NextPlat (NXPL) 10-K/A 4 Apr 22 2021 FY Annual report (amended) Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 28, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K/A
Amendment Flag	true
Amendment Description	Amendment No. 1
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-40447
Entity Registrant Name	NEXTPLAT CORP
Entity Central Index Key	0001058307
Entity Tax Identification Number	65-0783722
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	3250 Mary St.
Entity Address, Address Line Two	Suite 410
Entity Address, City or Town	Coconut Grove
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33133
City Area Code	(305)
Local Phone Number	560-5355
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 24,796,860
Entity Common Stock, Shares Outstanding		9,293,096
Documents Incorporated by Reference	None
ICFR Auditor Attestation Flag	false
Auditor Name	RBSM LLP
Auditor Location	New York, NY
Auditor Firm ID	587

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Cash	$ 17,267,978	$ 728,762
Accounts receivable, net	349,836	177,031
Inventory	1,019,696	361,422
Unbilled revenue	100,422	75,556
VAT receivable	491,417
Prepaid expenses – current portion	97,068	1,784
Other current assets	48,539	27,912
Total Current Assets	19,374,956	1,372,467
Property and equipment, net	1,042,859	1,106,164
Right to use	22,643	55,606
Intangible Assets, net	75,000	100,000
Prepaid expenses – long term portion	49,867
Total Assets	20,565,325	2,634,237
Current Liabilities
Accounts payable and accrued expenses	1,063,344	1,052,603
Contract liabilities	36,765	36,704
Note payable – current portion		121,848
Note payable Coronavirus loans– current portion	56,391	41,831
Due to related party	35,308	102,060
Line of credit
Operating lease liabilities - current	19,763	30,125
Provision for income taxes	56,781	18,957
Stock subscription payable	1,400,000
Liabilities from discontinued operations	112,397	112,397
Total Current Liabilities	2,780,749	1,516,525
Long Term Liabilities:
Convertible debt, net of discount, unamortized $0 and $1,084,944		209,323
Notes payable Coronavirus – long term	253,757	320,626
Operating lease liabilities – long term		22,574
Total Liabilities	3,034,506	2,069,048
Stockholders’ Equity
Preferred stock, $0.0001 par value; 3,333,333 shares authorized
Common stock, $0.0001 par value; 50,000,000 shares authorized, 7,053,146 shares issued and outstanding as of December 31, 2021, and 817,450 issued and outstanding at December 31, 2020, respectively	705	82
Additional paid-in capital	39,513,093	14,486,492
Accumulated deficit	(21,986,215)	(13,878,553)
Accumulated other comprehensive income (loss)	3,236	(42,832)
Total Stockholders’ Equity	17,530,819	565,189
Total Liabilities and Stockholders’ Equity	$ 20,565,325	$ 2,634,237

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Unamortized discount	$ 0	$ 1,084,944
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	3,333,333	3,333,333
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Outstanding	7,053,146	817,450
Common Stock, Shares, Issued	7,053,146	817,450

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net sales	$ 7,739,910	$ 5,689,796
Cost of sales	5,880,187	4,464,476
Gross profit	1,859,723	1,225,320
Operating expenses:
Selling, general and administrative	1,369,936	694,361
Salaries, wages and payroll taxes	1,838,531	769,391
Stock-based compensation	3,758,424	904,900
Professional fees	1,198,063	595,622
Depreciation and amortization	317,102	294,926
Total operating expenses	8,482,056	3,259,200
Loss from other expenses and income taxes	(6,622,333)	(2,033,880)
Other (income) expense:
Interest earned	(6,876)	(115)
Interest expense	1,467,300	1,022,024
Foreign currency exchange rate variance	45,737	2,447
Gain on debt extinguishment	(20,832)	(269,261)
Other income		(32,165)
Other expenses		6,565
Total other expense	1,485,329	729,495
Loss before provision for income taxes	(8,107,662)	(2,763,375)
Provision for income taxes
Net loss	(8,107,662)	(2,763,375)
Comprehensive loss:
Net loss	(8,107,662)	(2,763,375)
Foreign currency translation adjustments	46,068	(40,680)
Comprehensive loss	$ (8,061,594)	$ (2,804,055)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS
Weighted number of common shares outstanding – basic & diluted	4,080,833	21,235
Basic and diluted net (loss) per share	$ (1.98)	$ (132.05)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Comprehensive Income [Member]	Total
Beginning balance, value at Dec. 31, 2019	$ 2	$ 11,757,037	$ (11,115,178)	$ (2,152)	$ 639,709
Beginning balance, shares at Dec. 31, 2019	25,690
Issuance of common stock from convertible debt	$ 70	687,664			687,734
Issuance of common stock from convertible debt, shares	699,800
Beneficial conversion feature of convertible debt		1,136,901			1,136,901
Issuance of common stock for options exercised	$ 9	(9)
Issuance of common stock for options exercised, shares	85,960				106,200
Stock-based compensation in connection with options granted		830,900			$ 830,900
Stock-based compensation in connection with restricted stock awards	$ 1	73,999			74,000
Stock-based compensation in connection with restricted stock awards, shares	6,000
Issuance of common stock from exercise of warrant
Issuance of common stock from exercise of warrant, shares
Issuance of common stock related to June offering
Issuance of common stock related to offering, shares
Issuance of common for over-allotment
Issuance of common for over-allotment, shares
Issuance of warrants for over-allotment
Comprehensive gain				(40,680)	(40,680)
Net loss			(2,763,375)		(2,763,375)
Ending balance, value at Dec. 31, 2020	$ 82	14,486,492	(13,878,553)	(42,832)	565,189
Ending balance, shares at Dec. 31, 2020	817,450
Issuance of common stock from convertible debt	$ 135	1,644,132			1,644,267
Issuance of common stock from convertible debt, shares	1,345,468
Beneficial conversion feature of convertible debt		340,420			340,420
Issuance of common stock for options exercised	$ 2	4,998			$ 5,000
Issuance of common stock for options exercised, shares	17,437				19,200
Stock-based compensation in connection with options granted		1,277,353			$ 1,277,353
Stock-based compensation in connection with restricted stock awards	$ 63	2,481,008			2,481,071
Stock-based compensation in connection with restricted stock awards, shares	634,883
Issuance of common stock from exercise of warrant	$ 92	4,629,448			4,629,540
Issuance of common stock from exercise of warrant, shares	925,908
Issuance of common stock related to June offering	$ 288	12,661,696			12,661,984
Issuance of common stock related to offering, shares	2,880,000
Issuance of common for over-allotment	$ 43	1,983,226			1,983,269
Issuance of common for over-allotment, shares	432,000
Issuance of warrants for over-allotment		4,320			4,320
Comprehensive gain				46,068	46,068
Net loss			(8,107,662)		(8,107,662)
Ending balance, value at Dec. 31, 2021	$ 705	$ 39,513,093	$ (21,986,215)	$ 3,236	$ 17,530,819
Ending balance, shares at Dec. 31, 2021	7,053,146

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (8,107,662)	$ (2,763,375)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation expense	292,102	269,926
Amortization of intangible asset	25,000	25,000
Amortization of right of use asset	32,963	28,073
Amortization of debt discount, net	1,425,365	956,554
Stock-based compensation in connection with restricted stock awards	2,481,071	830,900
Stock-based compensation in connection with options granted	1,277,353	74,000
Gain on debt extinguishment	(20,832)	(269,261)
Changes in operating assets and liabilities:
Accounts receivable	(172,805)	67,322
Inventory	(658,274)	4,876
Unbilled revenue	(24,866)	495
Prepaid expense	(145,151)	16,812
VAT receivable	(491,417)
Other current assets	(20,627)	68,874
Operating lease liabilities	(32,936)	(28,158)
Accounts payable and accrued liabilities	10,741	(111,616)
Provision for income taxes	37,824	(2,899)
Contract liabilities	61	(4,503)
Net cash used in operating activities	(4,092,090)	(836,980)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(229,307)	(34,903)
Net cash used in investing activities	(229,307)	(34,903)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from (repayments to) related party, net	(66,752)	50,989
Proceeds from (repayments to) note payable Coronavirus loans	(28,195)	362,457
Proceeds from exercise of options	5,000
Proceeds from common stock offering	12,661,984
Proceeds from common over-allotment	1,983,269
Proceeds from warrants over-allotment	4,320
Proceeds from exercise of warrant	4,629,539
Proceeds from December offering	1,400,000
Proceeds from (repayments to) convertible notes payable	350,000	1,177,000
(Repayments to) proceeds from line of credit	(121,848)	(24,483)
Net cash provided by financing activities	20,817,317	1,565,963
Effect of exchange rate on cash	43,296	(40,680)
Net increase in cash	16,539,216	653,400
Cash beginning of year	728,762	75,362
Cash end of year	17,267,978	728,762
Cash paid during the period for
Interest	143,234
Income tax	38,615
NON-CASH FINANCING AND INVESTING ACTIVITIES DURING THE YEAR
Beneficial conversion feature on convertible debt	340,420	1,136,901
Issuance common stock from convertible debt	$ 1,644,267	$ 687,734

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Description of Business NextPlat Corp (the “Company”) was formerly Orbsat Corp (“NextPlat”), a Nevada corporation. NextPlat currently generates its revenues from the provision of a comprehensive array of communication services and related equipment sales. In recent years the Company has successfully leveraged e-commerce solutions to establish a truly global reach. We intend to achieve our mission and further grow our business by pursuing the following strategies: increased product offerings, marketplace expansion, government sourced revenue, product innovation, future acquisitions and E-Commerce Platforms. The Company was originally incorporated in 1997 in Florida. On April 21, 2010, the Company merged with and into a wholly-owned subsidiary for the purpose of changing its state of incorporation to Delaware, effecting a 2:1 forward split Global Telesat Communications Limited (“GTC”) was formed under the laws of England and Wales in 2008. On February 19, 2015, we entered into a share exchange agreement with GTC and all of the holders of the outstanding equity of GTC pursuant to which GTC became a wholly owned subsidiary of ours. On March 28, 2014, we merged with a newly-formed wholly-owned subsidiary of ours solely for the purpose of changing our state of incorporation to Nevada from Delaware, effecting a 1:150 reverse split of our common stock For accounting purposes, this transaction was accounted for as a reverse acquisition and has been treated as a recapitalization of the Company with GTC considered the accounting acquirer, and the financial statements of the accounting acquirer became the financial statements of the registrant. The completion of the Share Exchange resulted in a change of control. The Share Exchange was accounted for as a reverse acquisition and re-capitalization. The GTC shareholders obtained approximately 39% of voting control on the date of Share Exchange. GTC was the acquirer for financial reporting purposes and the Company was the acquired company. The consolidated financial statements after the acquisition include the balance sheets of both companies at historical cost, the historical results of GTC and the results of the Company from the acquisition date. All share and per share information in the accompanying consolidated financial statements and footnotes has been retroactively restated to reflect the recapitalization. See Note 12 – Stockholders’ Equity. Orbital Satcom Corp, a Nevada corporation was formed on November 14, 2014. On January 22, 2015, we changed our name to “Orbital Tracking Corp” from “Great West Resources, Inc.” pursuant to a merger with a newly formed wholly owned subsidiary. Effective March 8, 2018, following the approval of a majority of our shareholders, we effected a reverse split of our common stock at a ratio of 1 for 150 ratio of 1 for 15 Also, on August 19, 2019, we changed our name to “Orbsat Corp” from “Orbital Tracking Corp.” pursuant to a merger with a newly formed wholly owned subsidiary. On March 24, 2021, the Company’s shareholders via majority shareholder consent authorized a stock split not to exceed 1-for-5 reverse stock split . A definitive Information Statement relating to the shareholder consent was filed with the SEC on March 13, 2021. The Company’s Board of Directors (the “Board”) subsequently approved the 1-for-5 reverse stock split . The Company filed a Certificate of Change to its Amended and Restated Articles of Incorporation to effect a reverse stock split of its issued and outstanding common stock, at a ratio of 1-for-5 . The effective time of the reverse stock split was 12:01 a.m. ET on May 28, 2021. The Company’s common stock began trading on a split-adjusted basis commencing upon market open on May 28, 2021. The common stock has been assigned a new CUSIP number, 68557F 209. The warrants were assigned the CUSIP number, 68557F 118. No fractional shares of common stock were issued as a result of the reverse stock split. Stockholders of record who would otherwise be entitled to receive a fractional share received a whole share. On December 16, 2021, at the Annual Meeting of Stockholders (the “Annual Meeting”) of the Company the stockholders approved certificate of amendment to the Company’s Amended and Restated Articles of Incorporation changing the Company’s name to NextPlat Corp. The Name Change Amendment was filed on January 18, 2022, and t Effective January 21, 2022, the trading symbol for the Company’s common stock, par value $ 0.0001 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Discontinued Operations The Company’s former operations were developing and manufacturing products and services, which reduce fuel costs, save power and energy and protect the environment. The products and services were made available for sale into markets in the public and private sectors. In December 2009, the Company discontinued these operations and disposed of certain of its subsidiaries, and prior periods have been restated in the Company’s consolidated financial statements and related footnotes to conform to this presentation. The remaining liabilities for discontinued operations are presented in the consolidated balance sheets under the caption “Liabilities from discontinued operation” and relates to the discontinued operations of developing and manufacturing of energy saving and fuel-efficient products and services. The carrying amounts of the major classes of these liabilities as of December 31, 2021, and 2020 are summarized as follows: SUMMARY OF CARRYING AMOUNT OF MAJOR CLASSES OF LIABILITIES December 31, 2021 December 31, 2020 Assets of discontinued operations $ - $ - Liabilities Accounts payables and accrued expenses $ (112,397 ) $ (112,397 ) Liabilities from discontinued operations $ (112,397 ) $ (112,397 ) Basis of Presentation and Principles of Consolidation The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The consolidated financial statements of the Company include the Company and its wholly-owned subsidiaries, Orbital Satcom Corp, (“Orbital Satcom”) and Global Telesat Communications Limited, (“GTC”). All material intercompany balances and transactions have been eliminated in consolidation. Liquidity As an early-stage growth company, NextPlat’s ability to access capital is critical. On June 2, 2021, through an upsized underwritten public offering of 2,880,000 units at a price to the public of $ 5.00 per unit, the Company received gross proceeds of $ 14,404,666 (the “June Offering”). See Note 12, Stockholders’ Equity, In connection with closing of the June Offering, the Underwriter partially exercised its overallotment option and purchased an additional 432,000 0.01 4,320 432,000 2,155,680 As of the date of this report, the Company’s existing cash resources and existing borrowing availability are sufficient to support planned operations for the next 12 months. As a result, management believes that the Company’s existing financial resources are sufficient to continue operating activities for at least one year past the issuance date of the financial statements. Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition, and revenues and expenses for the years then ended. Actual results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, the assumptions used to calculate stock-based compensation, derivative liabilities and common stock issued for services. NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when acquired to be cash equivalents. The Company places its cash with a high credit quality financial institution. The Company’s account at this institution is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 250,000 17,017,978 Accounts Receivable and Allowance for Doubtful Accounts The Company has a policy of reserving for questionable accounts based on its best estimate of the amount of probable credit losses in its existing accounts receivable. The Company periodically reviews its accounts receivable to determine whether an allowance is necessary based on an analysis of past due accounts and other factors that may indicate that the realization of an account may be in doubt. Account balances deemed to be uncollectible are offset against sales and relieved from accounts receivable, after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2021, and 2020, there is an allowance for doubtful accounts of $ 0 15,596 Inventories Inventories are valued at the lower of cost or net realizable value, using the first-in first-out cost method. The Company assesses the valuation of its inventories and reduces the carrying value of those inventories that are obsolete or in excess of the Company’s forecasted usage to their estimated net realizable value. The Company estimates the net realizable value of such inventories based on analysis and assumptions including, but not limited to, historical usage, expected future demand and market requirements. A change to the carrying value of inventories is recorded to cost of goods sold. Prepaid Expenses Prepaid expenses current and long term amounted to $ 97,068 and $ 49,867 , respectively for the year ended December 31, 2021, as compared to $ 1,784 and $ 0 at for the year ended December 31, 2020. Prepaid expenses include prepayments in cash for accounting fees, prepayments in equity instruments, which are being amortized over the terms of their respective agreements, as well as cost associated with certain contract liabilities. The current portion consists of costs paid for future services which will occur within a year. Foreign Currency Translation The Company’s reporting currency is U.S. Dollars. The accounts of one of the Company’s subsidiaries, GTC, is maintained using the appropriate local currency, Great British Pound, as the functional currency. All assets and liabilities are translated into U.S. Dollars at balance sheet date, shareholders’ equity is translated at historical rates and revenue and expense accounts are translated at the average exchange rate for the year or the reporting period. The translation adjustments are reported as a separate component of stockholders’ equity, captioned as accumulated other comprehensive (loss) gain. Transaction gains and losses arising from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the statements of operations. The relevant translation rates are as follows: for the year ended December 31, 2021, closing rate at 1.353372 1.375083 1.3665 1.286618 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Revenue Recognition and Unearned Revenue The Company recognizes revenue from satellite services when earned, as services are rendered or delivered to customers. Equipment sales revenue is recognized when the equipment is delivered to and accepted by the customer. Only equipment sales are subject to warranty. Historically, the Company has not incurred significant expenses for warranties. Equipment sales which have been prepaid, before the goods are shipped are recorded as contract liabilities and once shipped is recognized as revenue. The Company also records as contract liabilities, certain annual plans for airtime, which are paid in advance. Once airtime services are incurred, they are recognized as revenue. Unbilled revenue is recognized for airtime plans whereby the customer is invoiced for its data usage the following month after services are incurred. The Company’s customers generally purchase a combination of our products and services as part of a multiple element arrangement. The Company’s assessment of which revenue recognition guidance is appropriate to account for each element in an arrangement can involve significant judgment. This assessment has a significant impact on the amount and timing of revenue recognition. The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. The five-step model is applied to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services transferred to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and determine those that are performance obligations and assess whether each promised good or service is distinct. We then recognize revenue in the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. In accordance with ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedient Contract liabilities are shown separately in the consolidated balance sheets as current liabilities. At December 31, 2021, we had contract liabilities of approximately $ 36,765 36,704 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Cost of Product Sales and Services Cost of sales consists primarily of materials, airtime and overhead costs incurred internally and amounts incurred to contract manufacturers to produce our products, airtime and other implementation costs incurred to install our products and train customer personnel, and customer service and third-party original equipment manufacturer costs to provide continuing support to our customers. There are certain costs which are deferred and recorded as prepaids, until such revenue is recognized. Refer to revenue recognition above as to what constitutes deferred revenue. Shipping and handling costs are included as a component of costs of product sales in the Company’s consolidated statements of operations because the Company includes in revenue the related costs that the Company bills its customers. Intangible Assets Intangible assets include customer contracts purchased and recorded based on the cost to acquire them. These assets are amortized over 10 Property and Equipment Property and equipment are carried at historical cost less accumulated depreciation. Depreciation is based on the estimated service lives of the depreciable assets and is calculated using the straight-line method. Expenditures that increase the value or productive capacity of assets are capitalized. Fully depreciated assets are retained in the property and equipment, and accumulated depreciation accounts until they are removed from service. When property and equipment are retired, sold or otherwise disposed of, the asset’s carrying amount and related accumulated depreciation are removed from the accounts and any gain or loss is included in operations. Repairs and maintenance are expensed as incurred. The estimated useful lives of property and equipment are generally as follows: SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT Years Office furniture and fixtures 4 Computer equipment 4 Rental equipment 4 Appliques 10 Website development 2 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Depreciation expense for the years ended December 31, 2021, and 2020 was $ 292,102 269,926 Impairment of Long-lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value. The Company did not consider it necessary to record any impairment charges during the periods ended December 31, 2021 and December 31, 2020, respectively. Accounting for Derivative Instruments Derivatives are required to be recorded on the balance sheet at fair value. These derivatives, including embedded derivatives in the Company’s structured borrowings, are separately valued and accounted for on the Company’s balance sheet. Fair values for exchange traded securities and derivatives are based on quoted market prices. Where market prices are not readily available, fair values are determined using market-based pricing models incorporating readily observable market data and requiring judgment and estimates. The Company did not identify any other assets or liabilities that are required to be presented on the consolidated balance sheets at fair value in accordance with the accounting guidance. The carrying amounts reported in the balance sheet for cash, accounts payable, and accrued expenses approximate their estimated fair market value based on the short-term maturity of the instruments. Stock-based Compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Pursuant to ASC Topic 718, for share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date. Further, ASC Topic 718, provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718, such as the repricing of share options, which would revalue those options and the accounting for the cancellation of an equity award whether a replacement award or other valuable consideration is issued in conjunction with the cancellation. If not, the cancellation is viewed as a replacement and not a modification, with a repurchase price of $ 0 Income Taxes The Company accounts for income taxes pursuant to the provision of ASC 740-10, “Accounting for Income Taxes” (“ASC 740-10”) which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach require the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provision of ASC 740-10 related to Accounting for Uncertain Income Tax Positions. When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold is measured at the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits. The Company has adopted ASC 740-10-25, “Definition of Settlement,” which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open. The federal and state income tax returns of the Company are subject to examination by the IRS and state taxing authorities, generally for three years after they are filed. Leases Effective January 1, 2019, the Company accounts for its leases under ASC 842, Leases NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) In calculating the right of use asset and lease liability, the Company has elected to combine lease and non-lease components. The Company excludes short-term leases having initial terms of 12 months or less from the new guidance as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term. At December 31, 2021 and 2020, the Company had aggregated current and long-term operating lease liabilities of $ 19,763 0 22,643 55,606 Research and Development The Company accounts for research and development costs in accordance with the Accounting Standards Codification subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. For the years ended December 31, 2021 and 2020, there were no Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and all changes to the statements of stockholders’ equity. For the Company, comprehensive loss for the years ended December 31, 2021and 2020 included net loss and unrealized losses from foreign currency translation adjustments. Earnings per Common Share Net income (loss) per common share is calculated in accordance with ASC Topic 260: Earnings per Share (“ASC 260”). Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. The computation of diluted net loss per share does not include dilutive common stock equivalents in the weighted average shares outstanding as they would be anti-dilutive. In periods where the Company has a net loss, all dilutive securities are excluded. The following are dilutive common stock equivalents during the year ended: SCHEDULE OF DILUTIVE COMMON STOCK EQUIVALENTS December 31, 2021 December 31, 2020 Convertible notes payable (1) - 1,245,468 Stock Options 929,892 600,009 Stock Warrants 2,530,092 800 Total 3,459,984 1,846,277 (1) 1,245,468 1,294,268 4.99 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Related Party Transactions A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party, (see Note 17). Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In May 2021, the FASB issued ASU 2021-04, Earnings Per Share In October 2021, the FASB issued guidance which requires companies to apply Topic 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact and timing of adoption of this guidance Any new accounting standards, not disclosed above, that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 2 – INVENTORIES At December 31, 2021 and 2020, inventories consisted of the following: SCHEDULE OF INVENTORIES December 31, 2021 December 31, 2020 Finished goods $ 1,019,696 $ 361,422 Less reserve for obsolete inventory - - Total $ 1,019,696 $ 361,422 For the years ended December 31, 2021 and 2020, the Company did not make any change for reserve for obsolete inventory.

VAT RECEIVABLE

VAT RECEIVABLE	12 Months Ended
	Dec. 31, 2021
Vat Receivable
VAT RECEIVABLE	NOTE 3 – VAT RECEIVABLE On January 1, 2021, VAT rules relating to imports and exports between the UK and EU changed as a result, of the UK’s departure from the EU, (“BREXIT”). For the year ending December 31, 2021, the Company recorded a receivable in the amount of $ 491,417 70,756 95,759 1.3533720

PREPAID EXPENSES

PREPAID EXPENSES	12 Months Ended
	Dec. 31, 2021
Prepaid Expenses
PREPAID EXPENSES	NOTE 4 – PREPAID EXPENSES Prepaid expenses current and long term amounted to $ 97,068 and $ 49,867 , respectively for the year ended December 31, 2021, as compared to $ 1,784 and $ 0 at for the year ended December 31, 2020. Prepaid expenses include prepayments in cash for accounting fees, prepayments in equity instruments, which are being amortized over the terms of their respective agreements, as well as cost associated with certain contract liabilities. The current portion consists of costs paid for future services which will occur within a year.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 5 – PROPERTY AND EQUIPMENT Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT December 31, 2021 December 31, 2020 Office furniture and fixtures $ 16,969 $ 6,470 Computer equipment 67,458 33,361 Rental equipment 53,296 48,187 Appliques 2,160,096 2,160,096 Website development 247,541 69,149 Property, Plant and Equipment, Gross Less accumulated depreciation (1,502,501 ) (1,211,099 ) Total $ 1,042,859 $ 1,106,164 Depreciation expense was $ 292,102 269,926 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 6 – INTANGIBLE ASSETS On December 10, 2014, the Company entered the satellite voice and data equipment sales and service business through the purchase of certain contracts from Global Telesat Corp., (“GTC”). These contracts permit the Company to utilize the Globalstar, Inc. and Globalstar LLC (collectively, “Globalstar”) mobile satellite voice and data network. The purchase price for the contracts of $ 250,000 Included in the purchased assets are: (i) the rights and benefits granted to GTC under each of the Globalstar Contracts, subject to certain exclusions, (ii) account and online access to the Globalstar Cody Simplex activation system, (iii) GTC’s existing customers who are serviced pursuant to the Globalstar Contracts (only as to their business directly and exclusively related to the Globalstar Contracts), and (iv) all of GTC’s rights and benefits directly and exclusively related to the Globalstar Contracts. Amortization of customer contracts are included in depreciation and amortization. For the year ended December 31, 2021, the Company amortized $ 25,000 SCHEDULE OF FUTURE AMORTIZATION OF INTANGIBLE ASSETS 2022 $ 25,000 2023 25,000 2024 25,000 Total $ 75,000 For the years ended December 31, 2021 and 2020, there were no additional expenditures on research and development

ACCOUNTS PAYABLE AND ACCRUED OT

ACCOUNTS PAYABLE AND ACCRUED OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED OTHER LIABILITIES	NOTE 7 - ACCOUNTS PAYABLE AND ACCRUED OTHER LIABILITIES Accounts payable and accrued other liabilities consisted of the following: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED OTHER LIABILITIES December 31, 2021 December 31, 2020 Accounts payable $ 846,380 $ 747,476 Rental deposits 2,030 10,761 Customer deposits payable 59,733 53,570 Accrued wages & payroll liabilities 20,107 1,913 VAT liability & sales tax payable 6,203 50,453 Pre-merger accrued other liabilities 88,448 88,448 Accrued interest 138 99,982 Accrued other liabilities 40,305 - Total $ 1,063,344 $ 1,052,603 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

LINE OF CREDIT

LINE OF CREDIT	12 Months Ended
	Dec. 31, 2021
Line Of Credit
LINE OF CREDIT	NOTE 8 – LINE OF CREDIT On October 9, 2019, Orbital Satcom Corp., entered into a short-term loan agreement for $ 29,000 one-year 9.72 11.72 0 952 0

CONVERTIBLE NOTES PAYABLE

CONVERTIBLE NOTES PAYABLE	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
CONVERTIBLE NOTES PAYABLE	NOTE 9– CONVERTIBLE NOTES PAYABLE Convertible notes payable – long term March 2021 Financing On March 5, 2021, the Company entered into a Note Purchase Agreement (the “March 2021 NPA”) by and between the Company and one individual accredited investor (the “Lender”). Pursuant to the terms of the March 2021 NPA, the Company sold a convertible promissory note with a principal amount of $ 350,000 (the “March 2021 Note”). The March 2021 Note is a general, unsecured obligation of the Company and bears simple interest at a rate of 7 % per annum and matures on the third anniversary of the date of issuance (the “Maturity Date”), to the extent that the March 2021 Note and the principal amount and any interest accrued thereunder have not been converted into shares of the Company’s common stock. In the event that any amount due under the March 2021 Note was not paid as and when due, such amount will accrue interest at the rate of 12 % per year, simple interest, non-compounding, until paid. The Company may not pre-pay or redeem the March 2021 Note other than as required by the Agreement. The Noteholder had an optional right of conversion such that a Noteholder may elect to convert his March 2021 Note, in whole or in part, outstanding as of such time, into the number of fully paid and non-assessable shares of the Company’s common stock as determined by dividing the indebtedness under the March 2021 Note price equal to the lesser of (a) $7.50 per share, and (b) a 30% discount to the price of the common stock in the qualified transaction. Following an event of default, the conversion price shall be adjusted to be equal to the lower of: (i) the then applicable conversion price or (ii) the price per share of 85% of the lowest traded price for the Company’s common stock during the 15 trading days preceding the relevant conversion. In addition, subject to the ownership limitations, if a qualified transaction is completed, without further action from the Noteholder, on the closing date of the qualified transaction, 50% of the principal amount of this March 2021 Note and all accrued and unpaid interest shall be converted into Company common stock at a conversion price equal to the 30% discount to the offering price in such qualified transaction, which price shall be proportionately adjusted for stock splits, stock dividends or similar events . A “Qualified Transaction” refers the completion of the public offering of the Company’s securities stock with gross proceeds of at least $ 10,000,000 pursuant to which the Company’s securities become registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended, or a merger with a company listed on the Nasdaq or Canadian stock exchanges, as amended. The Noteholder is granted registration rights and pre-emptive rights. In addition, the March 2021 NPA includes customary events of default, including, among others: (i) non-payment of amounts due thereunder, (ii) non-compliance with covenants thereunder, (iii) bankruptcy or insolvency. The Company’s issuance of the March 2021 Note under the terms of the March 2021 NPA was made pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”) in reliance on Section 4(a)(2) of the Securities Act as a transaction by an issuer not involving a public offering. The investor in the March 2021 Note is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under the Securities Act. There were no discounts or brokerage fees associated with this offering. The Company used the offering proceeds for working capital and general corporate purposes. In April 2021 the Noteholder waived contractual pre-emptive rights set forth in the March 2021 NPA. On May 27, 2021, the Lender converted $ 350,000 100,000 December 2020 Financing On December 1, 2020, the Company entered into a Note Purchase Agreement by and among the Company and certain lenders where the Company sold an aggregate principal amount of $ 244,000 0.25 August 2020 Financing On August 21, 2020, the Company entered into a Note Purchase Agreement by and among the Company and certain lenders where the Company sold an aggregate principal amount of $ 933,000 0.20 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 9– CONVERTIBLE NOTES PAYABLE (CONTINUED) The balances of the Company’s convertible note payable consist of the following: SCHEDULE OF CONVERTIBLE NOTES PAYABLE December 31, 2021 December 31, 2020 May 2019 Notes $ - $ 462,085 August 2020 Notes - 588,182 December 2020 Notes - 244,000 March 2021 Notes - - Convertible debt - 1,294,267 Debt Discount - (1,084,944 ) Total $ - $ 209,323 For the years ended December 31, 2021 and 2020, we amortized the discount on the debt, to interest expense of $ 1,425,365 and $ 538,087 , resulting in a balance of unamortized notes payable of $ 0 and $ 209,323 , respectively. For the year ended December 31, 2021, the Holders converted a total of $ 1,644,267 of the convertible debt to 1,345,468 shares of common shares. On June 15, 2020, the change in conversion price from $ 0.50 to $ 1.00 per share, resulted in a difference in the carrying value of the balance of the note payable. Under ASC 470-50-40-13, if it is determined that the original and new debt instruments are substantially different, the new debt instrument shall be initially recorded at fair value, and that amount shall be used to determine the debt extinguishment gain or loss to be recognized and the effective rate of the new instrument. The original debt had a carrying value of $ 269,262 as of June 15, 2020, the fair value of the amended debt was $ 0 , which resulted a gain from the extinguishment of debt $ 269,262 . For the year ended December 31, 2020, the Holders converted a total of $ 687,734 699,800 26,823 0.50 672,978 1.00 1,084,944 209,323

STOCK SUBSCRIPTION PAYABLE

STOCK SUBSCRIPTION PAYABLE	12 Months Ended
	Dec. 31, 2021
Stock Subscription Payable
STOCK SUBSCRIPTION PAYABLE	NOTE 10 STOCK SUBSCRIPTION PAYABLE On December 31, 2021, after markets closed, a securities purchase agreement (the “Purchase Agreement”) was circulated to, and signatures were received from, certain institutional and accredited investors (the “December Investors”) in connection with the sale in a private placement by the Company of 2,229,950 3.24 For the year ended December 31, 2021, the Company received gross proceeds of $ 1,400,000 7,225,038 5,825,038 2,229,950

CORONAVIRUS LOANS

CORONAVIRUS LOANS	12 Months Ended
	Dec. 31, 2021
Coronavirus Loans
CORONAVIRUS LOANS	NOTE 11 CORONAVIRUS LOANS On April 20, 2020, the Board of Directors the Company, approved for its wholly owned UK subsidiary, Global Telesat Communications LTD (“GTC”), to apply for a Coronavirus Interruption Loan, offered by the UK government, for an amount up to £ 250,000 . On July 16, 2020 (the “Issue Date”), GTC, entered into a Coronavirus Interruption Loan Agreement (“Debenture”) by and among the Company and HSBC UK Bank PLC (the “Lender”) for an amount of £ 250,000 , or USD $ 338,343 at an exchange rate of GBP:USD of 1.3533720 . The Debenture bears interest beginning July 16, 2021, at a rate of 3.99 % per annum over the Bank of England Base Rate ( 0.1 % as of July 16, 2020), payable monthly on the outstanding principal amount of the Debenture. The Debenture has a term of 6 years from the date of drawdown, July 15, 2026, the “Maturity Date”. The first repayment of £ 4,166.67 (exclusive of interest) will be made 13 month(s) after July 16, 2020. Voluntary prepayments are allowed with 5 business days’ written notice and the amount of the prepayment is equal to 10% or more of the limit or, if less, the balance of the debenture . The Debenture is secured by all GTC’s assets as well as a guarantee by the UK government, with the proceeds of the Debenture are to be used for general corporate and working capital purposes. The Debenture includes customary events of default, including, among others: (i) non-payment of amounts due thereunder, (ii) non-compliance with covenants thereunder, (iii) bankruptcy or insolvency (each, an “Event of Default”). Upon the occurrence of an Event of Default, the Debenture becomes payable upon demand. As of December 31, 2021, and 2020, the Company has recorded $ 56,391 and $ 41,831 as current portion of notes payable and $ 253,757 and $ 320,626 as notes payable long term, respectively. On May 8, 2020, NextPlat Corp was approved for the US funded Payroll Protection Program, (“PPP”) loan. The loan was for $ 20,832 2 6 months 1 20,832 20,832 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 12 - STOCKHOLDERS’ EQUITY Capital Structure On March 28, 2014, in connection with the Reincorporation (see Note 1), all share and per share values for all periods presented in the accompanying consolidated financial statements are retroactively restated for the effect of the Reincorporation. On March 5, 2016, the Company shareholders voted in favor of an amendment to its Articles of Incorporation to increase the total number of shares of authorized capital stock to 800,000,000 750,000,000 50,000,000 220,000,000 200,000,000 20,000,000 Effective March 8, 2018, we conducted a reverse split of our common stock at a ratio of 1 for 150 On July 24, 2019, the Company filed a Certificate of Change (the “Certificate of Change”) with the Nevada Secretary of State. The Certificate of Change provides for (i) a 1-for-15 reverse split 0.0001 0.0001 750,000,000 50,000,000 50,000,000 3,333,333 On May 28, 2021, the Company effected a reverse stock split of its common stock at a ratio of 1-for-5 (the “Reverse Split”). No fractional shares of common stock were issued as a result of the Reverse Split. Stockholders of record who were otherwise entitled to receive a fractional share received a whole share. The conversion or exercise prices of Company’s issued and outstanding convertible securities, stock options and warrants will be adjusted accordingly. All information presented in this Annual Report on Form 10-K, assumes a 1-for-5 reverse stock split of Company’s outstanding shares of common stock, and unless otherwise indicated, all such amounts and corresponding conversion price or exercise price data set forth in this Annual Report on Form 10K have been adjusted to give effect to such assumed reverse stock split. Listing on the Nasdaq Capital Market Our common stock and warrants have been trading on the Nasdaq Capital Market under the symbols “NXPL” and “NXPLW,” respectively, since January 21, 2022. Prior to January 21, 2022, our common stock and warrants were traded on the Nasdaq Capital Market under the symbols “OSAT” and “OSATW,” respectively. The authorized capital of the Company consists of 50,000,000 shares of common stock, par value $ 0.0001 per share and 3,333,333 shares of preferred stock, par value $ 0.0001 per share. As of December 31, 2021, and 2020, there were and 7,053,146 and 817,450 shares of common stock and 0 shares of preferred stock issued and outstanding, respectively. Preferred Stock As of December 31, 2021 and 2020, there were no NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 12 - STOCKHOLDERS’ EQUITY (CONTINUED) Warrants As of December 31, 2021, there were 2,836,092 2,530,092 On June 2, 2021, the Company issued 2,880,000 2,880,000 5.00 5 On June 10, 2021, the Company issued 1,000 1,000 5.00 5,000 On June 28, 2021, the Company issued an additional 432,000 432,000 5.00 5 On July 6, 2021, the Company issued 78,500 78,500 5.00 392,500 On July 8, 2021, the Company issued 425,000 425,000 5.00 2,125,000 On July 12, 2021, the Company issued 2,000 2,000 5.00 10,000 On July 13, 2021, the Company issued 59,853 59,853 5.00 299,265 On July 14, 2021, the Company issued 278,555 278,555 5.00 1,392,775 On July 15, 2021, the Company issued 5,000 5,000 5,000 On July 19, 2021, the Company issued 1,000 1,000 5.00 5,000 On July 30, 2021, the Company issued 80,000 80,000 5.00 400,000 Underwriter Warrants In addition to, but separate from, the registered warrants included in the units sold in the June Offering, the Company issued 144,000 five 5.50 110 As of December 31, 2021, there were 144,000 Underwriter Warrants issued and outstanding. A summary of the status of the Company’s total outstanding warrants and changes during the year ended December 31, 2021 is as follows: SCHEDULE OF OUTSTANDING STOCK WARRANTS ACTIVITIES Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Balance at January 1, 2020 800 $ 300.00 2.37 Granted - - - Exercised - - - Forfeited - - - Cancelled - - - Balance outstanding and exercisable at December 31, 2020 800 $ 300.00 1.37 Balance at January 1, 2021 800 $ 300.00 1.37 Granted 3,456,000 - - Exercised (925,908 ) - - Forfeited - - - Cancelled (800 ) - - Balance outstanding and exercisable at December 31, 2021 2,530,092 $ 5.00 4.42 As of December 31, 2021, and December 31, 2020, there were 2,530,092 800 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 12 - STOCKHOLDERS’ EQUITY (CONTINUED) Common Stock For the year ended December 31, 2021 On January 12, 2021, the Company issued an aggregate of 30,000 30,000 1.00 On February 23, 2021, the Company issued an aggregate of 80,289 80,289 1.00 On February 23, 2021, the Company issued an aggregate of 120,000 150,000 1.25 On February 23, 2021, the Company issued an aggregate of 1,000 14,200 On March 1, 2021, the Company issued an aggregate of 149,532 149,532 1.00 On March 1, 2021, the Company issued an aggregate of 38,616 48,270 1.25 On March 24, 2021, the Company’s shareholders via majority shareholder consent authorized a stock split not to exceed 1 for 5 reverse stock split. A definitive Information Statement relating to the shareholder consent was filed with the SEC on March 13, 2021. The Company’s Board of Directors subsequently approved the 1-for-5 reverse stock split. The Company has filed a Certificate of Change to its Amended and Restated Articles of Incorporation to effect a reverse stock split of its issued and outstanding common stock, at a ratio of 1-for-5. The effective time of the reverse stock split will be 12:01 a.m. ET on May 28, 2021 . The Company’s common stock will begin trading on a split-adjusted basis commencing upon market open on May 28, 2021. The common stock will be assigned a new CUSIP number, 68557F 209. The warrants will be assigned the CUSIP number, 68557F 118. No fractional shares of common stock will be issued as a result of the reverse stock split. Stockholders of record who would otherwise be entitled to receive a fractional share will receive a whole share. On May 20, 2021, Company issued an aggregate of 29,800 29,800 1.00 On May 27, 2021, Company issued an aggregate of 897,231 1,156,377 1.29 On May 28, 2021, Company entered into an Underwriting Agreement (the “Underwriting Agreement”) with Maxim Group LLC(the “Underwriter”), pursuant to which the Company agreed to issue and sell to the Underwriter in an underwritten public offering 2,880,000 units consisting of one share of common stock and one warrant, exercisable for one share of common stock at a public offering price of $ 5.00 per unit, (after giving effect to a 1-for-5 reverse stock split, discussed above) for aggregate gross proceeds of approximately $ 14,400,000 before deducting underwriting discounts, commissions, and other offering expenses (the “June Offering”). The common stock and warrants were immediately separable and were issued separately. The common stock and warrants began trading on the Nasdaq Capital Market, on May 28, 2021, under the symbols “OSAT” and “OSATW,” respectively. In addition, the Company In addition, the Company has granted the Underwriter a 45-day option to purchase an additional 432,000 shares of common stock and/or warrants to purchase up to an aggregate of 432,000 shares of common stock, in any combination thereof, at the public offering price per security, less the underwriting discounts and commissions, to cover over-allotments, if any. The June Offering closed on June 2, 2021.In connection with closing of the June Offering, the Underwriter partially exercised its overallotment option and purchased an additional 432,000 warrants at $ 0.01 per warrant for additional gross proceeds to the Company of $ 4,320 . On June 28, 2021, the Underwriter, upon the exercise in full of the balance of its over-allotment option, purchased 432,000 additional 2,160,000 1,983,226 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 12 - STOCKHOLDERS’ EQUITY (CONTINUED) We have issued to the Underwriter warrants to purchase up to a total of 144,000 shares of common stock ( 5 5.50 per share, or 110 % of the public offering price per unit in the offering. The Underwriter Warrants have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(e)(1) of FINRA. The underwriter (or permitted assignees under Rule 5110(e)(2)) will not sell, transfer, assign, pledge, or hypothecate these warrants or the securities underlying these warrants, nor will they engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the warrants or the underlying securities for a period of 180 days from the effective date of the registration statement. In addition, the warrants provide for certain piggyback registration rights. The piggyback registration rights provided will not be greater than five years from the effective date of the registration statement in compliance with FINRA Rule 5110(g)(8). We will bear all fees and expenses attendant to registering the securities issuable on exercise of the Underwriter Warrants. The exercise price and number of shares issuable upon exercise of the Underwriter Warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary cash dividend or our recapitalization, reorganization, merger or consolidation. However, the warrant exercise price or underlying shares will not be adjusted for issuances of shares of common stock at a price below the warrant exercise price. The June Offering of common stock and warrants, and the underwriter’s exercise of the over-allotment option in connection therewith, resulted in total gross proceeds of approximately $ 16,560,000 On June 10, 2021, the Company issued 1,000 1,000 5.00 5,000 On July 6, 2021, the Company issued 78,500 78,500 5.00 392,500 On July 8, 2021, the Company issued 425,000 425,000 5.00 2,125,000 On July 12, 2021, the Company issued 2,000 2,000 5.00 10,000 On July 13, 2021, the Company issued 59,853 59,853 5.00 299,265 On July 14, 2021, the Company issued 278,555 278,555 5.00 1,392,775 On July 15, 2021, the Company issued 5,000 5,000 5,000 On July 19, 2021, the Company issued 1,000 1,000 5.00 5,000 On July 30, 2021, the Company issued 80,000 80,000 5.00 400,000 On September 3, 2021, the Company issued 10,000 5.35 On September 14, 2021, the Company issued 40,000 5.35 On September 22, 2021, the Company issued a total of 12,437 common shares for the exercise of 14,200 options through a cashless exercise using 2,763 options for the $ 1.00 exercise price and in connection with a 1,000 restricted stock award. NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 12 - STOCKHOLDERS’ EQUITY (CONTINUED) On October 21, 2021, the Company issued 10,000 shares of common stock in connection with restricted stock awards, with a fair market value of $ 4.75 per share, from the date of the award, for stock-based compensation of $ 47,500 . On December 21, 2021, the Company issued 563,500 3.74 2,107,490 On December 28, 2021, the Company awarded at total of 15,000 restricted stock awards, at a fair market value of $ 3.81 , from the date of issuance. The Company issued 10,393 shares of common stock, withholding 4,607 of the award for the payment of taxes, this resulted in net stock-based compensation of $ 39,597 . For the year ended December 31, 2020 The Company issued a total of 791,760 On January 30, 2020, the Company issued an aggregate of 3,629 1,815 0.50 On January 31, 2020, the Company issued an aggregate of 3,629 1,815 0.50 On February 10, 2020, the Company issued an aggregate of 5,084 2,542 0.50 On February 11, 2020, the Company issued an aggregate of 4,716 2,358 0.50 On February 18, 2020, the Company issued an aggregate of 2,638 1,319 0.50 On February 19, 2020, the Company issued an aggregate of 894 446 0.50 On March 9, 2020, the Company issued an aggregate of 2,061 1,031 0.50 On April 17, 2020, the Company issued an aggregate of 1,409 705 0.50 On April 22, 2020, the Company issued an aggregate of 74 37 0.50 On June 22, 2020, the Company issued an aggregate of 2,687 2,687 1.00 On July 8, 2020, the Company issued an aggregate of 219 219 1.00 On July 16, 2020, the Company’s Board of Directors approved, and the Company entered into a 12-month consulting agreement (“Consulting Agreement”) with an unrelated third-party for capital raising advisory services and business growth and development services, with the term renewable upon mutual consent of the parties. Upon signing of the Consulting Agreement, the Company agreed to issue 4,000 restricted shares of its common stock to the consultant (the “Consulting Shares”), 1,000 additional restricted shares of common stock to be issued quarterly until the consultant may receive cash compensation for its services, which will be determined, upon completion of certain milestones, by the Company’s CEO. On July 22, 2020, the Company issued 4,000 common stock valued at $ 50,200 and on November 13, 2020, the Company issued 1,000 common stock valued at $ 11,250 . On July 23, 2020, the Company issued an aggregate of 468 468 1.00 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 12 - STOCKHOLDERS’ EQUITY (CONTINUED) On August 25, 2020, David Phipps exercised 80,000 22,000 minus * divided by 85,960 On August 25, 2020, the Company issued 1,000 12,550 On August 26, 2020, the Company issued an aggregate of 117,200 117,200 1.00 On September 1, 2020, the Company issued an aggregate of 38,219 38,219 1.00 On September 2, 2020, the Company issued an aggregate of 4,351 4,351 1.00 On September 8, 2020, the Company issued an aggregate of 33,600 33,600 1.00 On September 10, 2020, the Company issued an aggregate of 114,457 114,457 1.00 On September 11, 2020, the Company issued an aggregate of 15,000 15,000 1.00 On September 14, 2020, the Company issued an aggregate of 66,294 66,294 1.00 On September 15, 2020, the Company issued an aggregate of 13,529 13,529 1.00 On September 16, 2020, the Company issued an aggregate of 30,275 30,275 1.00 On September 17, 2020, the Company issued an aggregate of 33,197 33,197 1.00 On September 21, 2020, the Company issued an aggregate of 5,780 5,780 1.00 On September 22, 2020, the Company issued an aggregate of 55,005 55,005 1.00 On September 30, 2020, the Company issued an aggregate of 43,240 43,240 1.00 On November 3, 2020, the Company issued an aggregate of 6,061 6,061 1.00 On November 5, 2020, the Company issued an aggregate of 25,848 25,848 1.00 On November 6, 2020, the Company issued an aggregate of 11,340 11,340 1.00 On November 11, 2020, the Company issued an aggregate of 20,000 20,000 1.00 On November 13, 2020, the Company issued an aggregate of 38,894 38,894 1.00 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 12 - STOCKHOLDERS’ EQUITY (CONTINUED) Stock Options Options Issued Outside of Equity Incentive Plan On August 24, 2021, the Company issued to Douglas Ellenoff, Chief Business Development Strategist, 300,000 options which are fully vested, to purchase its common stock. The Company will issue an additional 150,000 options per year for the next three years which will be fully vested at the end of each year, as long as Mr. Ellenoff remains employed by the Company. During the next three years, Mr. Ellenoff will be eligible to receive an additional 250,000 per year on each of the first three anniversaries of the commencement of his employment if during each such year Mr. Ellenoff introduces the Company to twelve (12) or more potential Business Transactions (as defined in the Ellenoff Agreement and which transactions need not be consummated); provided that the Company’s Chief Executive Officer may, in his sole discretion, waive the vesting requirement in any given year. Such options have an exercise price of $5.35 per share and will terminate 5 years after they vest Also on August 24, 2021, the Company granted 25,000 5.35 The 325,000 3.24 1,053,064 5.37 75.25 5 0.28 On October 8, 2021, the Company granted 25,000 5.35 five years The 25,000 2.90 72,350 4.75 80 5 years 0.28 2018 Incentive Plan On June 14, 2018, our Board of Directors approved the 2018 Incentive Plan (the “2018 Plan”). The purpose of the 2018 Plan is to provide a means for the Company to continue to attract, motivate and retain management, key employees, consultants and other independent contractors, and to provide these individuals with greater incentive for their service to the Company by linking their interests in the Company’s success with those of the Company and its shareholders. An award may also be granted to any consultant, agent, advisor or independent contractor for bona fide services rendered to the Company or any Related Company (as defined in the 2018 Plan) that; are not in connection with the offer and sale of the Company’s securities in a capital raising transaction, and do not directly or indirectly promote or maintain a market for the Company’s securities. The 2018 Plan is administered by the Board its Compensation Committee and may grant Options designated as Incentive Stock Options or Nonqualified Stock Options. The 2018 Plan provides that up to a maximum of 13,333 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 12 - STOCKHOLDERS’ EQUITY (CONTINUED) Amended and Restated 2020 Equity Incentive Plan On August 21, 2020, the Company’s Board of Directors approved and adopted the Company’s 2020 Equity Incentive Plan (the “2020 Plan”) in order to provide a means for the Company to continue to attract, motivate and retain management, key employees, directors and consultants. On December 31, 2020, the Company’s Board of Directors approved and adopted an amendment that increased the number of shares available for issuance under the 2020 Plan from 450,000 800,000 1-for-5 reverse split The A&R 2020 Plan provides for discretionary awards of, among others, stock options, stock awards, stock unit awards and stock appreciation rights to participants. Each award made under the A&R 2020 Plan will be evidenced by a written award agreement specifying the terms and conditions of the award as determined by the Committee in its sole discretion, consistent with the terms of the A&R 2020 Plan. All employees, directors, and consultants of the Company and its subsidiaries are eligible to receive awards under the A&R 2020 Plan. The A&R 2020 Plan is administered by the “Committee” which is defined in the A&R 2020 Plan as the Compensation Committee of the Board or such other committee as may be designated by the Board from time to time to administer the Plan, or, if no such committee has been designated at the time of any grants, it shall mean the Board. The number of shares of common stock that may be issued under the A&R 2020 Plan is 800,000 The maximum number of shares subject to Awards granted under the A&R 2020 Plan or otherwise during any one calendar year to any Director for service on the Board (other than to Mr. Phipps and the Company’s CEO and President, if serving on the Board, to whom no annual limit is applicable), taken together with any cash fees paid by the Company to such Director during such calendar year for service on the Board, will not exceed $ 100,000 The Committee may amend any award agreement at any time, provided that no amendment may adversely affect the right of any participant under any agreement in any material way without the written consent of the participant, unless such amendment is required by applicable law, regulation or stock exchange rule. The Board may terminate, suspend or amend the A&R 2020 Plan, in whole or in part, from time to time, without the approval of the shareholders, unless such approval is required by applicable law, regulation or stock exchange rule, and provided that no amendment may adversely affect the right of any participant under any outstanding award in any material way without the written consent of the participant, unless such amendment is required by applicable law, regulation or rule of any stock exchange on which the shares are listed. Notwithstanding the foregoing, neither the A&R 2020 Plan nor any outstanding award agreement can be amended in a way that results in the repricing of a stock option. Repricing is broadly defined to include reducing the exercise price of a stock option or cancelling a stock option in exchange for cash, other stock options with a lower exercise price or other stock awards. No awards may be granted under the A&R 2020 Plan on or after the tenth anniversary of the effective date of the A&R 2020 Plan. The Company uses the Black-Scholes Model to calculate the fair value of its options. The valuation result generated by this pricing model is necessarily driven by the value of the underlying common stock incorporated into the model. Management determined the expected volatility was 462.15 0.68 0.93 830,900 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 12 - STOCKHOLDERS’ EQUITY (CONTINUED) 2021 Equity Incentive Plan The Company’s Board of Directors approved and adopted the 2021 Incentive Award Plan (“2021 Plan”), subject to stockholder approval, on August 10, 2021. The 2021 Plan was approved by the Company’s stockholders on December 16, 2021, at the Company’s 2021 Annual Meeting of Stockholders. The purpose of the 2021 Plan is to enhance the Company’s ability to attract, retain and motivate persons who make (or are expected to make) important contributions to the Company and its subsidiaries by providing these individuals with equity ownership opportunities. The number of shares initially available for issuance under awards granted pursuant to the 2021 Plan is 768,819 12 All employees, directors, and consultants of the Company and its subsidiaries are eligible to receive awards under the 2021 Plan. As of October 22, 2021, eighteen individuals are eligible to receive awards under the 2021 Plan. The 2021 Plan is generally administered by the Board, which may delegate its duties and responsibilities to committees of Board and or officers of the Company (referred to collectively as the “plan administrator”). The plan administrator will have the authority to make all determinations and interpretations under, prescribe all forms for use with, and adopt rules for the administration of, the 2021 Plan, subject to its express terms and conditions. The plan administrator will also set the terms and conditions of all awards under the 2021 Plan, including any vesting and vesting acceleration conditions. The plan administrator may also institute and determine the terms and conditions of an “exchange program,” which could provide for the surrender or cancellation, transfer, or reduction or increase of exercise price, of outstanding awards, subject to the limitations provided for in the Incentive Award Plan. The 2021 Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs; restricted stock; dividend equivalents; restricted stock units, or RSUs; stock appreciation rights, or SARs; and other stock or cash-based awards. All awards under the 2021 Plan will be set forth in award agreements, which will detail the terms and conditions of the awards, including any applicable vesting and payment terms and post-termination exercise limitations. Other Stock or Cash Based Awards may be granted to participants, including awards entitling participants to receive shares to be delivered in the future and including annual or other periodic or long-term cash bonus awards (whether based on specified performance criteria or otherwise), in each case subject to any conditions and limitations in the 2021 Plan. The plan administrator will determine the terms and conditions of other stock or cash-based awards. Performance awards include any of the foregoing awards that are granted subject to vesting and/or payment based on the attainment of specified performance goals or other criteria the plan administrator may determine, which may or may not be objectively determinable. Performance criteria upon which performance goals are established by the plan administrator. In connection with certain transactions and events affecting the Company’s Common Stock, including a change in control (as defined in the 2021 Plan), or change in any applicable laws or accounting principles, the plan administrator has broad discretion to take action under the 2021 Plan to prevent the dilution or enlargement of intended benefits, facilitate such transaction or event, or give effect to such change in applicable laws or accounting principles. This includes cancelling awards in exchange for either an amount in cash or other property with a value equal to the amount that would have been obtained upon exercise or settlement of the vested portion of such award or realization of the participant’s rights under the vested portion of such award, accelerating the vesting of awards, providing for the assumption or substitution of awards by a successor entity, adjusting the number and type of shares available, replacing awards with other rights or property and/or terminating awards under the 2021 Plan. On December 16, 2021, the Company granted 100,000 3.81 ten-year December 16, 2031 75,000 10,000 15,000 The vested portion of the options granted, 50,000 3.04 151,940 3.81 80 10 0.28 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 12 - STOCKHOLDERS’ EQUITY (CONTINUED) For the years ended December 31, 2021 and 2020, the Company recorded total stock-based compensation of $ 3,758,424 904,900 Stock options outstanding at December 31, 2021 and 2020, as disclosed in the below table, have approximately ($ 270,837 3,012,851 A summary of the status of the Company’s outstanding stock options and changes during the years ended December 31, 2021 and 2020, is as follows: SCHEDULE OF OUTSTANDING STOCK OPTIONS ACTIVITIES Number of Weighted Weighted Balance at January 1, 2020 7,809 $ 87.45 5.16 Granted 698,400 $ 1.20 9.92 Exercised (106,200 ) $ 1.00 9.64 Forfeited - $ - - Cancelled - $ - - Balance outstanding at December 31, 2020 600,009 $ 2.35 9.91 Options exercisable at December 31, 2020 600,009 $ 2.35 9.91 Weighted average fair value of options granted during the period $ 1.20 9.92 Balance at January 1, 2021 600,009 $ 2.35 9.91 Granted 400,000 $ 2.22 5.32 Exercised (19,200 ) $ - - Forfeited (917 ) $ - - Cancelled (50,000 ) $ - - Balance outstanding at December 31, 2021 929,892 $ 3.53 5.32 Options exercisable at December 31, 2021 929,892 $ 3.53 5.32 Weighted average fair value of options granted during the period $ 2.22 5.32 Restricted Stock Awards On February 23, 2021, the Company issued an aggregate of 1,000 14,200 On May 28, 2021, the Company awarded 600,000 shares of restricted common stock Chief Executive Officer, This equity award was made outside of a shareholder approved stock or option plan pursuant to the Nasdaq “inducement grant” exception (Nasdaq Listing Rule 5635(c)(4)). On August 24, 2021, in connection with Paul R. Thomson employment as Executive Vice President, and currently Chief Financial Officer, and as a material inducement to enter into the Thomson Agreement, Mr. Thomson received a restricted stock grant of 25,000 10,000 15,000 5,000 Also on August 24, 2021, under the terms of the Ellenoff Agreement, Douglas Ellenoff, Chief Business Development Strategist, will receive, in lieu of cash compensation: (i) a restricted stock award of 100,000 40,000 60,000 20,000 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 12 - STOCKHOLDERS’ EQUITY (CONTINUED) On October 8, 2021, in connection with Andrew Cohen employment as Senior Vice President of Operations, and as a material inducement to enter into the Cohen Agreement, Mr. Cohen received a restricted stock grant of 25,000 10,000 15,000 5,000 On December 16, 2021, the following awards of unregistered restricted stock to the Company’s directors and officers became effective; Charles M. Fernandez, Executive Chairman and Chief Executive Officer- (1) Award of 101,000 275,000 David Phipps, Director and President of Orbsat; Chief Executive Officer of Global Operations - Award of 275,000 Kendall Carpenter, Director - Award of 20,000 Louis Cusimano, Director - Award of 20,000 Hector Delgado, Director - Award of 20,000 John Miller, Director - Award of 20,000 Paul R. Thomson, Executive Vice President and Chief Financial Officer – Award of 10,000 Theresa Carlise, Chief Accounting Officer, Treasurer and Secretary - Award of 15,000 For the year ended December 31, 2021, the Company recorded total stock-based compensation for the awards and options granted of $ 3,758,424 . For the year ended December 31, 2020, the Company recorded stock-based compensation of $ 904,900 . NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 13 – INCOME TAXES The Company accounts for income taxes under ASC Topic 740: Income Taxes which requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and liabilities, and for the expected future tax benefit to be derived from tax losses and tax credit carry forwards. ASC Topic 740 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. The Company has a net federal and state operating loss carry forward for tax purposes totaling approximately $ 6.8 expiring through the year 2036, generally The tax reform bill that Congress voted to approve December 20, 2017, also known as the “Tax Cuts and Jobs Act”, made sweeping modifications to the Internal Revenue Code, including a much lower corporate tax rate, changes to credits and deductions, and a move to a territorial system for corporations that have overseas earnings. The act replaced the prior-law graduated corporate tax rate, which taxed income over $ 10 35 21 For U.S. purposes, the Company has not completed its evaluation of NOL utilization limitations under Internal Revenue Code, as amended (the “Code”) Section 382, change of ownership rules. If the Company has had a change in ownership, the NOL’s would be limited as to the amount that could be utilized each year, or possibly eliminated, based on the Code. The Company has also, not completed its review of NOL’s pertaining to years the Company was known as “Silver Horn Mining Ltd.” and “Great West Resources, Inc.”, which may not be available due to IRC Section 382 and because of a change in business line that may eliminate NOL’s associated with ““Silver Horn Mining Ltd.” and “Great West Resources, Inc.” The company has also not reviewed the impact relating to “Recent Events” for its IRC Section 382 possible NOL’s limitation. The components of earnings before income taxes for the years ended December 31, 2021 and 2020 were as follows: SUMMARY OF COMPONENTS OF EARNINGS BEFORE INCOME TAXES Year Ended December 31, 2021 2020 Income (loss) before income taxes: Domestic $ (8,187,662 ) $ (2,826,902 ) Foreign 80,000 63,527 Income (loss) before income taxes $ (8,107,662 ) $ (2,763,375 ) Income tax provision (benefit) consists of the following for the years ended December 31, 2021 and 2020: SUMMARY OF COMPONENTS OF INCOME TAX PROVISION (BENEFIT) Year Ended December 31, 2021 2020 Income tax provision (benefit): Current Federal $ - $ - State - - Foreign 15,000 3,563 Total current 15,000 3,563 Deferred: Federal - - State - - Foreign - - Total deferred - - Total income tax provision (benefit) $ 15,000 $ 3,563 The Company’s wholly owned subsidiary, GTC, is a United Kingdom (“UK”) Limited Company and files tax returns in the UK. Its estimated tax liability for December 31, 2021 and 2020 is approximately $ 15,000 3,563 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 13 – INCOME TAXES (CONTINUED) A reconciliation of the income tax provision (benefit) by applying the statutory United States federal income tax rate to income (loss) before income taxes is as follows: SUMMARY OF EFFECTIVE TAX RATE AND STATUTORY FEDERAL RATE Year Ended December 31, 2021 2020 $ % $ % Federal income tax provision (benefit) at statutory rate $ 1,736,000 21 % $ (580,000 ) 21 % State tax expense net of federal tax benefit 211,000 3 % 36,000 (1 )% State tax expense federal impact 29,000 - - - Non-deductible expenses (320,000 ) (4 )% 57,000 (2 )% State rate change adjustment (138,000 ) (2 )% - - Foreign taxes at rate different than US Taxes (2,000 ) - - - Other true-ups 188,000 2.0 % 1,267,000 46 % Change in valuation allowance (1,689,000 ) (20.0 )% (776,000 ) (28 )% Income tax provision (benefit) $ 15,000 - $ 4,000 - Deferred tax assets and liabilities are provided for significant income and expense items recognized in different years for tax and financial reporting purposes. Temporary differences, which give rise to a net deferred tax asset is as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES December 31, 2021 December 31, 2020 Deferred tax assets: Net operating loss carryforward $ 2,455,000 $ 1,721,000 Property plant and equipment and intangibles asset 132,000 124,000 Stock-based compensation 1,133,000 186,000 Total deferred tax assets $ 3,720,000 $ 2,031,000 Deferred tax liabilities: Book basis of property and equipment in excess of tax basis $ - $ - Total deferred tax liabilities $ - $ - Net deferred tax asset before valuation allowance $ 3,720,000 $ 2,030,777 Less: valuation allowance (3,720,000 ) (2,030,777 ) Net deferred tax asset $ - $ - The net operating loss carryforward increased from $ 6,789,695 at December 31, 2020 to $ 10,159,749 at December 31, 2021. After consideration of all the evidence, both positive and negative, management has recorded a full valuation allowance at December 31, 2021 and 2020, due to the uncertainty of realizing the deferred income tax assets. Out of the $ 10,159,749 net operating loss carryforward, $ 2,872,841 expire in 2036 7,286,908 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 13 – INCOME TAXES (CONTINUED) The Internal Revenue Code includes a provision, referred to as Global Intangible Low-Taxed Income (“GILTI”), which provides for a 10.5 The Company is subject to taxation in the U.S. and various states and foreign jurisdictions. U.S. federal income tax returns for 2018 and after remain open to examination. We and our subsidiaries are also subject to income tax in multiple states and foreign jurisdictions. Generally, foreign income tax returns after 2017 remain open to examination. No income tax returns are currently under examination. As of December 31, 2021 and 2020, the Company does not have any unrecognized tax benefits, and continues to monitor its current and prior tax positions for any changes. The Company recognizes penalties and interest related to unrecognized tax benefits as income tax expense. For the years ended December 31, 2021 and 2020, there were no

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 14 - COMMITMENTS AND CONTINGENCIES COVID-19 In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) a global pandemic prompting government-imposed quarantines, suspension of in-person attendance of academic programs, and cessation of certain travel and business closures. The United States has entered a recession as a result of the COVID-19 pandemic, which may prolong and exacerbate the negative impact on us. Although we expect the availability of vaccines and various treatments with respect to COVID-19 to have an overall positive impact on business conditions in the aggregate over time, the exact timing of these positive developments is uncertain. In December 2020, the United States began distributing two vaccines that, in addition to other vaccines under development, are expected to help to reduce the spread of the coronavirus that causes COVID-19 once they are widely distributed. If the vaccines prove less effective than currently understood by the scientific community and the United States Food and Drug Administration, or if there are problems with the acceptance, availability, timing or other difficulties with widely distributing the vaccines, the pandemic may last longer, and could continue to impact our business for longer, than we currently expect. In response to COVID-19, governmental authorities have implemented numerous measures to try to contain the virus, such as travel bans and restrictions, prohibitions on group events and gatherings, shutdowns of certain businesses, curfews, shelter in place orders and recommendations to practice social distancing. Although many governmental measures have had specific expiration dates, some of those measures have already been extended more than once, and there is considerable uncertainty regarding the duration of such measures and the implementation of any potential future measures, especially if cases increase again across the United States, with the potential for additional challenges resulting from the emergence of new variants of COVID-19, some of which may be more transmissible than the initial strain. Such measures have impacted, and may continue to affect, our workforce, operations, suppliers and customers. We reduced the size of our workforce following the onset of COVID-19 and may need to take additional actions to further reduce the size of our workforce in the future; such reductions incur costs, and we can provide no assurance that we will be able to rehire our workforce in the event our business experiences a subsequent recovery. We took steps to curtail our operating expenses and conserve cash. We may elect or need to take additional remedial measures in the future as the information available to us continues to develop, including with respect to our workforce, relationships with our third-party vendors, and our customers. There is no certainty that the remedial measures we have implemented to date, or any additional remedial steps we may take in the future, will be sufficient to mitigate the risks posed by COVID-19. Further, such measures could potentially materially adversely affect our business, financial condition and results of operations and create additional risks for us. Any escalation of COVID-19 cases across many of the markets we serve could have a negative impact on us. Specifically, we could be adversely impacted by limitations on our employees to perform their work due to illness caused by the pandemic or local, state, or federal orders requiring our stores to close or employees to remain at home; limitation of carriers to deliver our product to customers; product shortages; limitations on the ability of our customers to conduct their business and purchase our products and services; and limitations on the ability of our customers to pay us in a timely manner. These events could have a material, adverse effect on our results of operations, cash flows and liquidity. NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 14 - COMMITMENTS AND CONTINGENCIES (CONTINUED) The ultimate magnitude of COVID-19, including the full extent of the material negative impact on our financial and operational results, will depend on future developments. The resumption of our normal business operations may be delayed or constrained by lingering effects of COVID-19 on our customers, suppliers and/or third-party service providers. Furthermore, the extent to which our mitigation efforts are successful, if at all, is not currently ascertainable. Due to the daily evolution of the COVID-19 pandemic and the responses to curb its spread, we cannot predict the full impact of the COVID-19 pandemic on our business and results of operations, but our business, financial condition, results of operations and cash flows have already been materially adversely impacted, and we anticipate they will continue to be adversely affected by the COVID-19 pandemic and its negative effects on global economic conditions. Any recovery from the COVID-19 pandemic and related economic impact may also be slowed or reversed by a variety of factors, such as any increase in COVID-19 infections. Even after the COVID-19 pandemic has subsided, we may continue to experience adverse impacts to our business as a result of its national and, to some extent, global economic impact, including the current recession and any recession that may occur in the future. The success of our business depends on our global operations, including our supply chain and consumer demand, among other things. As a result of COVID-19, we have experienced shortages in inventory due to manufacturing issues, a reduction in the volume of sales in some parts of our business, such as rental sales and direct website sales, and a reduction in personnel due to lockdown related issues. Our results of operations for years ended December 31, 2021 and for the year ended December 31, 2020, reflect this impact; however, we expect that this trend may continue, and the full extent of the impact is unknown. In recent months, some governmental agencies in the US and Europe, where we produce the largest percentage of our sales, have lifted certain restrictions. However, if customer demand continues to be low, our future equipment sales, subscriber activations and sales margin will be impacted. Employment Agreements 2021 Phipps Employment Agreement On June 5, 2021, the Company to enter into a new three year employment agreement with Mr. Phipps the that was effective as of June 2, 2021, also referred to herein as the 2021 Phipps Employment Agreement). Under the terms of the 2021 Phipps Employment Agreement, Mr. Phipps will serve as the serve as President of the Company and Chief Executive Officer of Global Operations. The term will be automatically extended for additional one-year terms thereafter unless terminated by the Company or Mr. Phipps by written notice. Mr. Phipps’ annual base compensation under the 2021 Phipps Employment Agreement is an aggregate of $ 350,000 The Company may increase (but not decrease) his compensation during its term. In addition, Mr. Phipps will be entitled to receive an annual cash bonus if the Company meets or exceeds criteria adopted by the Compensation Committee of the Board of Directors. Mr. Phipps is also entitled to participate in any other executive compensation plans adopted by the Board of Directors, and is eligible for such grants of awards under stock option or other equity incentive plans as the Compensation Committee of the Company may from time to time determine (the “Share Awards”). Share Awards will be subject to the applicable Plan terms and conditions, provided, however, that Share Awards will be subject to any additional terms and conditions as are provided therein or in any award certificate(s), which shall supersede any conflicting provisions governing Share Awards provided under the equity incentive plan. The Company is required to pay or to reimburse Mr. Phipps for all reasonable out-of-pocket expenses actually incurred or paid by Mr. Phipps in the course of his employment, consistent with the Company’s policy. Mr. Phipps will be entitled to participate in such pension, profit sharing, group insurance, hospitalization, and group health and benefit plans and all other benefits and plans, including perquisites, if any, as the Company provides to its senior employees. The 2021 Phipps Agreement may be terminated based on death or disability of Mr. Phipps, for cause or without good reason, for cause or with good reason, and as a result of the change of control of the Company. The 2021 Phipps Agreement also contains certain provisions that are customary for agreements of this nature, including, without limitation, non-competition and non-solicitation covenants, indemnification provisions, etc. On August 7, 2021, the 2021 Phipps Agreement was amended in order to, among other things, (i) increase Mr. Phipps’ compensation to include a car allowance of $ 1,000 a month and (ii) clarify Mr. Phipps position to be President of NextPlat Corp and the Chief Executive Officer of Global Operations. NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 14 - COMMITMENTS AND CONTINGENCIES (CONTINUED) Fernandez Employment Agreements Fernandez May Employment Agreement On May 23, 2021, the Company entered into a three ( 3 12,000 100 10,000 10,000 3,000,000 5.00 Fernandez June Employment Agreement On June 2, 2021, the Company entered into a new employment agreement (the “June Agreement”) with Charles M. Fernandez, with an initial term of 5 350,000 Mr. Fernandez will also be entitled to participate in such pension, profit sharing, group insurance, hospitalization, and group health and benefit plans and all other benefits and plans, including perquisites, if any, as the Company provides to its senior employees. The June Agreement may be terminated based on death or disability of Mr. Fernandez, for cause or without good reason, for cause or with good reason, as a result of the change of control of the Company and at the option of Mr. Fernandez with or without cause. The June Agreement also contains certain provisions that are customary for agreements of this nature, including, without limitation, non-competition and non-solicitation covenants, indemnification provisions, etc. NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 14 - COMMITMENTS AND CONTINGENCIES (CONTINUED) The Company will also reimburse Mr. Fernandez for any and all premium payments made by him to obtain and continue personal catastrophe and disability insurance coverages for himself, which policy will have policy limits not to exceed one hundred percent ( 100 10,000.00 10,000 In addition, the June Agreement (which repeats, but not duplicates, a grant of restricted stock made under the May Agreement), Mr. Fernandez received an award of restricted stock with a grant date fair value equal to $ 3,000,000 determined at the per unit offering price in the June Offering ($ 5 per Unit) (the “RSA”), which RSA will vest 1/3 at each of the three anniversaries of the grant date. The Grant Date for the RSA is May 28, 2021, as determined pursuant to the May Agreement. Notwithstanding the vesting schedule, full vesting will occur upon a Change in Control, as that term is defined in the Restricted Stock Agreement pursuant to which the RSA was made (the “May Restricted Stock Agreement”). The Company at its sole expense is obligated to register for reoffer and resale by Mr. Fernandez the securities granted to him pursuant to the May Restricted Stock Agreement. If Mr. Fernandez’s employment is terminated for any reason at any time by the Company prior to the full vesting of the RSA without “Cause” (as that term is defined in the June Agreement), the RSA will vest and Mr. Fernandez will receive all right, title and interest in the balance of the securities granted to him in the RSA. During the term of the June Agreement and so long as Mr. Fernandez is employed by the Company, he may nominate two directors to the Company’s Board of Directors. The appointment of these directors to the Board is subject to approval by the Board of Directors. On August 7, 2021, the June Agreement was amended in order to, among other things, increase Mr. Fernandez’s compensation by (i) providing for medical plan coverage for Mr. Fernandez and his family at the expense of the Company, and (ii) providing for an auto allowance $ 1,000 Ellenoff Employment Agreement On August 24, 2021, Douglas S. Ellenoff was appointed to the positions of Chief Business Development Strategist of the “Company” and Vice Chairman of the Board of Directors of the Company. The appointment was made on the approval and recommendation of the Nominating Committee of the Board. Mr. Ellenoff was not appointed to any committees of the Board. In connection with Mr. Ellenoff’s appointment to the position of Chief Business Development Strategist of the Company, Mr. Ellenoff and the Company entered into a three year Employment Agreement, dated August 24, 2021, which is also referred to herein as the “Ellenoff Agreement”, Under the Ellenoff employment Agreement, which sets forth the terms of his employment, including with regard to compensation. Mr. Ellenoff will be nominated and renominated to serve on the Board during the term of the agreement. Under the terms of the Ellenoff Employment Agreement, Mr. Ellenoff will receive, in lieu of cash compensation: (i) a restricted stock award of 100,000 shares of Common Stock of the Company, 40,000 of which will be issued within 5 business days of the execution of the Ellenoff Employment Agreement and vest immediately, and the remaining 60,000 of which will be issued and vest at the rate of 20,000 shares at the end of each of the next three annual anniversaries of his employment, provided that Mr. Ellenoff serves on the Board at any time during such year; and (ii) options to purchase a total of 1,500,000 shares of the Corporation’s Common Stock, 300,000 of which will issued within 5 business days of the execution of the Ellenoff Employment Agreement and vest immediately, 150,000 of which will vest on each of the next three annual anniversaries of the commencement of his employment, and the remaining 750,000 of which will vest at the rate of 250,000 per year on each of the first three anniversaries of the commencement of his employment if during each such year Mr. Ellenoff introduces the Company to twelve (12) or more potential Business Transactions (as defined in the Ellenoff Employment Agreement and which transactions need not be consummated); provided that the Company’s Chief Executive Officer may, in his sole discretion, waive the vesting requirement in any given year . Such options have an exercise price of $ 5.35 per share and will terminate 5 years after they vest. These equity awards to Mr. Ellenoff were material to induce Mr. Ellenoff to enter into the Ellenoff Employment Agreement and were issued outside of a shareholder approved stock or option plan pursuant to the Nasdaq “inducement grant” exception (Nasdaq Listing Rule 5635(c)(4)). NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 14 - COMMITMENTS AND CONTINGENCIES Uddin Employment Agreement On June 22, 2021, the Company appointed Sarwar Uddin as the Chief Financial Officer of the Company. Mr. Uddin replaced Thomas Seifert, whose employment by the Company terminated on the same date. The initial term of Mr. Uddin’s agreement is one year commencing on June 22, 2021. The term of the employment agreement will be automatically extended for additional one 240,000 600 On October 4, 2021, Mr. Uddin, notified the Company of his resignation from all positions he held with the Company. Mr. Uddin’s resignation was effective as of the close of business on October 8, 2021. Carlise Employment Agreement On June 22, 2021, the Company appointed Theresa Carlise, Controller, Treasurer and Secretary. The initial term of Ms. Carlise agreement was one year. The term of the employment agreement will be automatically extended for additional one-year terms unless terminated by the Company or Ms. Carlise by written notice. Ms. Carlise’s annual base compensation is $ 180,000 1 3 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 14 - COMMITMENTS AND CONTINGENCIES (CONTINUED) Thomson Employment Agreement On August 24, 2021, Paul R. Thomson was appointed to the position of Executive Vice President of the Company. Mr. Thomson’s appointment as Executive Vice President was effective on August 24, 2021, the date of that certain Employment Agreement between Mr. Thomson and the Company (the “Thomson Agreement”). The Thomson Agreement has an initial term of three 250,000 In connection with Mr. Thomson’s employment, and as a material inducement to enter into the Thomson Agreements, Mr. Thomson received (i) immediately vested options to purchase 25,000 shares of Common Stock at a per share price of $5.35, and having a term of 5 years; and (ii) a restricted stock grant of 25,000 shares of Common Stock, 10,000 of which vest immediately, and the remaining 15,000 of which will vest at the rate of 5,000 shares at the end of each of the next three annual anniversaries of his employment. These equity awards to Mr. Thomson were issued outside of a shareholder approved stock or option plan pursuant to the Nasdaq “inducement grant” exception (Nasdaq Listing Rule 5635(c)(4)). On October 7, 2021, the Board of Directors of the Company (the “Board”) appointed Paul R. Thomson, the Executive Vice President of the Company, to the additional position of Chief Financial Officer of the Company effective October 9, 2021. As Chief Financial Officer, Mr. Thomson will also become the Company’s principal financial officer, effective October 9, 2021. On October 8, 2021, on the approval and recommendation of the Compensation Committee of the Board (the “Compensation Committee”), and following subsequent approval of the Board, the Company entered into an amendment to the Company’s current employment agreement with Mr. Thomson to reflect his new title of “Executive Vice President and Chief Financial Officer” effective October 9, 2021 (the “Thomson Amendment” Cohen Employment Agreement On October 7, 2021, the Board appointed Andrew Cohen as Senior Vice President of Operations of the Company, effective October 8, 2021. In connection with Mr. Cohen’s appointment, the Company entered into an employment agreement, dated October 8, 2021 (the “Cohen Agreement”), that sets forth the terms of his employment. The Cohen Agreement has an initial term of three ( 3 250,000 In connection with Mr. Cohen’s employment, and as a material inducement to enter into the Cohen Agreement, Mr. Cohen received (i) immediately vested options to purchase 25,000 shares of Common Stock at a per share price of $5.35, and having a term of 5 years; and (ii) a restricted stock grant of 25,000 shares of Common Stock, 10,000 of which vest immediately, and the remaining 15,000 of which will vest at the rate of 5,000 shares at the end of each of the next three annual anniversaries of his employment. NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 14 - COMMITMENTS AND CONTINGENCIES (CONTINUED) Consulting Agreements On July 16, 2020, the Company’s Board of Directors approved, and the Company entered into a 12-month consulting agreement (“Consulting Agreement”) with an unrelated third-party for capital raising advisory services and business growth and development services, with the term renewable upon mutual consent of the parties. Upon signing of the Consulting Agreement, the Company agreed to issue 20,000 5,000 Lease Agreements On December 2, 2021, the Company entered into a 62-month lease for 4,141 186,345 3 Effective July 24, 2019, a three-year lease was signed for 2,660 25,536 2,128 2,926 1.375083 July 2022 The UK lease does not require any contingent rental payments, impose any financial restrictions, or contain any residual value guarantees. Variable expenses generally represent the Company’s share of the landlord’s operating expenses. The Company does not have any leases classified as financing leases. The rate implicit to the UK lease is not readily determinable, and we therefore use our incremental borrowing rate to determine the present value of the lease payments. The weighted average incremental borrowing rate used to determine the initial value of right of use (ROU) assets and lease liabilities during the year ended December 31, 2021 was 6.00 We monitor for events or changes in circumstances that require a reassessment of one of our leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in profit or loss. NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 14 - COMMITMENTS AND CONTINGENCIES (CONTINUED) At December 31, 2021, the Company had current and long-term operating lease liabilities of $ 19,763 0 22,643 Future minimum lease payments under the UK lease are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT Minimum Lease Years Ending December 31, Payment 2022 $ 22,643 2023 - Total undiscounted future non-cancelable minimum lease payments 22,643 Less: Imputed interest (2,880 ) Present value of lease liabilities $ 19,763 Weighted average remaining term 0.58 Net rent expense for the years ended December 31, 2021 and 2020 were $ 35,112 32,607 Litigation On June 22, 2021, Thomas Seifert’s employment as the Company’s Chief Financial Officer was terminated for cause. Mr. Seifert asserts that the termination was not for cause and that he is owed all compensation payable under his employment agreement executed in June 2021. The Company’s position is that Mr. Seifert is not owed any additional consideration or compensation relating to his prior service with the Company or arising under any employment agreement. The Company believes it has adequate defenses to any such claims. The Company has determined to initiate litigation against Mr. Seifert asserting a number of claims including, but not limited to, rescission of the employment agreement, fraud in the inducement in connection with the execution of the employment agreement, and breach of the fiduciary duties of good faith and loyalty. The Company does not expect to seek substantial monetary relief in the litigation. From time to time, the Company may become involved in litigation relating to claims arising out of our operations in the normal course of business. The Company is not currently involved in any pending legal proceeding or litigation, and, to the best of our knowledge, no governmental authority is contemplating any proceeding to which the Company is a party or to which any of the Company’s properties is subject, which would reasonably be likely to have a material adverse effect on the Company’s business, financial condition and operating results.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 17 – RELATED PARTY TRANSACTIONS As of December 31, 2021, the accounts payable due to related party includes $ 30,000 5,308 35,308 102,060 The Company’s UK subsidiary, GTC had an over-advance line of credit with HSBC, for working capital needs, which was not renewed by the Company on December 31, 2021. The over-advance limit was £ 25,000 or $ 33,834 at an exchange rate of 1.353372 , with interest at 5.50 % over Bank of England’s base rate or current rate of 6.25 % variable. The advance was guaranteed by David Phipps, the Company’s President and Chief Executive Officer of Global Operations. The Company uses an American Express account for Orbital Satcom Corp and an American Express account for GTC, both in the name of David Phipps who personally guarantees the balance owed. For the year ended December 31, 2021, the Company employs five individuals related to Mr. Phipps who earned gross wages totaling $ 188,384 and for the year ended December 31, 2020, three individuals were employed related to Mr. Phipps earning $ 85,722 . NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

CONCENTRATIONS

CONCENTRATIONS	12 Months Ended
	Dec. 31, 2021
Risks and Uncertainties [Abstract]
CONCENTRATIONS	NOTE 18 - CONCENTRATIONS Customers: Amazon accounted for 63.6 73.3 Suppliers: The following table sets forth information as to each supplier that accounted for 10% or more of the Company’s purchases for the years ended December 31, 2021 and 2020. SCHEDULE OF CONCENTRATION RISK December 31, 2021 December 31, 2020 Network Innovations $ 658,642 10.6 % $ 912,056 17.5 % Garmin $ 1,102,230 17.7 % $ 813,875 15.6 % Globalstar Europe $ 725,315 11.6 % $ 540,463 10.3 % SatCom Global $ 973,652 15.6 % $ 474,404 9.1 % Cygnus Telecom $ 800,008 12.8 % $ 623,736 11.9 % Geographic The following table sets forth revenue as to each geographic location, for the years ended December 31, 2021 and 2020: SCHEDULE OF REVENUE FROM EACH GEOGRAPHIC LOCATION Year Ended December 31, 2021 Year Ended December 31, 2020 Europe $ 5,146,336 66.5 % $ 3,658,612 64.3 % North America 1,776,288 22.9 % 1,532,273 26.9 % South America 37,139 0.5 % 34,915 0.6 % Asia & Pacific 695,770 9.0 % 420,048 7.4 % Africa 84,377 1.1 % 43,948 0.8 % $ 7,739,910 $ 5,689,796

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 19 – SUBSEQUENT EVENTS January 2022 Private Placement of Common Stock On December 31, 2021, after markets closed, a securities purchase agreement (the “Purchase Agreement”) was circulated to, and signatures were received from, certain institutional and accredited investors (the “December Investors”) in connection with the sale in a private placement by the Company of 2,229,950 3.24 The closing of the December Offering occurred on January 5, 2022. The Company received gross proceeds from the sale of the common stock in the December Offering of approximately $ 7.2 The Company intends to use the proceeds from the December Offering for general corporate purposes, including potential acquisitions and joint ventures. 73 In connection with the December Offering, the Company entered into a registration rights agreement with the December Investors (the “Registration Rights Agreement”), pursuant to which, among other things, the Company agreed to prepare and file with the SEC a registration statement to register for resale the shares of the Company’s common stock sold in the Offering. The shares of common stock offered and sold in the December Offering were sold in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated under the Securities Act and corresponding provisions of state securities or “blue sky” laws. The terms of the transaction disclosed above, including the provisions of the Purchase Agreement and Registration Rights Agreement, were approved by the Board of Directors; and because some of the securities were offered and sold to officers and directors of the Company, such terms were separately reviewed and approved by the Audit Committee of the Board of Directors. January 2022 Name Change On January 18, 2022, the Company filed a Certificate of Amendment of the Amended and Restated Articles of Incorporation of the Company with the Secretary of State of the State of Nevada in order to change the Company’s corporate name from Orbsat Corp to NextPlat Corp. This name change was effective as of January 21, 2022. The name change was approved by the Company’s stockholders at the 2021 annual meeting of stockholders held on December 16, 2021. Appointment of Director; Compensatory Arrangements of Director On January 7, 2022, the Board of Directors (the “Board”) of the Company appointed Rodney Barreto as a new director to the Board, effective January 20, 2022. No decision has been made with respect to the naming of Mr. Barreto to any regular committees of the Board. In connection with Mr. Barreto’s appointment to the Board, the Company executed a Director Services Agreement (the “Director Agreement”) with Mr. Barreto on January 11, 2022. The Director Agreement has a two 48,000 20,000

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Organization and Description of Business	Organization and Description of Business NextPlat Corp (the “Company”) was formerly Orbsat Corp (“NextPlat”), a Nevada corporation. NextPlat currently generates its revenues from the provision of a comprehensive array of communication services and related equipment sales. In recent years the Company has successfully leveraged e-commerce solutions to establish a truly global reach. We intend to achieve our mission and further grow our business by pursuing the following strategies: increased product offerings, marketplace expansion, government sourced revenue, product innovation, future acquisitions and E-Commerce Platforms. The Company was originally incorporated in 1997 in Florida. On April 21, 2010, the Company merged with and into a wholly-owned subsidiary for the purpose of changing its state of incorporation to Delaware, effecting a 2:1 forward split Global Telesat Communications Limited (“GTC”) was formed under the laws of England and Wales in 2008. On February 19, 2015, we entered into a share exchange agreement with GTC and all of the holders of the outstanding equity of GTC pursuant to which GTC became a wholly owned subsidiary of ours. On March 28, 2014, we merged with a newly-formed wholly-owned subsidiary of ours solely for the purpose of changing our state of incorporation to Nevada from Delaware, effecting a 1:150 reverse split of our common stock For accounting purposes, this transaction was accounted for as a reverse acquisition and has been treated as a recapitalization of the Company with GTC considered the accounting acquirer, and the financial statements of the accounting acquirer became the financial statements of the registrant. The completion of the Share Exchange resulted in a change of control. The Share Exchange was accounted for as a reverse acquisition and re-capitalization. The GTC shareholders obtained approximately 39% of voting control on the date of Share Exchange. GTC was the acquirer for financial reporting purposes and the Company was the acquired company. The consolidated financial statements after the acquisition include the balance sheets of both companies at historical cost, the historical results of GTC and the results of the Company from the acquisition date. All share and per share information in the accompanying consolidated financial statements and footnotes has been retroactively restated to reflect the recapitalization. See Note 12 – Stockholders’ Equity. Orbital Satcom Corp, a Nevada corporation was formed on November 14, 2014. On January 22, 2015, we changed our name to “Orbital Tracking Corp” from “Great West Resources, Inc.” pursuant to a merger with a newly formed wholly owned subsidiary. Effective March 8, 2018, following the approval of a majority of our shareholders, we effected a reverse split of our common stock at a ratio of 1 for 150 ratio of 1 for 15 Also, on August 19, 2019, we changed our name to “Orbsat Corp” from “Orbital Tracking Corp.” pursuant to a merger with a newly formed wholly owned subsidiary. On March 24, 2021, the Company’s shareholders via majority shareholder consent authorized a stock split not to exceed 1-for-5 reverse stock split . A definitive Information Statement relating to the shareholder consent was filed with the SEC on March 13, 2021. The Company’s Board of Directors (the “Board”) subsequently approved the 1-for-5 reverse stock split . The Company filed a Certificate of Change to its Amended and Restated Articles of Incorporation to effect a reverse stock split of its issued and outstanding common stock, at a ratio of 1-for-5 . The effective time of the reverse stock split was 12:01 a.m. ET on May 28, 2021. The Company’s common stock began trading on a split-adjusted basis commencing upon market open on May 28, 2021. The common stock has been assigned a new CUSIP number, 68557F 209. The warrants were assigned the CUSIP number, 68557F 118. No fractional shares of common stock were issued as a result of the reverse stock split. Stockholders of record who would otherwise be entitled to receive a fractional share received a whole share. On December 16, 2021, at the Annual Meeting of Stockholders (the “Annual Meeting”) of the Company the stockholders approved certificate of amendment to the Company’s Amended and Restated Articles of Incorporation changing the Company’s name to NextPlat Corp. The Name Change Amendment was filed on January 18, 2022, and t Effective January 21, 2022, the trading symbol for the Company’s common stock, par value $ 0.0001 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Discontinued Operations	Discontinued Operations The Company’s former operations were developing and manufacturing products and services, which reduce fuel costs, save power and energy and protect the environment. The products and services were made available for sale into markets in the public and private sectors. In December 2009, the Company discontinued these operations and disposed of certain of its subsidiaries, and prior periods have been restated in the Company’s consolidated financial statements and related footnotes to conform to this presentation. The remaining liabilities for discontinued operations are presented in the consolidated balance sheets under the caption “Liabilities from discontinued operation” and relates to the discontinued operations of developing and manufacturing of energy saving and fuel-efficient products and services. The carrying amounts of the major classes of these liabilities as of December 31, 2021, and 2020 are summarized as follows: SUMMARY OF CARRYING AMOUNT OF MAJOR CLASSES OF LIABILITIES December 31, 2021 December 31, 2020 Assets of discontinued operations $ - $ - Liabilities Accounts payables and accrued expenses $ (112,397 ) $ (112,397 ) Liabilities from discontinued operations $ (112,397 ) $ (112,397 )
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The consolidated financial statements of the Company include the Company and its wholly-owned subsidiaries, Orbital Satcom Corp, (“Orbital Satcom”) and Global Telesat Communications Limited, (“GTC”). All material intercompany balances and transactions have been eliminated in consolidation.
Liquidity	Liquidity As an early-stage growth company, NextPlat’s ability to access capital is critical. On June 2, 2021, through an upsized underwritten public offering of 2,880,000 units at a price to the public of $ 5.00 per unit, the Company received gross proceeds of $ 14,404,666 (the “June Offering”). See Note 12, Stockholders’ Equity, In connection with closing of the June Offering, the Underwriter partially exercised its overallotment option and purchased an additional 432,000 0.01 4,320 432,000 2,155,680 As of the date of this report, the Company’s existing cash resources and existing borrowing availability are sufficient to support planned operations for the next 12 months. As a result, management believes that the Company’s existing financial resources are sufficient to continue operating activities for at least one year past the issuance date of the financial statements.
Use of Estimates	Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition, and revenues and expenses for the years then ended. Actual results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, the assumptions used to calculate stock-based compensation, derivative liabilities and common stock issued for services. NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when acquired to be cash equivalents. The Company places its cash with a high credit quality financial institution. The Company’s account at this institution is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 250,000 17,017,978
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts The Company has a policy of reserving for questionable accounts based on its best estimate of the amount of probable credit losses in its existing accounts receivable. The Company periodically reviews its accounts receivable to determine whether an allowance is necessary based on an analysis of past due accounts and other factors that may indicate that the realization of an account may be in doubt. Account balances deemed to be uncollectible are offset against sales and relieved from accounts receivable, after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2021, and 2020, there is an allowance for doubtful accounts of $ 0 15,596
Inventories	Inventories Inventories are valued at the lower of cost or net realizable value, using the first-in first-out cost method. The Company assesses the valuation of its inventories and reduces the carrying value of those inventories that are obsolete or in excess of the Company’s forecasted usage to their estimated net realizable value. The Company estimates the net realizable value of such inventories based on analysis and assumptions including, but not limited to, historical usage, expected future demand and market requirements. A change to the carrying value of inventories is recorded to cost of goods sold.
Prepaid Expenses	Prepaid Expenses Prepaid expenses current and long term amounted to $ 97,068 and $ 49,867 , respectively for the year ended December 31, 2021, as compared to $ 1,784 and $ 0 at for the year ended December 31, 2020. Prepaid expenses include prepayments in cash for accounting fees, prepayments in equity instruments, which are being amortized over the terms of their respective agreements, as well as cost associated with certain contract liabilities. The current portion consists of costs paid for future services which will occur within a year.
Foreign Currency Translation	Foreign Currency Translation The Company’s reporting currency is U.S. Dollars. The accounts of one of the Company’s subsidiaries, GTC, is maintained using the appropriate local currency, Great British Pound, as the functional currency. All assets and liabilities are translated into U.S. Dollars at balance sheet date, shareholders’ equity is translated at historical rates and revenue and expense accounts are translated at the average exchange rate for the year or the reporting period. The translation adjustments are reported as a separate component of stockholders’ equity, captioned as accumulated other comprehensive (loss) gain. Transaction gains and losses arising from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the statements of operations. The relevant translation rates are as follows: for the year ended December 31, 2021, closing rate at 1.353372 1.375083 1.3665 1.286618 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Revenue Recognition and Unearned Revenue	Revenue Recognition and Unearned Revenue The Company recognizes revenue from satellite services when earned, as services are rendered or delivered to customers. Equipment sales revenue is recognized when the equipment is delivered to and accepted by the customer. Only equipment sales are subject to warranty. Historically, the Company has not incurred significant expenses for warranties. Equipment sales which have been prepaid, before the goods are shipped are recorded as contract liabilities and once shipped is recognized as revenue. The Company also records as contract liabilities, certain annual plans for airtime, which are paid in advance. Once airtime services are incurred, they are recognized as revenue. Unbilled revenue is recognized for airtime plans whereby the customer is invoiced for its data usage the following month after services are incurred. The Company’s customers generally purchase a combination of our products and services as part of a multiple element arrangement. The Company’s assessment of which revenue recognition guidance is appropriate to account for each element in an arrangement can involve significant judgment. This assessment has a significant impact on the amount and timing of revenue recognition. The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. The five-step model is applied to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services transferred to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and determine those that are performance obligations and assess whether each promised good or service is distinct. We then recognize revenue in the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. In accordance with ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedient Contract liabilities are shown separately in the consolidated balance sheets as current liabilities. At December 31, 2021, we had contract liabilities of approximately $ 36,765 36,704 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Cost of Product Sales and Services	Cost of Product Sales and Services Cost of sales consists primarily of materials, airtime and overhead costs incurred internally and amounts incurred to contract manufacturers to produce our products, airtime and other implementation costs incurred to install our products and train customer personnel, and customer service and third-party original equipment manufacturer costs to provide continuing support to our customers. There are certain costs which are deferred and recorded as prepaids, until such revenue is recognized. Refer to revenue recognition above as to what constitutes deferred revenue. Shipping and handling costs are included as a component of costs of product sales in the Company’s consolidated statements of operations because the Company includes in revenue the related costs that the Company bills its customers.
Intangible Assets	Intangible Assets Intangible assets include customer contracts purchased and recorded based on the cost to acquire them. These assets are amortized over 10
Property and Equipment	Property and Equipment Property and equipment are carried at historical cost less accumulated depreciation. Depreciation is based on the estimated service lives of the depreciable assets and is calculated using the straight-line method. Expenditures that increase the value or productive capacity of assets are capitalized. Fully depreciated assets are retained in the property and equipment, and accumulated depreciation accounts until they are removed from service. When property and equipment are retired, sold or otherwise disposed of, the asset’s carrying amount and related accumulated depreciation are removed from the accounts and any gain or loss is included in operations. Repairs and maintenance are expensed as incurred. The estimated useful lives of property and equipment are generally as follows: SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT Years Office furniture and fixtures 4 Computer equipment 4 Rental equipment 4 Appliques 10 Website development 2 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Depreciation expense for the years ended December 31, 2021, and 2020 was $ 292,102 269,926
Impairment of Long-lived Assets	Impairment of Long-lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value. The Company did not consider it necessary to record any impairment charges during the periods ended December 31, 2021 and December 31, 2020, respectively.
Accounting for Derivative Instruments	Accounting for Derivative Instruments Derivatives are required to be recorded on the balance sheet at fair value. These derivatives, including embedded derivatives in the Company’s structured borrowings, are separately valued and accounted for on the Company’s balance sheet. Fair values for exchange traded securities and derivatives are based on quoted market prices. Where market prices are not readily available, fair values are determined using market-based pricing models incorporating readily observable market data and requiring judgment and estimates. The Company did not identify any other assets or liabilities that are required to be presented on the consolidated balance sheets at fair value in accordance with the accounting guidance. The carrying amounts reported in the balance sheet for cash, accounts payable, and accrued expenses approximate their estimated fair market value based on the short-term maturity of the instruments.
Stock-based	Stock-based Compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Pursuant to ASC Topic 718, for share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date. Further, ASC Topic 718, provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718, such as the repricing of share options, which would revalue those options and the accounting for the cancellation of an equity award whether a replacement award or other valuable consideration is issued in conjunction with the cancellation. If not, the cancellation is viewed as a replacement and not a modification, with a repurchase price of $ 0
Income Taxes	Income Taxes The Company accounts for income taxes pursuant to the provision of ASC 740-10, “Accounting for Income Taxes” (“ASC 740-10”) which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach require the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provision of ASC 740-10 related to Accounting for Uncertain Income Tax Positions. When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold is measured at the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits. The Company has adopted ASC 740-10-25, “Definition of Settlement,” which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open. The federal and state income tax returns of the Company are subject to examination by the IRS and state taxing authorities, generally for three years after they are filed.
Leases	Leases Effective January 1, 2019, the Company accounts for its leases under ASC 842, Leases NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) In calculating the right of use asset and lease liability, the Company has elected to combine lease and non-lease components. The Company excludes short-term leases having initial terms of 12 months or less from the new guidance as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term. At December 31, 2021 and 2020, the Company had aggregated current and long-term operating lease liabilities of $ 19,763 0 22,643 55,606
Research and Development	Research and Development The Company accounts for research and development costs in accordance with the Accounting Standards Codification subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. For the years ended December 31, 2021 and 2020, there were no
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and all changes to the statements of stockholders’ equity. For the Company, comprehensive loss for the years ended December 31, 2021and 2020 included net loss and unrealized losses from foreign currency translation adjustments.
Earnings per Common Share	Earnings per Common Share Net income (loss) per common share is calculated in accordance with ASC Topic 260: Earnings per Share (“ASC 260”). Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. The computation of diluted net loss per share does not include dilutive common stock equivalents in the weighted average shares outstanding as they would be anti-dilutive. In periods where the Company has a net loss, all dilutive securities are excluded. The following are dilutive common stock equivalents during the year ended: SCHEDULE OF DILUTIVE COMMON STOCK EQUIVALENTS December 31, 2021 December 31, 2020 Convertible notes payable (1) - 1,245,468 Stock Options 929,892 600,009 Stock Warrants 2,530,092 800 Total 3,459,984 1,846,277 (1) 1,245,468 1,294,268 4.99 NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Related Party Transactions	Related Party Transactions A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party, (see Note 17).
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In May 2021, the FASB issued ASU 2021-04, Earnings Per Share In October 2021, the FASB issued guidance which requires companies to apply Topic 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact and timing of adoption of this guidance Any new accounting standards, not disclosed above, that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF CARRYING AMOUNT OF MAJOR CLASSES OF LIABILITIES	SUMMARY OF CARRYING AMOUNT OF MAJOR CLASSES OF LIABILITIES December 31, 2021 December 31, 2020 Assets of discontinued operations $ - $ - Liabilities Accounts payables and accrued expenses $ (112,397 ) $ (112,397 ) Liabilities from discontinued operations $ (112,397 ) $ (112,397 )
SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT	The estimated useful lives of property and equipment are generally as follows: SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT Years Office furniture and fixtures 4 Computer equipment 4 Rental equipment 4 Appliques 10 Website development 2
SCHEDULE OF DILUTIVE COMMON STOCK EQUIVALENTS	The following are dilutive common stock equivalents during the year ended: SCHEDULE OF DILUTIVE COMMON STOCK EQUIVALENTS December 31, 2021 December 31, 2020 Convertible notes payable (1) - 1,245,468 Stock Options 929,892 600,009 Stock Warrants 2,530,092 800 Total 3,459,984 1,846,277 (1) 1,245,468 1,294,268 4.99

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
SCHEDULE OF INVENTORIES	At December 31, 2021 and 2020, inventories consisted of the following: SCHEDULE OF INVENTORIES December 31, 2021 December 31, 2020 Finished goods $ 1,019,696 $ 361,422 Less reserve for obsolete inventory - - Total $ 1,019,696 $ 361,422

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT December 31, 2021 December 31, 2020 Office furniture and fixtures $ 16,969 $ 6,470 Computer equipment 67,458 33,361 Rental equipment 53,296 48,187 Appliques 2,160,096 2,160,096 Website development 247,541 69,149 Property, Plant and Equipment, Gross Less accumulated depreciation (1,502,501 ) (1,211,099 ) Total $ 1,042,859 $ 1,106,164

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF FUTURE AMORTIZATION OF INTANGIBLE ASSETS	SCHEDULE OF FUTURE AMORTIZATION OF INTANGIBLE ASSETS 2022 $ 25,000 2023 25,000 2024 25,000 Total $ 75,000

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED OTHER LIABILITIES	Accounts payable and accrued other liabilities consisted of the following: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED OTHER LIABILITIES December 31, 2021 December 31, 2020 Accounts payable $ 846,380 $ 747,476 Rental deposits 2,030 10,761 Customer deposits payable 59,733 53,570 Accrued wages & payroll liabilities 20,107 1,913 VAT liability & sales tax payable 6,203 50,453 Pre-merger accrued other liabilities 88,448 88,448 Accrued interest 138 99,982 Accrued other liabilities 40,305 - Total $ 1,063,344 $ 1,052,603

CONVERTIBLE NOTES PAYABLE (Tabl

CONVERTIBLE NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
SCHEDULE OF CONVERTIBLE NOTES PAYABLE	The balances of the Company’s convertible note payable consist of the following: SCHEDULE OF CONVERTIBLE NOTES PAYABLE December 31, 2021 December 31, 2020 May 2019 Notes $ - $ 462,085 August 2020 Notes - 588,182 December 2020 Notes - 244,000 March 2021 Notes - - Convertible debt - 1,294,267 Debt Discount - (1,084,944 ) Total $ - $ 209,323

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
SCHEDULE OF OUTSTANDING STOCK WARRANTS ACTIVITIES	A summary of the status of the Company’s total outstanding warrants and changes during the year ended December 31, 2021 is as follows: SCHEDULE OF OUTSTANDING STOCK WARRANTS ACTIVITIES Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Balance at January 1, 2020 800 $ 300.00 2.37 Granted - - - Exercised - - - Forfeited - - - Cancelled - - - Balance outstanding and exercisable at December 31, 2020 800 $ 300.00 1.37 Balance at January 1, 2021 800 $ 300.00 1.37 Granted 3,456,000 - - Exercised (925,908 ) - - Forfeited - - - Cancelled (800 ) - - Balance outstanding and exercisable at December 31, 2021 2,530,092 $ 5.00 4.42
SCHEDULE OF OUTSTANDING STOCK OPTIONS ACTIVITIES	A summary of the status of the Company’s outstanding stock options and changes during the years ended December 31, 2021 and 2020, is as follows: SCHEDULE OF OUTSTANDING STOCK OPTIONS ACTIVITIES Number of Weighted Weighted Balance at January 1, 2020 7,809 $ 87.45 5.16 Granted 698,400 $ 1.20 9.92 Exercised (106,200 ) $ 1.00 9.64 Forfeited - $ - - Cancelled - $ - - Balance outstanding at December 31, 2020 600,009 $ 2.35 9.91 Options exercisable at December 31, 2020 600,009 $ 2.35 9.91 Weighted average fair value of options granted during the period $ 1.20 9.92 Balance at January 1, 2021 600,009 $ 2.35 9.91 Granted 400,000 $ 2.22 5.32 Exercised (19,200 ) $ - - Forfeited (917 ) $ - - Cancelled (50,000 ) $ - - Balance outstanding at December 31, 2021 929,892 $ 3.53 5.32 Options exercisable at December 31, 2021 929,892 $ 3.53 5.32 Weighted average fair value of options granted during the period $ 2.22 5.32

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
SUMMARY OF COMPONENTS OF EARNINGS BEFORE INCOME TAXES	The components of earnings before income taxes for the years ended December 31, 2021 and 2020 were as follows: SUMMARY OF COMPONENTS OF EARNINGS BEFORE INCOME TAXES Year Ended December 31, 2021 2020 Income (loss) before income taxes: Domestic $ (8,187,662 ) $ (2,826,902 ) Foreign 80,000 63,527 Income (loss) before income taxes $ (8,107,662 ) $ (2,763,375 )
SUMMARY OF COMPONENTS OF INCOME TAX PROVISION (BENEFIT)	Income tax provision (benefit) consists of the following for the years ended December 31, 2021 and 2020: SUMMARY OF COMPONENTS OF INCOME TAX PROVISION (BENEFIT) Year Ended December 31, 2021 2020 Income tax provision (benefit): Current Federal $ - $ - State - - Foreign 15,000 3,563 Total current 15,000 3,563 Deferred: Federal - - State - - Foreign - - Total deferred - - Total income tax provision (benefit) $ 15,000 $ 3,563
SUMMARY OF EFFECTIVE TAX RATE AND STATUTORY FEDERAL RATE	A reconciliation of the income tax provision (benefit) by applying the statutory United States federal income tax rate to income (loss) before income taxes is as follows: SUMMARY OF EFFECTIVE TAX RATE AND STATUTORY FEDERAL RATE Year Ended December 31, 2021 2020 $ % $ % Federal income tax provision (benefit) at statutory rate $ 1,736,000 21 % $ (580,000 ) 21 % State tax expense net of federal tax benefit 211,000 3 % 36,000 (1 )% State tax expense federal impact 29,000 - - - Non-deductible expenses (320,000 ) (4 )% 57,000 (2 )% State rate change adjustment (138,000 ) (2 )% - - Foreign taxes at rate different than US Taxes (2,000 ) - - - Other true-ups 188,000 2.0 % 1,267,000 46 % Change in valuation allowance (1,689,000 ) (20.0 )% (776,000 ) (28 )% Income tax provision (benefit) $ 15,000 - $ 4,000 -
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES	Deferred tax assets and liabilities are provided for significant income and expense items recognized in different years for tax and financial reporting purposes. Temporary differences, which give rise to a net deferred tax asset is as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES December 31, 2021 December 31, 2020 Deferred tax assets: Net operating loss carryforward $ 2,455,000 $ 1,721,000 Property plant and equipment and intangibles asset 132,000 124,000 Stock-based compensation 1,133,000 186,000 Total deferred tax assets $ 3,720,000 $ 2,031,000 Deferred tax liabilities: Book basis of property and equipment in excess of tax basis $ - $ - Total deferred tax liabilities $ - $ - Net deferred tax asset before valuation allowance $ 3,720,000 $ 2,030,777 Less: valuation allowance (3,720,000 ) (2,030,777 ) Net deferred tax asset $ - $ -

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT	Future minimum lease payments under the UK lease are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT Minimum Lease Years Ending December 31, Payment 2022 $ 22,643 2023 - Total undiscounted future non-cancelable minimum lease payments 22,643 Less: Imputed interest (2,880 ) Present value of lease liabilities $ 19,763 Weighted average remaining term 0.58

CONCENTRATIONS (Tables)

CONCENTRATIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Risks and Uncertainties [Abstract]
SCHEDULE OF CONCENTRATION RISK	The following table sets forth information as to each supplier that accounted for 10% or more of the Company’s purchases for the years ended December 31, 2021 and 2020. SCHEDULE OF CONCENTRATION RISK December 31, 2021 December 31, 2020 Network Innovations $ 658,642 10.6 % $ 912,056 17.5 % Garmin $ 1,102,230 17.7 % $ 813,875 15.6 % Globalstar Europe $ 725,315 11.6 % $ 540,463 10.3 % SatCom Global $ 973,652 15.6 % $ 474,404 9.1 % Cygnus Telecom $ 800,008 12.8 % $ 623,736 11.9 %
SCHEDULE OF REVENUE FROM EACH GEOGRAPHIC LOCATION	The following table sets forth revenue as to each geographic location, for the years ended December 31, 2021 and 2020: SCHEDULE OF REVENUE FROM EACH GEOGRAPHIC LOCATION Year Ended December 31, 2021 Year Ended December 31, 2020 Europe $ 5,146,336 66.5 % $ 3,658,612 64.3 % North America 1,776,288 22.9 % 1,532,273 26.9 % South America 37,139 0.5 % 34,915 0.6 % Asia & Pacific 695,770 9.0 % 420,048 7.4 % Africa 84,377 1.1 % 43,948 0.8 % $ 7,739,910 $ 5,689,796

SUMMARY OF CARRYING AMOUNT OF M

SUMMARY OF CARRYING AMOUNT OF MAJOR CLASSES OF LIABILITIES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Assets of discontinued operations
Accounts payables and accrued expenses	(112,397)	(112,397)
Liabilities from discontinued operations	$ (112,397)	$ (112,397)

SCHEDULE OF ESTIMATED USEFUL LI

SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT (Details)	12 Months Ended
	Dec. 31, 2021
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	4 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	4 years
Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	4 years
Appliques [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years

SCHEDULE OF DILUTIVE COMMON STO

SCHEDULE OF DILUTIVE COMMON STOCK EQUIVALENTS (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	3,459,984	1,846,277
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		1,245,468
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	929,892	600,009
Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,530,092	800

SCHEDULE OF DILUTIVE COMMON S_2

SCHEDULE OF DILUTIVE COMMON STOCK EQUIVALENTS (Details) (Parenthetical) - USD ($)	May 27, 2021	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares issued upon conversion	100,000
Stock conversion amount	$ 350,000
Convertible Notes Payable One [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares issued upon conversion		1,245,468
Stock conversion amount		$ 1,294,268
Equity Method Investment, Ownership Percentage		4.99%

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)

Jan. 05, 2022USD ($)

Jan. 05, 2022USD ($)

Jun. 28, 2021USD ($)shares

Jun. 02, 2021USD ($)$ / sharesshares

May 28, 2021

May 26, 2021

Mar. 24, 2021

Aug. 19, 2019

Jul. 24, 2019$ / shares

Mar. 08, 2018

Mar. 08, 2018

Mar. 28, 2014

Apr. 21, 2010

Dec. 31, 2021USD ($)$ / shares

Dec. 31, 2020USD ($)$ / shares

Jan. 21, 2022$ / shares

Property, Plant and Equipment [Line Items]

Reverse stock split

ratio of 1-for-5

1-for-5 reverse stock split

stock split not to exceed 1-for-5 reverse stock split

ratio of 1 for 15

1-for-15 reverse split

ratio of 1 for 150

ratio of 1 for 150

effecting a 1:150 reverse split of our common stock

Common stock par value | $ / shares

$ 0.0001

$ 0.0001

$ 0.0001

Number of shares issued | shares

2,880,000

Sale of Stock, Price Per Share | $ / shares

$ 5

Proceeds from issuance of common stock

$ 14,404,666

$ 12,661,984

Proceeds from warrants

4,320

Cash, FDIC Insured Amount

250,000

Cash, Uninsured Amount

17,017,978

Allowance for doubtful accounts receivable

0

15,596

Prepaid Expense, Current

97,068

1,784

Prepaid Expense, Noncurrent

49,867

Contract liabilities

$ 36,765

36,704

Intangible asset, amortization period

10 years

Depreciation expense

$ 292,102

269,926

Share-based payment award, replacement, repurchase price | $ / shares

$ 0

Income tax examination, description

Tax positions that meet the more likely than not recognition threshold is measured at the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority.

Operating lease liability non current

$ 19,763

0

Operating lease right use of assets

22,643

55,606

Research and development

$ 0

$ 0

US$: GBP [Member] | Closing Rate [Member]

Property, Plant and Equipment [Line Items]

Foreign currency translation rate

1.353372

1.3665

US$: GBP [Member] | Quarterly Average Rate [Member]

Property, Plant and Equipment [Line Items]

Foreign currency translation rate

1.375083

1.286618

Maximum [Member]

Property, Plant and Equipment [Line Items]

Cash, FDIC Insured Amount

$ 250,000

June Offering [Member]

Property, Plant and Equipment [Line Items]

Proceeds from issuance of common stock

$ 16,560,000

Warrants to purchase common stock | shares

432,000

Warrants exercise price | $ / shares

$ 0.01

Proceeds from warrants

$ 4,320

Over-Allotment Option [Member]

Property, Plant and Equipment [Line Items]

Number of shares issued | shares

432,000

Proceeds from issuance of common stock

$ 2,155,680

Subsequent Event [Member]

Property, Plant and Equipment [Line Items]

Common stock par value | $ / shares

$ 0.0001

Proceeds from issuance of common stock

$ 7,200,000

$ 5,825,038

EClips Media Technologies, Inc [Member]

Property, Plant and Equipment [Line Items]

Reverse stock split

effecting a 2:1 forward split

SCHEDULE OF INVENTORIES (Detail

SCHEDULE OF INVENTORIES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 1,019,696	$ 361,422
Less reserve for obsolete inventory
Total	$ 1,019,696	$ 361,422

VAT RECEIVABLE (Details Narrati

VAT RECEIVABLE (Details Narrative)	Mar. 25, 2022USD ($)	Mar. 25, 2022EUR (€)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Value added tax receivable, current			$ 491,417
Subsequent Event [Member]
Subsequent Event [Line Items]
Value added tax receivable, current	$ 95,759	€ 70,756
Foreign currency exchange rate, translation	1.3533720	1.3533720

PREPAID EXPENSES (Details Narra

PREPAID EXPENSES (Details Narrative) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Prepaid Expenses
Prepaid Expense, Current	$ 97,068	$ 1,784
Prepaid Expense, Noncurrent	$ 49,867

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Office furniture and fixtures	$ 16,969	$ 6,470
Computer equipment	67,458	33,361
Rental equipment	53,296	48,187
Appliques	2,160,096	2,160,096
Website development	247,541	69,149
Less accumulated depreciation	(1,502,501)	(1,211,099)
Total	$ 1,042,859	$ 1,106,164

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 292,102	$ 269,926

SCHEDULE OF FUTURE AMORTIZATION

SCHEDULE OF FUTURE AMORTIZATION OF INTANGIBLE ASSETS (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 25,000
2023	25,000
2024	25,000
Total	$ 75,000	$ 100,000

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($)	Dec. 10, 2014	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Amortization of intangible assets		$ 25,000	$ 25,000
Contracts [Member]
Defined Benefit Plan Disclosure [Line Items]
Indefinite-lived intangible assets acquired	$ 250,000

SCHEDULE OF ACCOUNTS PAYABLE AN

SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED OTHER LIABILITIES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accounts payable	$ 846,380	$ 747,476
Rental deposits	2,030	10,761
Customer deposits payable	59,733	53,570
Accrued wages & payroll liabilities	20,107	1,913
VAT liability & sales tax payable	6,203	50,453
Pre-merger accrued other liabilities	88,448	88,448
Accrued interest	138	99,982
Accrued other liabilities	40,305
Total	$ 1,063,344	$ 1,052,603

LINE OF CREDIT (Details Narrati

LINE OF CREDIT (Details Narrative) - USD ($)	Oct. 09, 2019	Dec. 31, 2021	Dec. 31, 2020
Line of credit term		1 year
Line of credit facility interest expense		$ 0	$ 952
Short term line of credit		$ 0	$ 0
Orbsat Satcom Corp [Member] | Short Term Loan Agreement [Member]
Line of credit facility, current borrowing capacity	$ 29,000
Line of credit facility, interest rate during period	9.72%
Line of credit facility late payment interest rate	11.72%

SCHEDULE OF CONVERTIBLE NOTES P

SCHEDULE OF CONVERTIBLE NOTES PAYABLE (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Convertible debt		$ 1,294,267
Debt Discount		(1,084,944)
Total		209,323
August Two Thousand Twenty Notes [Member]
Short-term Debt [Line Items]
Convertible debt		588,182
December Two Thousand Twenty Notes [Member]
Short-term Debt [Line Items]
Convertible debt		244,000
March Two Thousand Twenty One Notes [Member]
Short-term Debt [Line Items]
Convertible debt
May 2019 Notes [Member]
Short-term Debt [Line Items]
Convertible debt		$ 462,085

CONVERTIBLE NOTES PAYABLE (Deta

CONVERTIBLE NOTES PAYABLE (Details Narrative)	Aug. 18, 2021	May 27, 2021USD ($)$ / sharesshares	Mar. 05, 2021USD ($)	Mar. 02, 2021USD ($)$ / sharesshares	Feb. 23, 2021USD ($)$ / sharesshares	Jan. 12, 2021USD ($)$ / sharesshares	Nov. 13, 2020USD ($)$ / sharesshares	Nov. 11, 2020USD ($)$ / sharesshares	Nov. 06, 2020USD ($)$ / sharesshares	Nov. 05, 2020USD ($)$ / sharesshares	Nov. 03, 2020USD ($)$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 22, 2020USD ($)$ / sharesshares	Sep. 21, 2020USD ($)$ / sharesshares	Sep. 17, 2020USD ($)$ / sharesshares	Sep. 16, 2020USD ($)$ / sharesshares	Sep. 15, 2020USD ($)$ / sharesshares	Sep. 14, 2020USD ($)$ / sharesshares	Sep. 11, 2020USD ($)$ / sharesshares	Sep. 10, 2020USD ($)$ / sharesshares	Sep. 08, 2020USD ($)$ / sharesshares	Sep. 02, 2020USD ($)$ / sharesshares	Sep. 01, 2020USD ($)$ / sharesshares	Aug. 26, 2020USD ($)$ / sharesshares	Jul. 23, 2020USD ($)$ / shares	Jul. 08, 2020USD ($)$ / shares	Jun. 22, 2020USD ($)$ / shares	Jun. 15, 2020USD ($)$ / shares	Apr. 22, 2020USD ($)$ / shares	Apr. 17, 2020USD ($)$ / shares	Mar. 09, 2020USD ($)$ / shares	Feb. 19, 2020USD ($)$ / shares	Feb. 18, 2020USD ($)$ / shares	Feb. 11, 2020USD ($)$ / shares	Feb. 10, 2020USD ($)$ / shares	Jan. 31, 2020USD ($)$ / shares	Jan. 30, 2020USD ($)$ / shares	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)$ / sharesshares	May 20, 2021$ / shares	Dec. 01, 2020USD ($)	Aug. 21, 2020USD ($)
Short-term Debt [Line Items]
Debt instrument, face amount																												$ 269,262
Stock conversion amount		$ 350,000
Debt conversion, converted instrument, shares issued | shares		100,000
Amortization of Debt Discount (Premium)																																							$ 1,425,365	$ 538,087
Debt Instrument, Unamortized Discount																																						$ 0	0	209,323
Conversion rate price per shares | $ / shares																												$ 0.50
Debt Instrument, Fair Value Disclosure																												$ 0
Gain (Loss) on Extinguishment of Debt																												$ 269,262											20,832	269,261
Discount on debt																																						$ 0	0	$ 1,084,944
Common Stock [Member]
Short-term Debt [Line Items]
Stock conversion amount				$ 149,532	$ 80,289	$ 30,000	$ 38,894	$ 20,000	$ 11,340	$ 25,848	$ 6,061	$ 43,240	$ 55,005	$ 5,780	$ 33,197	$ 30,275	$ 13,529	$ 66,294	$ 15,000	$ 114,457	$ 33,600	$ 4,351	$ 38,219	$ 117,200	$ 468	$ 219	$ 2,687		$ 37	$ 705	$ 1,031	$ 446	$ 1,319	$ 2,358	$ 2,542	$ 1,815	$ 1,815
Debt conversion, converted instrument, shares issued | shares				149,532	80,289	30,000	38,894	20,000	11,340	25,848	6,061	43,240	55,005	5,780	33,197	30,275	13,529	66,294	15,000	114,457	33,600	4,351	38,219	117,200																791,760
Conversion rate price per shares | $ / shares		$ 1.29		$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1		$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50				$ 1
Holders [Member]
Short-term Debt [Line Items]
Stock conversion amount																																							$ 1,644,267
Debt conversion, converted instrument, shares issued | shares																																							1,345,468
Holder [Member]
Short-term Debt [Line Items]
Stock conversion amount																																								$ 687,734
Debt conversion, converted instrument, shares issued | shares																																								699,800
Maximum [Member]
Short-term Debt [Line Items]
Conversion rate price per shares | $ / shares																												$ 1
Conversion Rate 0.50 [Member] | Holder [Member]
Short-term Debt [Line Items]
Debt conversion, converted instrument, shares issued | shares																																								26,823
Conversion rate price per shares | $ / shares																																								$ 0.50
Conversion Rate 1.00 [Member] | Holder [Member]
Short-term Debt [Line Items]
Debt conversion, converted instrument, shares issued | shares																																								672,978
Conversion rate price per shares | $ / shares																																								$ 1
Convertible Debt [Member] | Holder [Member] | Common Stock [Member]
Short-term Debt [Line Items]
Discount on debt																																								$ 209,323
Note Purchase Agreement [Member] | Convertible Promissory Note [Member]
Short-term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			7.00%
Debt accrued interest rate			12.00%
Debt Instrument, Description			The Noteholder had an optional right of conversion such that a Noteholder may elect to convert his March 2021 Note, in whole or in part, outstanding as of such time, into the number of fully paid and non-assessable shares of the Company’s common stock as determined by dividing the indebtedness under the March 2021 Note price equal to the lesser of (a) $7.50 per share, and (b) a 30% discount to the price of the common stock in the qualified transaction. Following an event of default, the conversion price shall be adjusted to be equal to the lower of: (i) the then applicable conversion price or (ii) the price per share of 85% of the lowest traded price for the Company’s common stock during the 15 trading days preceding the relevant conversion. In addition, subject to the ownership limitations, if a qualified transaction is completed, without further action from the Noteholder, on the closing date of the qualified transaction, 50% of the principal amount of this March 2021 Note and all accrued and unpaid interest shall be converted into Company common stock at a conversion price equal to the 30% discount to the offering price in such qualified transaction, which price shall be proportionately adjusted for stock splits, stock dividends or similar events
Note Purchase Agreement [Member] | Convertible Promissory Note [Member] | Minimum [Member]
Short-term Debt [Line Items]
Proceeds from Issuance of Debt			$ 10,000,000
Note Purchase Agreement [Member] | Convertible Notes Payable [Member]
Short-term Debt [Line Items]
Debt instrument, face amount			$ 350,000																																							$ 244,000	$ 933,000
Outstanding indebtedness	0.20																																					0.25

STOCK SUBSCRIPTION PAYABLE (Det

STOCK SUBSCRIPTION PAYABLE (Details Narrative) - USD ($)	Jan. 05, 2022	Jan. 05, 2022	Jun. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 28, 2021
Subsidiary, Sale of Stock [Line Items]
Share issued price per share						$ 3.81
Proceeds from issuance of common stock				$ 1,400,000
Proceeds from issuance of common stock			$ 14,404,666	$ 12,661,984
Subsequent Event [Member]
Subsidiary, Sale of Stock [Line Items]
Stock issued during period shares new issues		2,229,950
Proceeds from issuance of common stock	$ 7,200,000	$ 5,825,038
Private Placement [Member] | Accredited Investors [Member]
Subsidiary, Sale of Stock [Line Items]
Stock issued during period shares new issues				2,229,950
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Share issued price per share				$ 3.24
Proceeds from issuance of common stock				$ 7,225,038

CORONAVIRUS LOANS (Details Narr

CORONAVIRUS LOANS (Details Narrative)	May 23, 2021USD ($)	Jul. 16, 2020USD ($)	Jul. 16, 2020EUR (€)	May 08, 2020USD ($)	Apr. 20, 2020EUR (€)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Notes Payable, Noncurrent						$ 253,757	$ 320,626
Notes Payable, Current							121,848
Coronavirus Loans [Member]
Interest rate			0.10%
Notes Payable, Noncurrent						253,757	320,626
Notes Payable, Current						56,391	$ 41,831
Coronavirus Loans [Member] | Payroll Protection Program [Member]
Loan	$ 20,832			$ 20,832		$ 20,832
Interest rate				1.00%
Loan term				2 years
Coronavirus Loans [Member] | First Repayment [Member]
Prepayment of balance of debentures percentage		Voluntary prepayments are allowed with 5 business days’ written notice and the amount of the prepayment is equal to 10% or more of the limit or, if less, the balance of the debenture	Voluntary prepayments are allowed with 5 business days’ written notice and the amount of the prepayment is equal to 10% or more of the limit or, if less, the balance of the debenture
Coronavirus Loans [Member] | Lenders [Member]
Loan		$ 338,343
Interest rate			3.99%
Loan term				6 months
GBP [Member] | Coronavirus Loans [Member] | First Repayment [Member]
Notes Payable, Noncurrent | €			€ 4,166.67
GBP [Member] | Coronavirus Loans [Member] | Lenders [Member]
Loan | €			€ 250,000
US$: GBP [Member] | Coronavirus Loans [Member] | Lenders [Member]
Foreign Currency Exchange Rate, Translation			1.3533720
Global Telesat Communications Limited [Member] | Maximum [Member] | GBP [Member]
Loan | €					€ 250,000

SCHEDULE OF OUTSTANDING STOCK W

SCHEDULE OF OUTSTANDING STOCK WARRANTS ACTIVITIES (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Number of warrants, beginning balance	800	800
Weighted average exercise price, beginning balance	$ 300	$ 300
Weighted average remaining contractual Llfe (Years), ending balance	1 year 4 months 13 days	2 years 4 months 13 days
Number of warrants, granted	3,456,000
Weighted average exercise price, granted
Number of warrants, exercised	(925,908)
Weighted average exercise price, exercised
Number of warrants, Forfeited
Weighted average exercise price, forfeited
Number of warrants, Cancelled	(800)
Weighted average exercise price, cancelled
Number of warrants, ending balance	2,530,092	800
Weighted average exercise price, ending balance	$ 5	$ 300
Weighted average remaining contractual Llfe (Years), ending balance	4 years 5 months 1 day	1 year 4 months 13 days

SCHEDULE OF OUTSTANDING STOCK O

SCHEDULE OF OUTSTANDING STOCK OPTIONS ACTIVITIES (Details) - $ / shares	Dec. 16, 2021	Oct. 08, 2021	Aug. 24, 2021	Aug. 25, 2020	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Number of options, outstanding balance beginning					600,009	7,809
Weighted average exercise price, outstanding balance beginning					$ 2.35	$ 87.45
Weighted average remaining contractual life (years), beginning outstanding		5 years			9 years 10 months 28 days	5 years 1 month 28 days
Number of options, granted	50,000	25,000	325,000		400,000	698,400
Weighted average exercise price, granted	$ 3.04	$ 2.90	$ 3.24		$ 2.22	$ 1.20
Weighted average remaining contractual life (years), granted					5 years 3 months 25 days	9 years 11 months 1 day
Number of options, exercised				(85,960)	(19,200)	(106,200)
Weighted average exercise price, exercised						$ 1
Weighted average remaining contractual life (years), exercised						9 years 7 months 20 days
Number of options, forfeited					917
Weighted average exercise price, forfeited
Number of options, cancelled					50,000
Weighted average exercise price, cancelled
Number of options, outstanding balance ending					929,892	600,009
Weighted average exercise price, outstanding balance ending					$ 3.53	$ 2.35
Weighted average remaining contractual life (years), ending outstanding					5 years 3 months 25 days	9 years 10 months 28 days
Numbr of options, exercisable					929,892	600,009
Weighted average exercise price, exercisable balance					$ 3.53	$ 2.35
Weighted average remaining contractual life (years), exercisable					5 years 3 months 25 days	9 years 10 months 28 days
Weighted average exercise price, weighted average fair value of options granted during the period					$ 2.22	$ 1.20
Weighted average remaining contractual life (years), weighted average fair value of options granted during the period					5 years 3 months 25 days	9 years 11 months 1 day
Number of options, forfeited					(917)
Number of options, cancelled					(50,000)

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative)	Dec. 28, 2021USD ($)$ / sharesshares	Dec. 21, 2021USD ($)$ / sharesshares	Dec. 16, 2021USD ($)Integer$ / sharesshares	Oct. 21, 2021USD ($)$ / sharesshares	Oct. 08, 2021USD ($)Integer$ / sharesshares	Sep. 22, 2021$ / sharesshares	Sep. 14, 2021$ / sharesshares	Sep. 03, 2021$ / sharesshares	Aug. 24, 2021USD ($)Integer$ / sharesshares	Aug. 24, 2021USD ($)Integer$ / sharesshares	Aug. 10, 2021shares	Jul. 30, 2021USD ($)$ / sharesshares	Jul. 19, 2021USD ($)$ / sharesshares	Jul. 15, 2021USD ($)shares	Jul. 15, 2021USD ($)shares	Jul. 14, 2021USD ($)$ / sharesshares	Jul. 13, 2021USD ($)$ / sharesshares	Jul. 12, 2021USD ($)$ / sharesshares	Jul. 08, 2021USD ($)$ / sharesshares	Jul. 06, 2021USD ($)$ / sharesshares	Jun. 28, 2021USD ($)$ / sharesshares	Jun. 28, 2021$ / sharesshares	Jun. 10, 2021USD ($)$ / sharesshares	Jun. 02, 2021USD ($)$ / sharesshares	May 28, 2021USD ($)$ / sharesshares	May 27, 2021USD ($)$ / sharesshares	May 26, 2021	May 20, 2021USD ($)$ / sharesshares	Mar. 24, 2021	Mar. 02, 2021USD ($)$ / sharesshares	Feb. 23, 2021USD ($)$ / sharesshares	Jan. 12, 2021USD ($)$ / sharesshares	Nov. 13, 2020USD ($)$ / sharesshares	Nov. 11, 2020USD ($)$ / sharesshares	Nov. 06, 2020USD ($)$ / sharesshares	Nov. 05, 2020USD ($)$ / sharesshares	Nov. 03, 2020USD ($)$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 22, 2020USD ($)$ / sharesshares	Sep. 21, 2020USD ($)$ / sharesshares	Sep. 17, 2020USD ($)$ / sharesshares	Sep. 16, 2020USD ($)$ / sharesshares	Sep. 15, 2020USD ($)$ / sharesshares	Sep. 14, 2020USD ($)$ / sharesshares	Sep. 11, 2020USD ($)$ / sharesshares	Sep. 10, 2020USD ($)$ / sharesshares	Sep. 08, 2020USD ($)$ / sharesshares	Sep. 02, 2020USD ($)$ / sharesshares	Sep. 01, 2020USD ($)$ / sharesshares	Aug. 26, 2020USD ($)$ / sharesshares	Aug. 25, 2020USD ($)shares	Jul. 23, 2020USD ($)$ / sharesshares	Jul. 22, 2020USD ($)shares	Jul. 16, 2020shares	Jul. 08, 2020USD ($)$ / sharesshares	Jun. 22, 2020USD ($)$ / sharesshares	Apr. 22, 2020USD ($)$ / sharesshares	Apr. 17, 2020USD ($)$ / sharesshares	Mar. 09, 2020USD ($)$ / sharesshares	Feb. 19, 2020USD ($)$ / sharesshares	Feb. 18, 2020USD ($)$ / sharesshares	Feb. 11, 2020USD ($)$ / sharesshares	Feb. 10, 2020$ / sharesshares	Feb. 10, 2020USD ($)$ / shares	Jan. 31, 2020USD ($)$ / sharesshares	Jan. 30, 2020USD ($)$ / sharesshares	Aug. 19, 2019	Jul. 24, 2019$ / sharesshares	Jun. 14, 2018shares	Mar. 08, 2018	Mar. 08, 2018	Mar. 28, 2014	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 30, 2020shares	Jun. 15, 2020$ / shares	Jul. 23, 2019shares	Mar. 05, 2016shares	Mar. 04, 2016shares
Class of Stock [Line Items]
Authorized capital																																																																														800,000,000	220,000,000
Common stock, shares authorized																																																																				750,000,000					50,000,000	50,000,000			50,000,000	750,000,000	200,000,000
Preferred stock, shares authorized																																																																				50,000,000					3,333,333	3,333,333			3,333,333	50,000,000	20,000,000
Reverse stock split																									ratio of 1-for-5		1-for-5 reverse stock split		stock split not to exceed 1-for-5 reverse stock split																																						ratio of 1 for 15	1-for-15 reverse split		ratio of 1 for 150	ratio of 1 for 150	effecting a 1:150 reverse split of our common stock
Common Stock, Par or Stated Value Per Share | $ / shares																																																																				$ 0.0001					$ 0.0001	$ 0.0001
Preferred stock, par value | $ / shares																																																																				$ 0.0001					$ 0.0001	$ 0.0001
Common Stock, Shares, Outstanding																																																																									7,053,146	817,450
Preferred stock, shares outstanding																																																																									0	0
Preferred stock, shares issued																																																																									0	0
Class of warrant or right, issued																																																																									2,530,092
Warrants outstanding																																																																									2,530,092	800
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised																																																																									925,908
Shares issued upon conversion																										100,000
Value of shares issued upon conversion | $																										$ 350,000
Conversion rate price per shares | $ / shares																																																																												$ 0.50
Stock issued during period shares issued for services																															1,000
Stock issued during period value issued for services | $																															$ 14,200
Proceeds from issuance of common stock | $																								$ 14,404,666																																																	$ 12,661,984
Proceeds from Warrant Exercises | $																																																																									$ 4,629,539
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period																																																			85,960																						19,200	106,200
Stock issued during period, shares, restricted stock award, gross	15,000
Shares issued, price per share | $ / shares	$ 3.81
Share Based Compensation | $																																																																									$ 2,481,071	$ 74,000
Share-based Payment Arrangement, Noncash Expense | $																																																																									$ 3,758,424	$ 904,900
Options granted			50,000		25,000				325,000																																																																400,000	698,400
Stock option exercise price | $ / shares			$ 3.04		$ 2.90				$ 3.24																																																																$ 2.22	$ 1.20
Stock option outstanding intrinsic value | $			$ 151,940		$ 72,350				$ 1,053,064	$ 1,053,064																																																																$ 830,900
Derivative liability measurement input term			10 years
Options term					5 years																																																																				9 years 10 months 28 days	5 years 1 month 28 days
Fair value assumptions, expected volatility rate																																																																									462.15%
Fair value asssumptions, expected risk free interest rate, minimum																																																																									0.68%
Fair value asssumptions, expected risk free interest rate, maximum																																																																									0.93%
Share based compensation term			10 years
Share based compensation expire date			Dec. 16, 2031
Stock based compensation | $																																																																									$ 3,758,424	$ 904,900
Equity Option [Member]
Class of Stock [Line Items]
Stock option outstanding intrinsic value | $																																																																									$ 270,837	$ 3,012,851
2018 Incentive Plan Membe [Member]
Class of Stock [Line Items]
Stock option during shares																																																																					13,333
Amended And Restated 2021 Incentive Plan [Member]
Class of Stock [Line Items]
Reverse stock split																									1-for-5 reverse split
Number of shares issued during period																																																																										800,000
Common stock capital shares																																																																										800,000	450,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ / shares																																																																									$ 100,000
2021 Plan [Member]
Class of Stock [Line Items]
Options granted											768,819
Two Thousand And Twenty One [Member]
Class of Stock [Line Items]
Agreegate common stock percentage											12.00%
2021 Plan Equity Incentive Plan [Member]
Class of Stock [Line Items]
Options granted			100,000
Measurement Input Expected Volatility [Member]
Class of Stock [Line Items]
Derivativr liability, measurement input | Integer			80
Measurement Input, Expected Term [Member]
Class of Stock [Line Items]
Derivativr liability, measurement input | Integer			0.28
David Phipps [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period																																																			80,000
Two Employees [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period																																																			22,000
Douglas Ellenoff Chief Business Development Strategist [Member]
Class of Stock [Line Items]
Shares issued, price per share | $ / shares			$ 3.81
Share based compensation arrangement by share based payment award, description									On August 24, 2021, the Company issued to Douglas Ellenoff, Chief Business Development Strategist, 300,000 options which are fully vested, to purchase its common stock. The Company will issue an additional 150,000 options per year for the next three years which will be fully vested at the end of each year, as long as Mr. Ellenoff remains employed by the Company. During the next three years, Mr. Ellenoff will be eligible to receive an additional 250,000 per year on each of the first three anniversaries of the commencement of his employment if during each such year Mr. Ellenoff introduces the Company to twelve (12) or more potential Business Transactions (as defined in the Ellenoff Agreement and which transactions need not be consummated); provided that the Company’s Chief Executive Officer may, in his sole discretion, waive the vesting requirement in any given year. Such options have an exercise price of $5.35 per share and will terminate 5 years after they vest
Paul R Thomson [Member]
Class of Stock [Line Items]
Shares issued, price per share | $ / shares									$ 5.37	$ 5.37
Options granted			10,000						25,000
Stock option exercise price | $ / shares									$ 5.35
Paul R Thomson [Member] | Measurement Input Expected Volatility [Member]
Class of Stock [Line Items]
Derivativr liability, measurement input | Integer									75.25	75.25
Paul R Thomson [Member] | Measurement Input, Expected Term [Member]
Class of Stock [Line Items]
Derivative liability measurement input term									5 years
Paul R Thomson [Member] | Measurement Input, Risk Free Interest Rate [Member]
Class of Stock [Line Items]
Derivativr liability, measurement input | Integer									0.28	0.28
Andrew Cohen [Member]
Class of Stock [Line Items]
Shares issued, price per share | $ / shares					$ 4.75
Options granted					25,000
Stock option exercise price | $ / shares					$ 5.35
Andrew Cohen [Member] | Measurement Input Expected Volatility [Member]
Class of Stock [Line Items]
Derivativr liability, measurement input | Integer					80
Andrew Cohen [Member] | Measurement Input, Expected Term [Member]
Class of Stock [Line Items]
Derivative liability measurement input term					5 years
Andrew Cohen [Member] | Measurement Input, Risk Free Interest Rate [Member]
Class of Stock [Line Items]
Derivativr liability, measurement input | Integer					0.28
Charles Fernandez [Member]
Class of Stock [Line Items]
Options granted			75,000
Stock option exercise price | $ / shares			$ 3.81
Theresa Carlise [Member]
Class of Stock [Line Items]
Options granted			15,000
Charles M. Fernandez [Member]
Class of Stock [Line Items]
Stock issued during period, shares, restricted stock award, gross																									600,000
Warrant [Member]
Class of Stock [Line Items]
Warrant exercise price | $ / shares													$ 5			$ 5	$ 5
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised																							1,000
Underwriter Warrants [Member]
Class of Stock [Line Items]
Warrants outstanding																																																																									144,000
Underwriter Warrant [Member]
Class of Stock [Line Items]
Warrants to purchase common stock																							144,000
Warrant exercise price | $ / shares																							$ 5.50
[custom:PercentOfCommonStock-0]																							5.00%
Class of warrant Or Rrght exercise price percentage on offering price																							110.00%
Restricted Stock [Member] | Consultant [Member]
Class of Stock [Line Items]
Stock issued during period, shares, restricted stock award, gross																																																						4,000
Stock issued during period shares restricted stock additional																																																						1,000
Restricted Stock Units (RSUs) [Member] | Douglas Ellenoff Chief Business Development Strategist [Member]
Class of Stock [Line Items]
Vesting rate, shares										20,000
Share based compensation arrangement by share based payment award, equity instruments other than options, non vested, number					15,000				60,000	60,000
Share based compensation arrangement by share based payment award, equity instruments other than options grants									40,000
Restricted Stock Units (RSUs) [Member] | Paul R Thomson [Member]
Class of Stock [Line Items]
Vesting rate, shares									10,000	5,000
Restricted Stock Units (RSUs) [Member] | Andrew Cohen [Member]
Class of Stock [Line Items]
Vesting rate, shares					5,000
Restricted Stock Units (RSUs) [Member] | PaulR Thomson Executive Vice Oresidentand Cheif Financial Officer [Member]
Class of Stock [Line Items]
Share based compensation arrangement by share based payment award, equity instruments other than options, non vested, number									15,000	15,000
Two Thousand And Twenty Incentive Plan Membe [Member] | Charles M. Fernandez [Member]
Class of Stock [Line Items]
Stock issued during period, shares, restricted stock award, gross			101,000
Two Thousand And Twenty One Incentive Plan Membe [Member] | David Phipps [Member]
Class of Stock [Line Items]
Stock issued during period, shares, restricted stock award, gross			275,000
Two Thousand And Twenty One Incentive Plan Membe [Member] | Paul R Thomson [Member]
Class of Stock [Line Items]
Stock issued during period, shares, restricted stock award, gross			10,000
Two Thousand And Twenty One Incentive Plan Membe [Member] | Theresa Carlise [Member]
Class of Stock [Line Items]
Stock issued during period, shares, restricted stock award, gross			15,000
Two Thousand And Twenty One Incentive Plan Membe [Member] | Charles M. Fernandez [Member]
Class of Stock [Line Items]
Stock issued during period, shares, restricted stock award, gross			275,000
Two Thousand And Twenty One Incentive Plan Membe [Member] | Kendall [Member]
Class of Stock [Line Items]
Stock issued during period, shares, restricted stock award, gross			20,000
Two Thousand And Twenty One Incentive Plan Membe [Member] | Louis Cusimano [Member]
Class of Stock [Line Items]
Stock issued during period, shares, restricted stock award, gross			20,000
Two Thousand And Twenty One Incentive Plan Membe [Member] | Hector Delgado [Member]
Class of Stock [Line Items]
Stock issued during period, shares, restricted stock award, gross			20,000
Two Thousand And Twenty One Incentive Plan Membe [Member] | John Miller [Member]
Class of Stock [Line Items]
Stock issued during period, shares, restricted stock award, gross			20,000
Warrant [Member]
Class of Stock [Line Items]
warrant authorized																																																																									2,836,092
Warrants to purchase common stock																								2,880,000
Number of shares issued during period												80,000	1,000	5,000		278,555	59,853	2,000	425,000	78,500		432,000	1,000	2,880,000
Warrant exercise price | $ / shares												$ 5						$ 5	$ 5	$ 5	$ 5	$ 5	$ 5	$ 5
Warrants term																					5 years	5 years		5 years
Stock issued during period value new issues | $												$ 400,000	$ 5,000	$ 5,000		$ 1,392,775	$ 299,265	$ 10,000	$ 2,125,000	$ 392,500			$ 5,000
Warrants to purchase common stock																					432,000	432,000
Common stock shares issued												80,000	1,000			278,555	59,853	2,000	425,000	78,500
Warrants exercise of option														5,000
Common Stock [Member]
Class of Stock [Line Items]
Number of shares issued during period	10,393					12,437						80,000	1,000		5,000	278,555	59,853	2,000	425,000	78,500			1,000										1,000																				4,000
Warrant exercise price | $ / shares												$ 5	$ 5			$ 5	$ 5	$ 5	$ 5	$ 5			$ 5
Stock issued during period value new issues | $												$ 400,000	$ 5,000		$ 5,000	$ 1,392,775	$ 299,265	$ 10,000	$ 2,125,000	$ 392,500			$ 5,000										$ 11,250																				$ 50,200
Common stock shares issued												80,000	1,000			278,555	59,853	2,000	425,000	78,500			1,000
Shares issued upon conversion																														149,532	80,289	30,000	38,894	20,000	11,340	25,848	6,061	43,240	55,005	5,780	33,197	30,275	13,529	66,294	15,000	114,457	33,600	4,351	38,219	117,200																								791,760
Value of shares issued upon conversion | $																														$ 149,532	$ 80,289	$ 30,000	$ 38,894	$ 20,000	$ 11,340	$ 25,848	$ 6,061	$ 43,240	$ 55,005	$ 5,780	$ 33,197	$ 30,275	$ 13,529	$ 66,294	$ 15,000	$ 114,457	$ 33,600	$ 4,351	$ 38,219	$ 117,200		$ 468			$ 219	$ 2,687	$ 37	$ 705	$ 1,031	$ 446	$ 1,319	$ 2,358		$ 2,542	$ 1,815	$ 1,815
Conversion rate price per shares | $ / shares																										$ 1.29		$ 1		$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1		$ 1			$ 1	$ 1	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50
Stock issued during period shares issued for services																															1,000																				1,000
Stock issued during period value issued for services | $																															$ 14,200																				$ 12,550
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period						14,200									5,000																																																										17,437	85,960
Stock issued during period, shares, restricted stock award, gross		563,500		10,000			40,000	10,000																																																																	634,883	6,000
Shares issued, price per share | $ / shares		$ 3.74		$ 4.75		$ 1	$ 5.35	$ 5.35
Issuance of common stock from exercise option shares						2,763
Issuance of common stock from exercise restricted stock award shares						1,000
Share Based Compensation | $		$ 2,107,490		$ 47,500																																																																					$ 63	$ 1
Stock issued during period hares withholding for payment of taxes	4,607
Share-based Payment Arrangement, Noncash Expense | $	$ 39,597
Shares issued upon conversion																																																				468			219	2,687	74	1,409	2,061	894	2,638	4,716	5,084		3,629	3,629
Common Stock [Member] | Restricted Stock Units (RSUs) [Member] | Douglas Ellenoff Chief Business Development Strategist [Member]
Class of Stock [Line Items]
Stock issued during period, shares, restricted stock award, gross									100,000
Common Stock [Member] | Restricted Stock Units (RSUs) [Member] | Paul R Thomson [Member]
Class of Stock [Line Items]
Stock issued during period, shares, restricted stock award, gross									25,000
Common Stock [Member] | Restricted Stock Units (RSUs) [Member] | Andrew Cohen [Member]
Class of Stock [Line Items]
Stock issued during period, shares, restricted stock award, gross					25,000
Vesting rate, shares					10,000
Common Stock1 [Member]
Class of Stock [Line Items]
Reverse stock split																													1 for 5 reverse stock split. A definitive Information Statement relating to the shareholder consent was filed with the SEC on March 13, 2021. The Company’s Board of Directors subsequently approved the 1-for-5 reverse stock split. The Company has filed a Certificate of Change to its Amended and Restated Articles of Incorporation to effect a reverse stock split of its issued and outstanding common stock, at a ratio of 1-for-5. The effective time of the reverse stock split will be 12:01 a.m. ET on May 28, 2021
Shares issued upon conversion																										897,231		29,800		38,616	120,000
Value of shares issued upon conversion | $																										$ 1,156,377		$ 29,800		$ 48,270	$ 150,000
Conversion rate price per shares | $ / shares																														$ 1.25	$ 1.25
June Offering [Member]
Class of Stock [Line Items]
Warrants to purchase common stock																								432,000
Warrant exercise price | $ / shares																								$ 0.01
Proceeds from issuance of common stock | $																																																																									$ 16,560,000
June Offering [Member] | Underwriter Warrants [Member] | Maxim Group LLC [Member]
Class of Stock [Line Items]
Warrant exercise price | $ / shares																																																																									$ 5.50
Warrants term																																																																									5 years
warrant issued																																																																									144,000
Public offering price percentage																																																																									110.00%
Underwriter [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock | $																					$ 1,983,226
Underwriter [Member] | Maxim Group LLC [Member]
Class of Stock [Line Items]
Public offering description																									the Company agreed to issue and sell to the Underwriter in an underwritten public offering
Partners' Capital Account, Units, Sold in Public Offering																									2,880,000
Public offering price | $ / shares																									$ 5
Proceeds from issuance of common stock | $																					$ 2,160,000				$ 14,400,000
Underwriter [Member] | Warrant [Member] | Maxim Group LLC [Member]
Class of Stock [Line Items]
Warrants to purchase common stock																									432,000
Common Stock [Member]
Class of Stock [Line Items]
Reverse stock split																									reverse stock split of its common stock at a ratio of 1-for-5
Common Stock [Member] | Reverse Split [Member]
Class of Stock [Line Items]
Reverse stock split																									1-for-5 reverse stock split
Common Stock [Member] | Underwriter [Member] | Maxim Group LLC [Member]
Class of Stock [Line Items]
Number of shares issued during period																					432,000				432,000
Warrant exercise price | $ / shares																									$ 0.01
Proceeds from Warrant Exercises | $																									$ 4,320

SUMMARY OF COMPONENTS OF EARNIN

SUMMARY OF COMPONENTS OF EARNINGS BEFORE INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Income (loss) before income taxes	$ (8,107,662)	$ (2,763,375)
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Income (loss) before income taxes	(8,187,662)	(2,826,902)
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Income (loss) before income taxes	$ 80,000	$ 63,527

SUMMARY OF COMPONENTS OF INCOME

SUMMARY OF COMPONENTS OF INCOME TAX PROVISION (BENEFIT) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal
State
Foreign	15,000	3,563
Total current	15,000	3,563
Federal
State
Foreign
Total deferred
Total income tax provision (benefit)	$ 15,000	$ 3,563

SUMMARY OF EFFECTIVE TAX RATE A

SUMMARY OF EFFECTIVE TAX RATE AND STATUTORY FEDERAL RATE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Net income tax expense/(benefit)
Federal [Member]
Operating Loss Carryforwards [Line Items]
Federal income tax provision (benefit) at statutory rate	$ 1,736,000	$ (580,000)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
State tax expense net of federal tax benefit	$ 211,000	$ 36,000
State tax expense net of federal tax benefit, rate	3.00%	(1.00%)
State tax expense federal impact	$ 29,000
State tax expense federal impact, rate
Non-Deductible Expenses	$ (320,000)	$ 57,000
Non-Deductible Expenses, rate	(4.00%)	(2.00%)
State rate change adjustment	$ (138,000)
State rate change adjustment, rate	(2.00%)
Foreign taxes at rate different than US Taxes	$ (2,000)
Foreign taxes at rate different than US Taxes, rate
Other True-ups	$ 188,000	$ 1,267,000
Other True-ups, rate	2.00%	46.00%
Change in valuation allowance	$ (1,689,000)	$ (776,000)
Change in valuation allowance, rate	(20.00%)	(28.00%)
Net income tax expense/(benefit)	$ 15,000	$ 4,000
Effective tax rate, rate

SCHEDULE OF DEFERRED TAX ASSETS

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net operating loss carryforward	$ 2,455,000	$ 1,721,000
Property plant and equipment and intangibles asset	132,000	124,000
Stock-based compensation	1,133,000	186,000
Total deferred tax assets	3,720,000	2,031,000
Book basis of property and equipment in excess of tax basis
Total deferred tax liabilities
Net deferred tax asset before valuation allowance	3,720,000	2,030,777
Less: valuation allowance	(3,720,000)	(2,030,777)
Net deferred tax asset

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	Dec. 20, 2017	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Net operating loss expiration description			expiring through the year 2036, generally
Estimated tax liability		$ 15,000	$ 3,563
Increase in net operating loss carryforward		$ 10,159,749	6,789,695
Tax Credit Carryforward, Description		expire in 2036
Penalties and interest expense		$ 0	0
Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent		10.50%
2036 [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward		$ 2,872,841
Indefinite Life [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward		$ 7,286,908
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward			$ 6,800,000
Effective income tax rate reconciliation		3.00%	(1.00%)
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward			$ 6,800,000
Tax Cuts and Jobs Act [Member]
Operating Loss Carryforwards [Line Items]
Effective income tax rate reconciliation, change in enacted tax rate, amount	$ 10
Effective income tax rate reconciliation	35.00%
Effective income tax rate reconciliation, change in enacted flat rate, percent	21.00%

SCHEDULE OF FUTURE MINIMUM LEAS

SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT (Details)	Dec. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 22,643
2023
Total undiscounted future non-cancelable minimum lease payments	22,643
Less: Imputed interest	(2,880)
Present value of lease liabilities	$ 19,763
Weighted average remaining term	6 months 29 days

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Narrative)

Dec. 28, 2021shares

Dec. 02, 2021USD ($)ft²

Oct. 08, 2021

Oct. 07, 2021USD ($)

Aug. 07, 2021USD ($)

Jun. 22, 2021USD ($)

Jun. 05, 2021USD ($)

Jun. 02, 2021USD ($)$ / shares

May 28, 2021shares

May 23, 2021USD ($)$ / shares

Mar. 11, 2021

Jul. 16, 2020USD ($)shares

Jul. 24, 2019USD ($)ft²

Jul. 24, 2019GBP (£)ft²

Aug. 24, 2021USD ($)$ / shares

Dec. 31, 2021USD ($)$ / shares

Dec. 31, 2020USD ($)$ / shares

Loss Contingencies [Line Items]

Professional fees

$ 1,198,063

$ 595,622

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares

$ 3.53

$ 2.35

Stock issued during period, shares, restricted stock award, gross | shares

15,000

Weighted average incremental borrowing rate

600.00%

Operating lease liability - long term

$ 19,763

$ 30,125

Operating lease liability - long term

22,574

Operating lease right of use assets

22,643

55,606

ASC 840 [Member]

Loss Contingencies [Line Items]

Net rent expense

$ 35,112

$ 32,607

Charles M. Fernandez [Member]

Loss Contingencies [Line Items]

Stock issued during period, shares, restricted stock award, gross | shares

600,000

Employment Agreements [Member] | David Phipps [Member]

Loss Contingencies [Line Items]

Annual base compensation

$ 350,000

Additional compensation

$ 1,000

Employment agreement term

3 years

Employment Agreements [Member] | Ellenoff [Member]

Loss Contingencies [Line Items]

Employment agreement, description

Mr. Ellenoff will receive, in lieu of cash compensation: (i) a restricted stock award of 100,000 shares of Common Stock of the Company, 40,000 of which will be issued within 5 business days of the execution of the Ellenoff Employment Agreement and vest immediately, and the remaining 60,000 of which will be issued and vest at the rate of 20,000 shares at the end of each of the next three annual anniversaries of his employment, provided that Mr. Ellenoff serves on the Board at any time during such year; and (ii) options to purchase a total of 1,500,000 shares of the Corporation’s Common Stock, 300,000 of which will issued within 5 business days of the execution of the Ellenoff Employment Agreement and vest immediately, 150,000 of which will vest on each of the next three annual anniversaries of the commencement of his employment, and the remaining 750,000 of which will vest at the rate of 250,000 per year on each of the first three anniversaries of the commencement of his employment if during each such year Mr. Ellenoff introduces the Company to twelve (12) or more potential Business Transactions (as defined in the Ellenoff Employment Agreement and which transactions need not be consummated); provided that the Company’s Chief Executive Officer may, in his sole discretion, waive the vesting requirement in any given year

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares

$ 5.35

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

5 years

Employment Agreements [Member] | Thomson [Member]

Loss Contingencies [Line Items]

Annual base compensation

$ 250,000

Employment agreement term

3 years

Employment agreement, description

Mr. Thomson received (i) immediately vested options to purchase 25,000 shares of Common Stock at a per share price of $5.35, and having a term of 5 years; and (ii) a restricted stock grant of 25,000 shares of Common Stock, 10,000 of which vest immediately, and the remaining 15,000 of which will vest at the rate of 5,000 shares at the end of each of the next three annual anniversaries of his employment. These equity awards to Mr. Thomson were issued outside of a shareholder approved stock or option plan pursuant to the Nasdaq “inducement grant” exception (Nasdaq Listing Rule 5635(c)(4)). On October 7, 2021, the Board of Directors of the Company (the “Board”) appointed Paul R. Thomson, the Executive Vice President of the Company, to the additional position of Chief Financial Officer of the Company effective October 9, 2021. As Chief Financial Officer, Mr. Thomson will also become the Company’s principal financial officer, effective October 9, 2021. On October 8, 2021, on the approval and recommendation of the Compensation Committee of the Board (the “Compensation Committee”), and following subsequent approval of the Board, the Company entered into an amendment to the Company’s current employment agreement with Mr. Thomson to reflect his new title of “Executive Vice President and Chief Financial Officer” effective October 9, 2021 (the “Thomson Amendment”

Employment Agreements [Member] | Cohen [Member]

Loss Contingencies [Line Items]

Annual base compensation

$ 250,000

Employment agreement term

3 years

Employment agreement, description

Mr. Cohen received (i) immediately vested options to purchase 25,000 shares of Common Stock at a per share price of $5.35, and having a term of 5 years; and (ii) a restricted stock grant of 25,000 shares of Common Stock, 10,000 of which vest immediately, and the remaining 15,000 of which will vest at the rate of 5,000 shares at the end of each of the next three annual anniversaries of his employment.

Fernandez Agreement [Member] | Charles M. Fernandez [Member]

Loss Contingencies [Line Items]

Annual base compensation

$ 12,000

Restricted stock fair value

3,000,000

Fernandez Agreement [Member] | Charles M. Fernandez [Member] | Maximum [Member]

Loss Contingencies [Line Items]

Professional fees

$ 10,000

Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares

$ 5

June Agreement [Member] | Charles M. Fernandez [Member]

Loss Contingencies [Line Items]

Annual base compensation

$ 350,000

Additional compensation

1,000

Employment agreement term

5 years

Annual cash bonus percentage

100.00%

Restricted stock fair value

$ 3,000,000

Share Price | $ / shares

$ 5

June Agreement [Member] | Charles M. Fernandez [Member] | Maximum [Member]

Loss Contingencies [Line Items]

Professional fees

$ 10,000

Uddin Employment Agreement [Member] | Sarwar Uddin [Member]

Loss Contingencies [Line Items]

Annual base compensation

$ 240,000

Additional compensation

$ 600

Employment agreement term

1 year

Carlise Employment Agreement [Member] | Theresa Carlise [Member]

Loss Contingencies [Line Items]

Annual base compensation

$ 180,000

Carlise Employment Agreement [Member] | Theresa Carlise [Member] | Maximum [Member]

Loss Contingencies [Line Items]

Employment agreement term

3 years

Carlise Employment Agreement [Member] | Theresa Carlise [Member] | Minimum [Member]

Loss Contingencies [Line Items]

Employment agreement term

1 year

Consulting Agreement [Member] | Board Of Directors [Member]

Loss Contingencies [Line Items]

Stock issued during period, shares, restricted stock award, gross | shares

20,000

Additional restricted common shares

$ 5,000

Lease Agreement [Member]

Loss Contingencies [Line Items]

Area of square feet | ft²

4,141

2,660

2,660

Annual Rent

$ 186,345

£ 25,536

Annual lease percentage

3.00%

Facilities rent per month

$ 2,926

£ 2,128

Foreign currency translation rate

1.375083

1.375083

Lease expire date

Jul. 31, 2022

Jul. 31, 2022

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021GBP (£)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Due to related Parties	$ 35,308		$ 102,060
Charles Fernandez [Member]
Related Party Transaction [Line Items]
Payment due to related party	30,000
Theresa Carlise [Member]
Related Party Transaction [Line Items]
Payment due to related party	5,308
Related Party [Member]
Related Party Transaction [Line Items]
Due to related Parties	35,308		102,060
HSBC [Member]
Related Party Transaction [Line Items]
Overadvance limit	$ 33,834	£ 25,000
Foreign Currency Exchange Rate, Translation	1.353372
Debt Instrument, Interest Rate, Stated Percentage	5.50%
Debt Instrument, Basis Spread on Variable Rate	6.25%	6.25%
Five Individuals Related To Mr.Phipps [Member]
Related Party Transaction [Line Items]
Gross wages	$ 188,384
Three Individuals Related to Mr.Phipps [Member]
Related Party Transaction [Line Items]
Gross wages			$ 85,722

SCHEDULE OF CONCENTRATION RISK

SCHEDULE OF CONCENTRATION RISK (Details) - Revenue Benchmark [Member] - Supplier Concentration Risk [Member] - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Network Innovations [Member]
Concentration Risk [Line Items]
Purchases	$ 658,642	$ 912,056
Concentration risk percentage	10.60%	17.50%
Garmin [Member]
Concentration Risk [Line Items]
Purchases	$ 1,102,230	$ 813,875
Concentration risk percentage	17.70%	15.60%
Globalstar Europe [Member]
Concentration Risk [Line Items]
Purchases	$ 725,315	$ 540,463
Concentration risk percentage	11.60%	10.30%
SatCom Global [Member]
Concentration Risk [Line Items]
Purchases	$ 973,652	$ 474,404
Concentration risk percentage	15.60%	9.10%
Cygnus Telecom [Member]
Concentration Risk [Line Items]
Purchases	$ 800,008	$ 623,736
Concentration risk percentage	12.80%	11.90%

SCHEDULE OF REVENUE FROM EACH G

SCHEDULE OF REVENUE FROM EACH GEOGRAPHIC LOCATION (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Revenue	$ 7,739,910	$ 5,689,796
Europe [Member]
Concentration Risk [Line Items]
Revenue	$ 5,146,336	$ 3,658,612
Europe [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	66.50%	64.30%
North America [Member]
Concentration Risk [Line Items]
Revenue	$ 1,776,288	$ 1,532,273
North America [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	22.90%	26.90%
South America [Member]
Concentration Risk [Line Items]
Revenue	$ 37,139	$ 34,915
South America [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	0.50%	0.60%
Asia Pacific [Member]
Concentration Risk [Line Items]
Revenue	$ 695,770	$ 420,048
Asia Pacific [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	9.00%	7.40%
Africa [Member]
Concentration Risk [Line Items]
Revenue	$ 84,377	$ 43,948
Africa [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk percentage	1.10%	0.80%

CONCENTRATIONS (Details Narrati

CONCENTRATIONS (Details Narrative)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Amazon [Member]
Concentration Risk [Line Items]
Concentration risk percentage	63.60%	73.30%

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Jan. 11, 2022	Jan. 05, 2022	Jan. 05, 2022	Dec. 28, 2021	Jun. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Jan. 02, 2022
Subsequent Event [Line Items]
Proceeds from sale of common stock					2,880,000
Sale of stock price per share					$ 5
Proceeds from issuance of common stock					$ 14,404,666	$ 12,661,984
Stock issued during period, shares, restricted stock award, gross				15,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 7,200,000	$ 5,825,038
Potential acquisitions percentage		73.00%	73.00%
Agreement term	2 years
Cash retainer	$ 48,000
Stock issued during period, shares, restricted stock award, gross	20,000
Purchase Agreement [Member]
Subsequent Event [Line Items]
Proceeds from sale of common stock						2,229,950
Purchase Agreement [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Sale of stock price per share								$ 3.24