no recently adopted or issued accounting standards that had or will have a material impact on its financial statements.

12

Note 3. Related Party Transactions

Convertible notes payable - related parties

During the year ended December 31, 2022, Brian Thom, the Company’s Chief Executive Officer, converted $372,000 of a loan payable balance to a convertible note payable.  The unpaid accrued interest on the loan payable was transferred to the convertible note payable. The note has an interest rate of 10%, an original issue discount (“OID”) of 7% and has a maturity date of December 31, 2023. The note is convertible into common stock of the Company at $0.35 per share.  In the event the Company issues any shares of common stock before the maturity date at a price that is lower than $0.35 per share, the conversion price shall be reduced to equal such lower issue price per share.  The Company recorded $28,000 of a debt discount related to the OID. As of September 30, 2023 and December 31, 2022, the remaining unamortized debt discount was $2,790 and $16,998, respectively.  Accrued interest associated with the note was $66,439 and $33,897 as of September 30, 2023 and December 31, 2022, respectively.

During the year ended December 31, 2022, Robert Denser, a Director of the Company, loaned the Company $93,000 through a convertible note.  The note has an interest rate of 10%, an OID of 7% and has a maturity date of December 31, 2023. The note is convertible into common stock of the Company at $0.35 per share.  In the event the Company issues any shares of common stock before the maturity date at a price that is lower than $0.35 per share, the conversion price shall be reduced to equal such lower issue price per share. The Company recorded $7,000 of a debt discount related to the OID. As of September 30, 2023 and December 31, 2022, the remaining unamortized debt discount was $946 and $4,671, respectively. Accrued interest associated with the note was $11,837 and $4,034 as of September 30, 2023 and December 31, 2022, respectively.

Interest expense – related party on the above convertible notes payable was $19,491 (including $6,043 of debt discount amortization related to the OID) and $8,822 (including $7,288 of debt discount amortization related to the OID) during the three months ended September 30, 2023 and 2022, respectively. Interest expense was $58,278 (including $17,933 of debt discount amortization related to the OID) and $8,822 (including $7,288 of debt discount amortization related to the OID) during the nine months ended September 30, 2023 and 2022, respectively. Accrued interest – related party due to these convertible notes was $78,276 and $37,931, as of September 30, 2023 and December 31, 2022, respectively.

Loans payable – related parties

During the year ended December 31, 2022, Kristofer Heaton, the Principal Financial Officer, loaned the Company $4,000 to pay for operating expenses. The loan had an interest rate of 10% and was due on demand. During the nine months ended September 30, 2023, the Company repaid $4,000 of principal and $446 of accrued interest leaving a balance of $0 as of September 30, 2023.

Interest expense – related party on the above loan was $11 and $100 during the three months ended September 30, 2023 and 2022, respectively. Interest expense was $222 and $100 during the nine months ended September 30, 2023 and 2022, respectively. Accrued interest – related party as of September 30, 2023 and December 31, 2022 was $0 and $224, respectively.

Accrued liabilities – related parties

As of September 30, 2023 and December 31, 2022, $90,751 and $127,500 of accrued compensation was due to the Company’s officers and management, respectively.

Equity transactions

During the nine months ended September 30, 2023, the Company issued 1,204,688 shares of common stock with a fair value of $271,031 to its officers and management for $218,250 of accrued compensation (see Note 6).

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Note 4. Promissory Note Payable

During the year ended December 31, 2022, the Company entered into a $100,000 promissory note which accrued interest at 1% and required monthly payments of $9,136 until the balance was paid in full. As of December 31, 2022, there was a principal balance of $9,136 and accrued interest of $0.

During the nine months ended September 30, 2023, the Company paid the remaining principal balance of $9,136.  As of September 30, 2023, the principal balance and accrued interest was $0.

During the nine months ended September 30, 2023, $10,000 of accounts payable and accrued liabilities were paid on behalf of the Company.   The Company entered into a note payable for the $10,000 payment.  The note payable had an interest rate of 5% and a maturity date of December 31, 2023.  During the nine months ended September 30, 2023, the Company repaid $10,000 of principal and $256 of accrued interest leaving a balance of $0 as of September 30, 2023.

Interest expense on the above loans was $6 and $0 during the three months ended September 30, 2023 and 2022, respectively. Interest expense was $256 and $0 during the nine months ended September 30, 2023 and 2022, respectively. Accrued interest as of September 30, 2023 and December 31, 2022 was $0, respectively.

Note 5. Convertible Notes

During the year ended December 31, 2022, the Company issued a $93,000 convertible note and a $99,975 convertible note and received total proceeds of $192,975.  The notes have an interest rate of 10%, an OID of 7% and have a maturity date of December 31, 2023. The notes are convertible into common stock of the Company at $0.35 per share.  In the event the Company issues any shares of common stock before the maturity date at a price that is lower than $0.35 per share, the conversion price shall be reduced to equal such lower issue price per share. The Company recorded $14,525 of a debt discount related to the OID. As of September 30, 2023 and December 31, 2022, the remaining unamortized debt discount was $2,754 and $11,323, respectively.

Interest expense on the above convertible notes payable was $8,135 (including $2,811 of debt discount amortization related to the OID) and $6,468 (including $1,016 of debt discount amortization related to the OID) during the three months ended September 30, 2023 and 2022, respectively.  Interest expense was $24,541 (including $8,569 of debt discount amortization related to the OID) and $6,468 (including $1,016 of debt discount amortization related to the OID) during the nine months ended September 30, 2023 and 2022, respectively. Accrued interest as of September 30, 2023 and December 31, 2022 was $21,426 and $5,454, respectively, and has been recorded in accrued liabilities on the balance sheet. 

Note 6. Issuances of Securities

Share issuances 2022

During the nine months ended September 30, 2022, the Company had the following common stock transactions:

· 259,028 shares of common stock were sold to non-affiliated investors in a private placement for total cash proceeds of $87,148.

· 672,919 shares of commons stock with a fair value of $254,001 were issued to various consultants to settle $203,126 of accrued liabilities resulting in a loss on settlement of debt of $50,875.

· 300,000 shares of common stock with a fair value of $129,000 were issued to consultants for services.

· 425,000 shares of common stock were issued to settle $127,500 of accrued liabilities – related party resulting in a loss of settlement of debt of $76,500.

· 850,000 shares of common stock with a fair value of $344,250 were issued to officers and a former officer of the Company for services.

· 250,000 shares of common stock were cancelled reducing common stock by $250 and increasing additional paid-in capital by the same.

· 757,756 shares of common stock with a fair value of $250,000 were issued as a commitment shares.

· 20,000 shares of common stock with a fair value of $10,200 were issued for legal services.

Share repurchases 2022

During the nine months ended September 30, 2022, the Company paid $50,000 to repurchase 142,857 shares of common stock and received 2,085,258 shares of common stock from its former Chief Executive Officer in connection with his remaining $808,781 disgorgement settlement obligation with the SEC. The aggregate amount of 2,228,115 shares of common stock were cancelled.

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Share issuances 2023

                During the nine months ended September 30, 2023, the Company had the following common stock transactions:

· 1,204,688 shares of common stock with a fair value of $271,031 were issued to officers and management of the Company to settle $218,250 of accrued liabilities (see Note 3) resulting in a loss on settlement of debt of $52,781.

· 712,500 shares of common stock with a fair value of $153,751 were issued to consultants to settle $126,000 of accrued liabilities resulting in a loss on debt settlement of $27,751.

· 7,515,000 shares of common stock were sold for $1,710,793, net of legal and administrative fees of $12,000 and which included a payment of $50,550 for a subscription receivable, under the Company’s common stock purchase agreement with White Lion.

· 1,850,000 shares of common stock with a fair value of $462,500 were issued to settle litigation (see Note 8).

Restricted stock units

As of September 30, 2023 and December, 31, 2022, the Company has 47,665,000 restricted stock units (RSU) outstanding. The RSU’s are subject to certain conditions and shall vest upon the achievement of certain Company objectives and milestones. 

Management is unable to predict if or when a Covered Transaction or Triggering Event under the RSU Agreements governing the restricted stock units will occur and as of September 30, 2023, there was $25,313,630 of unrecognized compensation cost related to unvested restricted stock unit awards.  

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Activity related to our restricted stock units during the three months ended September 30, 2023 was as follows:

			Weighted
			Average
			Grant
	Number of		Date Fair
	Units		Value
Total awards outstanding at December 31, 2022		47,665,000	$	0.54
Units granted		-	$	-
Units Exercised/Released		-	$	-
Units Cancelled/Forfeited		-	$	-
Total awards outstanding at September 30, 2023		47,665,000	$	0.54

 Note 7. Accrued Litigation Settlement

On June 15, 2022, the Security and Exchange Commission’s (SEC) investigation of the Company, initially reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, was settled through the filing of a consent judgment without the Company admitting or denying the SEC’s allegations. As part of the settlement, the Company was required to pay a civil penalty of $450,000, payable in four installments as follows:

· $50,000 upon the entry of the judgment;

· $100,000 within 90 days of the entry of the judgment;

· $150,000 within 180 days of the entry of the judgment; and

· $150,000 within 270 days of the entry of the judgment, plus statutory interest on payments made after 30 days of the entry of the judgment pursuant to U.S.C. Section 1961

During the nine months ended September 30, 2023, the Company amended its installment payment plan to the SEC related to its civil penalty.  The amended payment plan called for the Company to make three $50,000 payments with payments due on August 1, 2023, September 1, 2023 and October 1, 2023 with any remaining principal plus outstanding post-judgement interest to be paid on November 1, 2023. 

The Company has made total payments of $400,000 towards the civil penalty through September 30, 2023 and the $50,000 due on October 1, 2023 has been paid by the Company.  As of September 30, 2023 and December 31, 2022, the remaining balance was $50,000 (inclusive of $7,638 of post-judgement interest) and $300,000, respectively. Post-judgment interest of $7,638 has been accrued and is included in accounts payable and accrued liabilities on the balance sheet as of September 30, 2023.

Note 8. Litigation

Effective as of March 31, 2023, a 2018 lawsuit filed by Philip Forman, against the Company and its former CEO relating to the validity of a June 25, 2015 Amendment to his November 10, 2014 Employment Agreement with the Company and claims for compensation on termination of his employment was settled. In the settlement, as full and complete consideration, the Company issued to Mr. Forman 1,850,000 shares of common stock of the Company with a fair value of $462,500.  

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Note 9. Leases

In May 2023, the Company entered into 36-month operating lease, which provides for approximately 1,800 square feet of office space, that commenced on June 1, 2023 and ends on May 31, 2026. The lease required a $2,850 security deposit and monthly lease payments are $2,850 the first year of the lease, $2,964 the second year and $3,082 the third year.

Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. On the commencement date of the lease, the Company recorded $92,425 related to the ROU asset and lease liability.

The components of lease expense and supplemental cash flow information related to the lease for the period are as follows:

	Nine Months Ended September 30, 2023
Lease Cost
Operating lease cost (included in general and administrative in the Company’s statement of operations)	$	11,746
Other Information
Cash paid for amounts included in the measurement of lease liabilities for the nine months ended September 30, 2023	$	11,400
Weighted average remaining lease term – operating leases (in years)	2.67 years
Average discount rate – operating lease		10	%

The supplemental balance sheet information related to leases for the period is as follows:

	At September 30, 2023		At December 31, 2022
Operating leases
Remaining right-of-use assets	$	82,813	$	-
Short-term operating lease liabilities	$	27,790	$	-
Long-term operating lease liabilities	$	55,369	$	-
Total operating lease liabilities	$	83,159	$	-

Maturities of the Company’s undiscounted lease liabilities are as follows:

Year Ending	Operating Leases
2023 (Remaining)	$	8,550
2024		34,998
2025		36,394
2026		14,664
Total lease payments		94,606
Less: Imputed interest/present value discount		(11,447	)
Present value of lease liabilities	$	83,159

Note 10. Subsequent Events

The Company has evaluated events from September 30, 2023, through the date whereupon the financial statements were issued and has determined that there are no material events that need to be disclosed except as follows:

The Company sold 830,000 shares of common stock to White Lion for net proceeds of $196,895 after $2,400 of administrative fees were deducted.

The Company paid a total of $57,638 to the SEC which included the final scheduled payment of $50,000 towards the civil penalty along with $7,638 of post-judgement interest (see Note 7).

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

You should read the following discussion and analysis of our financial condition and results of operations together with our condensed financial statements and related notes appearing elsewhere in this quarterly report on Form 10-Q. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. The actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those set forth under ‘Risk Factors’ in our annual report on Form 10-K for the fiscal year ended December 31, 2022, filed with SEC on March 28, 2023.

Company Overview

UHP develops, manufactures, and markets a patented hemostatic gauze for the healthcare and wound care sectors. Our gauze product, HemoStyp, is derived from cotton and designed to absorb exudate/drainage from superficial wounds and help control bleeding. We are in the process of seeking regulatory approval to sell our Hemostyp product line into the U.S. Class III and European CE Mark surgical markets.

Our HemoStyp Gauze Products

HemoStyp hemostatic gauze is a natural substance created from chemically treated cellulose derived from cotton. It is an effective hemostatic agent registered with the FDA for superficial use under a 510(k) approval obtained in 2012 to help control bleeding from open wounds and body cavities. The HemoStyp hemostatic material contains no chemical additives, thrombin, collagen or animal-derived products, and is hypoallergenic. When the product comes in contact with blood it expands slightly and quickly converts to a translucent gel that subsequently breaks down into glucose and salts. Because of its benign impact on body tissue and the fact that it degrades to non-toxic end products, HemoStyp does not impede the healing of body tissue as compared to certain competing hemostatic products. Laboratory testing has shown HemoStyp to be 100% absorbable in the human body within 24 hours, compared to days or weeks with competing organic regenerated cellulose products. A human trial conducted in 2019 and 2020 demonstrated the effectiveness of HemoStyp in vascular, thoracic and abdominal surgical procedures.

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HemoStyp hemostatic gauze is a flexible, silk-like material that is applied by placing the gauze onto the bleeding tissue. The supple material can be easily folded and manipulated as needed to fit the size of the wound or incision. In surface bleeding and surgical situations, the product quickly converts to a translucent gel that allows the physician or surgeon to monitor the coagulation process. The gel maintains a neutral pH level which avoids damaging the surrounding tissue. In superficial bleeding situations, HemoStyp can be bonded to an adhesive plastic bandage or integrated into a traditional gauze component to address a broad range of needs, including traumatic bleeding injuries and prolonged bleeding following hemodialysis.

Potential Target Markets

Our HemoStyp material is currently cut to several sizes and configuration and marketed as HemoStyp Gauze. While we have paused our commercial activities to focus on our Class III PMA application, our potential customer base includes, without limitation, the following:

· Hospitals and Surgery Centers for all Internal Surgical usage (in the event we obtain FDA Class III approval)

· Hospitals, Clinics and Physicians for external trauma

· EMS, Fire Departments and other First Responders

· Military Medical Care Providers

· Hemodialysis centers

· Nursing Homes and Assisted Living Facilities

· Dental and Oral & Maxillofacial Surgery Offices

· Veterinary hospitals

Primary Strategy

Our HemoStyp technology received an FDA 510(k) approval in 2012 for use in external or superficial bleeding situations and we believe there is an opportunity for HemoStyp products to address unmet needs in several medical applications that represent attractive commercial opportunities. However, the Class III surgical markets, both domestic and international, represent the most attractive market for our products due to the smaller number of competitors offering Class III approved hemostatic agents and the resulting premium pricing for products that can meet the demanding requirements of the human surgical environment. We believe that our extensive laboratory testing and our completed human trial indicate that the HemoStyp technology could successfully compete against established Class III market participants, and could gain a significant market share. There can be no assurance that an FDA Premarket Approval (PMA) will be granted. 

In 2018, we made the decision to focus our efforts and resources on accessing these Class III markets to maximize the value potential of our HemoStyp products. The Class III PMA process required a substantial investment of time and resources so we made the strategic determination to deemphasize our sales and marketing to non-Class III markets in order to devote our full resources to the PMA process.

In anticipation of receiving a Class III PMA (which cannot be assured), we are evaluating paths to rapidly grow our revenue and profits in all potential market segments, with the objective of maximizing shareholder value. We do not intend to pursue the full commercialization of our products independently nor to remain an independent company in the long term. Options under consideration include (i) a sale or merger of the Company with an industry leader in the wound care and surgical device sectors, which may include a pre-sale collaboration on commercialization and distribution and (ii) one or more commercial partnerships with established market participants, without any specific, associated sale or merger transaction. 

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The Company has been contacted by several medical technology companies that are active in the surgical equipment and hemostatic products sectors, and who have expressed an interest in the Company’s products and business strategy. We continue to to evaluate the potential commercial partnerships in anticipation of an FDA decision on our Class III PMA application. No assurances can be given that the Company will identify any commercialization candidate(s) or enter into a transaction.

Manufacturing and Packaging of our Products

The Company’s products will be manufactured to our specifications through a contract manufacturing arrangement with an FDA certified supplier that maintains stringent quality control protocols to assure the uniformity and quality of all of our gauze products. Information on the manufacturing process and our manufacturer’s facility has been submitted as part of our PMA submission. Our gauze products are cut to size, packaged and sterilized by service providers in the United States. 

Patents and Trademarks

Our hemostatic gauze technology is protected through patents granted by the U.S. Patent and Trademark Office, which protection currently runs through 2029. In 2020 and 2021, we filed additional U.S. and International patents that protect the use of our NORC technology in a gel or hydrocolloid formulation.

On January 21, 2021, the U.S. Patent Office provided notification of publication of the Company’s patent application for the method of forming and using a hemostatic hydrocolloid. This publication does not imply any assurance of the receipt of the patent but establishes an obligation of any party that seeks to use the applicable method to pay royalties for the right to do so. The patent application for this process remains pending as of the date of this filing.

On February 11, 2021, the Company was notified that its application to establish global patent protection for the process of creating and deploying a hydrocolloid (or gel) format of its HemoStyp technology was accepted for publication under the procedures of the Patent Cooperation Treaty (“PCT”), an international patent law treaty which provides a unified procedure for filing a patent application in most foreign countries. We previously filed provisional patent applications for our HemoStyp hydrocolloid process in 2020. In January 2022 the Company initiated steps to register its hydrocolloid patent in the European common market and in additional foreign countries where we intend to commercialize any future HemoStyp gel formats. We can give no assurance that foreign registration of our patents will be granted in any of these jurisdictions.

The Company has registered trademarks and trademark applications for the following product formats:

· Boo Boo Strips

·  HemoStyp

· The Ultimate Bandage

· Hemostrips

· CelluSTAT

· Nik Fix

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Results of Operations for the three months ending September 30, 2023 and 2022

The following table sets forth a summary of certain key financial information for the three months ended September 30, 2023 and 2022:

	For the Three Months Ended September 30,
	2023			2022
Revenue	$	-		$	37,500
Gross profit	$	-		$	18,856
Operating (expenses)	$	(450,451	)	$	(558,034	)
Operating (loss)	$	(450,451	)	$	(539,178	)
Other income (expense)	$	(35,281	)	$	1,359,745
Net income(loss)	$	(485,732	)	$	820,567
Net loss per common share - basic and diluted	$	(0.00	)	$	0.00

Three Months ended September 30, 2023 versus Three Months ended September 30, 2022

During the three months ended September 30, 2023 and 2022, the Company had $0 and $37,500 of revenues, respectively. The Company did not generate any revenues in the current quarter due to the continued focus of the Company’s capital and resources towards obtaining a Class III PMA.

Total operating expenses for the three months ended September 30, 2023 and 2022 were $450,451 and $558,034, respectively.

The decrease in operating expenses was primarily due to research and development expenses decreasing $93,217 to $121,761 during the three months ended September 30, 2023 from $214,978 in the three months ended September 30, 2022.

Other income (expense) for the three months ended September 30, 2023 and 2022 was $(35,281) and $1,359,745, respectively. The decrease in other income was due to a decrease in loss on settlement of debt of $14,000, a decrease in other income of $1,402,981 offset by an increase in total interest expense of $6,045. The decrease in other income is due to the Company having received $392,000 as a litigation settlement payment from its former auditor and the receipt of $202,200 in cash and 2,085,258 shares of common stock as payment of $808,781 from its former Chief Executive Officer to satisfy a disgorgement obligation during the three months September 30, 2022 and having $0 in other income during the three months ended September 30, 2023.

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Our net loss for the three months ended September 30, 2023 was $485,732 as compared to net income of $820,567 for the comparable period of the prior year. The increase in the net loss is due to the Company having a decrease in operating expenses of $107,583 offset by a decrease in gross profits of $18,856 and a decrease in other income of $1,395,026, as explained above.

Results of Operations for the nine months ending September 30, 2023 and 2022

The following table sets forth a summary of certain key financial information for the nine months ended September 30, 2023 and 2022:

	For the Nine Months Ended September 30,
	2023			2022
Revenue	$	-		$	37,500
Gross profit	$	-		$	18,856
Operating (expenses)	$	(1,979,882	)	$	(2,267,332	)
Operating (loss)	$	(1,979,882	)	$	(2,248,476	)
Other income (expense)	$	(171,467	)	$	1,225,742
Net (loss)	$	(2,151,349	)	$	(1,022,734	)
Net loss per common share - basic and diluted	$	(0.01	)	$	(0.00	)

Nine Months ended September 30, 2023 versus Nine Months ended September 30, 2022

During the nine months ended September 30, 2023 and 2022, the Company had $0 and $37,500 of revenues, respectively. The Company did not generate any revenues in the current period due to the continued focus of the Company’s capital and resources towards obtaining a Class III PMA.

Total operating expenses for the nine months ended September 30, 2023 and 2022 were $1,979,882 and $2,267,332, respectively.

The decrease in operating expenses was due primarily to a decrease in legal and professional of $93,018 due to the Company having settled various litigation matters during 2022 and a decrease in consulting expense of $269,515   offset by an increase in rent expense of $21,746, an increase of $12,500 in litigation settlement expenses ($462,500 and $450,000 for the nine months ended September 30, 2023 and 2022, respectively) and an increase of $30,606 in research and development expenses from $414,944 in the nine months ended September 30, 2022 compared to $445,550 in the nine months ended September 30, 2023. 

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Other income (expense) for the nine months ended September 30, 2023 and 2022 was $(171,467) and $1,225,742, respectively. The decrease in other income was due to an increase in total interest expense of $41,071 offset by a decrease in other income of $1,402,981 and a decrease in loss on debt settlement of $46,843 during the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022.

The increase in interest expense was primarily due to the Company having a larger outstanding balance of interest bearing promissory notes, $7,638 of post-judgement interest related to the SEC penalty and $26,502 of debt discount amortization expense during the nine months ended September 30, 2023 compared to $8,304 during the nine months September 30, 2022.

The decrease in other income was due to the Company receiving $392,000 as a settlement payment from its former auditor related to litigation and the receipt of $202,200 in cash and 2,085,258 shares of common stock as payment of $808,781 from its former Chief Executive Officer to satisfy a disgorgement obligation during the nine month period ended September 30, 2022 compared with the Company having $0 of other income during the nine months ended September 30, 2023.

The decrease in the loss on settlement of debt was due to the Company issuing common stock with a fair value of $424,782 for the settlement of an aggregate of $344,250 of accrued liabilities and accrued liabilities – related party during the nine months ended September 30, 2023 compared to the Company issuing common stock with a fair value of $458,001 for the settlement of an aggregate of $330,626 of accrued liabilities and accrued liabilities – related parties during the nine months ended September 30, 2022.

Our net loss for the nine months ended September 30, 2023 was $2,151,349 as compared to net loss of $1,022,734 for the comparable period of the prior year. The increase in the net loss was due to the Company having a decrease in operating expenses of $287,450 offset by a decrease in gross profits of $18,856 and a decrease in other income of $1,397,209 for the nine months ended September 30, 2023 as explained above.

Financial Condition, Liquidity and Capital Resources

As of September 30, 2023, the Company had a negative working capital of $1,924,946. The Company has not yet attained a level of operations which will allow it to meet its current overhead expense obligations. The report of our independent registered public accounting firm on our 2022 financial statements includes an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The Company has been focusing its capital and resources towards seeking a Class III PMA for its HemoStyp technology, and has funded its initial operations with private placements, and unsecured loans from related parties. There can be no assurance that adequate financing will continue to be available to the Company and, if available, on terms that are favorable to the Company. Our ability to continue as a going concern is also dependent on many events outside of our direct control, including, among other things, our ability to achieve our business goals and objectives, as well as improvement in the economic climate.

During 2022, the Company entered into a common stock purchase agreement (“CSPA”) with White Lion, which gives the Company the right, but not the obligation, to require White Lion to purchase up to $10,000,000 of the Company’s common stock, subject to certain limitations and conditions set forth in the CSPA. As of the date of this filing, the Company has received approximately $1,980,082 in proceeds from White Lion to pay for its operations and finalization of its Class III PMA application. The sale of additional equity or convertible debt securities would be dilutive to our shareholders. In addition, economic conditions and actions by policymaking bodies are contributing to rising interest rates and significant capital market volatility, which, along with increases in our borrowing levels, could increase our future borrowing costs.

Cash Flows

The Company’s cash on hand at September 30, 2023 and December 31, 2022 was $74,039 and $13,377, respectively.

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The following table summarizes selected items from our statements of cash flows for the nine months ended September 30, 2023 and 2022:

	For the Nine Months Ended September 30,
	2023			2022
Net cash used in operating activities	$	(1,624,145	)	$	(401,284	)
Net cash used in investing activities		(2,850	)		(40,500	)
Net cash provided by financing activities		1,687,657			516,683
Net increase in cash and cash equivalents	$	60,662		$	74,899

Net Cash Used in Operating Activities

Net cash used in operating activities for the nine months ended September 30, 2023 was $1,624,145. The Company had net loss of $2,151,349 offset by amortization expense of $3,038, amortization of right-of-use asset of $346, amortization of debt discount of $26,502, stock issued for litigation settlement of $462,500, a loss on debt settlement of $80,532, a decrease in inventory of $1,132, an increase in prepaid and other current assets of $7,504 and an increase in accrued liabilities - related party of $224,698.  The Company also had a decrease in accounts payable and accrued expenses of $14,040 and a decrease in accrued litigation settlement of $250,000.

Net cash used in operating activities for the nine months ended September 30, 2022 was $401,284. The Company had net loss of $1,022,734 and $808,781 as stock received as other income offset by stock for services and compensation of $483,450, amortization expense of $3,037, amortization of debt discount of $8,304, a loss on debt settlement of $127,375.  The Company had an increase in accounts payable and accrued expenses of $441,240, an increase in accrued liabilities - related party of $149,575, an increase in accrued litigation settlement of $280,000, an increase in prepaid expenses of $25,000 and an increase in inventory of $37,750. 

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Net Cash Used in Investing Activities

The Company paid $2,850 related to a security deposit during the nine months ended September 30, 2023.

The Company paid $40,500 related to the patent application fees during the nine months ended September 30, 2022.

Net Cash Provided by Financing Activities

Net cash provided by financing activities for the nine months ended September 30, 2023 was $1,687,657. This was due to the result of the Company receiving net proceeds of $1,722,793 from the sale of stock offset by making payments of offering costs of $12,000, $19,136 on a loan payable and $4,000 on a loan payable – related party.

Net cash provided by financing activities for the nine months ended September 30, 2022 was $516,683. This was due to the Company receiving $383,275 in proceeds from related parties, $87,148 in proceeds from the sale of stock, $93,000 in proceeds from convertible notes – related party and $293,000 in proceeds from convertible notes payable offset by making payments of $226,275 on loans payable – related party, $63,465 on loan payable and repurchasing $50,000 of common stock. 

Off-Balance Sheet Arrangements

As of September 30, 2023, we have no off-balance sheet arrangements.

Critical Accounting Estimates

The preparation of financial statements in conformity with generally accepted accounting principles of the United States (“GAAP”) requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses in the financial statements and accompanying notes. Critical accounting estimates are those estimates made in accordance with GAAP that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or results of operations of the Company. Based on this definition, we have the critical accounting estimates identified below. We also have other key accounting policies, which involve the use of estimates, judgments, and assumptions that are significant to understanding our results which are found in Note 2 – Significant Accounting Policies of our 2022 Annual Report on Form 10-K and Note 2 – Significant Accounting Policies in the accompanying financial statements. Although we believe that our estimates, assumptions, and judgments are reasonable, they are based upon information presently available. Actual results may differ significantly from these estimates under different assumptions, judgments, or conditions.

Stock-Based Compensation

The Company accounts for stock-based compensation under the provisions of ASC 718, Compensation-Stock Compensation. Stock-based compensation expense for employees and non-employees is measured at the grant date fair value. Stock-based compensation for all stock-based awards to employees and directors is recognized as an expense over the requisite service period, which is generally the vesting period.

25

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Not applicable 

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company is in the process of implementing disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’), that are designed to ensure that information required to be disclosed in the Company’s Exchange Act reports are recorded, processed, summarized, and reported within the time periods specified in rules and forms of the Securities and Exchange Commission, and that such information is accumulated and communicated to our Chief Executive Officer and Principal Financial Officer to allow timely decisions regarding required disclosure.

As of September 30, 2023, the Chief Executive Officer and the Principal Financial Officer carried out an assessment of the effectiveness of the design and operation of our disclosure controls and procedures and concluded that the Company’s disclosure controls and procedures were not effective.

Changes in Internal Control over Financial Reporting

During the nine months ended September 30, 2023, there were no changes in our system of internal controls over financial reporting.

26

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

Management does not believe there have been any material changes to the risk factors listed in Part I, “Item 1A, Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2022. These risk factors should be carefully considered with the information provided elsewhere in this report, which could materially adversely affect our business, financial condition or results of operations.

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

The following summarizes all sales of our unregistered securities from January 1, 2023 through September 30, 2023. The securities in the below-referenced transactions were (i) issued without registration and (ii) were subject to restrictions under the Securities Act and the securities laws of certain states, in reliance on the private offering exemptions contained in Sections 4(a)(2), 4(a)(6) and/or 3(b) of the Securities Act and on Regulation D promulgated under the Securities Act, and in reliance on similar exemptions under applicable state laws as transactions not involving a public offering. No placement or underwriting fees were paid in connection with these transactions. All cash proceeds from the sale of securities were used for working capital purposes.

Date of Sale	Title of Security	Number Sold	Consideration Received	Purchaser/Recipient
January 2023	Common Stock	937,500	$187,500 of accrued liabilities	Officers and consultants
January 2023	Common Stock	1,135,000	$249,399 in cash	White Lion (1)
February 2023	Common Stock	1,000,000	$202,733 in cash	White Lion (1)
March 2023	Common Stock	400,000	$73,173 in cash	White Lion (1)
March 2023	Common Stock	400,000	$71,717 in cash	White Lion (1)
March 2023	Common Stock	1,850,000	$462,500 to settle litigation	Philip Forman
April 2023	Common Stock	979,688	$156,750 of accrued liabilities	Officers and consultants
April 2023	Common Stock	450,000	$86,524 in cash	White Lion (1)
May 2023	Common Stock	800,000	$139,797 in cash	White Lion (1)
June 2023	Common Stock	1,200,000	$277,686 in cash	White Lion (1)
June 2023	Common Stock	1,100,000	$311,820 in cash	White Lion (1)
August 2023	Common Stock	500,000	$123,035 in cash	White Lion (1)
September 2023	Common Stock	530,000	$124,358 in cash	White Lion (1)

(1) Issued by the Company to White Lion Capital, LLC pursuant to the terms of the Common Stock Purchase Agreement dated September 1, 2022, as amended.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Not applicable.

27

Item 6. Exhibits

The following exhibits are filed with this report, or incorporated by reference as noted:

3.1	Articles of Incorporation of the Company dated February 28, 1997 (1)
3.2	Amendment to Articles of Incorporation (1)
3.3	By-laws of the Company (2)
3.4	August 2015 Amendment to Articles of Incorporation (3)
10.1	Services Agreement with Brian Thom (4)
10.2	Restricted Stock Unit Agreement - Brian Thom (4)
10.3	Services Agreement with Kristofer Heaton (5)
10.4	Restricted Stock Unit Agreement - Kristofer Heaton (5)
10.5	Amendment to Restricted Stock Unit Agreement – Brian Thom (6)
10.6	Restricted Stock Unit Agreement – Robert Denser (6)
10.7	Stock Purchase Agreement dated September 1, 2022 between the Company and White Lion Capital LLC (7)
10.8	Amendment to Stock Purchase Agreement dated January 25, 2023 (8)
31.1	Certification of Principal Executive Officer*
31.2	Certification of Principal Financial Officer*
32.1	Section 1350 Certificate by Principal Executive Officer*
32.2	Section 1350 Certificate by Principal Financial Officer*
99.1	2019 Employee Benefit and Consulting Services Compensation Plan (9)

28

101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

___________

* Filed herewith.

(1)	Incorporated by reference to the Company’s Form 10-Q for the quarter ended September 30, 2014.
(2)	Incorporated by reference to the Company’s Form 10-Q for the quarter ended June 30, 2022.
(3)	Incorporated by reference to Form 8-K dated August 7, 2015 – date of earliest event filed on August 10, 2015.
(4)	Incorporated by reference to the Form 8-K dated December 2, 2020
(5)	Incorporated by reference to the Form 8-K dated January 11, 2021
(6)	Incorporated by reference to the Form 8-K dated June 23, 2022
(7)	Incorporated by reference to the Form 8-K dated September 1, 2022
(8)	Incorporated by reference to the Company’s Form 10-K for the year ended December 31, 2022
(9)	Incorporated by reference to Form S-8 dated November 1, 2019

29

SIGNATURES

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

	UNITED HEALTH PRODUCTS, INC.
Dated: November 13, 2023	By:	/s/ Brian Thom
		Brian Thom
		Principal Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:

Signatures		Title	Date
By:	/s/ Brian Thom		November 13, 2023
	Brian Thom	Chief Executive Officer, Principal Executive Officer and Director
By:	/s/ Kristofer Heaton	Principal Financial Officer	November 13, 2023
	Kristofer Heaton
By:	/s/ Robert Denser	Director	November 13, 2023
	Robert Denser

30

EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Brian Thom certifies that:
1.	I have reviewed this quarterly report on Form 10-Q of United Health Products, 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 and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 13, 2023	By:	/s/ Brian Thom
		Brian Thom
		Principal Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Kristofer Heaton certifies that:
1.	I have reviewed this quarterly report on Form 10-Q of United Health Products, 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 and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 13, 2023	By	/s/ Kristofer Heaton
		Kristofer Heaton
		Principal Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION

Pursuant to the requirement set forth in Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. Section 1350), Brian Thom, Principal Executive Officer of United Health Products, Inc. (the “Company”) of the Company, hereby certifies that, to the best of his knowledge:

1.	The Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, to which this Certification is attached as Exhibit 32.1 (the “Quarterly 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 Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

In witness whereof, the undersigned have set their hands hereto as of the November 13, 2023.

By:	/s/ Brian Thom
	Brian Thom
	Principal Executive Officer

EX-32.2

EXHIBIT 32.2

CERTIFICATION

Pursuant to the requirement set forth in Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. Section 1350), Kristofer Heaton, Principal Financial Officer of United Health Products, Inc. (the “Company”) of the Company, hereby certifies that, to the best of his knowledge:

1.	The Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, to which this Certification is attached as Exhibit 32.2 (the “Quarterly 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 Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

In witness whereof, the undersigned have set their hands hereto as of the November 13, 2023.

By:	/s/ Kristofer Heaton
	Kristofer Heaton
	Principal Financial Officer

XML

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 09, 2023
Cover [Abstract]
Entity Registrant Name	UNITED HEALTH PRODUCTS, INC.
Entity Central Index Key	0001096938
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		242,983,222
Entity File Number	000-27781
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	84-1517723
Entity Address Address Line 1	526 Commerce Circle
Entity Address Address Line 2	Suite #120
Entity Address City Or Town	Mesquite
Entity Address State Or Province	NV
Entity Address Postal Zip Code	89027
City Area Code	475
Local Phone Number	755-1005
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

XML

Condensed Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 74,039	$ 13,377
Inventory	33,598	34,730
Prepaid and other current assets	30,436	22,932
Total current assets	138,073	71,039
Deferred offering costs	78,512	243,039
Operating lease right-of-use asset	82,813	0
Security deposit	2,850	0
Patents, net	33,412	36,450
TOTAL ASSETS	335,660	350,528
Current Liabilities
Accounts payable and accrued expenses	1,115,192	1,255,232
Accrued liabilities - related parties	169,027	172,579
Accrued litigation settlement	50,000	300,000
Operating lease liability - current	27,790	0
Promissory note payable	0	9,136
Loans payable - related parties	0	4,000
Convertible notes payable, net of debt discount	204,746	196,177
Convertible notes payable - related party, net of debt discount	496,264	478,331
Total current liabilities	2,063,019	2,415,455
Operating lease liability - long-term	55,369	0
TOTAL LIABILITIES	2,118,388	2,415,455
Commitments and Contingencies	0	0
Stockholders' Deficit
Common Stock - $0.001 par value, 300,000,000 shares Authorized, 242,153,222 and 230,871,034 shares issued and outstanding at September 30, 2023 and December 31, 2022	242,153	230,871
Subscription Receivable	0	(50,550)
Additional Paid-In Capital	74,202,411	71,830,695
Accumulated Deficit	(76,227,292)	(74,075,943)
Total Stockholders' Deficit	(1,782,728)	(2,064,927)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	335,660	350,528
Series A Convertible Preferred Stock Member
Stockholders' Deficit
Series A Convertible Preferred Stock - $0.001 par value, 1,000,000 shares Authorized and 0 shares issued and outstanding	$ 0	$ 0

XML

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	242,153,222	230,871,034
Common stock, shares outstanding	242,153,222	230,871,034
Series A Convertible Preferred Stock Member
Preferred stock, shares par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

XML

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Condensed Statements of Operations (Unaudited)
Revenues	$ 0	$ 37,500	$ 0	$ 37,500
Cost of goods sold	0	18,644	0	18,644
Gross Profit	0	18,856	0	18,856
Operating Costs and Expenses
Selling, general and administrative expenses	328,690	343,056	1,534,332	1,852,388
Research and development	121,761	214,978	445,550	414,944
Total Operating Expenses	450,451	558,034	1,979,882	2,267,332
Loss from Operations	(450,451)	(539,178)	(1,979,882)	(2,248,476)
Other Income (Expenses)
Interest expense	(15,779)	(6,673)	(32,435)	(6,958)
Interest expense - related party	(19,502)	(22,563)	(58,500)	(42,906)
Loss on settlement of debt	0	(14,000)	(80,532)	(127,375)
Other income	0	1,402,981	0	1,402,981
Total Other Income (Expenses)	(35,281)	1,359,745	(171,467)	1,225,742
Net Income (Loss)	$ (485,732)	$ 820,567	$ (2,151,349)	$ (1,022,734)
Net Income (Loss) per common share:
Basic	$ (0.00)	$ 0.00	$ (0.01)	$ (0.00)
Diluted	$ (0.00)	$ 0.00	$ (0.01)	$ (0.00)
Weighted average number of shares outstanding:
Basic	241,485,939	230,438,815	237,713,870	229,653,007
Diluted	241,485,939	279,654,911	237,713,870	229,653,007

XML

Condensed Statement of Stockholders Equity (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Subscription Receivable	Accumulated Deficit
Balance, shares at Dec. 31, 2021		228,667,229
Balance, amount at Dec. 31, 2021	$ (1,141,894)	$ 228,667	$ 71,017,881	$ 0	$ (72,388,442)
Issuance of common stock for services, shares		20,000
Issuance of common stock for services, amount	10,200	$ 20	10,180	0	0
Sale of common stock, shares		184,028
Sale of common stock, amount	77,292	$ 184	77,108	0	0
Common stock issued to settle accounts payable and accrued liabilities, shares		6,252
Common stock issued to settle accounts payable and accrued liabilities, amount	4,001	$ 6	3,995	0	0
Net Loss	(964,264)	$ 0		0	(964,264)
Balance, shares at Mar. 31, 2022		228,877,509
Balance, amount at Mar. 31, 2022	(2,014,665)	$ 228,877	71,109,164	0	(73,352,706)
Balance, shares at Dec. 31, 2021		228,667,229
Balance, amount at Dec. 31, 2021	$ (1,141,894)	$ 228,667	71,017,881	0	(72,388,442)
Issuance of common stock for services, shares	757,756
Net Loss	$ (1,022,734)
Amortization of deferred offering costs	0
Balance, shares at Sep. 30, 2022		229,473,637
Balance, amount at Sep. 30, 2022	(1,744,810)	$ 229,473	71,436,893	0	(73,411,176)
Balance, shares at Mar. 31, 2022		228,877,509
Balance, amount at Mar. 31, 2022	(2,014,665)	$ 228,877	71,109,164	0	(73,352,706)
Issuance of common stock for services, shares		200,000
Issuance of common stock for services, amount	96,000	$ 200	95,800	0	0
Common stock issued to settle accounts payable and accrued liabilities, shares		200,000
Common stock issued to settle accounts payable and accrued liabilities, amount	96,000	$ 200	95,800	0	0
Net Loss	(879,037)	$ 0	0	0	(879,037)
Issuance of common stock for services - related party, shares		425,000
Issuance of common stock for services - related party, amount	204,000	$ 425	203,575	0	0
Common stock issued to settle accounts payable and accrued liabilities - related party, shares		425,000
Common stock issued to settle accounts payable and accrued liabilities - related party, amount	204,000	$ 425	203,575	0	0
Cancellation of common stock, shares		(250,000)
Cancellation of common stock, amount	0	$ (250)	250	0	0
Balance, shares at Jun. 30, 2022		229,877,509
Balance, amount at Jun. 30, 2022	(2,293,702)	$ 229,877	71,708,164	0	(74,231,743)
Issuance of common stock for services, shares		100,000
Issuance of common stock for services, amount	33,000	$ 100	32,900	0	0
Sale of common stock, shares		75,000
Sale of common stock, amount	9,856	$ 75	9,781	0	0
Common stock issued to settle accounts payable and accrued liabilities, shares		466,667
Common stock issued to settle accounts payable and accrued liabilities, amount	154,000	$ 467	153,533	0	0
Net Loss	820,567	$ 0	0	0	820,567
Issuance of common stock for services - related party, shares		425,000
Issuance of common stock for services - related party, amount	140,250	$ 425	139,825	0	0
Common stock repurchased and cancelled, shares		(2,228,115)
Common stock repurchased and cancelled, amount	(858,781)	$ (2,228)	(856,553)	0	0
Common stock issued for commitment fee, shares		757,576
Common stock issued for commitment fee, amount	250,000	$ 757	249,243	0	0
Balance, shares at Sep. 30, 2022		229,473,637
Balance, amount at Sep. 30, 2022	(1,744,810)	$ 229,473	71,436,893	0	(73,411,176)
Balance, shares at Dec. 31, 2022		230,871,034
Balance, amount at Dec. 31, 2022	(2,064,927)	$ 230,871	71,830,695	(50,550)	(74,075,943)
Sale of common stock, shares		2,535,000
Sale of common stock, amount	575,855	$ 2,535	522,770	50,550	0
Net Loss	(1,142,706)	$ 0	0	0	(1,142,706)
Common stock issued to settle accrued liabilities - related party, shares		637,500
Common stock issued to settle accrued liabilities - related party, amount	168,938	$ 638	168,300	0	0
Common stock issued to settle accrued liabilities, shares		300,000
Common stock issued to settle accrued liabilities, amount	79,500	$ 300	79,200	0	0
Common stock issued for a stock subscription receivable, shares		400,000
Common stock issued for a stock subscription receivable, amount	0	$ 400	71,317	(71,717)	0
Amortization of deferred offering costs	(55,371)	$ 0	(55,371)	0	0
Common stock issued for litigation settlement, shares		1,850,000
Common stock issued for litigation settlement, amount	462,500	$ 1,850	460,650	0	0
Balance, shares at Mar. 31, 2023		236,593,534
Balance, amount at Mar. 31, 2023	(1,976,211)	$ 236,594	73,077,561	(71,717)	(75,218,649)
Balance, shares at Dec. 31, 2022		230,871,034
Balance, amount at Dec. 31, 2022	(2,064,927)	$ 230,871	71,830,695	(50,550)	(74,075,943)
Issuance of common stock for services, amount	50,000
Net Loss	(2,151,349)
Amortization of deferred offering costs	$ 164,527
Common stock issued for litigation settlement, shares	1,850,000
Balance, shares at Sep. 30, 2023		242,153,222
Balance, amount at Sep. 30, 2023	$ (1,782,728)	$ 242,153	74,202,411	0	(76,227,292)
Balance, shares at Mar. 31, 2023		236,593,534
Balance, amount at Mar. 31, 2023	(1,976,211)	$ 236,594	73,077,561	(71,717)	(75,218,649)
Sale of common stock, shares		2,450,000
Sale of common stock, amount	575,725	$ 2,450	501,558	71,717	0
Net Loss	(522,911)	$ 0	0	0	(522,911)
Common stock issued to settle accrued liabilities - related party, shares		567,188
Common stock issued to settle accrued liabilities - related party, amount	102,093	$ 566	101,527	0	0
Common stock issued to settle accrued liabilities, shares		412,500
Common stock issued to settle accrued liabilities, amount	74,251	$ 413	73,838	0	0
Common stock issued for a stock subscription receivable, shares		1,100,000
Common stock issued for a stock subscription receivable, amount	0	$ 1,100	310,720	(311,820)	0
Amortization of deferred offering costs	(55,387)	$ 0	(55,387)	0	0
Balance, shares at Jun. 30, 2023		241,123,222
Balance, amount at Jun. 30, 2023	(1,802,440)	$ 241,123	74,009,817	(311,820)	(75,741,560)
Sale of common stock, shares		1,030,000
Sale of common stock, amount	559,213	$ 1,030	246,363	311,820	0
Net Loss	(485,732)	0	0	0	(485,732)
Amortization of deferred offering costs	(53,769)	$ 0	(53,769)	0	0
Balance, shares at Sep. 30, 2023		242,153,222
Balance, amount at Sep. 30, 2023	$ (1,782,728)	$ 242,153	$ 74,202,411	$ 0	$ (76,227,292)

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Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net (Loss)	$ (2,151,349)	$ (1,022,734)
Adjustments to Reconcile Net (Loss) to Net Cash Used In Operating Activities:
Stock for services and compensation	0	483,450
Amortization of debt discount	26,502	8,304
Amortization expense	3,038	3,037
Amortization of right-of-use asset	346	0
Stock received as other income	0	(808,781)
Stock issued for litigation settlement	462,500	0
Loss on settlement of debt	80,532	127,375
Changes in assets and liabilities:
Inventory	1,132	(37,750)
Prepaid and other current assets	(7,504)	(25,000)
Accounts payable and accrued expenses	(14,040)	441,240
Accrued liabilities - related party	224,698	149,575
Accrued litigation settlement	(250,000)	280,000
Net Cash Used In Operating Activities	(1,624,145)	(401,284)
Cash Flows from Investing Activities:
Purchase of intangible assets	0	(40,500)
Security deposit	(2,850)	0
Net Cash Used in Investing Activities	(2,850)	(40,500)
Cash Flows from Financing Activities:
Proceeds from loan payable - related party	0	383,275
Repayments on loan payable - related party	(4,000)	(226,275)
Repayments on loan payable	(19,136)	(63,465)
Repurchase of common stock	0	(50,000)
Payment of offering costs	(12,000)	0
Proceeds from sale of common stock	1,722,793	87,148
Proceeds from convertible notes payable - related party	0	93,000
Proceeds from convertible notes payable	0	293,000
Cash flow provided by financing activities	1,687,657	516,683
Increase in Cash and Cash Equivalents	60,662	74,899
Cash and Cash Equivalents - Beginning of period	13,377	21,799
CASH AND CASH EQUIVALENTS - END OF PERIOD	74,039	96,698
Supplemental cash flow information:
Cash paid for interest	15	12,861
Cash paid for income taxes	0	0
Non-cash Investing & Financing Activities:
Cancellation of common stock	0	250
Amortization of deferred offering costs	164,527	0
Initial recognition of operating lease right-of-use asset and operating lease liability	92,425	0
Common stock issued to settle accrued liabilities - related party	218,250	204,000
Accounts payable and accrued expenses paid with promissory note payable	10,000	0
Common stock issued to settle accounts payable and accrued liabilities	126,000	254,001
Accrued litigation settlement paid with loan payable	0	100,000
Common stock issued for commitment fee	0	250,000
Loans payable - related party converted to convertible notes payable - related party	0	372,000
Debt discount related to original issue discount	$ 0	$ 42,000

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Organization and Basis of Preparation

9 Months Ended

Sep. 30, 2023

Organization and Basis of Preparation

Organization and Basis of Preparation

Note 1. Organization and Basis of Preparation

United Health Products, Inc. (the “Company”) develops, manufactures, and markets a patented hemostatic gauze for the healthcare and wound care sectors. Our gauze product, HemoStyp®, is a neutralized, oxidized, regenerated cellulose derived from cotton and designed to absorb exudate/drainage from superficial wounds and help control bleeding. The Company in the process of seeking regulatory approval to sell our HemoStyp product line into the U.S. Class III and European Union CE Mark surgical markets. 

The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 28, 2023.

In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements for the interim period, have been included.

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Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Significant Accounting Policies

Significant Accounting Policies

Note 2. Significant Accounting Policies

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred recurring net losses, negative working capital and operations have not provided cash flows. Additionally, the Company does not currently have sufficient revenue producing operations to cover its operating expenses and meet its current obligations. In view of these matters, there is substantial doubt about the Company’s ability to continue as a going concern. The Company intends to finance its future development activities and its working capital needs largely from the sale of equity securities with some additional funding from other traditional financing sources, including term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

Cash and Cash Equivalents

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

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Changes in the economic environment, financial markets, as well as in the healthcare industry, and any other parameters used in determining these estimates, could cause actual results to differ.

Fair Value Measurements

Accounting principles generally accepted in the United States define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1. We value assets and liabilities included in this level using dealer and broker quotations, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2023 and 2022. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments.

 Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the sale of its HemoStyp product by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.

The Company receives orders for its HemoStyp products directly from its customers. Revenues are recognized based on the agreed upon sales or transaction price with the customer when control of the promised goods are transferred to the customer. The transfer of goods to the customer and satisfaction of the Company’s performance obligation will occur either at the time when products are shipped or when the products arrive and are received by the customer. No discounts are currently offered by the Company. The Company does not provide an estimate for returns as there is no anticipation for any returns in the normal course of business.

Trade Accounts Receivable and Concentration Risk

We record accounts receivable at the invoiced amount and we do not charge interest. We review the accounts receivable by amounts due from customers that are past due, to identify specific customers with known disputes or collectability issues. In determining the amount of the reserve, we make judgments about the creditworthiness of significant customers based on ongoing credit evaluations. We will also maintain a sales allowance to reserve for potential credits issued to customers. We will determine the amount of the reserve based on historical credit issued.

There were no provisions for doubtful accounts recorded at September 30, 2023 and December 31, 2022. The Company recorded $0 in bad debt expense for the three and nine month periods ended September 30, 2023 and 2022.

Inventory

Inventory is valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. Inventory on the balance sheet consists of work-in process.

	September 30, 2023		December 31, 2022
Finished goods	$	33,598	$	34,730
Total inventory	$	33,598	$	34,730

During the nine months ended September 30, 2023 and 2022, the Company determined that $0 needed to be impaired and written-off.  During the nine months ended September 30, 2023, the Company used $1,132 of inventory as samples for its FDA testing and recorded it to research and development on the Statement of Operations.

Stock Based Compensation

The Company accounts for stock-based compensation under the provisions of ASC 718, Compensation-Stock Compensation. Stock-based compensation expense for employees and non-employees is measured at the grant date fair value.

Per Share Information

Basic earnings per share are calculated using the weighted average number of common shares outstanding for the period presented. Diluted earnings per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. The dilutive effect of potential common shares is not reflected in diluted earnings per share because the Company incurred net losses for the three and nine months ended September 30, 2023 and for the nine months ended September 30, 2022 and the effect of including these potential common shares in the net loss per share calculations would be anti-dilutive.

The total potential common shares as of September 30, 2023 included 47,665,000 of restricted stock units, 3,636,957 shares for convertible notes payable – related parties and 1,439,783 shares for convertible notes payable. The total potential common shares as of September 30, 2022 included 46,915,000 of restricted stock units, 1,501,233 shares for convertible notes payable – related parties and 799,863 shares for convertible notes payable.

The following represents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computation for the three months ended September 30, 2022:

	Net Income (Loss)		Shares		Per Share
	(Numerator)		(Denominator)		Amount
Basic EPS	$	820,567		230,438,815	$	0.00
Effect of dilutive securities:
Convertible notes payable (interest expense)		15,290		2,301,096		(0.00	)
Restricted stock units		-		46,915,000		-
Diluted EPS	$	835,857		279,654,911	$	0.00

Patents

Patents are stated on the balance sheet at cost. Costs, such as filing fees with patent granting agencies and legal fees directly relating to those filings, incurred to file patent applications were capitalized when the Company believed that there was a high likelihood that the patent would be issued and there would be future economic benefit associated with the patent. These costs were amortized from the date of the patent application on a straight-line basis over the estimated useful life of 10 years. All costs associated with any abandoned patent applications are expensed.

Accumulated amortization as of September 30, 2023 and December 31, 2022 was $7,088 and $4,050, respectively. Amortization expense for the nine months ended September 30, 2023 and 2022 was $3,038 and $3,037, respectively.

Future Amortization Expense

Year	Amount
2023 (remaining)	$	1,012
2024		4,050
2025		4,050
2026		4,050
2027		4,050
Thereafter		16,200
	$	33,412

Impairment of Long-lived Assets

The Company applies the provisions of ASC 360, Property, Plant and Equipment, where applicable to all long-lived assets. ASC 360 addresses accounting and reporting for impairment and disposal of long-lived assets. The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 360. ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced for the cost of disposal.

When long-lived assets are sold or retired, the related cost and accumulated depreciation or amortization are removed from the accounts and any gain or loss is included in the results of operations. During the nine months ended September 30, 2023 and 2022, the Company determined no impairment was required.

Deferred Offering Costs

Deferred offering costs represent specific incremental costs directly attributable to the offering of securities. The deferred offering costs are recorded as an offset to additional paid-in capital and charged against the proceeds received.

Advertising and Marketing Costs

                Advertising and marketing expenses are expensed as incurred. The Company incurred $84,320 and $86,884 in advertising and marketing costs during the nine months ended September 30, 2023 and 2022, respectively. 

Research and Development

                The Company charges research and development costs to expense when incurred. The Company incurred $445,550 and $414,944 in research and development expenses during the nine months ended September 30, 2023 and 2022, respectively.

Leases

The Company follows the provisions of ASC 842, and records right-of-use (“ROU”) assets and lease obligations for its operating leases, which are initially recognized based on the discounted future lease payments over the term of the lease. If the rate implicit in the Company's leases is not readily determinable, the Company's applicable incremental borrowing rate is used in calculating the present value of the sum of the lease payments.

The lease term is defined as the non-cancelable period of the lease plus any options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company has elected not to recognize ROU asset and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less.

New Accounting Pronouncements

The Company considers all new pronouncements and management has determined that there have been no recently adopted or issued accounting standards that had or will have a material impact on its financial statements.

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Related Party Transactions

9 Months Ended

Sep. 30, 2023

Related Party Transactions

Related Party Transactions

Note 3. Related Party Transactions

Convertible notes payable - related parties

During the year ended December 31, 2022, Brian Thom, the Company’s Chief Executive Officer, converted $372,000 of a loan payable balance to a convertible note payable.  The unpaid accrued interest on the loan payable was transferred to the convertible note payable. The note has an interest rate of 10%, an original issue discount (“OID”) of 7% and has a maturity date of December 31, 2023. The note is convertible into common stock of the Company at $0.35 per share.  In the event the Company issues any shares of common stock before the maturity date at a price that is lower than $0.35 per share, the conversion price shall be reduced to equal such lower issue price per share.  The Company recorded $28,000 of a debt discount related to the OID. As of September 30, 2023 and December 31, 2022, the remaining unamortized debt discount was $2,790 and $16,998, respectively.  Accrued interest associated with the note was $66,439 and $33,897 as of September 30, 2023 and December 31, 2022, respectively.

During the year ended December 31, 2022, Robert Denser, a Director of the Company, loaned the Company $93,000 through a convertible note.  The note has an interest rate of 10%, an OID of 7% and has a maturity date of December 31, 2023. The note is convertible into common stock of the Company at $0.35 per share.  In the event the Company issues any shares of common stock before the maturity date at a price that is lower than $0.35 per share, the conversion price shall be reduced to equal such lower issue price per share. The Company recorded $7,000 of a debt discount related to the OID. As of September 30, 2023 and December 31, 2022, the remaining unamortized debt discount was $946 and $4,671, respectively. Accrued interest associated with the note was $11,837 and $4,034 as of September 30, 2023 and December 31, 2022, respectively.

Interest expense – related party on the above convertible notes payable was $19,491 (including $6,043 of debt discount amortization related to the OID) and $8,822 (including $7,288 of debt discount amortization related to the OID) during the three months ended September 30, 2023 and 2022, respectively. Interest expense was $58,278 (including $17,933 of debt discount amortization related to the OID) and $8,822 (including $7,288 of debt discount amortization related to the OID) during the nine months ended September 30, 2023 and 2022, respectively. Accrued interest – related party due to these convertible notes was $78,276 and $37,931, as of September 30, 2023 and December 31, 2022, respectively.

Loans payable – related parties

During the year ended December 31, 2022, Kristofer Heaton, the Principal Financial Officer, loaned the Company $4,000 to pay for operating expenses. The loan had an interest rate of 10% and was due on demand. During the nine months ended September 30, 2023, the Company repaid $4,000 of principal and $446 of accrued interest leaving a balance of $0 as of September 30, 2023.

Interest expense – related party on the above loan was $11 and $100 during the three months ended September 30, 2023 and 2022, respectively. Interest expense was $222 and $100 during the nine months ended September 30, 2023 and 2022, respectively. Accrued interest – related party as of September 30, 2023 and December 31, 2022 was $0 and $224, respectively.

Accrued liabilities – related parties

As of September 30, 2023 and December 31, 2022, $90,751 and $127,500 of accrued compensation was due to the Company’s officers and management, respectively.

Equity transactions

During the nine months ended September 30, 2023, the Company issued 1,204,688 shares of common stock with a fair value of $271,031 to its officers and management for $218,250 of accrued compensation (see Note 6).

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Promissory Note Payable

9 Months Ended

Sep. 30, 2023

Promissory Note Payable

Promissory Note Payable

Note 4. Promissory Note Payable

During the year ended December 31, 2022, the Company entered into a $100,000 promissory note which accrued interest at 1% and required monthly payments of $9,136 until the balance was paid in full. As of December 31, 2022, there was a principal balance of $9,136 and accrued interest of $0.

During the nine months ended September 30, 2023, the Company paid the remaining principal balance of $9,136.  As of September 30, 2023, the principal balance and accrued interest was $0.

During the nine months ended September 30, 2023, $10,000 of accounts payable and accrued liabilities were paid on behalf of the Company.   The Company entered into a note payable for the $10,000 payment.  The note payable had an interest rate of 5% and a maturity date of December 31, 2023.  During the nine months ended September 30, 2023, the Company repaid $10,000 of principal and $256 of accrued interest leaving a balance of $0 as of September 30, 2023.

Interest expense on the above loans was $6 and $0 during the three months ended September 30, 2023 and 2022, respectively. Interest expense was $256 and $0 during the nine months ended September 30, 2023 and 2022, respectively. Accrued interest as of September 30, 2023 and December 31, 2022 was $0, respectively.

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Convertible Notes

9 Months Ended

Sep. 30, 2023

Convertible Notes

Convertible Notes

Note 5. Convertible Notes

During the year ended December 31, 2022, the Company issued a $93,000 convertible note and a $99,975 convertible note and received total proceeds of $192,975.  The notes have an interest rate of 10%, an OID of 7% and have a maturity date of December 31, 2023. The notes are convertible into common stock of the Company at $0.35 per share.  In the event the Company issues any shares of common stock before the maturity date at a price that is lower than $0.35 per share, the conversion price shall be reduced to equal such lower issue price per share. The Company recorded $14,525 of a debt discount related to the OID. As of September 30, 2023 and December 31, 2022, the remaining unamortized debt discount was $2,754 and $11,323, respectively.

Interest expense on the above convertible notes payable was $8,135 (including $2,811 of debt discount amortization related to the OID) and $6,468 (including $1,016 of debt discount amortization related to the OID) during the three months ended September 30, 2023 and 2022, respectively.  Interest expense was $24,541 (including $8,569 of debt discount amortization related to the OID) and $6,468 (including $1,016 of debt discount amortization related to the OID) during the nine months ended September 30, 2023 and 2022, respectively. Accrued interest as of September 30, 2023 and December 31, 2022 was $21,426 and $5,454, respectively, and has been recorded in accrued liabilities on the balance sheet. 

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Issuances of Securities

9 Months Ended

Sep. 30, 2023

Issuances of Securities

Issuances of Securities

Note 6. Issuances of Securities

Share issuances 2022

During the nine months ended September 30, 2022, the Company had the following common stock transactions:

· 259,028 shares of common stock were sold to non-affiliated investors in a private placement for total cash proceeds of $87,148.

· 672,919 shares of commons stock with a fair value of $254,001 were issued to various consultants to settle $203,126 of accrued liabilities resulting in a loss on settlement of debt of $50,875.

· 300,000 shares of common stock with a fair value of $129,000 were issued to consultants for services.

· 425,000 shares of common stock were issued to settle $127,500 of accrued liabilities – related party resulting in a loss of settlement of debt of $76,500.

· 850,000 shares of common stock with a fair value of $344,250 were issued to officers and a former officer of the Company for services.

· 250,000 shares of common stock were cancelled reducing common stock by $250 and increasing additional paid-in capital by the same.

· 757,756 shares of common stock with a fair value of $250,000 were issued as a commitment shares.

· 20,000 shares of common stock with a fair value of $10,200 were issued for legal services.

Share repurchases 2022

During the nine months ended September 30, 2022, the Company paid $50,000 to repurchase 142,857 shares of common stock and received 2,085,258 shares of common stock from its former Chief Executive Officer in connection with his remaining $808,781 disgorgement settlement obligation with the SEC. The aggregate amount of 2,228,115 shares of common stock were cancelled.

Share issuances 2023

                During the nine months ended September 30, 2023, the Company had the following common stock transactions:

· 1,204,688 shares of common stock with a fair value of $271,031 were issued to officers and management of the Company to settle $218,250 of accrued liabilities (see Note 3) resulting in a loss on settlement of debt of $52,781.

· 712,500 shares of common stock with a fair value of $153,751 were issued to consultants to settle $126,000 of accrued liabilities resulting in a loss on debt settlement of $27,751.

· 7,515,000 shares of common stock were sold for $1,710,793, net of legal and administrative fees of $12,000 and which included a payment of $50,550 for a subscription receivable, under the Company’s common stock purchase agreement with White Lion.

· 1,850,000 shares of common stock with a fair value of $462,500 were issued to settle litigation (see Note 8).

Restricted stock units

As of September 30, 2023 and December, 31, 2022, the Company has 47,665,000 restricted stock units (RSU) outstanding. The RSU’s are subject to certain conditions and shall vest upon the achievement of certain Company objectives and milestones. 

Management is unable to predict if or when a Covered Transaction or Triggering Event under the RSU Agreements governing the restricted stock units will occur and as of September 30, 2023, there was $25,313,630 of unrecognized compensation cost related to unvested restricted stock unit awards.  

Activity related to our restricted stock units during the three months ended September 30, 2023 was as follows:

			Weighted
			Average
			Grant
	Number of		Date Fair
	Units		Value
Total awards outstanding at December 31, 2022		47,665,000	$	0.54
Units granted		-	$	-
Units Exercised/Released		-	$	-
Units Cancelled/Forfeited		-	$	-
Total awards outstanding at September 30, 2023		47,665,000	$	0.54

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Accrued Litigation Settlement

9 Months Ended

Sep. 30, 2023

Accrued Litigation Settlement

Accrued Litigation Settlement

 Note 7. Accrued Litigation Settlement

On June 15, 2022, the Security and Exchange Commission’s (SEC) investigation of the Company, initially reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, was settled through the filing of a consent judgment without the Company admitting or denying the SEC’s allegations. As part of the settlement, the Company was required to pay a civil penalty of $450,000, payable in four installments as follows:

· $50,000 upon the entry of the judgment;

· $100,000 within 90 days of the entry of the judgment;

· $150,000 within 180 days of the entry of the judgment; and

· $150,000 within 270 days of the entry of the judgment, plus statutory interest on payments made after 30 days of the entry of the judgment pursuant to U.S.C. Section 1961

During the nine months ended September 30, 2023, the Company amended its installment payment plan to the SEC related to its civil penalty.  The amended payment plan called for the Company to make three $50,000 payments with payments due on August 1, 2023, September 1, 2023 and October 1, 2023 with any remaining principal plus outstanding post-judgement interest to be paid on November 1, 2023. 

The Company has made total payments of $400,000 towards the civil penalty through September 30, 2023 and the $50,000 due on October 1, 2023 has been paid by the Company.  As of September 30, 2023 and December 31, 2022, the remaining balance was $50,000 (inclusive of $7,638 of post-judgement interest) and $300,000, respectively. Post-judgment interest of $7,638 has been accrued and is included in accounts payable and accrued liabilities on the balance sheet as of September 30, 2023.

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Litigation

9 Months Ended

Sep. 30, 2023

Litigation

Litigation

Note 8. Litigation

Effective as of March 31, 2023, a 2018 lawsuit filed by Philip Forman, against the Company and its former CEO relating to the validity of a June 25, 2015 Amendment to his November 10, 2014 Employment Agreement with the Company and claims for compensation on termination of his employment was settled. In the settlement, as full and complete consideration, the Company issued to Mr. Forman 1,850,000 shares of common stock of the Company with a fair value of $462,500.  

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Leases

9 Months Ended

Sep. 30, 2023

Leases

Leases

Note 9. Leases

In May 2023, the Company entered into 36-month operating lease, which provides for approximately 1,800 square feet of office space, that commenced on June 1, 2023 and ends on May 31, 2026. The lease required a $2,850 security deposit and monthly lease payments are $2,850 the first year of the lease, $2,964 the second year and $3,082 the third year.

Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. On the commencement date of the lease, the Company recorded $92,425 related to the ROU asset and lease liability.

The components of lease expense and supplemental cash flow information related to the lease for the period are as follows:

	Nine Months Ended September 30, 2023
Lease Cost
Operating lease cost (included in general and administrative in the Company’s statement of operations)	$	11,746
Other Information
Cash paid for amounts included in the measurement of lease liabilities for the nine months ended September 30, 2023	$	11,400
Weighted average remaining lease term – operating leases (in years)	2.67 years
Average discount rate – operating lease		10	%

The supplemental balance sheet information related to leases for the period is as follows:

	At September 30, 2023		At December 31, 2022
Operating leases
Remaining right-of-use assets	$	82,813	$	-
Short-term operating lease liabilities	$	27,790	$	-
Long-term operating lease liabilities	$	55,369	$	-
Total operating lease liabilities	$	83,159	$	-

Maturities of the Company’s undiscounted lease liabilities are as follows:

Year Ending	Operating Leases
2023 (Remaining)	$	8,550
2024		34,998
2025		36,394
2026		14,664
Total lease payments		94,606
Less: Imputed interest/present value discount		(11,447	)
Present value of lease liabilities	$	83,159

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Subsequent Event

9 Months Ended

Sep. 30, 2023

Subsequent Event

Subsequent Event

Note 10. Subsequent Events

The Company has evaluated events from September 30, 2023, through the date whereupon the financial statements were issued and has determined that there are no material events that need to be disclosed except as follows:

The Company sold 830,000 shares of common stock to White Lion for net proceeds of $196,895 after $2,400 of administrative fees were deducted.

The Company paid a total of $57,638 to the SEC which included the final scheduled payment of $50,000 towards the civil penalty along with $7,638 of post-judgement interest (see Note 7).

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Significant Accounting Policies

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred recurring net losses, negative working capital and operations have not provided cash flows. Additionally, the Company does not currently have sufficient revenue producing operations to cover its operating expenses and meet its current obligations. In view of these matters, there is substantial doubt about the Company’s ability to continue as a going concern. The Company intends to finance its future development activities and its working capital needs largely from the sale of equity securities with some additional funding from other traditional financing sources, including term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

Cash and Cash Equivalents

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

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Changes in the economic environment, financial markets, as well as in the healthcare industry, and any other parameters used in determining these estimates, could cause actual results to differ.

Fair Value Measurements

Accounting principles generally accepted in the United States define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1. We value assets and liabilities included in this level using dealer and broker quotations, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2023 and 2022. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments.

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from the sale of its HemoStyp product by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.

The Company receives orders for its HemoStyp products directly from its customers. Revenues are recognized based on the agreed upon sales or transaction price with the customer when control of the promised goods are transferred to the customer. The transfer of goods to the customer and satisfaction of the Company’s performance obligation will occur either at the time when products are shipped or when the products arrive and are received by the customer. No discounts are currently offered by the Company. The Company does not provide an estimate for returns as there is no anticipation for any returns in the normal course of business.

Trade Accounts Receivable and Concentration Risk

We record accounts receivable at the invoiced amount and we do not charge interest. We review the accounts receivable by amounts due from customers that are past due, to identify specific customers with known disputes or collectability issues. In determining the amount of the reserve, we make judgments about the creditworthiness of significant customers based on ongoing credit evaluations. We will also maintain a sales allowance to reserve for potential credits issued to customers. We will determine the amount of the reserve based on historical credit issued.

There were no provisions for doubtful accounts recorded at September 30, 2023 and December 31, 2022. The Company recorded $0 in bad debt expense for the three and nine month periods ended September 30, 2023 and 2022.

Inventory

Inventory is valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. Inventory on the balance sheet consists of work-in process.

	September 30, 2023		December 31, 2022
Finished goods	$	33,598	$	34,730
Total inventory	$	33,598	$	34,730

During the nine months ended September 30, 2023 and 2022, the Company determined that $0 needed to be impaired and written-off.  During the nine months ended September 30, 2023, the Company used $1,132 of inventory as samples for its FDA testing and recorded it to research and development on the Statement of Operations.

Stock Based Compensation

The Company accounts for stock-based compensation under the provisions of ASC 718, Compensation-Stock Compensation. Stock-based compensation expense for employees and non-employees is measured at the grant date fair value.

Per Share Information

Basic earnings per share are calculated using the weighted average number of common shares outstanding for the period presented. Diluted earnings per share is computed using the weighted-average number of common shares and, if dilutive, potential common shares outstanding during the period. The dilutive effect of potential common shares is not reflected in diluted earnings per share because the Company incurred net losses for the three and nine months ended September 30, 2023 and for the nine months ended September 30, 2022 and the effect of including these potential common shares in the net loss per share calculations would be anti-dilutive.

The total potential common shares as of September 30, 2023 included 47,665,000 of restricted stock units, 3,636,957 shares for convertible notes payable – related parties and 1,439,783 shares for convertible notes payable. The total potential common shares as of September 30, 2022 included 46,915,000 of restricted stock units, 1,501,233 shares for convertible notes payable – related parties and 799,863 shares for convertible notes payable.

The following represents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computation for the three months ended September 30, 2022:

	Net Income (Loss)		Shares		Per Share
	(Numerator)		(Denominator)		Amount
Basic EPS	$	820,567		230,438,815	$	0.00
Effect of dilutive securities:
Convertible notes payable (interest expense)		15,290		2,301,096		(0.00	)
Restricted stock units		-		46,915,000		-
Diluted EPS	$	835,857		279,654,911	$	0.00

Patents

Patents are stated on the balance sheet at cost. Costs, such as filing fees with patent granting agencies and legal fees directly relating to those filings, incurred to file patent applications were capitalized when the Company believed that there was a high likelihood that the patent would be issued and there would be future economic benefit associated with the patent. These costs were amortized from the date of the patent application on a straight-line basis over the estimated useful life of 10 years. All costs associated with any abandoned patent applications are expensed.

Accumulated amortization as of September 30, 2023 and December 31, 2022 was $7,088 and $4,050, respectively. Amortization expense for the nine months ended September 30, 2023 and 2022 was $3,038 and $3,037, respectively.

Future Amortization Expense

Year	Amount
2023 (remaining)	$	1,012
2024		4,050
2025		4,050
2026		4,050
2027		4,050
Thereafter		16,200
	$	33,412

Impairment of Long-lived Assets

The Company applies the provisions of ASC 360, Property, Plant and Equipment, where applicable to all long-lived assets. ASC 360 addresses accounting and reporting for impairment and disposal of long-lived assets. The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 360. ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced for the cost of disposal.

When long-lived assets are sold or retired, the related cost and accumulated depreciation or amortization are removed from the accounts and any gain or loss is included in the results of operations. During the nine months ended September 30, 2023 and 2022, the Company determined no impairment was required.

Deferred Offering Costs

Deferred offering costs represent specific incremental costs directly attributable to the offering of securities. The deferred offering costs are recorded as an offset to additional paid-in capital and charged against the proceeds received.

Advertising and Marketing Costs

                Advertising and marketing expenses are expensed as incurred. The Company incurred $84,320 and $86,884 in advertising and marketing costs during the nine months ended September 30, 2023 and 2022, respectively. 

Research and Development

                The Company charges research and development costs to expense when incurred. The Company incurred $445,550 and $414,944 in research and development expenses during the nine months ended September 30, 2023 and 2022, respectively.

Leases

The Company follows the provisions of ASC 842, and records right-of-use (“ROU”) assets and lease obligations for its operating leases, which are initially recognized based on the discounted future lease payments over the term of the lease. If the rate implicit in the Company's leases is not readily determinable, the Company's applicable incremental borrowing rate is used in calculating the present value of the sum of the lease payments.

The lease term is defined as the non-cancelable period of the lease plus any options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company has elected not to recognize ROU asset and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less.

New Accounting Pronouncements

The Company considers all new pronouncements and management has determined that there have been no recently adopted or issued accounting standards that had or will have a material impact on its financial statements.

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Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Significant Accounting Policies

Schedule of Inventory

	September 30, 2023		December 31, 2022
Finished goods	$	33,598	$	34,730
Total inventory	$	33,598	$	34,730

Schedule of computation of earnings per share

	Net Income (Loss)		Shares		Per Share
	(Numerator)		(Denominator)		Amount
Basic EPS	$	820,567		230,438,815	$	0.00
Effect of dilutive securities:
Convertible notes payable (interest expense)		15,290		2,301,096		(0.00	)
Restricted stock units		-		46,915,000		-
Diluted EPS	$	835,857		279,654,911	$	0.00

Schedule of Future Amortization Expense

Year	Amount
2023 (remaining)	$	1,012
2024		4,050
2025		4,050
2026		4,050
2027		4,050
Thereafter		16,200
	$	33,412

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Issuances of Securities (Tables)

9 Months Ended

Sep. 30, 2023

Issuances of Securities

Schedule of Restricted Stock Units

			Weighted
			Average
			Grant
	Number of		Date Fair
	Units		Value
Total awards outstanding at December 31, 2022		47,665,000	$	0.54
Units granted		-	$	-
Units Exercised/Released		-	$	-
Units Cancelled/Forfeited		-	$	-
Total awards outstanding at September 30, 2023		47,665,000	$	0.54

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Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases

Schedule of lease expense and supplemental cash flow information

	Nine Months Ended September 30, 2023
Lease Cost
Operating lease cost (included in general and administrative in the Company’s statement of operations)	$	11,746
Other Information
Cash paid for amounts included in the measurement of lease liabilities for the nine months ended September 30, 2023	$	11,400
Weighted average remaining lease term – operating leases (in years)	2.67 years
Average discount rate – operating lease		10	%

Schedule of supplemental balance sheet information

	At September 30, 2023		At December 31, 2022
Operating leases
Remaining right-of-use assets	$	82,813	$	-
Short-term operating lease liabilities	$	27,790	$	-
Long-term operating lease liabilities	$	55,369	$	-
Total operating lease liabilities	$	83,159	$	-

Schedule of maturity of lease liabilities

Year Ending	Operating Leases
2023 (Remaining)	$	8,550
2024		34,998
2025		36,394
2026		14,664
Total lease payments		94,606
Less: Imputed interest/present value discount		(11,447	)
Present value of lease liabilities	$	83,159

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Significant Accounting Policies (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Significant Accounting Policies
Finished goods	$ 33,598	$ 34,730
Total Inventory	$ 33,598	$ 34,730

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Significant Accounting Policies (Details 1) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income loss	$ (485,732)	$ (522,911)	$ (1,142,706)	$ 820,567	$ (879,037)	$ (964,264)	$ (2,151,349)	$ (1,022,734)
Earning per share	$ (0.00)			$ 0.00			$ (0.01)	$ (0.00)
Restricted stock units [Member]
Net income loss	$ 0
Earning share	46,915,000						46,915,000
Earning per share	$ 0
Diluted earning per share [Member]
Net income loss	$ 835,857
Earning share	279,654,911						279,654,911
Earning per share	$ 0.00
Basic earning per share [Member]
Net income loss	$ 820,567
Earning share	230,438,815						230,438,815
Earning per share	$ 0.00
Convertible Notes Payable [Member]
Net income loss	$ 15,290
Earning share	2,301,096						2,301,096
Earning per share	$ (0.00)

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Significant Accounting Policies (Details 2) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Significant Accounting Policies
2023 (remaining)	$ 1,012
2024	4,050
2025	4,050
2026	4,050
2027	4,050
Thereafter	16,200
Future Amortization Expense	$ 33,412	$ 36,450

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Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accumulated amortization	$ 7,088		$ 7,088		$ 4,050
Advertising and marketing expenses			84,320	$ 86,884
Research and development costs	121,761	$ 214,978	445,550	414,944
Bad debt expense	$ 0	$ 0	0	0
Amortization expense			$ 3,038	3,037
Description of patent			straight-line basis over the estimated useful life of 10 years
Inventory used			$ 1,132	(37,750)
Impaired and written-off			$ 0	$ 0
Convertible Notes Payable [Member]
Potential antidilutive shares			1,439,783	799,863
Convertible Notes Payable - Related Parties [Member]
Potential antidilutive shares			3,636,957	1,501,233
Restricted Stock Units [Member]
Potential antidilutive shares			47,665,000	46,915,000

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Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended					9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Interest Rate								10.00%
Interest expense on convertible notes - related party	$ 19,491			$ 8,822		$ 58,278	$ 8,822
Share price								$ 0.35
Debt discount amortization related to OID	6,043			7,288		17,933	7,288
Accrued interest	66,439					66,439		$ 33,897
Accrued interest related parties	446					446
Repayment of loan	4,000					4,000
Convertible Note Interest Rate								10.00%
Original Issue Discount Rate								7.00%
Maturity Of Convertible Notes Payable								December 31, 2023
Conversion Of Common Stock								$ 0.35
Debt Discount						28,000
Loans payable - related parties	0					0		$ 4,000
Unamortized Debt Discount	2,790					2,790		16,998
Principal amount converted to convertible note payable								372,000
Accrued compensation	90,751					90,751		127,500
Stock issued during period, value	559,213	$ 575,725	$ 575,855	9,856	$ 77,292
Related parties [Member]
Accrued interest	78,276					78,276		$ 37,931
Equity transactions [Member]
Accrued compensation	218,250					$ 218,250
Stock issued during period, share						1,204,688
Stock issued during period, value						$ 271,031
Officers And Directors [Member]
Interest Rate								10.00%
Share price								$ 0.35
Accrued interest	11,837					11,837		$ 4,034
Original Issue Discount Rate								7.00%
Maturity Date								December 31, 2023
Loan To Company								$ 93,000
Debt Discount								7,000
Unamortized Debt Discount	946					946		$ 4,671
Conversion Of Common Stock								$ 0.35
Loans Payable Related Parties [Member]
Interest expense - related party	11			$ 100		222	$ 100
Accrued interest	$ 0					$ 0		$ 224

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Promissory Note Payable (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accrued interest	$ 0		$ 0		$ 0
Interest rate	5.00%		5.00%		1.00%
Monthly payments			$ 9,136
Promissory note					$ 100,000
Note payable amount payment			10,000
Accounts payable and accrued expenses on promissory note payable			10,000
Interest expense on debt	$ 6	$ 0	$ 256	$ 0
Maturity of convertible notes payable			December 31, 2023
Promissory note payable	0		$ 0		$ 9,136
Promissory Note Payable
Accrued interest	0		0
Remaining principle balance on promissory note payable	$ 10,000		$ 10,000

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Convertible Notes (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Convertible Notes
Accrued Interest	$ 21,426			$ 21,426	$ 5,454
Maturity Date					December 31, 2023
Interest Rate					10.00%
Issuance Of Convertible Note					$ 93,000
Convertible Note Per Share price					$ 0.35
Share price					$ 0.35
Original Issue Discount Rate					7.00%
Interest expense	8,135	$ 6,468	$ 6,468	24,541
Debt discount amortization related to OID	2,811	$ 1,016	$ 1,016	8,569
Debt Discount					$ 14,525
Proceed from convertible notes					192,975
Convertible Notes Payable, Noncurrent					99,975
Unamortized debt discount	$ 2,754			$ 2,754	$ 11,323

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Issuances of Securities (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Issuances of Securities
Number of units total awards outstanding, beginning | shares	47,665,000
Number of units total awards outstanding, ending | shares	47,665,000
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, total awards outstanding, beginning	$ 0.54
Weighted average grant date fair value, units exercised/released	0.00
Weighted average grant date fair value, units cancelled/forfeited	0.00
Weighted average grant date fair value, total awards outstanding, ending	$ 0.54

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Issuances of Securities (Details Narrative) - USD ($)	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Repurchase common shares					$ 142,857
Issuance of common stock for services, shares						757,756
Restricted stock units, granted					47,665,000		47,665,000
Unrecognized compensation cost	$ 25,313,630				$ 25,313,630
Stock issued for litigation settlement					$ 462,500	$ 0
Common stock issued for litigation settlement, shares					1,850,000
Loss on settlement of debt	$ 0	$ (14,000)			$ (80,532)	(127,375)
Proceeds from issuance of cost					1,722,793	87,148
Fair value of common stock						$ 250,000
Common stock, shares issued for service renderred, amount		$ 33,000	$ 96,000	$ 10,200	$ 50,000
Legal Service [Member]
Issuance of common stock for services, shares						20,000
Fair value of common stock						$ 10,200
Chief Executive Officer [Member]
Common stock shares cancellations					2,228,115
Repurchase common shares					$ 2,085,258
Loss on settlement of debt					$ 808,781
Consultant [Member]
Issuance of common stock for services, shares						20,000
Common stock, shares issued for service renderred, amount						$ 129,000
Litigation Settlement [Member]
Common stock shares issued during the period						850,000
Fair value of common stock						$ 344,250
Share Issuances [Member]
Common stock shares issued during the period					712,500	425,000
Accrued liabilities related party					$ 126,000	$ 127,500
Loss on settlement of debt					27,751	$ 76,500
Fair value of common stock					$ 153,751
Share Issuances 2021 and 2022 [Member]
Common stock shares issued during the period					1,204,688
Accrued liabilities					$ 218,250
Loss on settlement of debt					52,781
Fair value of common stock					$ 271,031
Consultant Agreement [Member]
Issuance of common stock for services, shares						672,919
Accrued liabilities related party						$ 203,126
Loss on settlement of debt						50,875
Fair value of common stock						$ 254,001
Non Affiliated Investor [Member] | Private Placement [Member]
Common stock shares issued during the period						259,028
Proceeds from issuance of cost						$ 87,148
White Lion Capital [Member]
Common stock shares issued during the period					7,515,000
Subscription receivable					$ 50,550
Fair value of common stock					1,710,793
Legal and administrative fees					$ 12,000
Common Stock [Member]
Common stock shares cancellations						250,000
Increasing additional paid-in capital						$ 250

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Accrued Litigation Settlement (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
	Jun. 15, 2022	Sep. 30, 2023	Dec. 31, 2022
Civil penalty amount	$ 450,000
Payments towards civil penalty		$ 400,000
Description of civil penalty		$50,000 due on October 1, 2023 has been paid by the Company
Description of installment payment plan of civil penalty		The amended payment plan called for the Company to make three $50,000 payments with payments due on August 1, 2023, September 1, 2023 and October 1, 2023 with any remaining principal plus outstanding post-judgement interest to be paid on November 1, 2023
Accrued litigation settlement		$ 50,000	$ 300,000
Post judgement interest		$ 7,638
Installment One [Member]
Civil penalty amount	50,000
Installment Two [Member]
Civil penalty amount	100,000
Installment Four [Member]
Civil penalty amount	150,000
Installment Three [Member]
Civil penalty amount	$ 150,000

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Litigation (Details Narrative) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock issued during period, shares					757,756
Stock issued during period, value	$ 33,000	$ 96,000	$ 10,200	$ 50,000
Former Chief Executive Officer and Chief Medical Advisor [Member]
Stock issued during period, shares				1,850,000
Stock issued during period, value				$ 462,500

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Leases (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)
Leases
Operating lease cost (included in general and administrative in the Company's statement of operations)	$ 11,746
Average discount rate - operating lease	10.00%
Cash paid for amounts included in the measurement of lease liabilities for the six months ended June 30, 2023	$ 11,400
Weighted average remaining lease term - operating leases (in years)	2 years 8 months 1 day

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Leases (Details 1) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Leases
Remaining right-of-use assets	$ 82,813	$ 0
Short-term operating lease liabilities	27,790	0
Long-term operating lease liabilities	55,369	0
Total operating lease liabilities	$ 83,159	$ 0

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Leases (Details 2)	Sep. 30, 2023 USD ($)
Leases
2023 (Remaining)	$ 8,550
2024	34,998
2025	36,394
2026	14,664
Total lease payments	94,606
Less Imputed Interest	(11,447)
Total	$ 83,159

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Leases (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Description of leases security deposit and monthly lease payments	In May 2023, the Company entered into 36-month operating lease, which provides for approximately 1,800 square feet of office space, that commenced on June 1, 2023 and ends on May 31, 2026.
Initial recognition of operating lease right-of-use asset and operating lease liability	$ 92,425	$ 0
Security deposit amount	2,850
Installment One [Member]
Monthly lease payment	3,082
Installment Two [Member]
Monthly lease payment	2,964
Installment Three [Member]
Monthly lease payment	$ 2,850

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Subsequent Events (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
	Nov. 09, 2023	Sep. 30, 2023	Sep. 30, 2022
Net proceeds from sale of stock		$ 1,722,793	$ 87,148
Subsequent Event [Member]
Net proceeds from sale of stock	$ 196,895
Sale of common stock	830,000
Administrative fee	$ 2,400
Payment made to SEC	57,638
Civil penalty	50,000
Post-judgement interest	$ 7,638