Company: SCTH
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001017386-25-000073
Chunk: 8

Company: Securetech Innovations, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 8
---
,436  
     37,966 
  
    Segment net loss 
    $(90,935) 
    $(80,691)

    Reconciliation of loss: 

    Other income (expense), net 
     (3,430) 
     (790)
  
    Loss before income taxes 
    $(94,365) 
    $(81,481)

(1)Other segment items comprising segment net loss include depreciation and amortization expenses, professional fees, marketing expenses, occupancy expenses, travel expenses, and certain overhead expenses. 

NOTE 5 – RELATED PARTY FOUNDER’S SHARE ISSUANCES
 
Founder’s Shares
 
On March 2, 2017, the Company issued an aggregate of 175,000,000 shares of its common stock, $0.001 par value, as Founder’s Shares with $-0- value.  
 
Of these Founder’s Shares, 80,000,000 were issued to the Company’s officers, 75,000,000 to an entity controlled by one of the Company’s directors, and 20,000,000 to outside consultants who assisted with the Company’s formation and early organization.
 
As of March 31, 2025, an aggregate of 100,100,000 Founder’s Shares have been returned to the Company and cancelled, including 67,100,000 pursuant to a series of Share Exchange Agreements described below.
14

Share Exchange and Cancellations
 
During the fiscal year ended December 31, 2023, the Company entered into a Share Exchange Agreement with one of its Founders, Kao Lee, whereby it issued 2,500 shares of its Series A Preferred Stock in exchange for an aggregate of 25,000,000 shares of its common stock.
 
During the three months ended March 31, 2025, the Company entered into Share Exchange Agreements with two of its Founders, Kao Lee and Abdikarim Farah, whereby it issued an aggregate of 4,210 shares of its Series A Preferred Stock in exchange for an aggregate of 42,100,000 shares of its common stock.
 
All shares of common stock received in these stock exchanges were subsequently canceled. No consideration was paid or received in connection with the share exchanges.
 
Accrued Payroll
 
During the three months ended March 31, 2025, the Company issued 322,448 shares of common stock as payment in place of cash to settle $