Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 26, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Documents Incorporated by Reference [Text Block] | A description of “Documents Incorporated by Reference” is contained in Part IV, Item 15, of this Annual Report. | ||
Entity Information [Line Items] | |||
Entity Registrant Name | REFLECT SCIENTIFIC, INC. | ||
Entity Central Index Key | 0001103090 | ||
Entity File Number | 000-31377 | ||
Entity Tax Identification Number | 87-0642556 | ||
Entity Incorporation, State or Country Code | UT | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 2.9 | ||
Entity Contact Personnel [Line Items] | |||
Entity Address, Address Line One | 1266 South 1380 West | ||
Entity Address, City or Town | Orem | ||
Entity Address, State or Province | UT | ||
Entity Address, Postal Zip Code | 84058 | ||
Entity Phone Fax Numbers [Line Items] | |||
City Area Code | (801) | ||
Local Phone Number | 226-4100 | ||
Entity Listings [Line Items] | |||
Title of 12(b) Security | None | ||
No Trading Symbol Flag | true | ||
Entity Common Stock, Shares Outstanding | 85,664,086 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Table] | |
Auditor Name | Sadler, Gibb & Associates, LLC |
Auditor Firm ID | 3627 |
Auditor Location | Draper, UT |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 1,277,951 | $ 1,381,927 |
Accounts receivable, net | 108,191 | 129,329 |
Inventories, net | 972,293 | 797,352 |
Prepaid expenses and other current assets | 11,715 | 20,221 |
Total Current Assets | 2,370,150 | 2,328,829 |
Operating lease right-of-use assets | 235,653 | 54,265 |
Goodwill | 60,000 | 60,000 |
Other long-term assets | 3,100 | 3,100 |
TOTAL ASSETS | 2,668,903 | 2,446,194 |
Current Liabilities | ||
Accounts payable and accrued expenses | 86,241 | 78,969 |
Customer deposits | 447,444 | 13,230 |
Current portion of operating lease liabilities | 62,681 | 57,393 |
Total Current Liabilities | 596,366 | 149,592 |
Operating lease liabilities, net of current portion | 179,963 | |
TOTAL LIABILITIES | 776,329 | 149,592 |
Stockholders' Equity | ||
Preferred Stock, $0.01 par value, 5,000,000 shares authorized; none issued and outstanding as of December 31, 2023 and 2022 | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 85,664,086 and 85,214,086 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 856,640 | 852,140 |
Additional paid-in capital | 20,302,681 | 20,252,181 |
Accumulated deficit | (19,266,747) | (18,807,719) |
TOTAL STOCKHOLDERS’ EQUITY | 1,892,574 | 2,296,602 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 2,668,903 | $ 2,446,194 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 85,664,086 | 85,214,086 |
Common stock, shares outstanding | 85,664,086 | 85,214,086 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Revenues | $ 1,080,154 | $ 2,041,297 |
Cost of goods sold | 483,733 | 822,147 |
Gross profit | 596,421 | 1,219,150 |
Operating Expenses | ||
Salaries and wages | 645,517 | 636,038 |
General and administrative | 388,640 | 419,589 |
Research and development | 29,542 | 73,425 |
Total Operating Expenses | 1,063,699 | 1,129,052 |
INCOME (LOSS) FROM OPERATIONS | (467,278) | 90,098 |
Other income | 8,562 | |
NET INCOME (LOSS) BEFORE INCOME TAXES | (458,716) | 90,098 |
INCOME TAX EXPENSE | (312) | (702) |
NET INCOME (LOSS) | $ (459,028) | $ 89,396 |
Earnings (loss) per common share | ||
Basic (in Dollars per share) | $ (0.01) | $ 0 |
Diluted (in Dollars per share) | $ (0.01) | $ 0 |
Weighted average shares outstanding | ||
Basic (in Shares) | 85,217,785 | 84,990,935 |
Diluted (in Shares) | 85,217,785 | 85,440,935 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2021 | $ 849,890 | $ 20,226,931 | $ (18,897,115) | $ 2,179,706 |
Balance (in Shares) at Dec. 31, 2021 | 84,989,086 | |||
Stock-based compensation | 27,500 | 27,500 | ||
Common stock issued in vesting of RSUs | $ 2,250 | (2,250) | 2,250 | |
Common stock issued in vesting of RSUs (in Shares) | 225,000 | |||
Net income (loss) | 89,396 | 89,396 | ||
Balance at Dec. 31, 2022 | $ 852,140 | 20,252,181 | (18,807,719) | 2,296,602 |
Balance (in Shares) at Dec. 31, 2022 | 85,214,086 | |||
Stock-based compensation | 55,000 | 55,000 | ||
Common stock issued in vesting of RSUs | $ 4,500 | (4,500) | 4,500 | |
Common stock issued in vesting of RSUs (in Shares) | 450,000 | |||
Net income (loss) | (459,028) | (459,028) | ||
Balance at Dec. 31, 2023 | $ 856,640 | $ 20,302,681 | $ (19,266,747) | $ 1,892,574 |
Balance (in Shares) at Dec. 31, 2023 | 85,664,086 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (459,028) | $ 89,396 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Stock-based compensation | 55,000 | 27,500 |
Amortization of right-of-use assets | 61,494 | 56,218 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 21,138 | 46,320 |
Inventories | (174,941) | (172,866) |
Prepaid expenses and other current assets | 8,506 | 11,085 |
Accounts payable and accrued expenses | 7,272 | 12,132 |
Customer deposits | 434,214 | (105,336) |
Operating lease liabilities | (57,631) | (56,446) |
Net cash used in operating activities | (103,976) | (91,997) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net cash provided by investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net cash provided by financing activities | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (103,976) | (91,997) |
CASH AND CASH EQUIVALENTS | ||
Beginning of the period | 1,381,927 | 1,473,924 |
End of the period | 1,277,951 | 1,381,927 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Operating lease right-of-use asset and liability remeasurement | 242,882 | |
Common stock issued in vesting of RSUs | $ 4,500 | $ 2,250 |
Organization and Nature of Busi
Organization and Nature of Business | 12 Months Ended |
Dec. 31, 2023 | |
Organization and Nature of Business [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1—ORGANIZATION AND NATURE OF BUSINESS Reflect Scientific, Inc. (the “Company”) was incorporated under the laws of the State of Utah on November 3, 1999 as Cole, Inc. The Company was organized to engage in any lawful activity for which corporations may be organized under the Utah Revised Business Corporation Act. On December 30, 2003 the Company changed its name to Reflect Scientific, Inc. The Company is engaged in the manufacture and distribution of innovative products targeted at the life sciences market. Our customers include hospitals, diagnostic laboratories, pharmaceutical and biotech companies, cold chain management, universities, government and private sector research facilities, chemical and industrial companies. Our Cryometrix brand ultra-low temperature and blast freezers innovative design enables our customers to save substantially on energy costs related to cryogenic storage. Ultra-low temperature freezers are used worldwide for the storage of vaccines, DNA, RNA, proteins and many other biological and chemical substances. There is a growing need for energy efficient reliable ultra-low temperature storage units. Our Cryometrix freezers are targeted to this growing market and we have had tremendous success in blood storage and pharmaceutical manufacturing applications. The application of this technology for use in refrigerated trailers (commonly called “reefers”) used to transport good which need to be maintained in a cold environment significantly broadens the market for this technology. The utilization of this technology in reefers eliminates the current method of cooling, which uses engines run on hydrocarbon fuels. The Cryometrix technology is pollutant free and is more efficient and cost effective than the technologies currently used. Reflect Scientific has added a new product line of solvent chillers. Solvent chillers are used in natural products extraction for optimizing product yield and purity. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Organization and Nature of Business [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and are presented in US dollars. Principles of Consolidation The consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. The Company maintains deposits in several financial institutions, which may at times exceed amounts covered by insurance provided by the U.S. Federal Deposit Insurance Corporation (“FDIC”). The Company has not experienced any losses related to amounts in excess of FDIC limits. Revenue Recognition The Company records revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, “ Revenue from Contracts with Customers We sell our specialty science and environmental lab supplies through direct sales and through distributor relationships. We sell our ultra-low temperature freezers through consultants and commission-only sales personnel. Revenue is recognized at a point in time when control of the promised goods or services is transferred to the customer, generally at the time of shipment or customer acceptance, in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. This core principle is achieved through the following steps: Identify the contract with the customer Identify the performance obligations in the contract Ultra-low temperature freezers sold to customers are built to order. Generally, 50% of the value of the contract is paid by the customer prior to work beginning on manufacturing the freezer. Upon completion of manufacturing and testing the customer will then sign an acceptance of the unit and make payment of the remaining balance on the contract, at which title passes to the customer. The customer may either arrange to transport the unit with a carrier he uses or ask the Company to arrange such shipment, the charges of which are the responsibility of the customer. A customer may, after accepting the unit, request that it be upgraded with additional hardware or software options. Those options are installed under a new contract, with the deposit and final payment requirements being the same as on the original order. Any warranty obligations associated with the sale of our products are assurance-type warranties that are a guarantee of the product’s intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract. We do not typically offer extended warranty or service plans. Determine the transaction price Allocate the transaction price to performance obligations in the contract Recognize revenue when or as we satisfy a performance obligation We have elected to use the practical expedient in ASC 340 (regarding recognition of the incremental costs of obtaining a contact) and expense any costs of obtaining a contract as incurred as our contracts are typically completed in one year or less. We do require customer deposits to be made on freezer purchases when an order is placed. The deposits are recognized a revenue when our performance obligation is completed, or they are refunded by the Company in the event of an order cancellation. The Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. As of December 31, 2023 and 2022, we had customer deposits of$447,444 and $13,230, respectively. Cost of Revenue The Company includes product costs (i.e., material, direct labor and overhead costs), shipping and handling expense, and production-related expenses in cost of revenues. Accounts Receivable Accounts receivable consist of trade receivables arising from credit sales to customers in the normal course of business. These receivables are recorded at the time of sale, net of an allowance for current expected credit losses. In accordance with ASC Topic 326, “ Financial Instruments – Credit Losses Property and Equipment Property and equipment are stated at cost. Expenditure for minor repairs, maintenance, and replacement parts which do not increase the useful lives of the assets are charged to expense as incurred. All major additions and improvements are capitalized. Depreciation is computed using the straight-line method. The lives over which the property and equipment are depreciated range from 5 to 7 years, except for computer equipment, which is depreciated over a 3-year life. Inventories The Company’s inventory consists of parts for scientific vial kits, refrigerant gases, components for the imaging and inspection systems which it builds, and other scientific items. The Company values inventory at each balance sheet date to ensure that it is carried at the lower of cost or net realizable value with cost determined based on the average cost basis. The Company periodically evaluates the value of items in inventory and provides write-downs to inventory based on its estimate of market conditions. As of December 31, 2023 and 2022, the estimated reserve for obsolescence amounted to $106,044. Goodwill Goodwill represents the excess of purchase price over the fair value of the net assets acquired. We evaluate goodwill for impairment annually on December 31, or more frequently if an event occurs or circumstances that indicate the goodwill is not recoverable. When impairment indicators are identified, we may elect to perform an optional qualitative assessment to determine whether it is more likely than not that the fair value of our reporting units has fallen below their carrying value. This assessment is based on several factors, including industry and market conditions, overall financial performance, including an assessment of cash flows in comparison to actual and projected results of prior periods. If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value based on our qualitative analysis, or if we elect to skip this step, we perform a Step 1 quantitative analysis to determine the fair value of the reporting unit. As of December 31, 2023 and 2022, there were no impairments of goodwill. Impairment of Long-Lived Assets The Company reviews its right-of-use (“ROU”) assets and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. The test for impairment is required to be performed by management upon triggering events. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flow expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. As of December 31, 2023 and 2022, there were no impairments of long-lived assets. Leases The Company accounts for leases in accordance with ASC Topic 842, “ Leases.” Operating lease payments are recognized as an expense on a straight-line basis over the lease term in equal amounts of rent expense attributed to each period during the term of the lease, regardless of when actual payments are made. This generally results in rent expense in excess of cash payments during the early years of a lease and rent expense less than cash payments in later years. The difference between rent expense recognized and actual rental payments is typically represented as the spread between the ROU asset and lease liability. When calculating the present value of minimum lease payments, we account for leases as one single lease component if a lease has both lease and non-lease fixed cost components. Variable lease and non-lease cost components are expensed as incurred. We do not recognize ROU assets and lease liabilities for short-term leases that have an initial lease term of 12 months or less. We recognize the lease payments associated with short-term leases as an expense on a straight-line basis over the lease term. Fair Value of Financial Instruments The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined in the following three categories: Level 1: Unadjusted quoted prices that are available in active markets for identical assets or liabilities at the measurement date. Level 2: Significant other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly. Level 3: Significant unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. Cash, receivables, inventory, prepaid expenses, accounts payable, accrued expenses, and customer deposits approximate fair value, due to their short-term nature. Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to long-lived assets and goodwill, which are re-measured when the derived fair value is below carrying value in the consolidated balance sheets. Earnings (Loss) Per Share Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding during each period. Diluted earnings per share is calculated by adjusting the weighted average number of shares of common stock outstanding for the dilutive effect, if any, of common stock equivalents. Common stock equivalents whose effect would be antidilutive are not included in diluted earnings (loss) per share. The Company uses the treasury stock method to determine the dilutive effect, which assumes that all common stock equivalents have been exercised at the beginning of the period and that the funds obtained from those exercises were used to repurchase shares of common stock of the Company at the average closing market price during the period. Stock-Based Compensation We recognize the fair value compensation cost relating to stock-based payment transactions in accordance with ASC Topic 718, “ Share-Based Payments Research and Development The Company accounts for research and development costs in accordance with ASC Topic 730“ Research and Development Advertising and Marketing Costs for advertising and marketing are expensed as incurred. As of December 31, 2023 and 2022, advertising and marketing expenses amounted to$45,826 and $77,311, respectively. Income Taxes Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted ASC Topic 740, “ Accounting for Income Taxes Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures We currently believe there are no other issued and not yet effective accounting standards that are materially relevant to our consolidated financial statements. |
Disaggregation of Revenues
Disaggregation of Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Disaggregation of Revenues [Abstract] | |
DISAGGREGATION OF REVENUES | NOTE 3—DISAGGREGATION OF REVENUES Our revenue is disaggregated based on product category and geographical region. We recognize revenue from the sale of scientific equipment for the life sciences and manufacturing industries. Our products range from non-mechanical Cyrometrix freezers, chillers, and original equipment manufacturer (“OEM”) value-added products and components for the life sciences industry. The Company’s revenues for the years ended December 31, 2023 and 2022 are disaggregated as follows: For the Year Ended December 31, 2023 United States International Total Revenues Freezers and chillers $ 366,069 $ - $ 366,069 OEM and other 509,886 204,199 714,085 Total Revenues $ 875,955 $ 204,199 $ 1,080,154 For the Year Ended December 31, 2022 United States International Total Revenues Freezers and chillers $ 793,953 $ 262,001 $ 1,126,428 OEM and other 722,194 263,149 914,869 Total Revenues $ 1,516,147 $ 525,150 $ 2,041,297 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
INVENTORIES | NOTE 4—INVENTORIES Inventories at December 31, 2023 and 2022 consisted of the following: December 31, December 31, 2023 2022 Finished goods $ 493,565 $ 376,334 Raw materials 584,772 527,062 Total inventories 1,078,337 903,396 Less reserve for obsolescence (106,044 ) (106,044 ) Total inventories, net $ 972,293 $ 797,352 Inventory balances are composed of finished goods and raw materials. Work in process inventory is immaterial to the consolidated financial statements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASES | NOTE 5—LEASES The Company conducts all of its business operations from one facility, located in Orem, Utah. This is a combination warehouse and office facility with 6,000 square feet of space. On September 1, 2023, the Company entered into a lease amendment to renew its office and warehouse space. The lease renewal commenced on December 1, 2023 and shall expire on November 30, 2026, with an option to extend the term an additional three years. Under the terms of the lease renewal, the Company will lease the premises at the monthly rate of $5,422 for the first year, with scheduled semi-annual rent increases through the end of the lease term. The lease agreement contains customary events of default, representations, warranties, and covenants. The remeasurement of the ROU asset and liability associated with this operating lease was $242,882. The following was included in our consolidated balance sheet at December 31, 2023 and 2022: December 31, December 31, 2023 2022 Operating lease right-of-use assets $ 235,653 $ 54,265 Lease liabilities, current portion 62,681 57,393 Lease liabilities, long-term 179,963 - Total operating lease liabilities $ 242,644 $ 57,393 Weighted-average remaining lease term (months) 35 11 Weighted average discount rate 10.50 % 5.25 % Total lease expense for the years ended December 31, 2023 and 2022 is as follows: For the Years Ended December 31, 2023 2022 Operating lease expense $ 69,524 $ 60,864 Variable lease expense 18,911 6,457 Total lease expense $ 88,435 $ 67,321 As of December 31, 2023, maturities of operating lease liabilities were as follows: Year Ending December 31, Amount 2024 $ 85,309 2025 98,532 2026 101,708 Total 285,549 Less: imputed interest (42,905 ) Total operating lease liabilities $ 242,644 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Expenses Disclosure [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | NOTE 6—ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses at December 31, 2023 and 2022 consisted of the following: December 31, December 31, Trade accounts payable $ 56,931 $ 55,011 Credit cards payable 29,310 23,958 Total accounts payable and accrued expenses $ 86,241 $ 78,969 |
Concentrations of Risk
Concentrations of Risk | 12 Months Ended |
Dec. 31, 2023 | |
Concentrations of Risk [Abstract] | |
CONCENTRATIONS OF RISK | NOTE 7—CONCENTRATIONS OF RISK Financial instruments that potentially subject the Company to credit risk primarily consist of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with high-quality, major financial institutions in order to limit the amount of credit exposure. For accounts receivable, the Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses. Cash in Excess of Federally Insured Amount Accounts at each financial institution are insured by the FDIC up to $250,000. There were $527,951 and $1,131,927 on deposit that exceeded the FDIC limits at December 31, 2023 and 2022, respectively. The Company has not experienced any losses in these accounts and believes it is not exposed to any significant credit risk with respect to its cash balances. Sales and Accounts Receivable The Company has four major customers who represent a significant portion of revenue. These four customers represented 35% and 51% of total sales revenue for the year ended December 31, 2023 and 2022, respectively. At December 31, 2023 and 2022, accounts receivable balances from these customers represent 3% and 71% respectively, of the total receivables. In addition, at December 31, 2023, the Company had accounts receivable balances from three non-major customers representing 77% of the total receivables. The Company has strong relationships with each of these customers and does not believe this concentration poses a significant risk due to those long-term relationships and uniqueness of the products they purchase from the Company. We have identified primary and secondary sources for each of the products we purchase for resale and for the raw materials we use to manufacture our products, so do not anticipate any difficulty in filling the orders placed by our customers. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 8—STOCKHOLDERS’ EQUITY Preferred Stock In November 2004 the Company amended its Articles of Incorporation so as to authorize 5,000,000 shares of preferred stock. Of this total, 750,000 shares have been designated as “Series A Convertible Preferred Stock”. The following is a description of the rights of the Series A Convertible Preferred Stock: Dividends Conversion Rights As of December 31, 2023 and 2022, the Company had no shares of the preferred stock are issued and outstanding. Common Stock As of December 31, 2023 and 2022, the Company was authorized to issue 100,000,000 common shares. As of December 31, 2023 and 2022, the Company had 85,664,086 and 85,214,086 common shares issued and outstanding, respectively. Restricted Stock Awards On December 28, 2021, the Company granted 1,000,000 shares of restricted common stock to its patent attorney. The restricted stock vest over three years, with 250,000 shares vesting immediately on the grant date and 250,000 shares vesting on the next three anniversary dates. In December 2022, this issuance was modified from 1,000,000 shares of restricted common stock to 925,000 shares of restricted common stock. In accordance with ASC 718, the Company measured the incremental fair value, as the difference between the estimated fair value immediately after the modification as compared to the estimated fair value immediately before the modification, noting no increase in the incremental value. In December 2023, this issuance was modified to accelerate the vesting of the shares of restricted stock. As of December 31, 2023, 925,000 shares have vested with no additional shares to vest remaining. Below is a table summarizing the changes in restricted stock awards outstanding during the years ended December 31, 2023 and 2022: Restricted Stock Awards Weighted-Average Exercise Price Outstanding at December 31, 2021 750,000 $ 0.11 Granted - - Modified (75,000 ) (0.11 ) Vested (225,000 ) (0.11 ) Outstanding at December 31, 2022 450,000 $ 0.11 Granted - - Modified - - Vested (450,000 ) (0.11 ) Outstanding at December 31, 2023 - - Stock-based compensation expense of $55,000 and $27,500 was recorded during the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the remaining unrecognized stock-based compensation expense related to non-vested restricted stock awards is $0. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings (Loss) Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | NOTE 9—EARNINGS (LOSS) PER SHARE The computation of weighted average shares outstanding and the basic and diluted earnings per share for the years ended December 31, 2023 and 2022 consisted of the following: For the Years Ended December 31, 2023 2022 Net income (loss) $ (459,028 ) $ 89,396 Basic weighted average shares outstanding 85,217,785 84,990,935 Basic earnings (loss) per share $ (0.01 ) $ 0.00 Weighted average shares outstanding 85,217,785 84,990,935 Effect on dilutive stock awards - 450,000 Diluted weighted average shares outstanding 85,217,785 85,440,935 Diluted earnings (loss) per share $ (0.01 ) $ 0.00 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 10—INCOME TAXES The components of the provision for income taxes for the years ended December 31, 2023 and 2022, consisted of the following: December 31, 2023 December 31, 2022 Current Federal and State $ 312 $ 702 Deferred Federal and State - - Total provision for income taxes $ 312 $ 702 Deferred income tax assets and liabilities at December 31, 2023 and 2022, consisted of the following temporary differences and carry-forward items: December 31, 2023 December 31, 2022 Deferred tax assets (liabilities) Loss carryforward $ 2,956,107 $ 2,862,544 Property and equipment (1,219 ) (33,988 ) Other 3,986 5,994 Valuation Allowance (2,958,874 ) (2,834,550 ) Total net deferred income tax assets (liabilities) $ - $ - The difference between the income tax expense (benefit) reported and amounts computed by applying the statutory federal rate of 21.0% to pretax income for the years ended December 31, 2023 and 2022, consisted of the following: December 31, 2023 December 31, 2022 Federal tax $ (96,330 ) $ 18,921 Meals and entertainment 3,875 4,625 Charitable contributions 111 1,369 Depreciation and amortization (1,219 ) (33,988 ) Other - - Change in valuation allowance 93,251 8,371 Total (benefit) provision for income taxes $ 312 $ 702 At December 31, 2023, the Company had net operating loss carryforwards of approximately $7,649,929 that may be available to reduce future years’ taxable income indefinitely. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (459,028) | $ 89,396 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization and Nature of Business [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and are presented in US dollars. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. The Company maintains deposits in several financial institutions, which may at times exceed amounts covered by insurance provided by the U.S. Federal Deposit Insurance Corporation (“FDIC”). The Company has not experienced any losses related to amounts in excess of FDIC limits. |
Revenue Recognition | Revenue Recognition The Company records revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, “ Revenue from Contracts with Customers We sell our specialty science and environmental lab supplies through direct sales and through distributor relationships. We sell our ultra-low temperature freezers through consultants and commission-only sales personnel. Revenue is recognized at a point in time when control of the promised goods or services is transferred to the customer, generally at the time of shipment or customer acceptance, in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. This core principle is achieved through the following steps: Identify the contract with the customer Identify the performance obligations in the contract Ultra-low temperature freezers sold to customers are built to order. Generally, 50% of the value of the contract is paid by the customer prior to work beginning on manufacturing the freezer. Upon completion of manufacturing and testing the customer will then sign an acceptance of the unit and make payment of the remaining balance on the contract, at which title passes to the customer. The customer may either arrange to transport the unit with a carrier he uses or ask the Company to arrange such shipment, the charges of which are the responsibility of the customer. A customer may, after accepting the unit, request that it be upgraded with additional hardware or software options. Those options are installed under a new contract, with the deposit and final payment requirements being the same as on the original order. Any warranty obligations associated with the sale of our products are assurance-type warranties that are a guarantee of the product’s intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract. We do not typically offer extended warranty or service plans. Determine the transaction price Allocate the transaction price to performance obligations in the contract Recognize revenue when or as we satisfy a performance obligation We have elected to use the practical expedient in ASC 340 (regarding recognition of the incremental costs of obtaining a contact) and expense any costs of obtaining a contract as incurred as our contracts are typically completed in one year or less. We do require customer deposits to be made on freezer purchases when an order is placed. The deposits are recognized a revenue when our performance obligation is completed, or they are refunded by the Company in the event of an order cancellation. The Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. As of December 31, 2023 and 2022, we had customer deposits of$447,444 and $13,230, respectively. |
Cost of Revenue | Cost of Revenue The Company includes product costs (i.e., material, direct labor and overhead costs), shipping and handling expense, and production-related expenses in cost of revenues. |
Accounts Receivable | Accounts Receivable Accounts receivable consist of trade receivables arising from credit sales to customers in the normal course of business. These receivables are recorded at the time of sale, net of an allowance for current expected credit losses. In accordance with ASC Topic 326, “ Financial Instruments – Credit Losses |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Expenditure for minor repairs, maintenance, and replacement parts which do not increase the useful lives of the assets are charged to expense as incurred. All major additions and improvements are capitalized. Depreciation is computed using the straight-line method. The lives over which the property and equipment are depreciated range from 5 to 7 years, except for computer equipment, which is depreciated over a 3-year life. |
Inventories | Inventories The Company’s inventory consists of parts for scientific vial kits, refrigerant gases, components for the imaging and inspection systems which it builds, and other scientific items. The Company values inventory at each balance sheet date to ensure that it is carried at the lower of cost or net realizable value with cost determined based on the average cost basis. The Company periodically evaluates the value of items in inventory and provides write-downs to inventory based on its estimate of market conditions. As of December 31, 2023 and 2022, the estimated reserve for obsolescence amounted to $106,044. |
Goodwill | Goodwill Goodwill represents the excess of purchase price over the fair value of the net assets acquired. We evaluate goodwill for impairment annually on December 31, or more frequently if an event occurs or circumstances that indicate the goodwill is not recoverable. When impairment indicators are identified, we may elect to perform an optional qualitative assessment to determine whether it is more likely than not that the fair value of our reporting units has fallen below their carrying value. This assessment is based on several factors, including industry and market conditions, overall financial performance, including an assessment of cash flows in comparison to actual and projected results of prior periods. If it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value based on our qualitative analysis, or if we elect to skip this step, we perform a Step 1 quantitative analysis to determine the fair value of the reporting unit. As of December 31, 2023 and 2022, there were no impairments of goodwill. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews its right-of-use (“ROU”) assets and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. The test for impairment is required to be performed by management upon triggering events. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flow expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. As of December 31, 2023 and 2022, there were no impairments of long-lived assets. |
Leases | Leases The Company accounts for leases in accordance with ASC Topic 842, “ Leases.” Operating lease payments are recognized as an expense on a straight-line basis over the lease term in equal amounts of rent expense attributed to each period during the term of the lease, regardless of when actual payments are made. This generally results in rent expense in excess of cash payments during the early years of a lease and rent expense less than cash payments in later years. The difference between rent expense recognized and actual rental payments is typically represented as the spread between the ROU asset and lease liability. When calculating the present value of minimum lease payments, we account for leases as one single lease component if a lease has both lease and non-lease fixed cost components. Variable lease and non-lease cost components are expensed as incurred. We do not recognize ROU assets and lease liabilities for short-term leases that have an initial lease term of 12 months or less. We recognize the lease payments associated with short-term leases as an expense on a straight-line basis over the lease term. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined in the following three categories: Level 1: Unadjusted quoted prices that are available in active markets for identical assets or liabilities at the measurement date. Level 2: Significant other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly. Level 3: Significant unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. Cash, receivables, inventory, prepaid expenses, accounts payable, accrued expenses, and customer deposits approximate fair value, due to their short-term nature. Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to long-lived assets and goodwill, which are re-measured when the derived fair value is below carrying value in the consolidated balance sheets. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding during each period. Diluted earnings per share is calculated by adjusting the weighted average number of shares of common stock outstanding for the dilutive effect, if any, of common stock equivalents. Common stock equivalents whose effect would be antidilutive are not included in diluted earnings (loss) per share. The Company uses the treasury stock method to determine the dilutive effect, which assumes that all common stock equivalents have been exercised at the beginning of the period and that the funds obtained from those exercises were used to repurchase shares of common stock of the Company at the average closing market price during the period. |
Stock-Based Compensation | Stock-Based Compensation We recognize the fair value compensation cost relating to stock-based payment transactions in accordance with ASC Topic 718, “ Share-Based Payments |
Research and Development | Research and Development The Company accounts for research and development costs in accordance with ASC Topic 730“ Research and Development |
Advertising and Marketing | Advertising and Marketing Costs for advertising and marketing are expensed as incurred. As of December 31, 2023 and 2022, advertising and marketing expenses amounted to$45,826 and $77,311, respectively. |
Income Taxes | Income Taxes Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted ASC Topic 740, “ Accounting for Income Taxes |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures We currently believe there are no other issued and not yet effective accounting standards that are materially relevant to our consolidated financial statements. |
Disaggregation of Revenues (Tab
Disaggregation of Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disaggregation of Revenues [Abstract] | |
Schedule of Disaggregated Revenues | The Company’s revenues for the years ended December 31, 2023 and 2022 are disaggregated as follows: For the Year Ended December 31, 2023 United States International Total Revenues Freezers and chillers $ 366,069 $ - $ 366,069 OEM and other 509,886 204,199 714,085 Total Revenues $ 875,955 $ 204,199 $ 1,080,154 For the Year Ended December 31, 2022 United States International Total Revenues Freezers and chillers $ 793,953 $ 262,001 $ 1,126,428 OEM and other 722,194 263,149 914,869 Total Revenues $ 1,516,147 $ 525,150 $ 2,041,297 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Schedule of Inventories | Inventories at December 31, 2023 and 2022 consisted of the following: December 31, December 31, 2023 2022 Finished goods $ 493,565 $ 376,334 Raw materials 584,772 527,062 Total inventories 1,078,337 903,396 Less reserve for obsolescence (106,044 ) (106,044 ) Total inventories, net $ 972,293 $ 797,352 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Consolidated Balance Sheet | The following was included in our consolidated balance sheet at December 31, 2023 and 2022: December 31, December 31, 2023 2022 Operating lease right-of-use assets $ 235,653 $ 54,265 Lease liabilities, current portion 62,681 57,393 Lease liabilities, long-term 179,963 - Total operating lease liabilities $ 242,644 $ 57,393 Weighted-average remaining lease term (months) 35 11 Weighted average discount rate 10.50 % 5.25 % |
Schedule of Lease Expense | Total lease expense for the years ended December 31, 2023 and 2022 is as follows: For the Years Ended December 31, 2023 2022 Operating lease expense $ 69,524 $ 60,864 Variable lease expense 18,911 6,457 Total lease expense $ 88,435 $ 67,321 |
Schedule of Maturities of Operating Lease Liabilities | As of December 31, 2023, maturities of operating lease liabilities were as follows: Year Ending December 31, Amount 2024 $ 85,309 2025 98,532 2026 101,708 Total 285,549 Less: imputed interest (42,905 ) Total operating lease liabilities $ 242,644 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Expenses [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses at December 31, 2023 and 2022 consisted of the following: December 31, December 31, Trade accounts payable $ 56,931 $ 55,011 Credit cards payable 29,310 23,958 Total accounts payable and accrued expenses $ 86,241 $ 78,969 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity [Abstract] | |
Schedule of Changes in Restricted Stock Awards Outstanding | Below is a table summarizing the changes in restricted stock awards outstanding during the years ended December 31, 2023 and 2022: Restricted Stock Awards Weighted-Average Exercise Price Outstanding at December 31, 2021 750,000 $ 0.11 Granted - - Modified (75,000 ) (0.11 ) Vested (225,000 ) (0.11 ) Outstanding at December 31, 2022 450,000 $ 0.11 Granted - - Modified - - Vested (450,000 ) (0.11 ) Outstanding at December 31, 2023 - - |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings (Loss) Per Share [Abstract] | |
Schedule of Weighted Average Shares Outstanding and the Basic and Diluted Earnings Per Share | The computation of weighted average shares outstanding and the basic and diluted earnings per share for the years ended December 31, 2023 and 2022 consisted of the following: For the Years Ended December 31, 2023 2022 Net income (loss) $ (459,028 ) $ 89,396 Basic weighted average shares outstanding 85,217,785 84,990,935 Basic earnings (loss) per share $ (0.01 ) $ 0.00 Weighted average shares outstanding 85,217,785 84,990,935 Effect on dilutive stock awards - 450,000 Diluted weighted average shares outstanding 85,217,785 85,440,935 Diluted earnings (loss) per share $ (0.01 ) $ 0.00 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Schedule of Components of the Provision for Income Taxes | The components of the provision for income taxes for the years ended December 31, 2023 and 2022, consisted of the following: December 31, 2023 December 31, 2022 Current Federal and State $ 312 $ 702 Deferred Federal and State - - Total provision for income taxes $ 312 $ 702 |
Schedule Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities at December 31, 2023 and 2022, consisted of the following temporary differences and carry-forward items: December 31, 2023 December 31, 2022 Deferred tax assets (liabilities) Loss carryforward $ 2,956,107 $ 2,862,544 Property and equipment (1,219 ) (33,988 ) Other 3,986 5,994 Valuation Allowance (2,958,874 ) (2,834,550 ) Total net deferred income tax assets (liabilities) $ - $ - |
Schedule of Income Tax Expense | The difference between the income tax expense (benefit) reported and amounts computed by applying the statutory federal rate of 21.0% to pretax income for the years ended December 31, 2023 and 2022, consisted of the following: December 31, 2023 December 31, 2022 Federal tax $ (96,330 ) $ 18,921 Meals and entertainment 3,875 4,625 Charitable contributions 111 1,369 Depreciation and amortization (1,219 ) (33,988 ) Other - - Change in valuation allowance 93,251 8,371 Total (benefit) provision for income taxes $ 312 $ 702 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Line Items] | ||
Percentage of contract paid | 50% | |
Customer deposits | $ 447,444 | $ 13,230 |
Allowance for doubtful accounts | $ 4,000 | 4,000 |
Property and equipment depreciated range | 3 years | |
Obsolescence allowance | $ 106,044 | |
Research and development expense | 29,542 | 73,425 |
Advertising and marketing expense | $ 45,826 | $ 77,311 |
Minimum [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Property and equipment depreciated range | 5 years | |
Maximum [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Property and equipment depreciated range | 7 years |
Disaggregation of Revenues (Det
Disaggregation of Revenues (Details) - Schedule of Disaggregated Revenues - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | $ 1,080,154 | $ 2,041,297 |
United States [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | 875,955 | 1,516,147 |
International [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | 204,199 | 525,150 |
Freezers and Chillers [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | 366,069 | 1,126,428 |
Freezers and Chillers [Member] | United States [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | 366,069 | 793,953 |
Freezers and Chillers [Member] | International [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | 262,001 | |
OEM and Other [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | 714,085 | 914,869 |
OEM and Other [Member] | United States [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | 509,886 | 722,194 |
OEM and Other [Member] | International [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | $ 204,199 | $ 263,149 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Inventories [Abstract] | ||
Finished goods | $ 493,565 | $ 376,334 |
Raw materials | 584,772 | 527,062 |
Total inventories | 1,078,337 | 903,396 |
Less reserve for obsolescence | (106,044) | (106,044) |
Total inventories, net | $ 972,293 | $ 797,352 |
Leases (Details)
Leases (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 m² | |
Leases [Abstract] | |||
Square feet (in Square Meters) | m² | 6,000 | ||
Operating lease renewal term | 3 years | ||
Lease renewal amount | $ 5,422 | ||
Operating lease | $ 242,882 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Consolidated Balance Sheet - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Consolidated Balance Sheet [Abstract] | ||
Operating lease right-of-use assets | $ 235,653 | $ 54,265 |
Lease liabilities, current portion | 62,681 | 57,393 |
Lease liabilities, long-term | 179,963 | |
Total operating lease liabilities | $ 242,644 | $ 57,393 |
Weighted-average remaining lease term (months) | 35 months | 11 months |
Weighted average discount rate | 10.50% | 5.25% |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of Lease Expense - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Lease Expense [Abstract] | ||
Operating lease expense | $ 69,524 | $ 60,864 |
Variable lease expense | 18,911 | 6,457 |
Total lease expense | $ 88,435 | $ 67,321 |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of Maturities of Operating Lease Liabilities - Operating Lease Liabilities [Member] | Dec. 31, 2023 USD ($) |
Leases (Details) - Schedule of Maturities of Operating Lease Liabilities [Line Items] | |
2024 | $ 85,309 |
2025 | 98,532 |
2026 | 101,708 |
Total | 285,549 |
Less: imputed interest | (42,905) |
Total operating lease liabilities | $ 242,644 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses (Details) - Schedule of Accounts Payable and Accrued Expenses - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Accounts Payable and Accrued Expenses [Abstract] | ||
Trade accounts payable | $ 56,931 | $ 55,011 |
Credit cards payable | 29,310 | 23,958 |
Total accounts payable and accrued expenses | $ 86,241 | $ 78,969 |
Concentrations of Risk (Details
Concentrations of Risk (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Concentrations of Risk [Line Items] | ||
Cash balances of FDIC insurance (in Dollars) | $ 250,000 | |
Limit per depositor per banking institution (in Dollars) | $ 527,951 | $ 1,131,927 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Four Customers [Member] | ||
Concentrations of Risk [Line Items] | ||
Concentration risk sales revenue | 35% | 51% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Four Customers [Member] | ||
Concentrations of Risk [Line Items] | ||
Concentration risk sales revenue | 3% | 71% |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Four Customers [Member] | ||
Concentrations of Risk [Line Items] | ||
Concentration risk sales revenue | 77% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 28, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Stockholders' Equity [Line Items] | |||
Preferred stock shares authorized | 5,000,000 | 5,000,000 | |
Per share (in Dollars per share) | $ 1 | ||
Common stock per share (in Dollars per share) | $ 1 | ||
Percentage of unpaid dividends | 50% | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares issued | 85,664,086 | 85,214,086 | |
Common stock, shares outstanding | 85,664,086 | 85,214,086 | |
Restricted stock | 250,000 | ||
Restricted common stock | 1,000,000 | ||
Stock based compensation expense (in Dollars) | $ 55,000 | $ 27,500 | |
Unrecognized stock-based compensation expense (in Dollars) | $ 0 | ||
Series A Convertible Preferred Stock [Member] | |||
Stockholders' Equity [Line Items] | |||
Designated shares | 750,000 | ||
Series A Preferred Stock [Member] | |||
Stockholders' Equity [Line Items] | |||
Percentage of preferred stock dividend | 8% | ||
Restricted Stock [Member] | |||
Stockholders' Equity [Line Items] | |||
Restricted common stock | 1,000,000 | ||
Vesting term | 3 years | ||
Restricted stock | 250,000 | ||
Shares vested | 925,000 | ||
Restricted Stock [Member] | Minimum [Member] | |||
Stockholders' Equity [Line Items] | |||
Restricted common stock | 925,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Schedule of Changes in Restricted Stock Awards Outstanding - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Changes in Restricted Stock Awards Outstanding [Abstract] | ||
Restricted Stock Awards Outstanding, Beginning | 450,000 | 750,000 |
Weighted-Average Exercise Price Outstanding, Beginning | $ 0.11 | $ 0.11 |
Restricted Stock Awards Outstanding, Granted | ||
Weighted-Average Exercise Price Outstanding, Granted | ||
Restricted Stock Awards, Modified | (75,000) | |
Weighted-Average Exercise Price, Modified | $ (0.11) | |
Restricted Stock Awards, Vested | (450,000) | (225,000) |
Weighted-Average Exercise Price, Vested | $ (0.11) | $ (0.11) |
Restricted Stock Awards Outstanding, Ending | 450,000 | |
Weighted-Average Exercise Price Outstanding, Ending | $ 0.11 |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - Schedule of Weighted Average Shares Outstanding and the Basic and Diluted Earnings Per Share - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Weighted Average Shares Outstanding and the Basic and Diluted Earnings Per Share [Abstract] | ||
Net income (loss) (in Dollars) | $ (459,028) | $ 89,396 |
Basic weighted average shares outstanding | 85,217,785 | 84,990,935 |
Basic earnings (loss) per share (in Dollars per share) | $ (0.01) | $ 0 |
Weighted average shares outstanding | 85,217,785 | 84,990,935 |
Effect on dilutive stock awards (in Dollars) | $ 450,000 | |
Diluted weighted average shares outstanding | 85,217,785 | 85,440,935 |
Diluted earnings (loss) per share (in Dollars per share) | $ (0.01) | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
Statutory federal rate | 21% | 21% |
Operating loss carryforwards (in Dollars) | $ 7,649,929 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Components of the Provision for Income Taxes - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Components of the Provision for Income Taxes [Abstract] | ||
Current Federal and State | $ 312 | $ 702 |
Deferred Federal and State | ||
Total provision for income taxes | $ 312 | $ 702 |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule Deferred Income Tax Assets and Liabilities - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Deferred Tax Assets [Abstract] | ||
Loss carryforward | $ 2,956,107 | $ 2,862,544 |
Property and equipment | (1,219) | (33,988) |
Other | 3,986 | 5,994 |
Valuation Allowance | (2,958,874) | (2,834,550) |
Total net deferred income tax assets (liabilities) |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of Income Tax Expense - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Income Tax Expense [Abstract] | ||
Federal tax | $ (96,330) | $ 18,921 |
Meals and entertainment | 3,875 | 4,625 |
Charitable contributions | 111 | 1,369 |
Depreciation and amortization | (1,219) | (33,988) |
Other | ||
Change in valuation allowance | 93,251 | 8,371 |
Total (benefit) provision for income taxes | $ 312 | $ 702 |