Investment in and Due to Related Company

6 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

Investment in and Due to Related Company

3. Investment in and Due to Related Company

During the year ended December 31, 2019, the Company invested $7,600 in AQUAtap Oasis Partnership S.A.R.L. (“AQUAtap”), a limited liability company domiciled in the Democratic Republic of the Congo, and by doing so obtained 38% of the issued and outstanding shares in AQUAtap. The Company accounts for this investment using the equity method. During the year ended December 31, 2022, the investment balance was reduced to zero therefore the Company discontinued the equity method. The Company adjusted the loss of $42,732 and has restated the financial statements for June 30, 2023 to reflect what was previously recorded. The Company also reclassified some items for presentation purposes. The accounts impacted by the change are detailed below.

Restatement
For the Consolidated Balance Sheet for June 30, 2023	Originally Reported			Change			As Restated

ASSETS
Current assets
Cash	$	-			-		$	-
Prepaid expenses		4,647			-			4,647
Total current assets		4,647			-			4,647
Equipment, net (Note 4)		917			-			917
Total assets	$	5,564			-		$	5,564

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accounts payable and accrued liabilities	$	48,388			-		$	48,388
Investment in partnership, related (Note 3)		42,732			(42,732	)		-
Due to related company (Note 3)		42,303			-			42,303
Due to related parties (Note 5)		1,447,205			-			1,447,205
Due to related parties		1,447,205			-			1,447,205
Total liabilities		1,580,628			(42,732	)		1,537,896

Stockholders’ deficit
Preferred stock, 5,000,000 shares authorized, $0.000001 par value 2 shares issued and outstanding	$	1			-		$	1
Common stock, 500,000,000 shares authorized, $0.000001 par value 131,903,029 issued and outstanding (December 31, 2022 – 131,903,029)		132			-			132
Additional paid-in capital		10,000,348			-			10,000,348
Deficit		(11,575,545	)		42,732			(11,532,813	)
Total stockholders’ deficit		(1,575,064	)		42,732			(1,532,332	)
Total liabilities and stockholders’ deficit	$	5,564			-		$	5,564

Consolidated Statements of Operations and Comprehensive Loss	Originally Reported			Change			As Restated

For June 30, 2023

Expenses
Automotive	$	4,607			-		$	4,607
Depreciation		250			-			250
Management fees		247,500			-			247,500
Office and miscellaneous		3,643			470			4,113
Professional fees		13,563			-			13,563
Rent		10,970			(470	)		10,500
Telephone		1,738			-			1,738
Transfer agent and filing fees		11,170			-			11,170
Total expenses		293,441			-			293,441

Loss before other income		(293,441	)		-			(293,441	)
Other income (expense)
Decrease in equity of investment in partnership		(8,752	)		8,752			-

Net loss and comprehensive loss	$	(302,193	)		8,752		$	(293,441	)

Net loss per share, basic and diluted	$	(0.002	)				$	(0.002	)

Weighted average number of shares outstanding, basic and diluted		131,903,029						131,903,029

	Originally
Consolidated Statements of Cash Flows for June 30, 2023	Reported			Change			As Restated

Operating Activities:
Net loss for the period	$	(302,193	)	$	8,752			(293,441	)
Decrease in equity of partnership investment		8,752			(8,752	)		-
Depreciation		250			-			250
Changes in operating assets and liabilities:
Prepaids		(3,553	)		-			(3,553	)
Accounts payable and accrued liabilities		10,690			-			10,690
Due to related company		(21,359	)		-			(21,359	)
Due to related parties		293,592			(293,592	)		-

Net cash used in operating activities		-			(293,592	)		(293,592	)

Cash flows from investing activities:
Equipment purchase		-			-			-

Net cash used in investing activities		-			-			-

Cash flows from financing activities:
Advances from related parties		-			293,592			293,592

Net cash provided by financing activities		-			293,592			293,592


Change in cash		-			-			(4,227	)
Cash, beginning of period		-			-			4,227

Cash, end of period	$	-		$	–		$	-

Supplemental disclosures:
Interest paid	$	–		$	–		$	-
Income tax paid	$	–		$	–		$	-

The due to related company amounts pertain to funds received on behalf of AQUAtap relating to rights agreements for water units. As at June 30, 2024, a balance of $41,273 (December 31, 2023 - $41,273) was owing to AQUAtap.