Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 04, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-54819 | |
Entity Registrant Name | NEWHYDROGEN, INC. | |
Entity Central Index Key | 0001371128 | |
Entity Tax Identification Number | 20-4754291 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 27936 Lost Canyon Road | |
Entity Address, Address Line Two | Suite 202 | |
Entity Address, City or Town | Santa Clarita | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91387 | |
City Area Code | 661 | |
Local Phone Number | 251-0001 | |
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 | 705,126,846 |
Condensed Balance Sheet
Condensed Balance Sheet - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash | $ 4,412,599 | $ 4,834,697 |
Prepaid expenses | 31,833 | 10,540 |
TOTAL CURRENT ASSETS | 4,444,432 | 4,845,237 |
PROPERTY AND EQUIPMENT | ||
Machinery and equipment | 37,225 | 37,225 |
Less accumulated depreciation | (35,100) | (34,558) |
NET PROPERTY AND EQUIPMENT | 2,125 | 2,667 |
OTHER ASSETS | ||
Patents, net of amortization of $22,668 and $21,157, respectively | 22,668 | 24,179 |
Deposit | 770 | 770 |
TOTAL OTHER ASSETS | 23,438 | 24,949 |
TOTAL ASSETS | 4,469,995 | 4,872,853 |
CURRENT LIABILITIES | ||
Accounts payable and other payable | 17,586 | 49 |
TOTAL CURRENT LIABILITIES | 17,586 | 49 |
COMMITMENTS AND CONTINGENCIES (See Note 9) | ||
Series C Convertible Preferred Stock, 34,853 and 34,853 shares outstanding, respectively, redeemable value of $3,485,313 and $3,485,313, respectively | 3,485,313 | 3,485,313 |
SHAREHOLDERS’ EQUITY | ||
Preferred stock, $0.0001 par value; 10,000,000 authorized shares | ||
Common stock, $0.0001 par value; 3,000,000,000 authorized shares 705,126,846 and 715,496,051 shares issued and outstanding, respectively | 70,513 | 70,513 |
Additional paid in capital | 176,144,754 | 174,272,031 |
Accumulated deficit | (175,248,171) | (172,955,053) |
TOTAL SHAREHOLDERS’ EQUITY | 967,096 | 1,387,491 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 4,469,995 | $ 4,872,853 |
Condensed Balance Sheet (Parent
Condensed Balance Sheet (Parenthetical) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Patents, amortization | $ 22,668 | $ 21,157 |
Temporary equity, shares outstanding | 34,853 | 34,853 |
Temporary equity, redeemable value | $ 3,485,313 | $ 3,485,313 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares, issued | 705,126,846 | 715,496,051 |
Common stock, shares, outstanding | 705,126,846 | 715,496,051 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
REVENUE | ||||
OPERATING EXPENSES | ||||
General and administrative expenses | 651,040 | 3,229,645 | 2,266,978 | 5,809,704 |
Research and development | 10,000 | 230,546 | 25,000 | 451,092 |
Depreciation and amortization | 1,027 | 1,070 | 2,053 | 2,161 |
TOTAL OPERATING EXPENSES | 662,067 | 3,461,261 | 2,294,031 | 6,262,957 |
LOSS FROM OPERATIONS BEFORE OTHER INCOME (EXPENSES) | (662,067) | (3,461,261) | (2,294,031) | (6,262,957) |
OTHER INCOME/(EXPENSES) | ||||
Interest income | 449 | 601 | 913 | 1,235 |
TOTAL OTHER INCOME (EXPENSES) | 449 | 601 | 913 | 1,235 |
NET INCOME (LOSS) | $ (661,618) | $ (3,460,660) | $ (2,293,118) | $ (6,261,722) |
BASIC EARNINGS (LOSS) PER SHARE | $ 0 | $ 0 | $ 0 | $ (0.01) |
DILUTED EARNINGS (LOSS) PER SHARE | $ 0 | $ 0 | $ 0 | $ (0.01) |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING | ||||
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING BASIC | 705,126,846 | 715,496,051 | 705,126,846 | 715,496,051 |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING DILUTED | 705,126,846 | 715,496,051 | 705,126,846 | 715,496,051 |
Condensed Statement of Sharehol
Condensed Statement of Shareholders' Deficit (Unaudited) - USD ($) | Preferred Stock [Member] | Mezzanine [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 3,485,313 | $ 71,549 | $ 164,000,447 | $ (160,869,525) | $ 3,202,471 | |
Balance, shares at Dec. 31, 2021 | 715,496,051 | |||||
Issuance of common stock warrants for cash | 1,000 | 1,000 | ||||
Stock compensation cost | 5,423,031 | 5,423,031 | ||||
Net Loss | (6,261,722) | (6,261,722) | ||||
Balance at Jun. 30, 2022 | 3,485,313 | $ 71,549 | 169,424,478 | (167,131,247) | 2,364,780 | |
Balance, shares at Jun. 30, 2022 | 715,496,051 | |||||
Balance at Dec. 31, 2022 | 3,485,313 | $ 70,513 | 174,272,031 | (172,955,053) | 1,387,491 | |
Balance, shares at Dec. 31, 2022 | 705,126,846 | |||||
Stock compensation cost | 1,872,723 | 1,872,723 | ||||
Net Loss | (2,293,118) | (2,293,118) | ||||
Balance at Jun. 30, 2023 | $ 3,485,313 | $ 70,513 | $ 176,144,754 | $ (175,248,171) | $ 967,096 | |
Balance, shares at Jun. 30, 2023 | 705,126,846 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income (Loss) | $ (2,293,118) | $ (6,261,722) |
Adjustment to reconcile net income(loss) to net cash (used in) provided by operating activities | ||
Depreciation and amortization expense | 2,053 | 2,161 |
Stock compensation expense | 1,872,723 | 5,423,031 |
(Increase) Decrease in Changes in Assets | ||
Prepaid expenses | (21,293) | (27,838) |
Increase (Decrease) in Changes in Liabilities | ||
Accounts payable | 17,537 | (1,779) |
NET CASH USED IN OPERATING ACTIVITIES | (422,098) | (866,147) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Common stock purchase warrants for cash | 1,000 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,000 | |
NET INCREASE IN CASH | (422,098) | (865,147) |
CASH, BEGINNING OF PERIOD | 4,834,697 | 6,645,710 |
CASH, END OF PERIOD | 4,412,599 | 5,780,563 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | ||
Taxes paid |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information refer to the financial statements and footnotes thereto included in the Company’s Form 10-K for the December 31, 2022. Going Concern Substantial Doubt Alleviated As of the six months ended June 30, 2023, the Company had a loss of $ 2,293,118 1,872,723 420,395 175,248,171 Management believes the Company’s present cash flows will enable it to meet its obligations for twenty-four months from the date of these financial statements. Management will continue to assess its operational needs and seek additional financing as needed to fund its operations. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The condensed unaudited financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. Revenue Recognition The Company will recognize revenue when services are performed, and at the time of shipment of products, provided that evidence of an arrangement exists, title and risk of loss have passed to the customer, fees are fixed or determinable, and collection of the related receivable is reasonably assured. The Company adopted Accounting Standards Codification (“ASC”) 606, whereby revenue will be recognized as performance obligations are satisfied and customers obtain control of goods or services. However, in the event of a loss on a sale is foreseen, the Company will recognize the loss as it is determined. To date, the Company has not had significant revenues and is in the development stage. Cash and Cash Equivalent The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Concentration Risk Cash includes amounts deposited in financial institutions in excess of insurable Federal Deposit Insurance Company (FDIC) limits. At times throughout the year, the Company may maintain cash balances in certain bank accounts in excess of FDIC limits. As of June 30, 2023, the cash balance in excess of the FDIC limits was $ 4,162,599 Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements, include the estimate of useful lives of property and equipment, the deferred tax valuation allowance, derivative liabilities and the fair value of stock options. Actual results could differ from those estimates. Property and Equipment Property and equipment are stated at cost, and are depreciated using straight line over its estimated useful lives: SCHEDULE OF PROPERTY AND EQUIPMENT Computer equipment 5 Machinery and equipment 10 Depreciation expense for the six months ended June 30, 2023 and 2022 were $ 542 2,161 NEWHYDROGEN, INC. CONDENSED NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Intangible Assets The Company has patent applications to protect the inventions and processes behind its proprietary bio-based back-sheet, a protective covering for the back of photovoltaic solar modules traditionally made from petroleum-based film. Intangible assets that have finite useful lives continue to be amortized over their useful lives. SCHEDULE OF INTANGIBLE ASSETS AMORTIZED OVER THEIR USEFUL LIVES Useful Lives 6/30/2023 12/31/2022 Patents $ 45,336 $ 45,336 Less accumulated amortization 15 (22,668 ) (21,157 ) Intangible assets $ 22,668 $ 24,179 Amortization expense for the six months ended June 30, 2023 and 2022 was $ 1,511 1,511 Stock-Based Compensation The Company measures the cost of employee services received in exchange for an equity award based on the grant-date fair value of the award. All grants under our stock-based compensation programs are accounted for at fair value and that cost is recognized over the period during which an employee, consultant, or director are required to provide service in exchange for the award (the vesting period). Compensation expense for options granted to employees and non-employees is determined in accordance with the standard as the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. Compensation expense for awards granted is re-measured each period. On February 18, 2021, the Company granted 450,000,000 0.091 0.028 7 Half of the 400,000,000 options vested immediately upon grant 200,000,000 24 8,333,333 50,000,000 36 1,388,889 450,000,000 450,000,000 NEWHYDROGEN, INC. CONDENSED NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) On March 1, 2022, the Company issued 5,000,000 1,000 On March 15, 2022, the Company granted 5,000,000 138,889 36 5,000,000 On April 12, 2022, the Company granted an aggregate of 450,000,000 0.021 7 400,000,000 316,666,662 83,333,338 10 100 50,000,000 19,444,446 30,555,554 22 100 50,000,000 400,000,000 On March 20, 2023, the Company granted 50,000,000 shares of stock options, to purchase the total number of shares of common stock equal to the number of option shares at the exercise price of $ 0.0137 per share. The options were granted pursuant to the terms of the Company’s 2022 Equity Incentive Plan. The 50,000,000 shares subject to the options, have a six-month cliff, whereby 8,333,333 shall become vested and exercisable on September 19, 2023 and the remaining 41,666,667 shall become exercisable in equal amounts over a thirty ( 30 ) month period during the term of the participant’s employment until the option is 100 % vested. The unvested portion of the option will not be exercisable on or after the termination of continuous service. As of June 30, 2023, 50,000,000 On May 9, 2023, the Company granted 5,000,000 0.0126 36 833,360 138,888 5,00,000 On June 15, 2023, the Company granted 100,000,000 0.0121 100,000,000 (a) Tranche I -12,500,000 shares shall become vested and exercisable if the Company files an S-3 registration statement with the Securities and Exchange Commission (SEC) and it is declared effective by the SEC; (b) Tranche II – 12,500,000 shares shall become vested and exercisable if the Company’s shares are traded on a national securities exchange; (c) Tranche III – 12,500,000 shares shall become vested and exercisable if the average daily market value of the Company’s shares exceeds $100,000 per day over any 20 consecutive trade days; and (d) Tranche IV – 12,500,000 shares shall become vested and exercisable if the average daily market value of the Company’s shares exceed $200,000 per day over any 20 consecutive trade days. As of June 30, 2023, none of the performance milestones were met and the options remain unvested. As of June 30, 2023, 100,000,000 Determining the appropriate fair value of the stock-based compensation requires the input of subjective assumptions, including the expected life of the stock-based payment and stock price volatility. The Company used Black Scholes to value its stock option awards which incorporated the Company’s stock price, volatility, U.S. risk-free rate, dividend rate, and estimated life. The stock options terminate seven (7) years from the date of grant or upon termination of employment. 560,000,000 Research and Development Research and development costs are expensed as incurred. Total research and development costs were $ 25,000 451,092 NEWHYDROGEN, INC. CONDENSED NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Net Earnings (Loss) per Share Calculations Net earnings (Loss) per share dictates the calculation of basic earnings (loss) per share and diluted earnings per share. Basic earnings (loss) per share are computed by dividing by the weighted average number of common shares outstanding during the year. Diluted net earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the effect of stock options and stock-based awards (Note 4), plus the assumed conversion of convertible debt (Note 5). For the six months ended June 30, 2023, the Company has not included shares issuable from 560,000,000 228,958,334 For the three months ended June 30, 2022, the Company has not included shares issuable from 468,500,000 228,958,334 SCHEDULE OF NET EARNINGS PER SHARE For the Six Months Ended June 30, 2023 2022 Income (Loss) to common shareholders (Numerator) $ (2,293,118 ) $ (6,261,722 ) Basic weighted average number of common shares outstanding (Denominator) 705,126,846 715,496,051 Diluted weighted average number of common shares outstanding (Denominator) 705,126,846 715,496,051 Fair Value of Financial Instruments Fair Value of Financial Instruments requires disclosure of the fair value information, whether recognized in the balance sheet, where it is practicable to estimate that value. As of June 30, 2023, the amounts reported for cash, inventory, prepaid expenses, accounts payable, and accrued expenses, approximate the fair value because of their short maturities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. NEWHYDROGEN, INC. CONDENSED NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) We measure certain financial instruments at fair value on a recurring basis. As of June 30, 2023, there were no financial instruments to report. Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed financial statements. |
CAPITAL STOCK
CAPITAL STOCK | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
CAPITAL STOCK | 3. CAPITAL STOCK Preferred Stock June 30, 2023 and 2022 As of June 30, 2023, the Company had a total of 34,853 3,485,313 100 0.0014 Common Stock June 30, 2023 and 2022 During the six months ended June 30, 2023, the Company did not issue any common stocks. |
STOCK OPTIONS AND WARRANTS
STOCK OPTIONS AND WARRANTS | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK OPTIONS AND WARRANTS | 4. STOCK OPTIONS AND WARRANTS Stock Options During the six months ended June 30, 2023, the Company granted stock options in the amount of 155,000,000 SCHEDULE OF STOCK OPTIONS 6/30/2023 6/30/22 Number of Options Weighted average exercise price Number of Options Weighted average exercise price Outstanding as of the beginning of the periods 455,000,000 $ 0.0296 465,950,000 $ 0.0385 Granted 155,000,000 $ 0.0126 455,000,000 $ 0.0210 Exercised - - - - Expired/Cancelled (50,000,000 ) - (452,450,000 ) (0.0283 ) Outstanding as of the end of the periods 560,000,000 $ 0.0172 468,500,000 $ 0.0279 Exercisable as of the end of the periods 402,294,144 $ 0.0210 378,265,187 $ 0.0296 NEWHYDROGEN, INC. CONDENSED NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 4. STOCK OPTIONS AND WARRANTS (Continued) The weighted average remaining contractual life of options outstanding as of June 30, 2023 and 2022 was as follows: SCHEDULE OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OPTIONS OUTSTANDING 6/30/2023 6/30/2022 Exercisable Price Stock Options Outstanding Stock Options Exercisable Weighted Average Remaining Contractual Life (years) Exercisable Price Stock Options Outstanding Stock Options Exercisable Weighted Average Remaining Contractual Life (years) $ 0.0137 50,000,000 - 6.72 $ - - - - $ 0.0126 5,000,000 138,893 9.93 $ - - - - $ 0.0121 100,000,000 - 6.96 $ - - - - $ - - - - $ 0.26 13,500,000 13,500,000 0.18 $ 0.0223 5,000,000 2,155,251 1.71 $ 0.223 5,000,000 488,584 2.71 $ 0.0210 400,000,000 400,000,000 5.79 $ 0.028 450,000,000 362,276,603 6.79 560,000,000 402,294,144 468,500,000 376,265,187 The stock-based compensation expense recognized in the statement of operations during the six months ended June 30, 2023 and 2022, were $ 1,872,723 5,423,031 As of June 30, 2023, there was no Warrants As of June 30, 2023, the Company issued no 5,000,000 1,000 As of June 30, 2023 and 2022, the outstanding warrants were as follows: SCHEDULE OF WARRANTS ACTIVITY 6/30/2023 6/30/2022 Number of Options Weighted average exercise price Number of Options Weighted average exercise price Outstanding as of the beginning of the periods 228,958,334 $ 0.0488 223,958,334 $ 0.0488 Granted - - - - Purchased - - 5,000,000 $ 0.0255 Outstanding as of the end of the periods 228,958,334 $ 0.0483 228,958,334 $ 0.0483 Exercisable as of the end of the periods 228,958,334 228,958,334 NEWHYDROGEN, INC. CONDENSED NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 4. STOCK OPTIONS AND WARRANTS (Continued) The weighted average remaining contractual life of the warrants outstanding as of June 30, 2023 was as follows: SCHEDULE OF WARRANTS OUTSTANDING 6/30/23 Exercisable Price Stock Warrants Outstanding Stock Warrants Exercisable Weighted Average Remaining Contractual Life (years) $ 0.0255 5,000,000 5,000,000 3.71 $ 0.04 125,000,000 125,000,000 2.77 $ 0.05 9,375,000 9,375,000 2.76 $ 0.06 83,333,334 83,333,334 3.08 $ 0.075 6,250,000 6,250,000 3.08 228,958,334 228,958,334 There was no |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 5. COMMITMENTS AND CONTINGENCIES The Company rents office space on a yearly basis with a monthly rent payment in the amount of $ 550 In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position or results of operations. On May 30, 2023, the Company amended the agreement dated March 15, 2022 entered into with a consultant regarding an advisory agreement for services of various aspects of the Company’s business, including but not limited to technology, business development, and product development. The Company granted 5,000,000 138,889 36 5,000 200 As of June 30, 2023, there were no legal proceedings against the Company. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | 6. SUBSEQUENT EVENT Management has evaluated subsequent events according to the requirements of ASC TOPIC 855 and has no subsequent events to report. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition The Company will recognize revenue when services are performed, and at the time of shipment of products, provided that evidence of an arrangement exists, title and risk of loss have passed to the customer, fees are fixed or determinable, and collection of the related receivable is reasonably assured. The Company adopted Accounting Standards Codification (“ASC”) 606, whereby revenue will be recognized as performance obligations are satisfied and customers obtain control of goods or services. However, in the event of a loss on a sale is foreseen, the Company will recognize the loss as it is determined. To date, the Company has not had significant revenues and is in the development stage. |
Cash and Cash Equivalent | Cash and Cash Equivalent The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. |
Concentration Risk | Concentration Risk Cash includes amounts deposited in financial institutions in excess of insurable Federal Deposit Insurance Company (FDIC) limits. At times throughout the year, the Company may maintain cash balances in certain bank accounts in excess of FDIC limits. As of June 30, 2023, the cash balance in excess of the FDIC limits was $ 4,162,599 |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Significant estimates made in preparing these financial statements, include the estimate of useful lives of property and equipment, the deferred tax valuation allowance, derivative liabilities and the fair value of stock options. Actual results could differ from those estimates. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, and are depreciated using straight line over its estimated useful lives: SCHEDULE OF PROPERTY AND EQUIPMENT Computer equipment 5 Machinery and equipment 10 Depreciation expense for the six months ended June 30, 2023 and 2022 were $ 542 2,161 NEWHYDROGEN, INC. CONDENSED NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Intangible Assets | Intangible Assets The Company has patent applications to protect the inventions and processes behind its proprietary bio-based back-sheet, a protective covering for the back of photovoltaic solar modules traditionally made from petroleum-based film. Intangible assets that have finite useful lives continue to be amortized over their useful lives. SCHEDULE OF INTANGIBLE ASSETS AMORTIZED OVER THEIR USEFUL LIVES Useful Lives 6/30/2023 12/31/2022 Patents $ 45,336 $ 45,336 Less accumulated amortization 15 (22,668 ) (21,157 ) Intangible assets $ 22,668 $ 24,179 Amortization expense for the six months ended June 30, 2023 and 2022 was $ 1,511 1,511 |
Stock-Based Compensation | Stock-Based Compensation The Company measures the cost of employee services received in exchange for an equity award based on the grant-date fair value of the award. All grants under our stock-based compensation programs are accounted for at fair value and that cost is recognized over the period during which an employee, consultant, or director are required to provide service in exchange for the award (the vesting period). Compensation expense for options granted to employees and non-employees is determined in accordance with the standard as the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. Compensation expense for awards granted is re-measured each period. On February 18, 2021, the Company granted 450,000,000 0.091 0.028 7 Half of the 400,000,000 options vested immediately upon grant 200,000,000 24 8,333,333 50,000,000 36 1,388,889 450,000,000 450,000,000 NEWHYDROGEN, INC. CONDENSED NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) On March 1, 2022, the Company issued 5,000,000 1,000 On March 15, 2022, the Company granted 5,000,000 138,889 36 5,000,000 On April 12, 2022, the Company granted an aggregate of 450,000,000 0.021 7 400,000,000 316,666,662 83,333,338 10 100 50,000,000 19,444,446 30,555,554 22 100 50,000,000 400,000,000 On March 20, 2023, the Company granted 50,000,000 shares of stock options, to purchase the total number of shares of common stock equal to the number of option shares at the exercise price of $ 0.0137 per share. The options were granted pursuant to the terms of the Company’s 2022 Equity Incentive Plan. The 50,000,000 shares subject to the options, have a six-month cliff, whereby 8,333,333 shall become vested and exercisable on September 19, 2023 and the remaining 41,666,667 shall become exercisable in equal amounts over a thirty ( 30 ) month period during the term of the participant’s employment until the option is 100 % vested. The unvested portion of the option will not be exercisable on or after the termination of continuous service. As of June 30, 2023, 50,000,000 On May 9, 2023, the Company granted 5,000,000 0.0126 36 833,360 138,888 5,00,000 On June 15, 2023, the Company granted 100,000,000 0.0121 100,000,000 (a) Tranche I -12,500,000 shares shall become vested and exercisable if the Company files an S-3 registration statement with the Securities and Exchange Commission (SEC) and it is declared effective by the SEC; (b) Tranche II – 12,500,000 shares shall become vested and exercisable if the Company’s shares are traded on a national securities exchange; (c) Tranche III – 12,500,000 shares shall become vested and exercisable if the average daily market value of the Company’s shares exceeds $100,000 per day over any 20 consecutive trade days; and (d) Tranche IV – 12,500,000 shares shall become vested and exercisable if the average daily market value of the Company’s shares exceed $200,000 per day over any 20 consecutive trade days. As of June 30, 2023, none of the performance milestones were met and the options remain unvested. As of June 30, 2023, 100,000,000 Determining the appropriate fair value of the stock-based compensation requires the input of subjective assumptions, including the expected life of the stock-based payment and stock price volatility. The Company used Black Scholes to value its stock option awards which incorporated the Company’s stock price, volatility, U.S. risk-free rate, dividend rate, and estimated life. The stock options terminate seven (7) years from the date of grant or upon termination of employment. 560,000,000 |
Research and Development | Research and Development Research and development costs are expensed as incurred. Total research and development costs were $ 25,000 451,092 NEWHYDROGEN, INC. CONDENSED NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Net Earnings (Loss) per Share Calculations | Net Earnings (Loss) per Share Calculations Net earnings (Loss) per share dictates the calculation of basic earnings (loss) per share and diluted earnings per share. Basic earnings (loss) per share are computed by dividing by the weighted average number of common shares outstanding during the year. Diluted net earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the effect of stock options and stock-based awards (Note 4), plus the assumed conversion of convertible debt (Note 5). For the six months ended June 30, 2023, the Company has not included shares issuable from 560,000,000 228,958,334 For the three months ended June 30, 2022, the Company has not included shares issuable from 468,500,000 228,958,334 SCHEDULE OF NET EARNINGS PER SHARE For the Six Months Ended June 30, 2023 2022 Income (Loss) to common shareholders (Numerator) $ (2,293,118 ) $ (6,261,722 ) Basic weighted average number of common shares outstanding (Denominator) 705,126,846 715,496,051 Diluted weighted average number of common shares outstanding (Denominator) 705,126,846 715,496,051 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair Value of Financial Instruments requires disclosure of the fair value information, whether recognized in the balance sheet, where it is practicable to estimate that value. As of June 30, 2023, the amounts reported for cash, inventory, prepaid expenses, accounts payable, and accrued expenses, approximate the fair value because of their short maturities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. NEWHYDROGEN, INC. CONDENSED NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) We measure certain financial instruments at fair value on a recurring basis. As of June 30, 2023, there were no financial instruments to report. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying condensed financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | Property and equipment are stated at cost, and are depreciated using straight line over its estimated useful lives: SCHEDULE OF PROPERTY AND EQUIPMENT Computer equipment 5 Machinery and equipment 10 |
SCHEDULE OF INTANGIBLE ASSETS AMORTIZED OVER THEIR USEFUL LIVES | SCHEDULE OF INTANGIBLE ASSETS AMORTIZED OVER THEIR USEFUL LIVES Useful Lives 6/30/2023 12/31/2022 Patents $ 45,336 $ 45,336 Less accumulated amortization 15 (22,668 ) (21,157 ) Intangible assets $ 22,668 $ 24,179 |
SCHEDULE OF NET EARNINGS PER SHARE | SCHEDULE OF NET EARNINGS PER SHARE For the Six Months Ended June 30, 2023 2022 Income (Loss) to common shareholders (Numerator) $ (2,293,118 ) $ (6,261,722 ) Basic weighted average number of common shares outstanding (Denominator) 705,126,846 715,496,051 Diluted weighted average number of common shares outstanding (Denominator) 705,126,846 715,496,051 |
STOCK OPTIONS AND WARRANTS (Tab
STOCK OPTIONS AND WARRANTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SCHEDULE OF STOCK OPTIONS | SCHEDULE OF STOCK OPTIONS 6/30/2023 6/30/22 Number of Options Weighted average exercise price Number of Options Weighted average exercise price Outstanding as of the beginning of the periods 455,000,000 $ 0.0296 465,950,000 $ 0.0385 Granted 155,000,000 $ 0.0126 455,000,000 $ 0.0210 Exercised - - - - Expired/Cancelled (50,000,000 ) - (452,450,000 ) (0.0283 ) Outstanding as of the end of the periods 560,000,000 $ 0.0172 468,500,000 $ 0.0279 Exercisable as of the end of the periods 402,294,144 $ 0.0210 378,265,187 $ 0.0296 |
SCHEDULE OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OPTIONS OUTSTANDING | The weighted average remaining contractual life of options outstanding as of June 30, 2023 and 2022 was as follows: SCHEDULE OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OPTIONS OUTSTANDING 6/30/2023 6/30/2022 Exercisable Price Stock Options Outstanding Stock Options Exercisable Weighted Average Remaining Contractual Life (years) Exercisable Price Stock Options Outstanding Stock Options Exercisable Weighted Average Remaining Contractual Life (years) $ 0.0137 50,000,000 - 6.72 $ - - - - $ 0.0126 5,000,000 138,893 9.93 $ - - - - $ 0.0121 100,000,000 - 6.96 $ - - - - $ - - - - $ 0.26 13,500,000 13,500,000 0.18 $ 0.0223 5,000,000 2,155,251 1.71 $ 0.223 5,000,000 488,584 2.71 $ 0.0210 400,000,000 400,000,000 5.79 $ 0.028 450,000,000 362,276,603 6.79 560,000,000 402,294,144 468,500,000 376,265,187 |
SCHEDULE OF WARRANTS ACTIVITY | SCHEDULE OF WARRANTS ACTIVITY 6/30/2023 6/30/2022 Number of Options Weighted average exercise price Number of Options Weighted average exercise price Outstanding as of the beginning of the periods 228,958,334 $ 0.0488 223,958,334 $ 0.0488 Granted - - - - Purchased - - 5,000,000 $ 0.0255 Outstanding as of the end of the periods 228,958,334 $ 0.0483 228,958,334 $ 0.0483 Exercisable as of the end of the periods 228,958,334 228,958,334 |
SCHEDULE OF WARRANTS OUTSTANDING | The weighted average remaining contractual life of the warrants outstanding as of June 30, 2023 was as follows: SCHEDULE OF WARRANTS OUTSTANDING 6/30/23 Exercisable Price Stock Warrants Outstanding Stock Warrants Exercisable Weighted Average Remaining Contractual Life (years) $ 0.0255 5,000,000 5,000,000 3.71 $ 0.04 125,000,000 125,000,000 2.77 $ 0.05 9,375,000 9,375,000 2.76 $ 0.06 83,333,334 83,333,334 3.08 $ 0.075 6,250,000 6,250,000 3.08 228,958,334 228,958,334 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | |||||
Net loss | $ 661,618 | $ 3,460,660 | $ 2,293,118 | $ 6,261,722 | |
Noncash amount | 1,872,723 | ||||
Net cash loss | 420,395 | ||||
Accumulated deficit | $ 175,248,171 | $ 175,248,171 | $ 172,955,053 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) | Jun. 30, 2023 |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful lives | 5 years |
Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful lives | 10 years |
SCHEDULE OF INTANGIBLE ASSETS A
SCHEDULE OF INTANGIBLE ASSETS AMORTIZED OVER THEIR USEFUL LIVES (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Patents | $ 45,336 | $ 45,336 |
Less accumulated amortization | $ (22,668) | (21,157) |
Intangible assets, useful lives | 15 years | |
Intangible assets | $ 22,668 | $ 24,179 |
SCHEDULE OF NET EARNINGS PER SH
SCHEDULE OF NET EARNINGS PER SHARE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||||
Income (Loss) to common shareholders (Numerator) | $ (2,293,118) | $ (6,261,722) | ||
Basic weighted average number of common shares outstanding (Denominator) | 705,126,846 | 715,496,051 | 705,126,846 | 715,496,051 |
Diluted weighted average number of common shares outstanding (Denominator) | 705,126,846 | 715,496,051 | 705,126,846 | 715,496,051 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||||||||||
Jun. 15, 2023 | May 20, 2023 | May 09, 2023 | May 09, 2023 | Mar. 20, 2023 | Mar. 11, 2023 | Apr. 12, 2022 | Mar. 15, 2022 | Mar. 01, 2022 | Sep. 29, 2021 | Mar. 18, 2021 | Feb. 18, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||||||
Cash in excess of FDIC limits | $ 4,162,599 | $ 4,162,599 | ||||||||||||||||
Depreciation expense | 542 | $ 2,161 | ||||||||||||||||
Amortization expense | $ 1,511 | $ 1,511 | ||||||||||||||||
Stock options granted | 5,000,000 | 155,000,000 | ||||||||||||||||
Exercise price | $ 0.028 | $ 0.0126 | $ 0.0210 | |||||||||||||||
Option immediate exercisable | 402,294,144 | 378,265,187 | 402,294,144 | 378,265,187 | ||||||||||||||
Options vesting | 138,889 | |||||||||||||||||
Issuance of common shares to purchase warrants | 0 | 5,000,000 | 0 | 5,000,000 | ||||||||||||||
Purchase price of warrants | $ 1,000 | |||||||||||||||||
Stock options, outstanding | 560,000,000 | 468,500,000 | 560,000,000 | 468,500,000 | 455,000,000 | 465,950,000 | ||||||||||||
Exercise price | $ 0.0210 | $ 0.0296 | $ 0.0210 | $ 0.0296 | ||||||||||||||
Stock Options Outstanding | 560,000,000 | 468,500,000 | 560,000,000 | 468,500,000 | ||||||||||||||
Stock options termination description | The stock options terminate seven (7) years from the date of grant or upon termination of employment. | |||||||||||||||||
Research and development costs | $ 10,000 | $ 230,546 | $ 25,000 | $ 451,092 | ||||||||||||||
Warrants outstanding | 228,958,334 | 228,958,334 | 228,958,334 | 228,958,334 | ||||||||||||||
Exercisable Prices One [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||||||
Stock Options Outstanding | 50,000,000 | 50,000,000 | ||||||||||||||||
Exercisable Prices Two [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||||||
Stock Options Outstanding | 5,000,000 | 5,000,000 | ||||||||||||||||
Exercisable Prices Three [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||||||
Stock Options Outstanding | 100,000,000 | 100,000,000 | ||||||||||||||||
Securities Purchase Agreement [Member] | Warrant [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||||||
Issuance of common shares to purchase warrants | 5,000,000 | |||||||||||||||||
Purchase price of warrants | $ 1,000 | |||||||||||||||||
Equity Option [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||||||
Stock options granted | 100,000,000 | 5,000,000 | 50,000,000 | |||||||||||||||
Exercise price | $ 0.0121 | $ 0.0126 | $ 0.0137 | |||||||||||||||
Exercisable period | 36 months | 30 months | ||||||||||||||||
Option immediate exercisable | 100,000,000 | |||||||||||||||||
Options vesting | 138,888 | |||||||||||||||||
Stock options, outstanding | 560,000,000 | 560,000,000 | ||||||||||||||||
Options vesting | 833,360 | 833,360 | 41,666,667 | |||||||||||||||
Vested option percentage | 100% | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 8,333,333 | |||||||||||||||||
Stock options tranche description | (a) Tranche I -12,500,000 shares shall become vested and exercisable if the Company files an S-3 registration statement with the Securities and Exchange Commission (SEC) and it is declared effective by the SEC; (b) Tranche II – 12,500,000 shares shall become vested and exercisable if the Company’s shares are traded on a national securities exchange; (c) Tranche III – 12,500,000 shares shall become vested and exercisable if the average daily market value of the Company’s shares exceeds $100,000 per day over any 20 consecutive trade days; and (d) Tranche IV – 12,500,000 shares shall become vested and exercisable if the average daily market value of the Company’s shares exceed $200,000 per day over any 20 consecutive trade days. As of June 30, 2023, none of the performance milestones were met and the options remain unvested. As of June 30, 2023, 100,000,000 shares remain outstanding. | |||||||||||||||||
Equity Option [Member] | Exercisable Prices Two [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||||||
Stock Options Outstanding | 500,000 | 500,000 | ||||||||||||||||
Equity Option [Member] | Exercisable Prices Three [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||||||
Stock Options Outstanding | 100,000,000 | 100,000,000 | ||||||||||||||||
Employee [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||||||
Stock options granted | 450,000,000 | 450,000,000 | ||||||||||||||||
Exercise price | $ 0.091 | |||||||||||||||||
Exercisable period | 7 months | 7 years | ||||||||||||||||
Vesting stock options description | Half of the 400,000,000 options vested immediately upon grant | |||||||||||||||||
Option immediate exercisable | 316,666,662 | |||||||||||||||||
Options vesting | 400,000,000 | |||||||||||||||||
Cancelled shares | 50,000,000 | 450,000,000 | ||||||||||||||||
Stock options, outstanding | 400,000,000 | 400,000,000 | ||||||||||||||||
Exercise price | $ 0.021 | |||||||||||||||||
Options vesting | 83,333,338 | |||||||||||||||||
Employee [Member] | First Installment 24 Months [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||||||
Exercisable period | 24 months | |||||||||||||||||
Options vesting | 8,333,333 | |||||||||||||||||
Employee [Member] | First Installment 36 Months [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||||||
Stock options granted | 5,000,000 | |||||||||||||||||
Exercisable period | 36 months | 36 months | ||||||||||||||||
Options vesting | 138,889 | 1,388,889 | ||||||||||||||||
Stock options, outstanding | 5,000,000 | 5,000,000 | ||||||||||||||||
Employee [Member] | First Installment 10 Months [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||||||
Exercisable period | 10 months | |||||||||||||||||
Option immediate exercisable | 19,444,446 | |||||||||||||||||
Options vesting | 50,000,000 | |||||||||||||||||
Options vesting | 30,555,554 | |||||||||||||||||
Vested option percentage | 100% | |||||||||||||||||
Employee [Member] | First Installment 22 Months [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||||||
Exercisable period | 22 months | |||||||||||||||||
Vested option percentage | 100% | |||||||||||||||||
Employee [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||||||
Option immediate exercisable | 200,000,000 | |||||||||||||||||
Employee [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||||||||
Option immediate exercisable | 50,000,000 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - Series C Preferred Stock [Member] | 6 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | |
Class of Stock [Line Items] | |
Share conversion description | the Company had a total of 34,853 shares of Series C Preferred Stock outstanding with a fair value of $3,485,313, and a stated face value of one hundred dollars ($100) per share which are convertible into shares of fully paid and non-assessable shares of common stock of the Company |
Debt conversion, shares | shares | 34,853 |
Debt conversion, amount | $ | $ 3,485,313 |
Preferred stock, stated value | $ 100 |
Preferred stock conversion price | $ 0.0014 |
SCHEDULE OF STOCK OPTIONS (Deta
SCHEDULE OF STOCK OPTIONS (Details) - $ / shares | 6 Months Ended | ||
Sep. 29, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||
Number of Options, Outstanding, Beginning Balance | 455,000,000 | 465,950,000 | |
Weighted average exercise price, Outstanding, Beginning Balance | $ 0.0296 | $ 0.0385 | |
Number of Options, Granted | 155,000,000 | 455,000,000 | |
Weighted average exercise price, Granted | $ 0.028 | $ 0.0126 | $ 0.0210 |
Number of Options, Exercised | |||
Weighted average exercise price, Exercised | |||
Number of Options, Expired/Cancelled | (50,000,000) | (452,450,000) | |
Weighted average exercise price, Exercised | $ (0.0283) | ||
Number of Options, Outstanding, End Balance | 560,000,000 | 468,500,000 | |
Weighted average exercise price, Outstanding, End Balance | $ 0.0172 | $ 0.0279 | |
Number of Options, Exercisable, End Balance | 402,294,144 | 378,265,187 | |
Weighted average exercise price, Exercisable, End Balance | $ 0.0210 | $ 0.0296 |
SCHEDULE OF WEIGHTED AVERAGE RE
SCHEDULE OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OPTIONS OUTSTANDING (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Stock Options Outstanding | 560,000,000 | 468,500,000 |
Stock Options Exercisable | 402,294,144 | 376,265,187 |
Exercisable Prices One [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercisable Price | $ 0.0137 | |
Stock Options Outstanding | 50,000,000 | |
Stock Options Exercisable | ||
Weighted Average Remaining Contractual Life (years) | 6 years 8 months 19 days | |
Exercisable Prices Two [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercisable Price | $ 0.0126 | |
Stock Options Outstanding | 5,000,000 | |
Stock Options Exercisable | 138,893 | |
Weighted Average Remaining Contractual Life (years) | 9 years 11 months 4 days | |
Exercisable Prices Three [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercisable Price | $ 0.0121 | |
Stock Options Outstanding | 100,000,000 | |
Stock Options Exercisable | ||
Weighted Average Remaining Contractual Life (years) | 6 years 11 months 15 days | |
Exercisable Prices Four [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercisable Price | $ 0.26 | |
Stock Options Outstanding | 13,500,000 | |
Stock Options Exercisable | 13,500,000 | |
Weighted Average Remaining Contractual Life (years) | 2 months 4 days | |
Exercisable Prices Five [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercisable Price | $ 0.0223 | $ 0.223 |
Stock Options Outstanding | 5,000,000 | 5,000,000 |
Stock Options Exercisable | 2,155,251 | 488,584 |
Weighted Average Remaining Contractual Life (years) | 1 year 8 months 15 days | 2 years 8 months 15 days |
Exercisable Prices Six [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercisable Price | $ 0.0210 | $ 0.028 |
Stock Options Outstanding | 400,000,000 | 450,000,000 |
Stock Options Exercisable | 400,000,000 | 362,276,603 |
Weighted Average Remaining Contractual Life (years) | 5 years 9 months 14 days | 6 years 9 months 14 days |
SCHEDULE OF WARRANTS ACTIVITY (
SCHEDULE OF WARRANTS ACTIVITY (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of Warrants, Outstanding as of the beginning of the periods | 228,958,334 | 223,958,334 |
Weighted average exercise price, Outstanding as of the beginning of the periods | $ 0.0488 | $ 0.0488 |
Number of Warrants, Issued | ||
Weighted average exercise price, Issued | ||
Number of Warrants, Purchased | 5,000,000 | |
Weighted average exercise price, Purchased | $ 0.0255 | |
Number of Warrants, Outstanding as of the end of the periods | 228,958,334 | 228,958,334 |
Weighted average exercise price, Outstanding as of the end of the periods | $ 0.0483 | $ 0.0483 |
Number of Warrants, Exercisable as of the end of the periods | 228,958,334 | 228,958,334 |
SCHEDULE OF WARRANTS OUTSTANDIN
SCHEDULE OF WARRANTS OUTSTANDING (Details) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Class of Warrant or Right [Line Items] | ||||
Stock Warrants Outstanding | 228,958,334 | 228,958,334 | 228,958,334 | 223,958,334 |
Stock Warrants Exercisable | 228,958,334 | 228,958,334 | ||
Warrant One [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercisable Price | $ 0.0255 | |||
Stock Warrants Outstanding | 5,000,000 | |||
Stock Warrants Exercisable | 5,000,000 | |||
Weighted Average Remaining Contractua Life (years) | 3 years 8 months 15 days | |||
Warrant Two [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercisable Price | $ 0.04 | |||
Stock Warrants Outstanding | 125,000,000 | |||
Stock Warrants Exercisable | 125,000,000 | |||
Weighted Average Remaining Contractua Life (years) | 2 years 9 months 7 days | |||
Warrant Three [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercisable Price | $ 0.05 | |||
Stock Warrants Outstanding | 9,375,000 | |||
Stock Warrants Exercisable | 9,375,000 | |||
Weighted Average Remaining Contractua Life (years) | 2 years 9 months 3 days | |||
Warrant Four [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercisable Price | $ 0.06 | |||
Stock Warrants Outstanding | 83,333,334 | |||
Stock Warrants Exercisable | 83,333,334 | |||
Weighted Average Remaining Contractua Life (years) | 3 years 29 days | |||
Warrant Five [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercisable Price | $ 0.075 | |||
Stock Warrants Outstanding | 6,250,000 | |||
Stock Warrants Exercisable | 6,250,000 | |||
Weighted Average Remaining Contractua Life (years) | 3 years 29 days |
STOCK OPTIONS AND WARRANTS (Det
STOCK OPTIONS AND WARRANTS (Details Narrative) - USD ($) | 6 Months Ended | ||
Mar. 15, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||
Number of options, granted | 5,000,000 | 155,000,000 | |
Stock-based compensation expense | $ 1,872,723 | $ 5,423,031 | |
Options outstanding, intrinsic value | $ 0 | ||
Warrants to purchase common stock | 0 | 5,000,000 | |
Purchase price of warrants | $ 1,000 | ||
Warrant compensation fair value | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 6 Months Ended | |
Mar. 15, 2022 | Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Monthly rent payment | $ 550 | |
Stock option granted shares | 5,000,000 | 155,000,000 |
Vesting shares | 138,889 | |
Vesting period | 36 months | |
Cash Compensation | $ 5,000 | |
Services fee | $ 200 |