Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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 June 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 August 9, 2023 was 241,123,222.

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 June 30, 2023 (unaudited) and December 31, 2022	3

	Condensed Statements of Operations for the Three and Six Months Ended June 30, 2023 and June 30, 2022 (unaudited)	4

	Condensed Statement of Stockholders’ Deficiency for the Three and Six Months Ended June 30, 2023 and June 30, 2022 (unaudited)	5

	Condensed Statements of Cash Flows for the Six Months Ended June 30, 2023 and June 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	17

Item 3.	Quantitative and Qualitative Disclosures	25

Item 4.	Controls and Procedures	25

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	26

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26

Item 3.	Defaults Upon Senior Securities	26

Item 4.	Mine Safety Disclosures	26

Item 5.	Other Information	26

Item 6.	Exhibits and Reports on Form 8-K	27

SIGNATURES		29

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UNITED HEALTH PRODUCTS, INC.

Condensed Balance Sheets

	June 30,			December 31,
	2023			2022
	(Unaudited)
ASSETS
Current Assets
Cash and Cash Equivalents	$	133,601		$	13,377
Inventory		33,598			34,730
Prepaid and other current assets		7,563			22,932
Total current assets		174,762			71,039

Deferred offering costs		132,281			243,039
Operating lease right-of-use asset		89,575			-
Security deposit		2,850			-
Patents, net		34,425			36,450

TOTAL ASSETS	$	433,893		$	350,528

Current Liabilities
Accounts payable and accrued expenses	$	1,116,562		$	1,255,232
Accrued liabilities - related parties		174,040			172,579
Accrued litigation settlement		150,000			300,000
Operating lease liability - current		22,208			-
Promissory note payable		10,000			9,136
Loans payable – related parties		4,000			4,000
Convertible notes payable, net of debt discount		201,935			196,177
Convertible notes payable – related party, net of debt discount		490,221			478,331
Total current liabilities		2,168,966			2,415,455

Operating lease liability – long-term		67,367			-
TOTAL LIABILITIES		2,236,333			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, 241,123,222 and 230,871,034 shares issued and outstanding at June 30, 2023 and December 31, 2022		241,123			230,871
Subscription Receivable		(311,820	)		(50,550	)
Additional Paid-In Capital		74,009,817			71,830,695
Accumulated Deficit		(75,741,560	)		(74,075,943	)
Total Stockholders’ Deficit		(1,802,440	)		(2,064,927	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	433,893		$	350,528

See notes to unaudited condensed financial statements.

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UNITED HEALTH PRODUCTS, INC.

Condensed Statements of Operations

(Unaudited)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022

Revenues	$	-		$	-		$	-		$	-
Operating Costs and Expenses
Selling, general and administrative expenses		370,343			607,186			1,205,642			1,509,332
Research and development		105,113			147,611			323,789			199,966
Total Operating Expenses		475,456			754,797			1,529,431			1,709,298

Loss from Operations		(475,456	)		(754,797	)		(1,529,431	)		(1,709,298	)

Other Income (Expenses)
Interest expense		(8,329	)		(205	)		(16,656	)		(285	)
Interest expense – related party		(19,532	)		(11,535	)		(38,998	)		(20,343	)
Loss on settlement of debt		(19,594	)		(112,500	)		(80,532	)		(113,375	)
Total other income (expenses)		(47,455	)		(124,240	)		(136,186	)		(134,003	)

Net Loss	$	(522,911	)	$	(879,037	)	$	(1,665,617	)	$	(1,843,301	)

Net Loss per common share:
Basic and diluted	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.01	)

Weighted average number of shares outstanding		238,269,719			229,737,399			235,376,226			229,257,932

See notes to unaudited condensed financial statements.

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UNITED HEALTH PRODUCTS, INC

Condensed Statement of Stockholders’ Deficiency

Three and Six Months Ended June 30, 2023 and June 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		20,000			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	)

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					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	)

See notes to unaudited condensed financial statements.

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UNITED HEALTH PRODUCTS, INC.

Condensed Statements of Cash Flows

(Unaudited)

	For the Six Months Ended June 30,
	2023			2022

Cash Flows from Operating Activities:
Net (Loss)	$	(1,665,617	)	$	(1,843,301	)
Adjustments to Reconcile net (loss) to Net Cash Used In Operating Activities:
Stock for services and compensation		-			310,200
Amortization expense		2,025			2,025
Amortization of debt discount		17,648			-
Loss on settlement of debt		80,532			113,375
Stock issued for litigation settlement		462,500			-
Changes in assets and liabilities:
Inventory		1,132			-
Prepaid and other current assets		15,369			(9,206	)
Accounts payable and accrued expenses		(12,670	)		500,774
Accrued liabilities – related party		229,711			146,944
Accrued litigation settlement		(150,000	)		380,000
Net Cash Used In Operating Activities		(1,019,370	)		(399,189	)

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 related party		-			383,275
Repayments on loan payable		(9,136	)		(36,261	)
Proceeds from sale of common stock		1,151,580			77,292
Cash flow provided by financing activities		1,142,444			424,306
Increase (decrease) in Cash and Cash Equivalents		120,224			(15,383	)
Cash and Cash Equivalents – Beginning of period		13,377			21,799

CASH AND CASH EQUIVALENTS – END OF PERIOD	$	133,601		$	6,416

Supplemental cash flow information:
Cash paid for interest	$	15		$	285
Cash paid for income taxes	$	-		$	-

Non-cash Investing & Financing Activities:
Cancellation of common stock	$	-		$	250
Common stock issued for subscription receivable	$	311,820		$	-
Amortization of deferred offering costs	$	110,758		$	-
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		$	127,500
Accounts payable and accrued expenses paid with promissory note payable	$	10,000		$	-
Common stock issued to settle accrued liabilities	$	126,000		$	63,126
Accrued litigation settlement paid with loan payable	$	-		$	100,000

See notes to unaudited condensed financial statements.

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UNITED HEALTH PRODUCTS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE QUARTERS ENDED JUNE 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.

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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 June 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.

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

June 30,

2023

December 31,

2022

Finished goods

33,598

34,730

Total inventory

33,598

34,730

During the six months ended June 30, 2023 and 2022, the Company determined that $0 needed to be impaired and written-off. During the six months ended June 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. 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.

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 six months ended June 30, 2023 and 2022 and the effect of including these potential common shares in the net loss per share calculations would be anti-dilutive.

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The total potential common shares as of June 30, 2023 included 47,665,000 of restricted stock units, 3,552,376 shares for convertible notes payable – related parties and 1,406,300 shares for convertible notes payable. The total potential common shares as of June 30, 2022 included 30,915,000 of restricted stock units.

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 June 30, 2023 and December 31, 2022 was $6,075 and $4,050, respectively. Amortization expense for the six months ended June 30, 2023 and 2022 was $2,025, respectively.

Future Amortization Expense

Year	Amount
2023 (remaining)	$	2,025
2024		4,050
2025		4,050
2026		4,050
2027		4,050
Thereafter		16,200
	$	34,425

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 six months ended June 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 $57,536 and $55,000 in advertising and marketing costs during the six months ended June 30, 2023 and 2022, respectively.

Research and Development

The Company charges research and development costs to expense when incurred. The Company incurred $323,789 and $199,966 in research and development expenses during the six months ended June 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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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 June 30, 2023 and December 31, 2022, the remaining unamortized debt discount was $7,578 and $16,998, respectively. Accrued interest associated with the note was $55,592 and $33,897 as of June 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 June 30, 2023 and December 31, 2022, the remaining unamortized debt discount was $2,201 and $4,671, respectively. Accrued interest associated with the note was $9,236 and $4,034 as of June 30, 2023 and December 31, 2022, respectively.

Interest expense – related party on the above convertible notes payable was $19,426 (including $5,978 of debt discount amortization related to the OID) and $0 during the three months ended June 30, 2023 and 2022, respectively. Interest expense was $38,786 (including $11,890 of debt discount amortization related to the OID) and $0 during the six months ended June 30, 2023 and 2022, respectively. Accrued interest – related party due to these convertible notes was $64,828 and $37,931, as of June 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. As of June 30, 2023 and December 31, 2022, $4,000 in principal was owed on the loan payable. The loan has an interest rate of 10% and is due on demand.

Interest expense – related party on the above loans was $106 and $0 during the three months ended June 30, 2023 and 2022, respectively. Interest expense was $212 and $0 during the six months ended June 30, 2023 and 2022, respectively. Accrued interest – related party as of June 30, 2023 and December 31, 2022 was $436 and $224, respectively.

Accrued liabilities – related parties

As of June 30, 2023 and December 31, 2022, $108,776 and $127,500 of accrued compensation and reimbursable expenses was due to the Company’s officers and management, respectively.

Equity transactions

During the six months ended June 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 had entered into a $100,000 promissory note and had a principal balance of $9,136 and accrued interest of $0 as of December 31, 2022. The note accrued interest at 1% and requires monthly payments of $9,136 until the balance was paid in full.

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

During the six months ended June 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 has an interest rate of 5% and has a maturity date of December 31, 2023.

Interest expense on the above loans was $125 and $0 during the three months ended June 30, 2023 and 2022, respectively. Interest expense was $250 and $0 during the six months ended June 30, 2023 and 2022, respectively. Accrued interest as of June 30, 2023 and December 31, 2022 was $250 and $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 June 30, 2023 and December 31, 2022, the remaining unamortized debt discount was $5,565 and $11,323, respectively.

Interest expense on the above convertible notes payable was $8,204 (including $2,895 of debt discount amortization related to the OID) and $0 during the three months ended June 30, 2023 and 2022, respectively. Interest expense was $16,406 (including $5,758 of debt discount amortization related to the OID) and $0 during the six months ended June 30, 2023 and 2022, respectively. Accrued interest as of June 30, 2023 and December 31, 2022 was $16,102 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 six months ended June 30, 2022, the Company had the following common stock transactions:

	·	184,028 shares of common stock were sold to non-affiliated investors in a private placement for total cash proceeds of $77,292.
	·	206,252 shares of commons stock with a fair value of $100,001 were issued to various consultants to settle $63,126 of accrued liabilities resulting in a loss on settlement of debt of $36,875.
	·	200,000 shares of common stock with a fair value of $96,000 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.
	·	425,000 shares of common stock with a fair value of $204,000 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.
	·	20,000 shares of common stock with a fair value of $10,200 were issued for legal services.

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Share issuances 2023

During the six months ended June 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.
	·	5,385,000 shares of common stock were sold for $1,151,580, net of legal and administrative fees of $6,600 and which included a payment of $50,550 for a subscription receivable, under the Company’s common stock purchase agreement with White Lion. White Lion also purchased 1,100,000 shares for proceeds of $311,820 which were received in July 2023 and is shown as a subscription receivable in the balance sheet as of June 30, 2023.
	·	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 June 30, 2023 and December, 31, 2022, the Company has granted a total of 47,665,000 restricted stock units (RSU). 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 June 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 June 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 June 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 is 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

The Company has made total payments of $300,000 towards the civil penalty through June 30, 2023. As of June 30, 2023 and December 31, 2022, the remaining balance was $150,000 and $300,000, respectively. The Company and the SEC have agreed upon an amended schedule of payments for the remaining balance owed under the settlement (see Note 10).

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:

	Six Months Ended June 30, 2023
Lease Cost
Operating lease cost (included in general and administrative in the Company’s statement of operations)	$	2,850

Other Information
Cash paid for amounts included in the measurement of lease liabilities for the six months ended June 30, 2023	$	2,850
Weighted average remaining lease term – operating leases (in years)	2.92 years
Average discount rate – operating lease		10	%

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

	At June 30, 2023		At December 31, 2022
Operating leases
Remaining right-of-use assets	$	89,575	$	-

Short-term operating lease liabilities	$	22,208	$	-
Long-term operating lease liabilities	$	67,367	$	-
Total operating lease liabilities	$	89,575	$	-

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

Year Ending	Operating Leases
2023 (Remaining)	$	17,100
2024		34,998
2025		36,394
2026		15,410
Total lease payments		103,902
Less: Imputed interest/present value discount		(14,327	)
Present value of lease liabilities	$	89,575

Note 10. Subsequent Events

The Company has evaluated events from June 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 has proposed an amended installment payment plan to the SEC related to its civil penalty (see Note 7). The proposed payment plan calls 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 $50,000 due on August 1, 2023 was paid by the Company.

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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. In response to these inbound contacts, we continue to engage in discussions to evaluate the potential commercial partnerships in anticipation of an FDA decision on our Class III PMA application. There can be no assurances that any specific transaction will occur as a result of these discussions. No assurances can be given that the Company will identify any commercialization candidate(s) or complete 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 HemoStypo 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 for the following product formats:

	·	Boo Boo Strips
	·	The Ultimate Bandage
	·	Hemostrips
	·	CelluSTAT
	·	Nik Fix

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

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

	For the Three Months Ended June 30,
	2023			2022

Revenue	$	-		$	-

Gross profit	$	-		$	-

Operating (expenses)	$	(475,456	)	$	(754,797	)

Operating (loss)	$	(475,456	)	$	(754,797	)

Other income (expense)	$	(47,455	)	$	(124,240	)

Net (loss)	$	(522,911	)	$	(879,037	)

Net loss per common share - basic and diluted	$	(0.00	)	$	(0.00	)

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

During the three months ended June 30, 2023 and 2022, the Company had $0 of revenues. The Company did not generate any revenues 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 June 30, 2023 and 2022 were $475,456 and $754,797, respectively.

The decrease in operating expenses was primarily due to the Company having issued 625,000 shares of common stock for services with a fair value of $300,000 during the three months ended June 30, 2022 compared to $0 during the three months ended June 30, 2023.

Other income (expense) for the three months ended June 30, 2023 and 2022 was $(47,455) and $(124,240), respectively. The decrease in other expense was due to a decrease in loss on settlement of debt of $92,906 offset by an increase in total interest expense of $16,121. The increase in interest expense was primarily due to the Company having a larger outstanding balance of interest bearing promissory notes along with $8,873 of debt discount amortization expense during the three months ended June 30, 2023 compared to $0 during the three months June 30, 2022.

The decrease in the loss on debt settlement was due to the Company issuing common stock with a fair value of $176,344 for the settlement of an aggregate of $156,750 of accrued liabilities and accrued liabilities – related parties resulting in loss on settlement of debt of $19,594 during the three months ended June 30, 2023 compared to the Company issuing common stock with a fair value of $300,000 for the settlement of an aggregate of $187,500 of accrued liabilities and accrued liabilities – related parties resulting in a loss on settlement of debt of $112,500 during the three months ended June 30, 2022.

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Our net loss for the three months ended June 30, 2023 was $522,911 as compared to net loss of $879,037 for the comparable period of the prior year. The decrease in the net loss is due to the Company having a decrease in operating expenses of $279,341 and a decrease in other expenses of $76,785, as explained above.

Results of Operations for the six months ending June 30, 2023 and 2022

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

	For the Six Months Ended June 30,
	2023			2022

Revenue	$	-		$	-

Gross profit	$	-		$	-

Operating (expenses)	$	(1,529,431	)	$	(1,709,298	)

Operating (loss)	$	(1,529,431	)	$	(1,709,298	)

Other income (expense)	$	(136,186	)	$	(134,003	)

Net (loss)	$	(1,665,617	)	$	(1,843,301	)

Net loss per common share - basic and diluted	$	(0.01	)	$	(0.01	)

Six Months ended June 30, 2023 versus Six Months ended June 30, 2022

During the six months ended June 30, 2023 and 2022, the Company had $0 of revenues. The Company did not generate any revenues due to the continued focus of the Company’s capital and resources towards obtaining a Class III PMA.

Total operating expenses for the six months ended June 30, 2023 and 2022 were $1,529,431 and $1,709,298, respectively.

The decrease in operating expenses was due primarily to the Company having $0 in stock-based compensation expenses during the six months ended June 30, 2023 compared to $310,200 of stock-based compensation during the six months ended June 30, 2022 offset by an increase in rent expense of $12,850, an increase of $12,500 in litigation settlement expenses ($462,500 and $450,000 for the six months ended June 30, 2023 and 2022, respectively) and an increase of $123,823 in research and development expenses from $323,789 in the six months ended June 30, 2023 compared to $199,966 in the six months ended June 30, 2022.

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The decrease in stock-based compensation was due to the Company having $0 stock-based compensation expense during the six months ended June 30, 2023 compared to the Company having issued 645,000 shares of common stock for services valued at $310,200 during the six months ended June 30, 2022.

Other income (expense) for the six months ended June 30, 2023 and 2022 was $(136,186) and $(134,003), respectively. The increase in other expense was due to an increase in total interest expense of $35,026 offset by a decrease in loss on debt settlement of $32,843 during the six months ended June 30, 2023 compared to the six months ended June 30, 2022. The increase in interest expense was primarily due to the Company having a larger outstanding balance of interest bearing promissory notes along with $17,648 of debt discount amortization expense during the six months ended June 30, 2023 compared to $0 during the six months June 30, 2022.

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 six months ended June 30, 2023 compared to the Company issuing common stock with a fair value of $304,001 for the settlement of an aggregate of $190,626 of accrued liabilities and accrued liabilities – related parties during the six months ended June 30, 2022.

Our net loss for the six months ended June 30, 2023 was $1,665,617 as compared to net loss of $1,843,301 for the comparable period of the prior year. The decrease in the net loss was due to the Company having a decrease in operating expenses of $179,867 offset by an increase in other expenses from $134,003 during the six months ended June 30, 2022 to $136,186 for the six months ended June 30, 2023 as explained above.

Financial Condition, Liquidity and Capital Resources

As of June 30, 2023, the Company had a negative working capital of $1,994,204. 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 $1,535,794 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 June 30, 2023 and December 31, 2022 was $133,601 and $13,377, respectively.

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

	For the Six Months Ended June 30,
	2023			2022
Net cash used in operating activities	$	(1,019,370	)	$	(399,189	)
Net cash used in investing activities		(2,850	)		(40,500	)
Net cash provided by financing activities		1,142,444			424,306

Net increase (decrease) in cash and cash equivalents	$	120,224		$	(15,383	)

Net Cash Used in Operating Activities

Net cash used in operating activities for the six months ended June 30, 2023 was $1,019,370. The Company had net loss of $1,665,617 offset by amortization expense of $2,025, amortization of debt discount of $17,648, stock issued for litigation settlement of $462,500 and a loss on debt settlement of $80,532, a decrease in inventory of $1,132, a decrease in prepaid and other current assets of $15,369 and an increase in accrued liabilities - related party of $229,711. The Company also had a decrease in accounts payable and accrued expenses of $12,670 and a decrease in accrued litigation settlement of $150,000.

Net cash used in operating activities for the six months ended June 30, 2022 was $399,189. The Company had net loss of $1,843,301 offset by stock for services and compensation of $310,200, amortization expense of $2,025, a loss on debt settlement of $113,375, an increase in accounts payable and accrued expenses of $500,774, an increase in accrued liabilities - related party of $146,944 and an increase in accrued litigation settlement of $380,000 and an increase in prepaid and other current assets of $9,206.

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Net Cash Used in Investing Activities

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

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

Net Cash Provided by Financing Activities

Net cash provided by financing activities for the six months ended June 30, 2023 was $1,142,444. This was due to the result of the Company receiving $1,151,580 in proceeds from the sale of stock offset by making payments of $9,136 on a loan payable.

Net cash provided by financing activities for the six months ended June 30, 2022 was $424,306. This was due to the result of the Company receiving $77,292 in proceeds from the sale of stock and receiving $383,275 from related party loans offset by making payments of $36,261 on loan payable.

Off-Balance Sheet Arrangements

As of June 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

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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 June 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 six months ended June 30, 2023, there were no changes in our system of internal controls over financial reporting.

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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 June 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 stock subscription receivable	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.

Table of Contents

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 Louis Schiliro (4)

10.2		Restricted Stock Unit Agreement – Louis Schiliro (5)

10.3		Restricted Stock Unit Agreement – Doug Beplate (5)

10.4		Services Agreement with Brian Thom (6)

10.5		Restricted Stock Unit Agreement - Brian Thom (6)

10.6		Services Agreement with Kristofer Heaton (7)

10.7		Restricted Stock Unit Agreement - Kristofer Heaton (7)

10.8		Amendment to Restricted Stock Unit Agreement – Brian Thom (8)

10.9		Restricted Stock Unit Agreement – Robert Denser (8)

10.10		Stock Purchase Agreement dated September 1, 2022 between the Company and White Lion Capital LLC (9)

10.11		Amendment to Stock Purchase Agreement dated January 25, 2023 (10)

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 (11)

Table of Contents

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 Company’s Form 10-Q for the quarter ended June 30, 2018.

(5)	Incorporated by reference to the Company’s Form 10-K for the year ended December 31, 2018.

(6)	Incorporated by reference to the Form 8-K dated December 2, 2020

(7)	Incorporated by reference to the Form 8-K dated January 11, 2021

(8)	Incorporated by reference to the Form 8-K dated June 23, 2022

(9)	Incorporated by reference to the Form 8-K dated September 1, 2022

(10)	Incorporated by reference to the Company’s Form 10-K for the year ended December 31, 2022

(11)	Incorporated by reference to Form S-8 dated November 1, 2019

Table of Contents

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: August 9, 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		August 9, 2023
	Brian Thom	Chief Executive Officer, Principal Executive Officer and Director

By:	/s/ Kristofer Heaton	Principal Financial Officer	August 9, 2023
	Kristofer Heaton

By:	/s/ Robert Denser	Director	August 9, 2023
	Robert Denser

nullnullnullnull

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 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	Jun. 30, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		241,123,222
Document Quarterly Report	true
Document Transition Report	false
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
Entity Interactive Data Current	Yes

Condensed Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current Assets
Cash and Cash Equivalents	$ 133,601	$ 13,377
Inventory	33,598	34,730
Prepaid and other current assets	7,563	22,932
Total current assets	174,762	71,039
Deferred offering costs	132,281	243,039
Operating lease right-of-use asset	89,575	0
Security deposit	2,850	0
Patents, net	34,425	36,450
TOTAL ASSETS	433,893	350,528
Current Liabilities
Accounts payable and accrued expenses	1,116,562	1,255,232
Accrued liabilities - related parties	174,040	172,579
Accrued litigation settlement	150,000	300,000
Operating lease liability - current	22,208	0
Promissory note payable	10,000	9,136
Loans payable - related parties	4,000	4,000
Convertible notes payable, net of debt discount	201,935	196,177
Convertible notes payable - related party, net of debt discount	490,221	478,331
Total current liabilities	2,168,966	2,415,455
Operating lease liability - long-term	67,367	0
TOTAL LIABILITIES	2,236,333	2,415,455
Commitments and Contingencies	0	0
Stockholders' Deficit
Common Stock - $0.001 par value, 300,000,000 shares Authorized, 241,123,222 and 230,871,034 shares issued and outstanding at June 30, 2023 and December 31, 2022	241,123	230,871
Subscription Receivable	(311,820)	(50,550)
Additional Paid-In Capital	74,009,817	71,830,695
Accumulated Deficit	(75,741,560)	(74,075,943)
Total Stockholders' Deficit	(1,802,440)	(2,064,927)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	433,893	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

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 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	241,123,222	230,871,034
Common stock, shares outstanding	241,123,222	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

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Condensed Statements of Operations (Unaudited)
Revenues	$ 0	$ 0	$ 0	$ 0
Operating Costs and Expenses
Selling, general and administrative expenses	370,343	607,186	1,205,642	1,509,332
Research and development	105,113	147,611	323,789	199,966
Total Operating Expenses	475,456	754,797	1,529,431	1,709,298
Loss from Operations	(475,456)	(754,797)	(1,529,431)	(1,709,298)
Other Income (Expenses)
Interest expense	(8,329)	(205)	(16,656)	(285)
Interest expense - related party	(19,532)	(11,535)	(38,998)	(20,343)
Loss on settlement of debt	(19,594)	(112,500)	(80,532)	(113,375)
Total other income (expenses)	(47,455)	(124,240)	(136,186)	(134,003)
Net Loss	$ (522,911)	$ (879,037)	$ (1,665,617)	$ (1,843,301)
Net Loss per common share:
Basic and diluted	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.01)
Weighted average number of shares outstanding	238,269,719	229,737,399	235,376,226	229,257,932

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)
Net Loss	(1,843,301)
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)
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		20,000
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)
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)
Net Loss	$ (1,665,617)
Common stock issued for litigation settlement, shares	1,850,000
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)
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)

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net (Loss)	$ (1,665,617)	$ (1,843,301)
Adjustments to Reconcile net (loss) to Net Cash Used In Operating Activities:
Stock for services and compensation	0	310,200
Amortization expense	2,025	2,025
Amortization of debt discount	17,648	0
Loss on settlement of debt	80,532	113,375
Stock issued for litigation settlement	462,500	0
Changes in assets and liabilities:
Inventory	1,132	0
Prepaid and other current assets	15,369	(9,206)
Accounts payable and accrued expenses	(12,670)	500,774
Accrued liabilities - related party	229,711	146,944
Accrued litigation settlement	(150,000)	380,000
Net Cash Used In Operating Activities	(1,019,370)	(399,189)
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 related party	0	383,275
Repayments on loan payable	(9,136)	(36,261)
Proceeds from sale of common stock	1,151,580	77,292
Cash flow provided by financing activities	1,142,444	424,306
Increase (decrease) in Cash and Cash Equivalents	120,224	(15,383)
Cash and Cash Equivalents - Beginning of period	13,377	21,799
CASH AND CASH EQUIVALENTS - END OF PERIOD	133,601	6,416
Supplemental cash flow information:
Cash paid for interest	15	285
Cash paid for income taxes	0	0
Non-cash Investing & Financing Activities:
Cancellation of common stock	0	250
Common stock issued for subscription receivable	311,820	0
Amortization of deferred offering costs	110,758	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	127,500
Accounts payable and accrued expenses paid with promissory note payable	10,000	0
Common stock issued to settle accrued liabilities	126,000	63,126
Accrued litigation settlement paid with loan payable	$ 0	$ 100,000

Organization and Basis of Preparation

6 Months Ended

Jun. 30, 2023

Organization and Basis of Preparation

Organization and Basis of Preparation

Note 1. Organization and Basis of Preparation

Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Significant Accounting Policies

Significant Accounting Policies

Note 2. Significant Accounting Policies

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

Fair Value Measurements

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

Revenue Recognition

Trade Accounts Receivable and Concentration Risk

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.

June 30,

2023

December 31,

2022

Finished goods

33,598

34,730

Total inventory

33,598

34,730

Stock Based Compensation

Per Share Information

Patents

Accumulated amortization as of June 30, 2023 and December 31, 2022 was $6,075 and $4,050, respectively. Amortization expense for the six months ended June 30, 2023 and 2022 was $2,025, respectively.

Future Amortization Expense

Year	Amount
2023 (remaining)	$	2,025
2024		4,050
2025		4,050
2026		4,050
2027		4,050
Thereafter		16,200
	$	34,425

Impairment of Long-lived Assets

Deferred Offering Costs

Advertising and Marketing Costs

Research and Development

Leases

New Accounting Pronouncements

Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions

Related Party Transactions

Note 3. Related Party Transactions

Convertible notes payable - related parties

Loans payable – related parties

Accrued liabilities – related parties

As of June 30, 2023 and December 31, 2022, $108,776 and $127,500 of accrued compensation and reimbursable expenses was due to the Company’s officers and management, respectively.

Equity transactions

Promissory Note Payable

6 Months Ended

Jun. 30, 2023

Promissory Note Payable

Promissory Note Payable

Note 4. Promissory Note Payable

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

Convertible Notes

6 Months Ended

Jun. 30, 2023

Convertible Notes

Convertible Notes

Note 5. Convertible Notes

Issuances of Securities

6 Months Ended

Jun. 30, 2023

Issuances of Securities

Issuances of Securities

Note 6. Issuances of Securities

Share issuances 2022

During the six months ended June 30, 2022, the Company had the following common stock transactions:

	·	184,028 shares of common stock were sold to non-affiliated investors in a private placement for total cash proceeds of $77,292.
	·	206,252 shares of commons stock with a fair value of $100,001 were issued to various consultants to settle $63,126 of accrued liabilities resulting in a loss on settlement of debt of $36,875.
	·	200,000 shares of common stock with a fair value of $96,000 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.
	·	425,000 shares of common stock with a fair value of $204,000 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.
	·	20,000 shares of common stock with a fair value of $10,200 were issued for legal services.

Share issuances 2023

During the six months ended June 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.
	·	5,385,000 shares of common stock were sold for $1,151,580, net of legal and administrative fees of $6,600 and which included a payment of $50,550 for a subscription receivable, under the Company’s common stock purchase agreement with White Lion. White Lion also purchased 1,100,000 shares for proceeds of $311,820 which were received in July 2023 and is shown as a subscription receivable in the balance sheet as of June 30, 2023.
	·	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

Activity related to our restricted stock units during the three months ended June 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 June 30, 2023		47,665,000	$	0.54

Accrued Litigation Settlement

6 Months Ended

Jun. 30, 2023

Accrued Litigation Settlement

Accrued Litigation Settlement

Note 7. Accrued Litigation Settlement

	·	$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

Litigation

6 Months Ended

Jun. 30, 2023

Litigation

Litigation

Note 8. Litigation

Leases

6 Months Ended

Jun. 30, 2023

Leases

Leases

Note 9. Leases

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

	Six Months Ended June 30, 2023
Lease Cost
Operating lease cost (included in general and administrative in the Company’s statement of operations)	$	2,850

Other Information
Cash paid for amounts included in the measurement of lease liabilities for the six months ended June 30, 2023	$	2,850
Weighted average remaining lease term – operating leases (in years)	2.92 years
Average discount rate – operating lease		10	%

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

	At June 30, 2023		At December 31, 2022
Operating leases
Remaining right-of-use assets	$	89,575	$	-

Short-term operating lease liabilities	$	22,208	$	-
Long-term operating lease liabilities	$	67,367	$	-
Total operating lease liabilities	$	89,575	$	-

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

Year Ending	Operating Leases
2023 (Remaining)	$	17,100
2024		34,998
2025		36,394
2026		15,410
Total lease payments		103,902
Less: Imputed interest/present value discount		(14,327	)
Present value of lease liabilities	$	89,575

Subsequent Event

6 Months Ended

Jun. 30, 2023

Subsequent Event

Subsequent Event

Note 10. Subsequent Events

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Significant Accounting Policies

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

Fair Value Measurements

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

Revenue Recognition

Trade Accounts Receivable and Concentration Risk

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.

June 30,

2023

December 31,

2022

Finished goods

33,598

34,730

Total inventory

33,598

34,730

Stock Based Compensation

Per Share Information

Patents

Accumulated amortization as of June 30, 2023 and December 31, 2022 was $6,075 and $4,050, respectively. Amortization expense for the six months ended June 30, 2023 and 2022 was $2,025, respectively.

Future Amortization Expense

Year	Amount
2023 (remaining)	$	2,025
2024		4,050
2025		4,050
2026		4,050
2027		4,050
Thereafter		16,200
	$	34,425

Impairment of Long-lived Assets

Deferred Offering Costs

Advertising and Marketing Costs

Research and Development

Leases

New Accounting Pronouncements

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Significant Accounting Policies

Schedule of Inventory

June 30,

2023

December 31,

2022

Finished goods

33,598

34,730

Total inventory

33,598

34,730

Schedule of Future Amortization Expense

Year	Amount
2023 (remaining)	$	2,025
2024		4,050
2025		4,050
2026		4,050
2027		4,050
Thereafter		16,200
	$	34,425

Issuances of Securities (Tables)

6 Months Ended

Jun. 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 June 30, 2023		47,665,000	$	0.54

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases

Schedule of lease expense and supplemental cash flow information

	Six Months Ended June 30, 2023
Lease Cost
Operating lease cost (included in general and administrative in the Company’s statement of operations)	$	2,850

Other Information
Cash paid for amounts included in the measurement of lease liabilities for the six months ended June 30, 2023	$	2,850
Weighted average remaining lease term – operating leases (in years)	2.92 years
Average discount rate – operating lease		10	%

Schedule of supplemental balance sheet information

	At June 30, 2023		At December 31, 2022
Operating leases
Remaining right-of-use assets	$	89,575	$	-

Short-term operating lease liabilities	$	22,208	$	-
Long-term operating lease liabilities	$	67,367	$	-
Total operating lease liabilities	$	89,575	$	-

Schedule of undiscounted lease liabilities

Year Ending	Operating Leases
2023 (Remaining)	$	17,100
2024		34,998
2025		36,394
2026		15,410
Total lease payments		103,902
Less: Imputed interest/present value discount		(14,327	)
Present value of lease liabilities	$	89,575

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

Significant Accounting Policies (Details 1) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Significant Accounting Policies
2023 (remaining)	$ 2,025
2024	4,050
2025	4,050
2026	4,050
2027	4,050
Thereafter	16,200
Future Amortization Expense	$ 34,425	$ 36,450

Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accumulated amortization	$ 6,075		$ 6,075		$ 4,050
Advertising and marketing expenses			57,536	$ 55,000
Research and development costs	$ 105,113	$ 147,611	323,789	199,966
Bad debt expense			0	0
Amortization expense			$ 2,025	2,025
Description of patent			straight-line basis over the estimated useful life of 10 years
Inventory used			$ 1,132	0
Impaired and written-off			$ 0	$ 0
Convertible Notes Payable [Member]
Potential antidilutive shares			1,406,300
Convertible Notes Payable - Related Parties [Member]
Potential antidilutive shares			3,552,376
Restricted Stock Units [Member]
Potential antidilutive shares			47,665,000	30,915,000

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Interest Rate					10.00%
Interest expense on convertible notes - related party	$ 19,426				$ 38,786
Share price							$ 0.35
Debt discount amortization related to OID	5,978		$ 0			$ 0
Accrued interest	55,592				55,592		$ 33,897
Loans payable - related parties	4,000				4,000		$ 4,000
Convertible Note Interest Rate							10.00%
Original Issue Discount Rate							7.00%
Original Issue Discount Rate							7.00%
Maturity Of Convertible Notes Payable							December 31, 2023
Conversion Of Common Stock							$ 0.35
Debt Discount					28,000
Unamortized Debt Discount	7,578				7,578		$ 16,998
Principal amount converted to convertible note payable							372,000
Accrued compensation	108,776				108,776		127,500
Stock issued during period, value	575,725	$ 575,855		$ 77,292
Operating Expenses	475,456		$ 754,797		1,529,431	1,709,298	4,000
Loans Payable Related Parties [Member]
Interest expense on related party	106				212	$ 0
Accrued interest	436				436		$ 224
Officers And Directors [Member]
Interest Rate							10.00%
Share price							$ 0.35
Accrued interest	9,236				9,236		$ 4,034
Original Issue Discount Rate							7.00%
Conversion Of Common Stock							$ 0.35
Debt Discount							$ 7,000
Unamortized Debt Discount	2,201				2,201		$ 4,671
Maturity Date							December 31, 2023
Loan To Company							$ 93,000
Equity transactions [Member]
Accrued compensation	218,250				$ 218,250
Stock issued during period, share					1,204,688
Stock issued during period, value					$ 271,031
Related parties [Member]
Accrued interest	$ 64,828				$ 64,828		$ 37,931

Promissory Note Payable (Details Narrative) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
Promissory Note Payable (Details Narrative) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Promissory Note Payable
Accrues interest	$ 0			$ 0		$ 0
Interest rate	5.00%			5.00%		1.00%
Monthly payments				$ 9,136	$ 36,261	$ 9,136
Promissory note						100,000
Remaining principle balance on promissory note payable	$ 9,136			9,136		9,136
Accrued interest note	250			250		$ 0
Note payable amount payment				10,000
Accounts payable and accrued expenses on promissory note payable			$ 0	10,000
Interest expense	$ 125	$ 0		$ 250	$ 0
Maturity of convertible notes payable				December 31, 2023

Convertible Notes (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Convertible Notes (Details Narrative) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accrued Interest	$ 16,102		$ 16,102		$ 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	125	$ 0	250	$ 0
Debt discount amortization related to OID	2,895	$ 0	5,758	$ 0
Debt Discount					$ 14,525
Proceed from convertible notes					192,975
Convertible Notes Payable, Noncurrent					99,975
Unamortized debt discount	5,565		5,565		$ 11,323
Convertible Notes Payable [Member]
Interest expense	$ 8,204
Interest expense convertible note			$ 16,406

Issuances of Securities (Details)	6 Months Ended
Issuances of Securities (Details)	Jun. 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 granted	0
Weighted average grant date fair value, units exercised/released	0
Weighted average grant date fair value, units cancelled/forfeited	0
Weighted average grant date fair value, total awards outstanding, ending	$ 0.54

Issuances of Securities (Details Narrative) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
Issuances of Securities (Details Narrative) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Repurchase common shares				$ 1,100,000
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	$ (19,594)	$ (112,500)		$ (80,532)	(113,375)
Subscription receivable				50,550
Proceeds from issuance of cost				311,820
Proceeds from issuance of cost				1,151,580	77,292
Legal and administrative fees				$ 6,600
Common stock, shares issued for service renderred, amount		$ 96,000	$ 10,200
Legal Counsels [Member]
Fair value of common stock					$ 10,200
Common stock, shares issued for service renderred, shares					20,000
Consultant [Member]
Common stock, shares issued for service renderred, shares					200,000
Common stock, shares issued for service renderred, amount					$ 96,000
Litigation Settlement [Member]
Common stock shares issued during the period					425,000
Fair value of common stock					$ 204,000
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]
Accrued liabilities related party					63,126
Loss on settlement of debt					36,875
Fair value of common stock					$ 100,001
Common stock, shares issued for service renderred, shares					206,252
Non Affiliated Investor [Member] \| Private Placement [Member]
Common stock shares issued during the period					184,028
Proceeds from issuance of cost					$ 77,292
White Lion Capital [Member]
Common stock shares issued during the period				5,385,000
Fair value of common stock				$ 1,151,580
Common Stock [Member]
Common stock shares cancellations					250,000
Increasing additional paid-in capital					$ 250

Accrued Litigation Settlement (Details Narrative) - USD ($)	1 Months Ended
	Jun. 15, 2022	Jun. 30, 2023	Dec. 31, 2022
Civil penalty amount	$ 450,000
Total civil penalty amount		$ 300,000
Accrued litigation settlement		$ 150,000	$ 300,000
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

Litigation (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
Litigation (Details Narrative) - USD ($)	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023
Stock issued during period, value	$ 96,000	$ 10,200
Former Chief Executive Officer and Chief Medical Advisor [Member]
Stock issued during period, shares			1,850,000
Stock issued during period, value			$ 462,500

Leases (Details)	6 Months Ended
Leases (Details)	Jun. 30, 2023 USD ($)
Leases
Operating lease cost (included in general and administrative in the Company's statement of operations)	$ 2,850
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	$ 2,850
Weighted average remaining lease term - operating leases (in years)	2 years 11 months 1 day

Leases (Details 1) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Leases
Remaining right-of-use assets	$ 89,575	$ 0
Short-term operating lease liabilities	22,208	0
Long-term operating lease liabilities	67,367	0
Total operating lease liabilities	$ 89,575	$ 0

Leases (Details 2)	Jun. 30, 2023 USD ($)
Leases
2023 (Remaining)	$ 17,100
2024	34,998
2025	36,394
2026	15,410
Total lease payments	103,902
Less Imputed Interest	(14,327)
Total	$ 89,575

Leases (Details Narrative)	6 Months Ended
Leases (Details Narrative)	Jun. 30, 2023 USD ($)
Leases
Description of leases security deposit and monthly lease payments	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
ROU asset and lease liability	$ 92,425