Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 0-29185 | |
Entity Registrant Name | QS ENERGY, INC. | |
Entity Central Index Key | 0001103795 | |
Entity Tax Identification Number | 52-2088326 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 23902 FM 2978 | |
Entity Address, City or Town | Tomball | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77375 | |
City Area Code | (775) | |
Local Phone Number | 300-7647 | |
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 Common Stock, Shares Outstanding | 392,519,805 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash | $ 214,000 | $ 133,000 |
Prepaid expenses | 25,000 | 19,000 |
Total current assets | 239,000 | 152,000 |
Property and equipment, net | 3,000 | 6,000 |
Total assets | 242,000 | 158,000 |
Current liabilities: | ||
Accounts payable-license agreements - past due | 2,139,000 | 1,962,000 |
Accounts payable and accrued expenses | 939,000 | 946,000 |
Convertible debentures, net of discounts of $118,000 and $140,000, respectively; includes $1,977,000 and $1,730,000, respectively, in default | 2,141,000 | 1,865,000 |
PPP loan payable | 64,000 | 75,000 |
Total current liabilities | 5,283,000 | 4,848,000 |
Total liabilities | 5,283,000 | 4,848,000 |
Commitments and contingencies | ||
Stockholders’ deficit | ||
Common stock, $0.001 par value: 500,000,000 shares authorized, 388,975,605 and 376,074,096 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 388,977 | 376,075 |
Additional paid-in capital | 119,631,023 | 119,075,925 |
Accumulated deficit | (125,061,000) | (124,142,000) |
Total stockholders’ deficit | (5,041,000) | (4,690,000) |
Total liabilities and stockholders’ deficit | $ 242,000 | $ 158,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 388,975,605 | 376,074,096 |
Common stock, shares outstanding | 388,975,605 | 376,074,096 |
Convertible Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Discounts on convertible notes payable | $ 118,000 | $ 140,000 |
Convertible notes in default | $ 1,977,000 | $ 1,730,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations, Unaudited - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Costs and Expenses | ||||
Operating expenses | 164,000 | 214,000 | 508,000 | 504,000 |
Research and development expenses | 47,000 | 130,000 | 148,000 | 227,000 |
Loss from operations | (211,000) | (344,000) | (656,000) | (731,000) |
Other income (expense) | ||||
Gain on partial forgiveness of PPP note payable | 0 | 0 | 0 | 63,000 |
Interest and financing expense | (90,000) | (93,000) | (263,000) | (241,000) |
Net Loss | $ (301,000) | $ (437,000) | $ (919,000) | $ (909,000) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations, Unaudited (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Net loss per common share, basic | $ 0 | $ 0 | $ 0 | $ 0 |
Net loss per common share, diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding, basic | 386,625,687 | 361,911,870 | 383,451,584 | 358,462,524 |
Weighted average common shares outstanding, diluted | 386,625,687 | 361,911,870 | 383,451,584 | 358,462,524 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Deficit, Unaudited - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 355,301 | $ 118,065,699 | $ (122,594,000) | $ (4,173,000) |
Balance at beginning, shares at Dec. 31, 2021 | 355,300,222 | |||
Common stock issued on conversion of notes payable | $ 1,931 | 18,069 | 20,000 | |
Common stock issued on conversion of notes payable, shares | 1,930,633 | |||
Warrants issued with convertible notes | 283,000 | 283,000 | ||
Common stock issued on exercise of warrants | $ 8,594 | 297,406 | 306,000 | |
Common stock issued on exercise of warrants, shares | 8,593,828 | |||
Fair value of options and warrants issued as compensation | 31,000 | 31,000 | ||
Common stock issued on exercise of options | $ 250 | 19,750 | 20,000 | |
Common stock issued on exercise of options, shares | 250,000 | |||
Net loss | (909,000) | (909,000) | ||
Ending balance, value at Sep. 30, 2022 | $ 366,076 | 118,714,924 | (123,503,000) | (4,422,000) |
Balance at ending, shares at Sep. 30, 2022 | 366,074,683 | |||
Beginning balance, value at Jun. 30, 2022 | $ 358,928 | 118,193,072 | (123,066,000) | (4,514,000) |
Balance at beginning, shares at Jun. 30, 2022 | 358,926,888 | |||
Common stock issued on conversion of notes payable | $ 1,564 | 12,436 | 14,000 | |
Common stock issued on conversion of notes payable, shares | 1,563,967 | |||
Warrants issued with convertible notes | 283,000 | 283,000 | ||
Common stock issued on exercise of warrants | $ 5,334 | 202,666 | 208,000 | |
Common stock issued on exercise of warrants, shares | 5,333,828 | |||
Fair value of options and warrants issued as compensation | 4,000 | 4,000 | ||
Common stock issued on exercise of options | $ 250 | 19,750 | 20,000 | |
Common stock issued on exercise of options, shares | 250,000 | |||
Net loss | (437,000) | (437,000) | ||
Ending balance, value at Sep. 30, 2022 | $ 366,076 | 118,714,924 | (123,503,000) | (4,422,000) |
Balance at ending, shares at Sep. 30, 2022 | 366,074,683 | |||
Beginning balance, value at Dec. 31, 2022 | $ 376,075 | 119,075,925 | (124,142,000) | (4,690,000) |
Balance at beginning, shares at Dec. 31, 2022 | 376,074,096 | |||
Common stock issued on conversion of notes payable | $ 11,585 | 241,415 | 253,000 | |
Common stock issued on conversion of notes payable, shares | 11,584,848 | |||
Warrants issued with convertible notes | 231,000 | 231,000 | ||
Common stock issued on exercise of warrants | $ 1,317 | 48,683 | 50,000 | |
Common stock issued on exercise of warrants, shares | 1,316,661 | |||
Fair value of options and warrants issued as compensation | 34,000 | 34,000 | ||
Net loss | (919,000) | (919,000) | ||
Ending balance, value at Sep. 30, 2023 | $ 388,977 | 119,631,023 | (125,061,000) | (5,041,000) |
Balance at ending, shares at Sep. 30, 2023 | 388,975,605 | |||
Beginning balance, value at Jun. 30, 2023 | $ 385,821 | 119,395,179 | (124,760,000) | (4,979,000) |
Balance at beginning, shares at Jun. 30, 2023 | 385,819,422 | |||
Common stock issued on conversion of notes payable | $ 2,956 | 80,044 | 83,000 | |
Common stock issued on conversion of notes payable, shares | 2,956,184 | |||
Warrants issued with convertible notes | 128,000 | 128,000 | ||
Common stock issued on exercise of warrants | $ 200 | 7,800 | 8,000 | |
Common stock issued on exercise of warrants, shares | 199,999 | |||
Fair value of options and warrants issued as compensation | 20,000 | 20,000 | ||
Net loss | (301,000) | (301,000) | ||
Ending balance, value at Sep. 30, 2023 | $ 388,977 | $ 119,631,023 | $ (125,061,000) | $ (5,041,000) |
Balance at ending, shares at Sep. 30, 2023 | 388,975,605 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows, Unaudited - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from Operating Activities | ||
Net loss | $ (919,000) | $ (909,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Fair value of options and warrants issued as compensation | 34,000 | 31,000 |
Amortization of debt discount | 90,000 | 90,000 |
Accrued interest expense | 137,000 | 115,000 |
Depreciation | 3,000 | 3,000 |
Gain on partial forgiveness of PPP note payable | 0 | (63,000) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (6,000) | (4,000) |
Lease right of use asset | 0 | 27,000 |
Accounts payable – license agreements | 177,000 | 177,000 |
Accounts payable and accrued expenses | (7,000) | (12,000) |
Lease liabilities | 0 | (26,000) |
Net cash used in operating activities | (491,000) | (571,000) |
Cash flows from investing activities | ||
Purchase of property and equipment | 0 | (1,000) |
Net cash used in investing activities | 0 | (1,000) |
Cash flows from financing activities | ||
Net proceeds from issuance of convertible notes and warrants | 533,000 | 393,000 |
Net proceeds from issuance of warrants and options | 50,000 | 326,000 |
Principal payment on PPP loan payable | (11,000) | (9,000) |
Net cash provided by financing activities | 572,000 | 710,000 |
Net increase in cash | 81,000 | 138,000 |
Cash, beginning of period | 133,000 | 114,000 |
Cash, end of period | 214,000 | 252,000 |
Cash paid during the year for: | ||
Interest | 0 | 0 |
Income Taxes | 1,600 | 0 |
Non-cash investing and financing activities | ||
Conversion of convertible debentures and accrued interest to common stock | 253,000 | 20,000 |
Value of warrants issued with convertible notes | $ 231,000 | $ 283,000 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business QS Energy, Inc. (“QS Energy”, “Company”) was incorporated on February 18, 1998, as a Nevada Corporation under the name Mandalay Capital Corporation. The Company changed its name to Save the World Air, Inc. on February 11, 1999. Effective August 11, 2015, the Company changed its name to QS Energy, Inc. The Company’s common stock is quoted under the symbol “QSEP” on the Over-the-Counter Bulletin Board ( Pink Sheets). More information including the Company’s fact sheet, logos, media articles, and update information are available at our corporate website, www.qsenergy.com. QS Energy develops and is seeking to commercialize energy efficiency technologies that assist in meeting increasing global energy demands, improving the economics of oil extraction and transport, and reducing greenhouse gas emissions. The Company's intellectual properties include a portfolio of domestic and international patents and patents pending, a substantial portion of which have been developed in conjunction with and are exclusively licensed from Temple University of Philadelphia, PA (“Temple”). QS Energy's primary technology is called Applied Oil Technology (AOT), a commercial-grade crude oil pipeline transportation flow-assurance product. AOT is engineered specifically to reduce pipeline pressure loss, increase pipeline flow rate and capacity, and reduce shippers’ reliance on diluents and drag reducing agents to meet pipeline maximum viscosity requirements. AOT is a 100% solid-state system that has shown to reduce crude oil viscosity by applying a high intensity electrical field to crude oil feedstock while in transit. The AOT product is seeking to transition from the testing, research and development stage to initial production for continued testing in advance of our goal of seeking acceptance and adoption by the midstream pipeline marketplace. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying consolidated financial statements, during the nine-months ended September 30, 2023, the Company incurred a net loss of $ 919,000 491,000 5,041,000 1,977,000 The ability of the Company to continue as a going concern is dependent upon the Company’s ability to raise additional funds and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. At September 30, 2023, the Company had cash on hand in the amount of $ 214,000 No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stockholders in case of equity financing. Inflation Macroeconomic factors such as inflation, rising interest rates, governmental responses there to and possible recession caused thereby also add significant uncertainty to our operations and possible effects to the amount and type of financing available to the Company in the future. Basis of Presentation The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 30, 2023. The condensed consolidated balance sheet as of December 31, 2022, included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including notes, required by GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company’s financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not necessarily indicative of the full fiscal year-end results. The accompanying consolidated financial statements of QS Energy Inc. include the accounts of QS Energy Inc. (the Parent) and its wholly owned subsidiaries, QS Energy Pool, Inc. and STWA Asia Pte. Limited. Intercompany transactions and balances have been eliminated in consolidation. Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Significant estimates include those related to accruals for potential liabilities, assumptions used in valuing equity instruments issued for financing and services and realization of deferred tax assets, among others. Actual results could differ from those estimates. Basic and Diluted Income (Loss) Per Share Our computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) available to common stockholders divided by the weighted average common shares outstanding for the period. Diluted income (loss) per share reflects the potential dilution, using the treasury stock method, that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income (loss) of the Company as if they had been converted at the beginning of the periods presented, or issuance date, if later. At September 30, 2023 and 2022, we excluded the following dilutive shares as their effect would have been anti-dilutive. Schedule of anti-dilutive shares September 30, September 30, Options 25,757,155 26,057,601 Warrants 17,919,906 26,200,816 Common stock issuable upon conversion of notes payable 37,535,351 38,371,627 Total 81,212,412 90,630,044 Stock-Based Compensation The Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions for services and for financing costs. Stock option grants, which are generally time or performance vested, are measured at the grant date fair value and depending on the conditions associated with the vesting of the award, compensation cost is recognized on a straight-line or graded basis over the vesting period. Recognition of compensation expense for non-employees is in the same period and manner as if the Company had paid cash for the services. The fair value of stock options granted is estimated using the Black-Scholes option-pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life, and future dividends. The assumptions used in the Black-Scholes option pricing model could materially affect compensation expense recorded in future periods. Research and Development Costs Research and development costs are expensed as incurred and consist primarily of fees paid to consultants and outside service providers, and other expenses relating to the acquisition, design, development and testing of the Company’s products. Certain research and development activities are incurred under contract. In those instances, research and development costs are charged to operations ratably over the life of the underlying contracts, unless the achievement of milestones, the completion of contracted work, or other information indicates that a different expensing schedule is more appropriate. Payments made pursuant to research and development contracts are initially recorded as advances on research and development contract services in the Company’s consolidated balance sheet and then charged to research and development costs in the Company’s consolidated statement of operations as those contract services are performed. For the nine-month periods ended September 30, 2023 and 2022 research and development costs were $ 148,000 227,000 47,000 130,000 Patent Costs Patent costs consist of patent-related legal and filing fees. Due to the uncertainty associated with the successful development of our AOT and other products, all patent costs are expensed as incurred. During the nine-month periods ended September 30, 2023 and 2022, patent costs were $ 3,000 13,000 Recent Accounting Pronouncements Recent accounting pronouncements and guidance issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statement presentation or disclosures. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | 3. Accounts Payable and Accrued Expenses As of September 30, 2023 and December 31, 2022, the Company owed $ 197,000 197,000 10,000 |
Convertible Notes Payable
Convertible Notes Payable | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable | 4. Convertible Notes Payable Schedule of convertible notes and warrants September 30, (unaudited) December 31, 2022 Convertible notes $ 1,510,000 $ 1,393,000 Accrued interest 749,000 612,000 Subtotal, including $ 1,977,000 1,730,000 2,259,000 2,005,000 Convertible note discount (118,000 ) (140,000 ) Balance on convertible notes, net of note discounts $ 2,141,000 $ 1,865,000 The Company issues convertible notes in exchange for cash. The notes typically do not bear any interest; however, there is an implied interest rate of 10 10 Convertible notes As of December 31, 2022, total outstanding notes payable totaled $ 1,393,000 586,000 533,000 53,000 10 11,715,748 231,000 469,000 216,000 11,584,848 1,510,000 Accrued interest At December 31, 2022, accrued interest on convertible notes payable totaled $ 612,000 137,000 749,000 Debt discount At December 31, 2022, the unamortized debt discount was $ 140,000 284,000 231,000 53,000 90,000 216,000 118,000 |
PPP loan payable
PPP loan payable | 9 Months Ended |
Sep. 30, 2023 | |
Ppp Loan Payable | |
PPP loan payable | 5. PPP loan payable In June 2020, the Company was granted a loan (the “PPP loan”) for $ 151,000 June 18, 2025 1 63,000 75,000 11,000 64,000 |
Research and Development
Research and Development | 9 Months Ended |
Sep. 30, 2023 | |
Research and Development [Abstract] | |
Research and Development | 6. Research and Development The Company constructs, develops and tests the AOT technologies with internal resources and through the assistance of various third-party entities. Costs incurred and expensed include fees such as license fees, purchase of test equipment, pipeline pumping equipment, crude oil tank batteries, viscometers, SCADA systems, computer equipment, payroll and other related equipment and various logistical expenses for the purposes of evaluating and testing the Company’s AOT prototypes. Costs incurred for research and development are expensed as incurred. Purchased materials that do not have an alternative future use are also expensed. Furthermore, costs incurred in the construction of prototypes with no certainty of any alternative future use and established commercial uses are also expensed. For the nine-month periods ended September 30, 2023 and 2022 research and development costs were $ 148,000 227,000 47,000 130,000 AOT Prototypes During the periods ended September 30, 2023 and 2022, the Company incurred total expenses of $ 6,000 86,000 Temple University Licensing Agreements On August 1, 2011, the Company and Temple University (“Temple”) entered into two (2) Exclusive License Agreements (collectively, the “License Agreements”) relating to Temple’s patent applications, patents and technical information pertaining to technology associated with an electric and/or magnetic field assisted fuel injector system (the “First Temple License”), and to technology to reduce crude oil viscosity (the “Second Temple License”). The License Agreements are exclusive, and the territory licensed to the Company is worldwide and replace previously issued License Agreements. Pursuant to the two licensing agreements, the Company paid Temple a non-refundable license maintenance fee of $300,000 and agreed to pay (i) annual maintenance fees of $187,500; (ii) royalty fee ranging from 4% up to 7% from revenues generated from the licensing agreements; and (iii) 25% of all revenues generated from sub-licensees to secure or maintain the sub-license or option thereon. The term of the licenses commenced in August 2011 and will expire upon expiration of the patents. The agreements can also be terminated by either party upon notification under terms of the licensing agreements or if the Company ceases the development of the patent or fails to commercialize the patent rights. Total expenses recognized during each nine-month period ended September 30, 2023 and 2022 pursuant to these two License Agreements amounted to $ 141,000 36,000 36,000 As of September 30, 2023 and December 31, 2022, total unpaid fees due to Temple pursuant to these agreements are $ 2,139,000 1,962,000 135,000 835,000 2,004,000 No |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Common Stock | 7. Common Stock During the nine months ended September 30, 2023, the Company issued 12,901,509 shares of its common stock as follows: · The Company issued 11,584,848 253,000 0.03 0.05 216,000 · The Company issued 1,316,661 50,000 0.02 0.04 |
Stock Options and Warrants
Stock Options and Warrants | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Options and Warrants | 8. Stock Options and Warrants The Company periodically issues stock options and warrants to employees and non-employees in capital raising transactions, for services, and for financing costs. Options Options vest according to the terms of the specific grant and expire from 2 to 10 years from date of grant. The weighted-average, remaining contractual life of employee and non-employee options outstanding at September 30, 2023 was 4.1 years. Stock option activity for the period January 1, 2023 up to September 30, 2023, was as follows: Schedule of stock option activity Options Weighted January 1, 2023 26,057,601 $ 0.15 Granted – – Exercised – – Expired (300,446 ) 0.72 September 30, 2023 25,757,155 $ 0.14 The weighted average exercise prices, remaining contractual lives for options granted, exercisable, and expected to vest as of September 30, 2023 were as follows: Schedule of options outstanding by per share price Outstanding Options Exercisable Options Option Exercise Price Per Share Shares Life Weighted Shares Weighted $0.02 - $0.24 22,055,551 4.3 $ 0.10 22,055,551 $ 0.10 $0.25 - $0.49 3,238,552 3.0 $ 0.36 3,238,552 $ 0.36 $0.50 - $0.99 463,052 0.6 $ 0.85 463,052 $ 0.85 25,757,155 4.1 $ 0.14 25,757,155 $ 0.14 During the nine-month periods ended September 30, 2023 and 2022, the Company recognized compensation costs based on the fair value of options that vested of $ 0 0 As of September 30, 2023, the market price of the Company’s stock was $ 0.06 115,000 Warrants The following table summarizes certain information about the Company’s stock purchase warrants activity for the period starting January 1, 2023 up to September 30, 2023. Schedule of warrants activity Warrants Weighted Avg. January 1, 2023 20,314,153 $ 0.04 Granted 12,382,411 0.07 Exercised (1,316,661 ) 0.04 Expired (13,459,997 ) 0.04 September 30, 2023 17,919,906 $ 0.06 The weighted average exercise prices, remaining contractual lives for warrants granted, exercisable, and expected to vest as of September 30, 2023 were as follows: Schedule of warrants outstanding by per share price Outstanding Warrants Exercisable Warrants Warrant Exercise Price Per Share Shares Life Weighted Average Exercise Price Shares Weighted Average Exercise Price $0.02 - $0.24 17,849,906 0.9 $ 0.06 17,816,573 $ 0.06 $0.50 - $1.00 70,000 0.6 $ 0.80 70,000 $ 0.80 17,919,906 0.9 $ 0.06 17,886,573 $ 0.06 In the nine-month period ending September 30, 2023, the Company issued warrants to purchase 666,663 0.04 0.08 34,000 2 5 4.17 5.12 170 207 0 34,000 At September 30, 2023, the aggregate intrinsic value of warrants outstanding was $ 145,000 In the nine-month period ending September 30, 2022, the Company issued warrants to purchase 799,997 0.02 0.09 31,000 2 5 0.73 3.25 193 245 0 31,000 At September 30, 2022, the aggregate intrinsic value of warrants outstanding was $ 1,332,000 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies There is no current or pending litigation of any significance with the exception of the matters that have arisen under, and are being handled in, the normal course of business. The Company is closely monitoring the impact of the pandemic on all aspects of its business. While the pandemic did not materially affect the Company's financial results and business operations for the three and nine months ended September 30, 2023, the Company is unable to predict the impact that COVID-19 will have on its financial position and operating results in future periods due to numerous uncertainties. The Company will continue to assess the evolving impact of the COVID-19 pandemic and will make adjustments to its operations as necessary. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events In October 2023, the Company issued 1,460,800 shares of common stock upon the conversion of $73,000 in convertible notes payable at $0.05 per share. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Going Concern | Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying consolidated financial statements, during the nine-months ended September 30, 2023, the Company incurred a net loss of $ 919,000 491,000 5,041,000 1,977,000 The ability of the Company to continue as a going concern is dependent upon the Company’s ability to raise additional funds and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. At September 30, 2023, the Company had cash on hand in the amount of $ 214,000 No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stockholders in case of equity financing. |
Inflation | Inflation Macroeconomic factors such as inflation, rising interest rates, governmental responses there to and possible recession caused thereby also add significant uncertainty to our operations and possible effects to the amount and type of financing available to the Company in the future. |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 30, 2023. The condensed consolidated balance sheet as of December 31, 2022, included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including notes, required by GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company’s financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not necessarily indicative of the full fiscal year-end results. The accompanying consolidated financial statements of QS Energy Inc. include the accounts of QS Energy Inc. (the Parent) and its wholly owned subsidiaries, QS Energy Pool, Inc. and STWA Asia Pte. Limited. Intercompany transactions and balances have been eliminated in consolidation. |
Estimates | Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Significant estimates include those related to accruals for potential liabilities, assumptions used in valuing equity instruments issued for financing and services and realization of deferred tax assets, among others. Actual results could differ from those estimates. |
Basic and Diluted Income (Loss) Per Share | Basic and Diluted Income (Loss) Per Share Our computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) available to common stockholders divided by the weighted average common shares outstanding for the period. Diluted income (loss) per share reflects the potential dilution, using the treasury stock method, that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income (loss) of the Company as if they had been converted at the beginning of the periods presented, or issuance date, if later. At September 30, 2023 and 2022, we excluded the following dilutive shares as their effect would have been anti-dilutive. Schedule of anti-dilutive shares September 30, September 30, Options 25,757,155 26,057,601 Warrants 17,919,906 26,200,816 Common stock issuable upon conversion of notes payable 37,535,351 38,371,627 Total 81,212,412 90,630,044 |
Stock-Based Compensation | Stock-Based Compensation The Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions for services and for financing costs. Stock option grants, which are generally time or performance vested, are measured at the grant date fair value and depending on the conditions associated with the vesting of the award, compensation cost is recognized on a straight-line or graded basis over the vesting period. Recognition of compensation expense for non-employees is in the same period and manner as if the Company had paid cash for the services. The fair value of stock options granted is estimated using the Black-Scholes option-pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life, and future dividends. The assumptions used in the Black-Scholes option pricing model could materially affect compensation expense recorded in future periods. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred and consist primarily of fees paid to consultants and outside service providers, and other expenses relating to the acquisition, design, development and testing of the Company’s products. Certain research and development activities are incurred under contract. In those instances, research and development costs are charged to operations ratably over the life of the underlying contracts, unless the achievement of milestones, the completion of contracted work, or other information indicates that a different expensing schedule is more appropriate. Payments made pursuant to research and development contracts are initially recorded as advances on research and development contract services in the Company’s consolidated balance sheet and then charged to research and development costs in the Company’s consolidated statement of operations as those contract services are performed. For the nine-month periods ended September 30, 2023 and 2022 research and development costs were $ 148,000 227,000 47,000 130,000 |
Patent Costs | Patent Costs Patent costs consist of patent-related legal and filing fees. Due to the uncertainty associated with the successful development of our AOT and other products, all patent costs are expensed as incurred. During the nine-month periods ended September 30, 2023 and 2022, patent costs were $ 3,000 13,000 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent accounting pronouncements and guidance issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statement presentation or disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of anti-dilutive shares | Schedule of anti-dilutive shares September 30, September 30, Options 25,757,155 26,057,601 Warrants 17,919,906 26,200,816 Common stock issuable upon conversion of notes payable 37,535,351 38,371,627 Total 81,212,412 90,630,044 |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of convertible notes and warrants | Schedule of convertible notes and warrants September 30, (unaudited) December 31, 2022 Convertible notes $ 1,510,000 $ 1,393,000 Accrued interest 749,000 612,000 Subtotal, including $ 1,977,000 1,730,000 2,259,000 2,005,000 Convertible note discount (118,000 ) (140,000 ) Balance on convertible notes, net of note discounts $ 2,141,000 $ 1,865,000 |
Stock Options and Warrants (Tab
Stock Options and Warrants (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of stock option activity | Schedule of stock option activity Options Weighted January 1, 2023 26,057,601 $ 0.15 Granted – – Exercised – – Expired (300,446 ) 0.72 September 30, 2023 25,757,155 $ 0.14 |
Schedule of options outstanding by per share price | Schedule of options outstanding by per share price Outstanding Options Exercisable Options Option Exercise Price Per Share Shares Life Weighted Shares Weighted $0.02 - $0.24 22,055,551 4.3 $ 0.10 22,055,551 $ 0.10 $0.25 - $0.49 3,238,552 3.0 $ 0.36 3,238,552 $ 0.36 $0.50 - $0.99 463,052 0.6 $ 0.85 463,052 $ 0.85 25,757,155 4.1 $ 0.14 25,757,155 $ 0.14 |
Schedule of warrants activity | Schedule of warrants activity Warrants Weighted Avg. January 1, 2023 20,314,153 $ 0.04 Granted 12,382,411 0.07 Exercised (1,316,661 ) 0.04 Expired (13,459,997 ) 0.04 September 30, 2023 17,919,906 $ 0.06 |
Schedule of warrants outstanding by per share price | Schedule of warrants outstanding by per share price Outstanding Warrants Exercisable Warrants Warrant Exercise Price Per Share Shares Life Weighted Average Exercise Price Shares Weighted Average Exercise Price $0.02 - $0.24 17,849,906 0.9 $ 0.06 17,816,573 $ 0.06 $0.50 - $1.00 70,000 0.6 $ 0.80 70,000 $ 0.80 17,919,906 0.9 $ 0.06 17,886,573 $ 0.06 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from EPS | 81,212,412 | 90,630,044 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from EPS | 25,757,155 | 26,057,601 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from EPS | 17,919,906 | 26,200,816 |
Convertible Debt [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from EPS | 37,535,351 | 38,371,627 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Net loss | $ 301,000 | $ 437,000 | $ 919,000 | $ 909,000 | ||||
Cash flow from operations | 491,000 | 571,000 | ||||||
Stockholders' deficit | 5,041,000 | 4,422,000 | 5,041,000 | 4,422,000 | $ 4,979,000 | $ 4,690,000 | $ 4,514,000 | $ 4,173,000 |
Notes payable | 1,977,000 | 1,977,000 | ||||||
Cash on Hand | 214,000 | 214,000 | $ 133,000 | |||||
Research and development costs | $ 47,000 | $ 130,000 | 148,000 | 227,000 | ||||
Patent Costs [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Operating expenses | $ 3,000 | $ 13,000 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Details Narrative) - Former Executive [Member] - Separation Agreement [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Accounts payable and accrued expenses | $ 197,000 | $ 197,000 |
Payment on separation agreement | $ 10,000 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Convertible notes | $ 1,510,000 | $ 1,393,000 |
Accrued interest | 749,000 | 612,000 |
Subtotal, including $1,977,000 and $1,730,000 in default at September 30, 2023 and December 31, 2022, respectively | 2,259,000 | 2,005,000 |
Convertible note discount | (118,000) | (140,000) |
Balance on convertible notes, net of note discounts | 2,141,000 | 1,865,000 |
Convertible Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Debt Default, Amount | $ 1,977,000 | $ 1,730,000 |
Convertible Notes Payable (De_2
Convertible Notes Payable (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Interest rate | 10% | |
Convertible note payable | $ 2,259,000 | $ 2,005,000 |
Debt Discount [Member] | ||
Debt Instrument [Line Items] | ||
Increase in debt discount | 284,000 | |
Unamortized debt discount | 118,000 | 140,000 |
Amortization of debt discount | 90,000 | |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Convertible note payable | 1,510,000 | 1,393,000 |
Increase in convertible promissory notes | 586,000 | |
Proceeds from convertible debt | $ 533,000 | |
Interest ratet | 10% | |
Warrants issued | 11,715,748 | |
Warrants issued, value | $ 231,000 | |
Convertible notes | 469,000 | |
Unamortized discount | $ 216,000 | |
Number of shares converted | 11,584,848 | |
Convertible Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Interest Payable | $ 749,000 | 612,000 |
Interest Expense, Debt | 137,000 | |
Unamortized debt discount | $ 118,000 | $ 140,000 |
Original Issue Discount [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 10% | |
Original Issue Discount [Member] | Debt Discount [Member] | ||
Debt Instrument [Line Items] | ||
Increase in debt discount | $ 53,000 | |
Fair Value Of Warrants [Member] | Debt Discount [Member] | ||
Debt Instrument [Line Items] | ||
Increase in debt discount | 231,000 | |
Discount Converted [Member] | Debt Discount [Member] | ||
Debt Instrument [Line Items] | ||
Decrease in debt discount | $ 216,000 |
PPP loan payable (Details Narra
PPP loan payable (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Jun. 18, 2020 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
PPP loan payable | $ 64,000 | $ 75,000 | ||
Principal payments on the PPP loan | 11,000 | $ 9,000 | ||
PPP Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from notes payable | $ 151,000 | |||
Debt instrument, maturity date | Jun. 18, 2025 | |||
Debt interest rate | 1% | |||
Debt instrument, decrease, forgiveness | 63,000 | |||
P P P Loan Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
PPP loan payable | $ 75,000 | |||
Principal payments on the PPP loan | 11,000 | |||
PPP loan | $ 64,000 |
Research and Development (Detai
Research and Development (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Research and development expenses | $ 47,000 | $ 130,000 | $ 148,000 | $ 227,000 | |
Interest and financing expense | 90,000 | 93,000 | 263,000 | 241,000 | |
Accounts payable - licensing agreement | 2,139,000 | 2,139,000 | $ 1,962,000 | ||
Revenues | 0 | $ 0 | 0 | 0 | |
A O T Prototys [Member] | |||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Research and development expenses | 6,000 | 86,000 | |||
Temple University License Agreements [Member] | |||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Amortization of prepaid deposit | 141,000 | 141,000 | |||
Interest and financing expense | 36,000 | $ 36,000 | |||
Accounts payable - licensing agreement | 2,139,000 | 2,139,000 | $ 1,962,000 | ||
Revenues | 835,000 | ||||
Temple University License Agreements [Member] | Accounts Payable Deferred [Member] | |||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Accounts payable - licensing agreement | 135,000 | 135,000 | |||
Temple University License Agreements [Member] | Account Payable Past Due [Member] | |||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Accounts payable - licensing agreement | $ 2,004,000 | $ 2,004,000 |
Common Stock (Details Narrative
Common Stock (Details Narrative) | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Convertible Notes Payable [Member] | |
Conversion of Stock [Line Items] | |
Debt converted, shares issued | shares | 11,584,848 |
Debt converted, amount converted | $ | $ 253,000 |
Unamortized discount | $ | $ 216,000 |
Convertible Notes Payable [Member] | Minimum [Member] | |
Conversion of Stock [Line Items] | |
Conversion price | $ 0.03 |
Convertible Notes Payable [Member] | Maximum [Member] | |
Conversion of Stock [Line Items] | |
Conversion price | $ 0.05 |
Exercise Of Warrants [Member] | |
Conversion of Stock [Line Items] | |
Debt converted, shares issued | shares | 1,316,661 |
Debt converted, amount converted | $ | $ 50,000 |
Exercise Of Warrants [Member] | Minimum [Member] | |
Conversion of Stock [Line Items] | |
Conversion price | $ 0.02 |
Exercise Of Warrants [Member] | Maximum [Member] | |
Conversion of Stock [Line Items] | |
Conversion price | $ 0.04 |
Stock Options and Warrants (Det
Stock Options and Warrants (Details-Options Outstanding) - Equity Option [Member] | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Options, Outstanding beginning balance | shares | 26,057,601 |
Weighted average exercise price, Outstanding beginning balance | $ / shares | $ 0.15 |
Options, Granted | shares | 0 |
Weighted average exercise price, Granted | $ / shares | $ 0 |
Options, Exercised | shares | 0 |
Weighted average exercise price, Exercised | $ / shares | $ 0 |
Options, Expired | shares | (300,446) |
Weighted average exercise price, Expired | $ / shares | $ 0.72 |
Options, Outstanding beginning balance | shares | 25,757,155 |
Weighted average exercise price, Outstanding ending balance | $ / shares | $ 0.14 |
Stock Options and Warrants (D_2
Stock Options and Warrants (Details-Options by Exercise Price Per Share) - Equity Option [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares, options outstanding | 25,757,155 | 26,057,601 |
Life (Years), options outstanding | 4 years 1 month 6 days | |
Weighted average exercise price, options outstanding | $ 0.14 | $ 0.15 |
Shares, options exercisable | 25,757,155 | |
Weighted average exercise price, options exercisable | $ 0.14 | |
$0.02 - $0.24 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares, options outstanding | 22,055,551 | |
Life (Years), options outstanding | 4 years 3 months 18 days | |
Weighted average exercise price, options outstanding | $ 0.10 | |
Shares, options exercisable | 22,055,551 | |
Weighted average exercise price, options exercisable | $ 0.10 | |
$0.25 - $0.49 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares, options outstanding | 3,238,552 | |
Life (Years), options outstanding | 3 years | |
Weighted average exercise price, options outstanding | $ 0.36 | |
Shares, options exercisable | 3,238,552 | |
Weighted average exercise price, options exercisable | $ 0.36 | |
$0.50 - $0.99 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares, options outstanding | 463,052 | |
Life (Years), options outstanding | 7 months 6 days | |
Weighted average exercise price, options outstanding | $ 0.85 | |
Shares, options exercisable | 463,052 | |
Weighted average exercise price, options exercisable | $ 0.85 |
Stock Options and Warrants (D_3
Stock Options and Warrants (Details-Warrants Outstanding) - Warrant [Member] | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Warrants outstanding, beginning balance | shares | 20,314,153 |
Weighted average exercise price, Outstanding beginning balance | $ / shares | $ 0.04 |
Warrants granted | shares | 12,382,411 |
Weighted average exercise price, Granted | $ / shares | $ 0.07 |
Warrants exercised | shares | (1,316,661) |
Weighted average exercise price, Exercised | $ / shares | $ 0.04 |
Warrants Expired | shares | (13,459,997) |
Weighted average exercise price, Expired | $ / shares | $ 0.04 |
Warrants outstanding, ending balance | shares | 17,919,906 |
Weighted average exercise price, Outstanding ending balance | $ / shares | $ 0.06 |
Stock Options and Warrants (De
Stock Options and Warrants (Details - Warrant Exercise Price per Share) - Warrant [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares, warrants outstanding | 17,919,906 | 20,314,153 |
Life (Years), warrants outstanding | 10 months 24 days | |
Weighted average exercise price, warrants outstanding | $ 0.06 | |
Shares, warrants exercisable | 17,886,573 | |
Weighted average exercise price, warrants exercisable | $ 0.06 | |
$0.02 - $0.24 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares, warrants outstanding | 17,849,906 | |
Life (Years), warrants outstanding | 10 months 24 days | |
Weighted average exercise price, warrants outstanding | $ 0.06 | |
Shares, warrants exercisable | 17,816,573 | |
Weighted average exercise price, warrants exercisable | $ 0.06 | |
$0.50 - $1.00 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares, warrants outstanding | 70,000 | |
Life (Years), warrants outstanding | 7 months 6 days | |
Weighted average exercise price, warrants outstanding | $ 0.80 | |
Shares, warrants exercisable | 70,000 | |
Weighted average exercise price, warrants exercisable | $ 0.80 |
Stock Options and Warrants (D_4
Stock Options and Warrants (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation expense | $ 34,000 | $ 31,000 |
Equity Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation expense | $ 0 | 0 |
Stock price | $ 0.06 | |
Aggregate intrinsic value of options outstanding | $ 115,000 | |
Warrant [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation expense | $ 34,000 | 31,000 |
Warrants granted | 12,382,411 | |
Aggregate intrinsic value of warrants outstanding | $ 145,000 | $ 1,332,000 |
Warrant [Member] | Warrants Issued For Services [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Warrants granted | 666,663 | 799,997 |
Fair value of warrants granted | $ 34,000 | $ 31,000 |
Risk free interest rate - minimum | 4.17% | 0.73% |
Risk free interest rate - maximum | 5.12% | 3.25% |
Volatility - minimum | 170% | 193% |
Volatility - maximum | 207% | 245% |
Expected dividend yield | 0% | 0% |
Warrant [Member] | Warrants Issued For Services [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation exercise price range | $ 0.04 | $ 0.02 |
Expected life | 2 years | 2 years |
Warrant [Member] | Warrants Issued For Services [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation exercise price range | $ 0.08 | $ 0.09 |
Expected life | 5 years | 5 years |