Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Aug. 07, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q/A | |
Amendment Flag | true | |
Amendment Description | Range Impact, Inc. (the “Company”) is filing this Amendment No. 1 to its Quarterly Report on this Form 10-Q/A for the three months ended March 31, 2024 (the “Form 10-Q/A”), as originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2024 (the “Original Form 10-Q”), to amend and restate the financial statements in the Company’s Original Form 10-Q, as further described below. This Form 10-Q/A is presented as of the filing date of the Original Form 10-Q and does not reflect events occurring after that date, or modify or update disclosures in any way other than as required to reflect the restatement as described below. Accordingly, this Form 10-Q/A should be read in conjunction with our filings with the SEC subsequent to the date on which we filed the Original Form 10-Q. The Company is filing this Form 10-Q/A in order to (i) restate the Company’s financial statements as of and for the period ending March 31, 2024 in order to properly reflect an expense that was incorrectly recorded in the following fiscal quarter and (ii) revise the Company’s material weakness conclusion as of and for the period ended March 31, 2024, as further described below. | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-53832 | |
Entity Registrant Name | RANGE IMPACT, INC. | |
Entity Central Index Key | 0001438943 | |
Entity Tax Identification Number | 75-3268988 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 200 Park Avenue | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | Cleveland | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44122 | |
City Area Code | (216) | |
Local Phone Number | 304-6556 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | RNGE | |
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 | 104,727,189 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 667,698 | $ 2,176,800 |
Accounts receivable | 6,003,777 | 7,185,411 |
Contract assets | 626,425 | 247,310 |
Prepaid expenses | 90,756 | 115,324 |
Total current assets | 7,388,656 | 9,724,845 |
Long-term Assets | ||
Property and equipment, net of accumulated depreciation | 12,663,467 | 13,301,902 |
Goodwill | 751,421 | 751,421 |
Deposits | 9,976 | 9,976 |
Total long-term assets | 13,424,864 | 14,063,299 |
Total Assets | 20,813,520 | 23,788,144 |
Current Liabilities | ||
Accounts payable | 1,706,394 | 3,714,014 |
Line of credit | 2,400,000 | 2,400,000 |
Current portion of long-term debt | 2,513,820 | 2,755,792 |
Contract liabilities | 205,327 | |
Accrued expenses | 534,361 | 101,283 |
Total current liabilities | 7,359,902 | 8,971,089 |
Long-term Liabilities | ||
Long-term debt, net of current portion | 5,095,940 | 5,250,027 |
Total long-term debt | 5,095,940 | 5,250,027 |
Total liabilities | 12,455,842 | 14,221,116 |
Stockholders’ Equity | ||
Common stock, par value $0.001 per share; 1,000,000,000 shares authorized; 101,023,485 and 101,023,485 shares issued and outstanding, respectively | 101,023 | 101,023 |
Additional paid-in-capital | 56,552,294 | 56,547,804 |
Accumulated deficit | (48,295,639) | (47,081,799) |
Total stockholders’ equity | 8,357,678 | 9,567,028 |
Total Liabilities and Stockholders’ Equity | $ 20,813,520 | $ 23,788,144 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 101,023,485 | 101,023,485 |
Common stock, shares outstanding | 101,023,485 | 101,023,485 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenues | $ 3,909,893 | $ 3,014,887 |
Cost of services | 3,891,039 | 2,365,885 |
Gross profit | 18,854 | 649,002 |
Operating expenses: | ||
General and administrative | 943,901 | 726,048 |
Research and development | 131,640 | 106,177 |
Total operating expenses | 1,075,541 | 832,225 |
Loss from operations | (1,056,687) | (183,223) |
Other income (expense): | ||
Other income | 18,105 | |
Interest expense | (175,258) | (43,637) |
Total other income (expense) | (157,153) | (43,637) |
Net loss | $ (1,213,840) | $ (226,860) |
Income (loss) per common share, basic | $ (0.01) | $ 0 |
Income (loss) per common share, diluted | $ (0.01) | $ 0 |
Weighted average number of common shares outstanding, basic | 101,023,485 | 78,116,814 |
Weighted average number of common shares outstanding, diluted | 101,023,485 | 78,116,814 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2022 | $ 78,117 | $ 53,074,180 | $ (50,212,854) | $ 2,939,443 |
Balance, shares at Dec. 31, 2022 | 78,116,814 | |||
Net loss | (226,860) | (226,860) | ||
Balance at Mar. 31, 2023 | $ 78,117 | 53,074,180 | (50,439,714) | 2,712,583 |
Balance, shares at Mar. 31, 2023 | 78,116,814 | |||
Balance at Dec. 31, 2023 | $ 101,023 | 56,547,804 | (47,081,799) | 9,567,028 |
Balance, shares at Dec. 31, 2023 | 101,023,485 | |||
Stock based compensation | 4,490 | 4,490 | ||
Net loss | (1,213,840) | (1,213,840) | ||
Balance at Mar. 31, 2024 | $ 101,023 | $ 56,552,294 | $ (48,295,639) | $ 8,357,678 |
Balance, shares at Mar. 31, 2024 | 101,023,485 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (1,213,840) | $ (226,860) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Fair value of vested stock options | 4,490 | |
Depreciation | 638,435 | 354,184 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,181,634 | (252,147) |
Contract assets | (379,115) | |
Prepaid expenses and other current assets | 24,568 | |
Accounts payable | (2,007,621) | 800,619 |
Contract liabilities | 205,327 | |
Accrued expenses | 433,077 | |
Deposits | ||
Net cash provided by (used in) operating activities | (1,113,045) | 675,796 |
Cash flows from investing activities: | ||
Equipment purchases | (746,226) | |
Net cash used in investing activities | (746,226) | |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 383,202 | |
Repayment of long-term debt | (396,057) | (626,123) |
Proceeds from line of credit | 100,000 | |
Net cash used in financing activities | (396,057) | (142,921) |
Net decrease in cash and cash equivalents | (1,509,102) | (213,351) |
Cash and cash equivalents - beginning of period | 2,176,800 | 442,369 |
Cash and cash equivalents - end of period | 667,698 | 229,018 |
Supplemental disclosure of cash flow information: | ||
Interest | $ 89,570 | $ 43,637 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure [Table] | ||
Net Income (Loss) | $ (1,213,840) | $ (226,860) |
BUSINESS OPERATIONS AND SUMMARY
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Range Impact, Inc. (the “Company”, “we”, “us”, or “our”), was incorporated in the State of Nevada on June 29, 2007. Originally founded in 2007 as Legend Mining Inc., the Company began operations as a mineral extraction exploration business. In 2011, the Company changed its name to Stevia First Corp and pursued a new strategy focused on developing stevia-based additives for the food and beverage industry. In 2015, the Company changed its name to Vitality Biopharma, Inc. and pursued a new strategy focused on developing cannabinoid-based prodrugs anticipated to treat inflammatory conditions of the gastrointestinal tract. In October 2021, the Company changed its name to Malachite Innovations, Inc. and formed two wholly-owned operating subsidiaries: (i) Graphium Biosciences, Inc., a Nevada corporation (“Graphium”), into which the Company contributed all of its drug development assets; and (ii) Daedalus Ecosciences, Inc., a Nevada corporation (“Daedalus”), which was formed to serve as a holding company for the Company’s future impact investing businesses. In May 2022, Daedalus acquired Range Environmental Resources, Inc., a West Virginia corporation (“Range Environmental”) and Range Natural Resources, Inc., a West Virginia corporation (“Range Natural” and together with Range Environmental, the “Range Reclamation Entities”). The Range Reclamation Entities provide land reclamation, water restoration and environmental consulting services to mining and non-mining customers throughout the Appalachian region with the goal of returning land to pre-mining conditions or repurposing the land for natural, commercial, agricultural or recreational use. The Range Reclamation Entities’ water restoration services seek to improve the water quality in rivers, streams and discharges through novel and innovative treatment applications to help customers meet their various regulatory standards and requirements. The Range Reclamation Entities also provide environmental consulting services to customers typically in connection with land reclamation and water restoration projects and as an additional value-add service, sells water treatment chemicals manufactured by third parties to its customers. Range Natural also provides resource mining services for customers incidental to the reclamation and repurposing of mine sites. In December 2022, Daedalus was merged into the Company. In August 2023, the Company acquired Collins Building & Contracting, Inc., a West Virginia corporation (“Collins Building”), an environmental services business primarily focusing on the reclamation of abandoned mine land sites in West Virginia, as described in more detail in Note 2. In December 2023, the Company changed its name to Range Impact, Inc., and reorganized into five operating business segments: (i) Range Reclaim; (ii) Range Water; (iii) Range Security; (iv) Range Land; and (v) Drug Development. In January 2024, the Company added Range Minerals as its sixth operating business segment. Range Minerals was previously reported within the Range Reclaim operating business segment. The Drug Development segment was also renamed Graphium Biosciences. Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: CLV Azurite Land LLC, Collins Building & Contracting, Inc., Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 period. Actual results could differ from those estimates. Business Combinations Business combinations are accounted for using the purchase method of accounting under ASC 805, “Business Combinations.” This method requires the Company to record assets and liabilities of the businesses acquired at their estimated fair values as of the acquisition date. Any excess of the cost of the acquisition over the fair value of the net assets acquired is recorded as goodwill. Any excess of the fair value of the net assets acquired over the cost of the acquisition is accounted for as a bargain purchase gain. Determining the fair value requires management to make estimates and assumptions including discount rates, rates of return on assets, and long-term sales growth rates. Revenue Recognition The Company recognizes revenue under ASC 606, “Revenue from Contracts with Customers”. The core principle of the ASC 606 revenue standard is that a company should recognize revenue by analyzing the following five steps: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) each performance obligation is satisfied. The Company primarily invoices customers and recognizes revenue on a periodic basis for equipment and labor hours provided to a customer on a particular job based on an agreed-upon hourly rate sheet or a fixed amount for a project. The Company also invoices customers and recognizes revenue for equipment mobilization fees and materials and supplies required to complete a project. The Company invoices for the sales of chemicals, stone and other products and recognizes revenue when the products are delivered to the customer’s designated site or when control of these products is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products. Sales taxes and other taxes that the Company collects concurrent with revenue producing activities are excluded from revenue. Costs for equipment, labor and chemicals are generally expensed as incurred since the projects are generally short-term and not subject to a contract. The Company also invoices customers for the provision of environmental security services at an agreed-upon hourly rate for each project. All revenue is recognized at a point in time. The Company recognizes revenue on reclamation contracts over time as performance obligations are satisfied due to the continuous transfer of control to the customer. The Company’s contracts are generally accounted for as a single performance obligation since the Company is providing a significant service of integrating components into a single project. The Company recognizes revenue using a cost-based input method by which actual costs incurred relative to total estimated contract costs determine, as a percentage, progress toward contract completion. This percentage is applied to the contract price to determine the amount of revenue to recognize. The Company believes the cost-based input method is the most faithful depiction of performance because it directly measures the value of the services transferred to the customer. Contract Estimates Due to the nature of the Company’s performance obligations, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Since a significant change in one or more of these variables could affect the profitability of contracts, the Company reviews and updates contract-related estimates regularly through a review process in which the Company reviews the progress and execution of performance obligations and the estimated cost at completion. The Company recognizes adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, a provision for the entire loss is recognized in the period it is identified. Contract Modifications Contract modifications can occur during the performance of the Company’s contracts. Contracts may be modified to account for changes in contract specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct, and, therefore, are accounted for as part of the existing contract. Cost and Expense Recognition Contract costs include all direct labor, materials, equipment mobilization, subcontractor, and equipment costs, and those indirect costs related to contract performance, such as indirect labor, tools and supplies. Costs are recognized as incurred. The Company recognizes revenue from contracts for financial reporting purposes over time. Progress toward completion of the Company’s contracts is measured by the percentage of cost incurred to date compared to estimated total costs for each contract. This method is used because management considers total cost to be the best available measure of progress on contracts. Because of inherent uncertainties in estimating costs, it is at least reasonably possible that the estimates used will change significantly over the course of the contract’s performance. Revenue earned over time compared to a point in time is as follows for the quarters ended March 31, 2024 and 2023. SCHEDULE OF REVENUE EARNED OVERTIME COMPARED TO A POINT IN TIME Quarter Ended Quarter Ended Earned over time $ 870,494 $ - Point in time 3,039,399 3,014,887 Total revenue 3,909,893 3,014,887 Cost of Services Contract costs include all direct labor, materials, subcontractor, and equipment costs and those indirect costs related to contract performance, such as indirect labor, tools and supplies. For construction contracts, costs are generally recognized as incurred. Under certain circumstances, costs incurred in the period related to future activity on contracts may be capitalized. Costs incurred that do not contribute to satisfying performance obligations are excluded from the cost input calculation for revenue recognition. Excluded costs include both uninstalled materials and abnormal costs. Abnormal costs comprise wasted materials, wasted or rework labor and other resources to fulfill a contract that were not reflected in the price of the contract. A limited allowance for material overages and labor inefficiencies is typically included in our contract costs estimates (and by extension, in the contract price). Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash equivalents. From time to time, the Company’s cash account balances exceed the balances covered by the Federal Deposit Insurance Corporation. The Company has never suffered a loss due to such excess balances. Accounts Receivable Included as a component of accounts receivable are contract receivables that represent the Company’s unconditional right, subject only to the passage of time, to receive consideration arising from performance obligations under reclamation contracts with customers. Billed contract receivables have been invoiced to customers based on contracted amounts. Contract receivables were $ 504,050 2,100,255 no 6,003,777 7,185,411 No no Contract Assets Billing practices are governed by the contract terms of each project based upon costs incurred, achievement of milestones or predetermined schedules. Billings do not necessarily correlate with revenue recognized over time using the percentage-of-completion method. Contract assets include unbilled amounts typically resulting from revenue under long-term contracts when the percentage-of-completion method of revenue recognition is utilized, and revenue recognition exceeds the amount billed to the customer. The Company’s contract assets are reported on a contract-by-contract basis at the end of each reporting period. The Company classifies contract assets as current or noncurrent based on whether the revenue is expected to be recognized sooner or later than one year from the balance sheet date. Details of contract assets arising from reclamation contracts in process as of March 31, 2024 and December 31, 2023 are as follows: SCHEDULE OF CONTRACT ASSETS March 31, 2024 December 31, 2023 Costs incurred on contracts in progress $ 920,618 $ 425,634 Estimated earnings 716,038 340,528 Revenue earned on contracts in progress 1,636,656 766,162 Less: Billings to date (1,215,558 ) (518,852 ) Total contract assets $ 421,098 $ 247,310 March 31, 2024 December 31, 2023 Costs and estimated earnings in excess of billings on contracts in progress $ 626,425 $ 247,310 Billings in excess of costs and estimated earnings on contracts in progress (205,327 ) - Net contract assets $ 421,098 $ 247,310 Property & Equipment Property and equipment is carried at cost. Expenditures for maintenance and repairs are charged to cost of services. Additions and betterments are capitalized. The cost and related accumulated depreciation of equipment sold or otherwise disposed of are removed from the accounts and any gain or loss is reflected in the current year’s earnings. SCHEDULE OF PROPERTY AND EQUIPMENT March 31, 2024 December 31, 2023 Equipment $ 13,835,929 $ 13,835,929 Land 1,563,797 1,563,797 Buildings 199,500 199,500 Property and equipment, gross 199,500 199,500 Accumulated depreciation (2,935,759 ) (2,297,324 ) Net book value 12,663,467 13,301,902 Depreciation expense $ 638,435 $ 1,781,573 The Company provides for depreciation of its buildings, property and equipment using the straight-line method for both financial reporting and federal income tax purposes over the estimated six The Company assesses the recoverability of its property and equipment by determining whether the depreciation of the assets over their remaining lives can be recovered through projected future cash flows generated by the assets. There were no assets identified for impairment. Land Land is carried at cost. The Company assesses the recoverability of its land by determining whether the cost of the land can be recovered through projected future cash flows generated by the land. No land was identified for impairment. Delivery Costs Delivery costs are classified as cost of sales. Goodwill U.S. GAAP requires that goodwill be tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not (i.e., a likelihood greater than 50%) that the reporting unit is impaired. During interim periods, ASC 350 requires companies to focus on those events and circumstances that affect the significant inputs used to determine the fair value of the reporting unit to determine whether an interim quantitative impairment test is required. The Company performed its quarterly impairment test for goodwill on March 31, 2024. The Company first assessed certain qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, and whether it is therefore necessary to perform the quantitative impairment test. The qualitative analysis indicated that a quantitative impairment test was not necessary Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized as income (loss) in the period that includes the enactment date. Leases The Company determines whether a contract is, or contains, a lease at inception. Right-of-use assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at lease commencement based upon the estimated present value of unpaid lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at lease commencement in determining the present value of unpaid lease payments. As of March 31, 2024, the Company had no material lease commitments for longer than one year. 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. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock Compensation whereby the value of the award is measured on the date of grant and recognized for employees as compensation expense on the straight-line 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 Company recognizes the fair value of stock-based compensation within its Consolidated Statements of Operations with classification depending on the nature of the services rendered. The fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense recorded in future periods. Basic and Diluted Income (Loss) Per Share Basic income (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number of outstanding common shares during the period. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted income (loss) per share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted income (loss) per share excludes all potential common shares if their effect is anti-dilutive. The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive: SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE March 31, 2024 December 31, 2023 Options 11,385,877 11,392,544 Warrants 3,313,335 3,313,335 Total 14,699,212 14,705,879 Anti-dilutive loss per share 14,699,212 14,705,879 Patents and Patent Application Costs Although the Company believes that its patents and underlying technology have continuing value, the amount of future benefits to be derived from the patents is uncertain. Accordingly, patent costs are expensed as incurred. Research and Development Research and development costs consist primarily of fees paid to consultants and outside service providers, patent fees and costs, and other expenses relating to the acquisition, design, development and testing of the Company’s treatments and product candidates. Research and development costs are expensed as incurred. Fair Value of Financial Instruments FASB ASC 825, “Financial Instruments” requires that the Company disclose estimated fair values of financial instruments. Financial instruments held by the Company include, among others, accounts receivable, accounts payable and long-term debt. The carrying amounts reported in the balance sheets for assets and liabilities qualifying as financial instruments are a reasonable estimate of fair value. Segments As of March 31, 2024, the Company has six In accordance with the “Segment Reporting” Topic of the ASC 280, the Company’s chief operating decision-maker has been identified as the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products and services; and procurement, manufacturing, and distribution processes. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU enhances reportable segment disclosures on both an annual and interim basis primarily in regards to the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within the reported measure(s) of segment profit or loss. In addition, the ASU requires disclosure, by segment, of other items included in the reported measure(s) of segment profit or loss, including qualitative information describing the composition, nature and type of each item. The ASU also expands disclosure requirements related to the CODM, including how the reported measure(s) of segment profit or loss are used to assess segment performance and allocate resources, and the method used to allocate overhead for significant segment expenses. All current required annual segment reporting disclosures under Topic 280 are now effective for interim periods. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this ASU. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU enhances income tax disclosures by providing information to better assess how an entity’s operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU requires additional disclosures to the annual effective tax rate reconciliation including specific categories and further disaggregated reconciling items that meet the quantitative threshold. Additionally, the ASU requires disclosures relating to income tax expense and payments made to federal, state, local and foreign jurisdictions. This ASU is effective for fiscal years and interim periods beginning after December 15, 2024. The Company is evaluating the impact of adopting this ASU. |
RESTATEMENT OF PREVIOUSLY REPOR
RESTATEMENT OF PREVIOUSLY REPORTED FINANCIAL STATEMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
RESTATEMENT OF PREVIOUSLY REPORTED FINANCIAL STATEMENTS | 2. RESTATEMENT OF PREVIOUSLY REPORTED FINANCIAL STATEMENTS The Company concluded it should restate its previously issued financial statements to include an expense that was inadvertently posted to the improper period of April 2024 instead of the proper period of March 2024. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” the Company evaluated the corrections and has determined that the related impact was material to the previously filed financial statement that contained the error, and the Company’s Form 10-Q for the quarterly period ended March 31, 2024 (the “Affected Quarterly Period”). Therefore, the Company, in consultation with its Audit Committee, concluded that the Affected Quarterly Period should be restated to present the additional expense related to the three-month period ended March 31, 2024. The previously presented Affected Quarterly Period should no longer be relied upon. The impact of the restatement on the financial statements for the Affected Quarterly Period is presented below. The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited balance sheet as of March 31, 2024: SCHEDULE OF RESTATEMENT ON THE FINANCIAL STATEMENTS As Previously Reported Adjustment As Restated As of March 31, 2024 As Previously Reported Adjustment As Restated Assets Total Assets $ 20,813,520 - $ 20,813,520 Liabilities and Stockholders’ Equity Current Liabilities Accounts payable $ 1,706,394 - $ 1,706,394 Line of credit 2,400,000 - 2,400,000 Current portion of long-term debt 2,513,820 - 2,513,820 Contract liabilities 205,327 - 205,327 Accrued expenses 71,670 462,691 534,361 Total current liabilities 6,897,211 462,691 7,359,902 Long-term Liabilities Long-term debt, net of current portion 5,095,940 - 5,095,940 Total long-term debt 5,095,940 - 5,095,940 Total liabilities 11,993,151 462,691 12,455,842 Stockholders’ Equity Common stock, par value $ 0.001 1,000,000,000 101,023,485 101,023,485 101,023 - 101,023 Additional paid-in-capital 56,552,294 - 56,552,294 Accumulated deficit (47,832,948 ) (462,691 ) (48,295,639 ) Total stockholders’ equity 8,820,369 (462,691 ) 8,357,678 Total Liabilities and Stockholders’ Equity $ 20,813,520 - $ 20,813,520 The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited consolidated statement of operations for the three-month period ended March 31, 2024: As Previously Reported Adjustment As Restated Three Months Ended March 31, 2024 As Previously Reported Adjustment As Restated Revenues $ 3,909,893 - $ 3,909,893 Cost of services 3,428,348 462,691 3,891,039 Gross profit 481,545 (462,691 ) 18,854 Operating expenses: General and administrative 943,901 - 943,901 Research and development 131,640 - 131,640 Total operating expenses 1,075,541 - 1,075,541 Loss from operations (593,996 ) (462,691 ) (1,056,687 ) Other income (expense): Other income 18,105 - 18,105 Interest expense (175,258 ) - (175,258 ) Total other income (expense) (157,153 ) - (157,153 ) Net loss $ (751,149 ) (462,691 ) $ (1,213,840 ) Net loss per share – basic and diluted $ (0.01 ) - $ (0.01 ) The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited statement of cash flows for the three-month period ended March 31, 2024: As Previously Reported Adjustment As Restated Three Months Ended March 31, 2024 As Previously Reported Adjustment As Restated Cash flows from operating activities: Net loss $ (751,149 ) (462,691 ) $ (1,213,840 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Fair value of vested stock options 4,490 - 4,490 Depreciation 638,435 - 638,435 Changes in operating assets and liabilities: Accounts receivable 1,181,634 - 1,181,634 Contract assets (379,115 ) - (379,115 ) Prepaid expenses and other current assets 24,568 - 24,568 Accounts payable (2,007,621 ) - (2,007,621 ) Contract liabilities 205,327 - 205,327 Accrued expenses (29,614 ) 462,691 433,077 Deposits - - Net cash provided by (used in) operating activities (1,113,045 ) - (1,113,045 ) Cash flows from investing activities: Equipment purchases - - - Net cash used in investing activities - - Cash flows from financing activities: Net cash used in financing activities (396,057 ) - (396,057 ) Net decrease in cash and cash equivalents (1,509,102 ) - (1,509,102 ) Cash and cash equivalents - beginning of period 2,176,800 - 2,176,800 Cash and cash equivalents - end of period $ 667,698 - $ 667,698 |
ACQUISITION OF COLLINS BUILDING
ACQUISITION OF COLLINS BUILDING & CONTRACTING | 3 Months Ended |
Mar. 31, 2024 | |
Collins Building And Contracting [Member] | |
Business Acquisition [Line Items] | |
ACQUISITION OF COLLINS BUILDING & CONTRACTING | 3. ACQUISITION OF COLLINS BUILDING & CONTRACTING On August 31, 2023, the Company entered into a stock purchase agreement with the owner of Collins Building & Contracting, Inc. (“Collins Building”) pursuant to which the owner agreed to sell all of the outstanding common stock of Collins Building to the Company in exchange for (a) cash consideration of $1,000,000, (b) a five-year secured promissory note in the principal amount of $2,000,000, bearing interest at 7.0% per annum (the “First Promissory Note”), and (c) a two-year secured promissory note in the principal amount of $2,035,250, bearing interest at 8.25% per annum (the “Second Promissory Note”). The Company accounted for the transaction as a business combination in accordance ASC 805 “Business Combinations”. The Company has performed an allocation of the purchase price paid for the assets acquired and the liabilities assumed. The fair values of the assets acquired are set forth below. Because the fair values exceeded the purchase price, we recognized a gain on the purchase of $ 1,875,150 SCHEDULE OF BUSINESS ACQUISITION ALLOCATION OF PURCHASE PRICE Fair value of assets acquired: Equipment $ 6,156,000 Land 554,900 Buildings 199,500 Total assets acquired 6,910,400 Less: Gain on bargain purchase price (1,875,150 ) Purchase price $ 5,035,250 Cash consideration 1,000,000 Long-term notes issued to the seller 4,035,250 Total purchase price $ 5,035,250 Acquisition transaction costs incurred $ 167,212 Collins Building contributed revenues of $ 0 270,755 |
GOODWILL
GOODWILL | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | 4. GOODWILL Goodwill is $ 751,421 SCHEDULE OF GOODWILL March 31, 2024 December 31, 2023 Environmental Services: Beginning Balance $ 751,421 $ 751,421 Acquisitions - - Adjustments - - Ending Balance $ 751,421 $ 751,421 |
STOCK OPTIONS
STOCK OPTIONS | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK OPTIONS | 5. STOCK OPTIONS Stock options issued during the three months ended March 31, 2024 and the three months ended March 31, 2023 No During the three months ended March 31, 2024, the Company recorded $ 4,490 no stock-based compensation expense related to vested stock options. At March 31, 2024, there was $ 17,960 A summary of the Company’s stock option activity during the three months ended March 31, 2024 is as follows: SUMMARY OF STOCK OPTION ACTIVITY Shares Weighted Average Exercise Price Balance outstanding at December 31, 2023 11,392,544 $ 0.47 Granted - - Exchanged - - Exercised - - Expired (6,667 ) 4.70 Forfeited - - Balance outstanding at March 31, 2024 11,385,877 $ 0.46 Balance exercisable at March 31, 2024 11,185,877 $ 0.47 At March 31, 2024, the 11,385,877 1,133,480 A summary of the Company’s stock options outstanding as of March 31, 2024 is as follows: SCHEDULE OF STOCK OPTION OUTSTANDING Number of Options Weighted Average Exercise Price Weighted Average Grant- Date Stock Price Options Outstanding, March 31, 2024 100,000 $ 0.1337 $ 0.1337 3,050,000 $ 0.18 $ 0.18 1,550,000 $ 0.212 $ 0.212 1,150,000 $ 0.277 $ 0.277 750,000 $ 0.30 $ 0.30 2,000,000 $ 0.35 $ 0.35 1,664,542 $ 0.50 $ 0.50 128,000 $ 0.96 $ 0.96 350,834 $ 1.50 1.95 $ 1.50 1.95 597,500 $ 2.00 2.79 $ 2.00 2.79 33,334 $ 3.10 3.80 $ 3.10 3.80 11,667 $ 4.00 4.20 $ 4.00 4.20 11,385,877 A summary of the Company’s stock options outstanding and exercisable as of March 31, 2024 is as follows: SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE Number of Options Weighted Average Exercise Price Weighted Average Grant- Date Stock Price Options Outstanding and Exercisable, March 31, 2024 100,000 $ 0.1337 $ 0.1337 2,850,000 $ 0.18 $ 0.18 1,550,000 $ 0.212 $ 0.212 1,150,000 $ 0.277 $ 0.277 750,000 $ 0.30 $ 0.30 2,000,000 $ 0.35 $ 0.35 1,664,542 $ 0.50 $ 0.50 128,000 $ 0.96 $ 0.96 350,834 $ 1.50 1.95 $ 1.50 1.95 597,500 $ 2.00 2.79 $ 2.00 2.79 33,334 $ 3.10 3.80 $ 3.10 3.80 11,667 $ 4.00 4.20 $ 4.00 4.20 11,185,877 |
WARRANTS
WARRANTS | 3 Months Ended |
Mar. 31, 2024 | |
Warrants | |
WARRANTS | 6. WARRANTS A summary of warrants to purchase common stock issued during the three months ended March 31, 2024 is as follows: SCHEDULE OF WARRANTS ACTIVITY Shares Weighted Average Exercise Price Balance outstanding and exercisable at December 31, 2023 3,313,335 $ 0.66 Granted - - Exercised - - Expired - - Balance outstanding and exercisable at March 31, 2024 3,313,335 $ 0.66 At March 31, 2024, the 3,313,335 30,000 |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | 7. NOTES PAYABLE The Company had no |
LINE OF CREDIT
LINE OF CREDIT | 3 Months Ended |
Mar. 31, 2024 | |
Line Of Credit | |
LINE OF CREDIT | 8. LINE OF CREDIT In November 2022, the Company secured a line of credit with a bank with a limit of $ 1,000,000 November 30, 2024 1 9.50 1,000,000 1,000,000 In June 2023, Range Environmental secured a bank loan with a limit of $ 1,000,000 1,400,000 December 31, 2024 8.50 1,400,000 1,400,000 |
LONG-TERM DEBT OBLIGATIONS
LONG-TERM DEBT OBLIGATIONS | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT OBLIGATIONS | 9. LONG-TERM DEBT OBLIGATIONS Long-term debt consists of debt on vehicles and equipment, which serves as the collateral, and debt issued as part of the acquisition of Collins Building. Interest rates on the equipment financings range from 3.69 9.95 mature between 2025 through 2029 The Collins Building debt consists of a five-year secured promissory note with an original principal amount of $ 2,000,000 7.0 2,035,250 8.25 1,830,106 1,557,549 A summary of payments due under the long-term debt by year is as follows: SCHEDULE OF MATURITIES OF LONG TERM DEBT Equipment Collins Promissory Notes 2024 – due between April 1, 2024 and March 31, 2025 $ 1,139,038 $ 1,374,782 2025 – due between April 1, 2025 and March 31, 2026 971,776 924,611 2026 – due between April 1, 2026 and March 31, 2027 799,740 413,000 2027 – due between April 1, 2027 and March 31, 2028 784,521 442,375 2028 and later – due on April 1, 2028 and thereafter 527,030 232,887 Total long-term debt $ 4,222,105 $ 3,387,655 |
MAJOR CUSTOMER AND CONCENTRATIO
MAJOR CUSTOMER AND CONCENTRATION OF CREDIT RISK | 3 Months Ended |
Mar. 31, 2024 | |
Risks and Uncertainties [Abstract] | |
MAJOR CUSTOMER AND CONCENTRATION OF CREDIT RISK | 10. MAJOR CUSTOMER AND CONCENTRATION OF CREDIT RISK Sales to the Company’s largest customer were 67 70% Accounts receivable from the same customer were 89 70% |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 11. COMMITMENTS AND CONTINGENCIES From time to time, the Company is involved in legal matters arising in the ordinary course of business. While the Company believes that such matters are currently not material, there can be no assurance that matters arising in the ordinary course of business for which the Company is, or could be, involved in litigation, will not have an adverse effect on its business, financial condition or results of operations. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 12. SEGMENT INFORMATION ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about services, categories, business segments and major customers in financial statements. The Company has six The six ● Range Reclaim – land reclamation, water restoration and land repurposing ● Range Minerals – mining and reclamation activities ● Range Water – biochar product development and water solutions business ● Range Security – security services on mine land being reclaimed and repurposed for non-fossil fuel uses ● Range Land – mine land being acquired, reclaimed and repurposed for non-fossil fuel uses ● Graphium Biosciences – glycosylated cannabinoid drug development program The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: SCHEDULE OF FINANCIAL INFORMATION OF REPORTABLE SEGMENT By Categories Range Reclaim Range Minerals Range Water Range Security Range Land Graphium Biosciences Corporate Total For the three months ended March 31, 2024 Range Reclaim Range Minerals Range Water Range Security Range Land Graphium Biosciences Corporate Total Sales $ 1,505,983 $ 1,982,115 $ - 421,795 $ - $ - $ - $ 3,909,893 Gross profit (579,683 ) 336,812 - 261,725 - - - 18,854 Net income (loss) (1,046,372 ) 236,576 (33,582 ) 232,240 - (131,640 ) (471,062 ) (1,213,840 ) Total assets 13,090,077 5,487,595 13,219 199,184 1,009,866 8,753 1,004,826 20,813,520 Depreciation 634,905 - 640 2,890 - - - 638,435 Interest expense 92,978 - - - - - 82,280 175,258 Tax expense - - - - - - - Capital expenditures for long-lived assets $ - $ - $ - - $ - $ - $ - $ - Range Reclaim Range Water Range Security Range Land Graphium Biosciences Corporate Total For the three months ended March 31, 2023 Range Reclaim Range Water Range Security Range Land Graphium Biosciences Corporate Total Sales $ 2,988,487 $ - $ 26,400 $ - $ - $ - $ 3,014,887 Gross profit 638,579 - 10,423 - - - 649,002 Net income (loss) 186,643 (19,164 ) (17,105 ) - (106,177 ) (271,057 ) (226,860 ) Total assets 8,550,781 15,564 77,962 - 8,584 8,412 8,661,303 Depreciation 352,756 - 1,428 - - - 354,184 Interest expense 42,750 - - - - 887 43,637 Tax expense - - - - - - - Capital expenditures for long-lived assets $ 678,202 $ 15,350 $ 52,674 $ - $ - $ - $ 746,226 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 13. SUBSEQUENT EVENTS In April 2024, the Company issued options to purchase 250,000 |
BUSINESS OPERATIONS AND SUMMA_2
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: CLV Azurite Land LLC, Collins Building & Contracting, Inc., |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 period. Actual results could differ from those estimates. |
Business Combinations | Business Combinations Business combinations are accounted for using the purchase method of accounting under ASC 805, “Business Combinations.” This method requires the Company to record assets and liabilities of the businesses acquired at their estimated fair values as of the acquisition date. Any excess of the cost of the acquisition over the fair value of the net assets acquired is recorded as goodwill. Any excess of the fair value of the net assets acquired over the cost of the acquisition is accounted for as a bargain purchase gain. Determining the fair value requires management to make estimates and assumptions including discount rates, rates of return on assets, and long-term sales growth rates. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue under ASC 606, “Revenue from Contracts with Customers”. The core principle of the ASC 606 revenue standard is that a company should recognize revenue by analyzing the following five steps: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) each performance obligation is satisfied. The Company primarily invoices customers and recognizes revenue on a periodic basis for equipment and labor hours provided to a customer on a particular job based on an agreed-upon hourly rate sheet or a fixed amount for a project. The Company also invoices customers and recognizes revenue for equipment mobilization fees and materials and supplies required to complete a project. The Company invoices for the sales of chemicals, stone and other products and recognizes revenue when the products are delivered to the customer’s designated site or when control of these products is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products. Sales taxes and other taxes that the Company collects concurrent with revenue producing activities are excluded from revenue. Costs for equipment, labor and chemicals are generally expensed as incurred since the projects are generally short-term and not subject to a contract. The Company also invoices customers for the provision of environmental security services at an agreed-upon hourly rate for each project. All revenue is recognized at a point in time. The Company recognizes revenue on reclamation contracts over time as performance obligations are satisfied due to the continuous transfer of control to the customer. The Company’s contracts are generally accounted for as a single performance obligation since the Company is providing a significant service of integrating components into a single project. The Company recognizes revenue using a cost-based input method by which actual costs incurred relative to total estimated contract costs determine, as a percentage, progress toward contract completion. This percentage is applied to the contract price to determine the amount of revenue to recognize. The Company believes the cost-based input method is the most faithful depiction of performance because it directly measures the value of the services transferred to the customer. |
Contract Estimates | Contract Estimates Due to the nature of the Company’s performance obligations, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Since a significant change in one or more of these variables could affect the profitability of contracts, the Company reviews and updates contract-related estimates regularly through a review process in which the Company reviews the progress and execution of performance obligations and the estimated cost at completion. The Company recognizes adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, a provision for the entire loss is recognized in the period it is identified. |
Contract Modifications | Contract Modifications Contract modifications can occur during the performance of the Company’s contracts. Contracts may be modified to account for changes in contract specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct, and, therefore, are accounted for as part of the existing contract. |
Cost and Expense Recognition | Cost and Expense Recognition Contract costs include all direct labor, materials, equipment mobilization, subcontractor, and equipment costs, and those indirect costs related to contract performance, such as indirect labor, tools and supplies. Costs are recognized as incurred. The Company recognizes revenue from contracts for financial reporting purposes over time. Progress toward completion of the Company’s contracts is measured by the percentage of cost incurred to date compared to estimated total costs for each contract. This method is used because management considers total cost to be the best available measure of progress on contracts. Because of inherent uncertainties in estimating costs, it is at least reasonably possible that the estimates used will change significantly over the course of the contract’s performance. Revenue earned over time compared to a point in time is as follows for the quarters ended March 31, 2024 and 2023. SCHEDULE OF REVENUE EARNED OVERTIME COMPARED TO A POINT IN TIME Quarter Ended Quarter Ended Earned over time $ 870,494 $ - Point in time 3,039,399 3,014,887 Total revenue 3,909,893 3,014,887 |
Cost of Services | Cost of Services Contract costs include all direct labor, materials, subcontractor, and equipment costs and those indirect costs related to contract performance, such as indirect labor, tools and supplies. For construction contracts, costs are generally recognized as incurred. Under certain circumstances, costs incurred in the period related to future activity on contracts may be capitalized. Costs incurred that do not contribute to satisfying performance obligations are excluded from the cost input calculation for revenue recognition. Excluded costs include both uninstalled materials and abnormal costs. Abnormal costs comprise wasted materials, wasted or rework labor and other resources to fulfill a contract that were not reflected in the price of the contract. A limited allowance for material overages and labor inefficiencies is typically included in our contract costs estimates (and by extension, in the contract price). |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash equivalents. From time to time, the Company’s cash account balances exceed the balances covered by the Federal Deposit Insurance Corporation. The Company has never suffered a loss due to such excess balances. |
Accounts Receivable | Accounts Receivable Included as a component of accounts receivable are contract receivables that represent the Company’s unconditional right, subject only to the passage of time, to receive consideration arising from performance obligations under reclamation contracts with customers. Billed contract receivables have been invoiced to customers based on contracted amounts. Contract receivables were $ 504,050 2,100,255 no 6,003,777 7,185,411 No no |
Contract Assets | Contract Assets Billing practices are governed by the contract terms of each project based upon costs incurred, achievement of milestones or predetermined schedules. Billings do not necessarily correlate with revenue recognized over time using the percentage-of-completion method. Contract assets include unbilled amounts typically resulting from revenue under long-term contracts when the percentage-of-completion method of revenue recognition is utilized, and revenue recognition exceeds the amount billed to the customer. The Company’s contract assets are reported on a contract-by-contract basis at the end of each reporting period. The Company classifies contract assets as current or noncurrent based on whether the revenue is expected to be recognized sooner or later than one year from the balance sheet date. Details of contract assets arising from reclamation contracts in process as of March 31, 2024 and December 31, 2023 are as follows: SCHEDULE OF CONTRACT ASSETS March 31, 2024 December 31, 2023 Costs incurred on contracts in progress $ 920,618 $ 425,634 Estimated earnings 716,038 340,528 Revenue earned on contracts in progress 1,636,656 766,162 Less: Billings to date (1,215,558 ) (518,852 ) Total contract assets $ 421,098 $ 247,310 March 31, 2024 December 31, 2023 Costs and estimated earnings in excess of billings on contracts in progress $ 626,425 $ 247,310 Billings in excess of costs and estimated earnings on contracts in progress (205,327 ) - Net contract assets $ 421,098 $ 247,310 |
Property & Equipment | Property & Equipment Property and equipment is carried at cost. Expenditures for maintenance and repairs are charged to cost of services. Additions and betterments are capitalized. The cost and related accumulated depreciation of equipment sold or otherwise disposed of are removed from the accounts and any gain or loss is reflected in the current year’s earnings. SCHEDULE OF PROPERTY AND EQUIPMENT March 31, 2024 December 31, 2023 Equipment $ 13,835,929 $ 13,835,929 Land 1,563,797 1,563,797 Buildings 199,500 199,500 Property and equipment, gross 199,500 199,500 Accumulated depreciation (2,935,759 ) (2,297,324 ) Net book value 12,663,467 13,301,902 Depreciation expense $ 638,435 $ 1,781,573 The Company provides for depreciation of its buildings, property and equipment using the straight-line method for both financial reporting and federal income tax purposes over the estimated six The Company assesses the recoverability of its property and equipment by determining whether the depreciation of the assets over their remaining lives can be recovered through projected future cash flows generated by the assets. There were no assets identified for impairment. |
Land | Land Land is carried at cost. The Company assesses the recoverability of its land by determining whether the cost of the land can be recovered through projected future cash flows generated by the land. No land was identified for impairment. |
Delivery Costs | Delivery Costs Delivery costs are classified as cost of sales. |
Goodwill | Goodwill U.S. GAAP requires that goodwill be tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not (i.e., a likelihood greater than 50%) that the reporting unit is impaired. During interim periods, ASC 350 requires companies to focus on those events and circumstances that affect the significant inputs used to determine the fair value of the reporting unit to determine whether an interim quantitative impairment test is required. The Company performed its quarterly impairment test for goodwill on March 31, 2024. The Company first assessed certain qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, and whether it is therefore necessary to perform the quantitative impairment test. The qualitative analysis indicated that a quantitative impairment test was not necessary |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized as income (loss) in the period that includes the enactment date. |
Leases | Leases The Company determines whether a contract is, or contains, a lease at inception. Right-of-use assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at lease commencement based upon the estimated present value of unpaid lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at lease commencement in determining the present value of unpaid lease payments. As of March 31, 2024, the Company had no material lease commitments for longer than one year. |
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. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock Compensation whereby the value of the award is measured on the date of grant and recognized for employees as compensation expense on the straight-line 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 Company recognizes the fair value of stock-based compensation within its Consolidated Statements of Operations with classification depending on the nature of the services rendered. The fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense recorded in future periods. |
Basic and Diluted Income (Loss) Per Share | Basic and Diluted Income (Loss) Per Share Basic income (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number of outstanding common shares during the period. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted income (loss) per share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted income (loss) per share excludes all potential common shares if their effect is anti-dilutive. The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive: SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE March 31, 2024 December 31, 2023 Options 11,385,877 11,392,544 Warrants 3,313,335 3,313,335 Total 14,699,212 14,705,879 Anti-dilutive loss per share 14,699,212 14,705,879 |
Patents and Patent Application Costs | Patents and Patent Application Costs Although the Company believes that its patents and underlying technology have continuing value, the amount of future benefits to be derived from the patents is uncertain. Accordingly, patent costs are expensed as incurred. |
Research and Development | Research and Development Research and development costs consist primarily of fees paid to consultants and outside service providers, patent fees and costs, and other expenses relating to the acquisition, design, development and testing of the Company’s treatments and product candidates. Research and development costs are expensed as incurred. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 825, “Financial Instruments” requires that the Company disclose estimated fair values of financial instruments. Financial instruments held by the Company include, among others, accounts receivable, accounts payable and long-term debt. The carrying amounts reported in the balance sheets for assets and liabilities qualifying as financial instruments are a reasonable estimate of fair value. |
Segments | Segments As of March 31, 2024, the Company has six In accordance with the “Segment Reporting” Topic of the ASC 280, the Company’s chief operating decision-maker has been identified as the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products and services; and procurement, manufacturing, and distribution processes. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU enhances reportable segment disclosures on both an annual and interim basis primarily in regards to the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within the reported measure(s) of segment profit or loss. In addition, the ASU requires disclosure, by segment, of other items included in the reported measure(s) of segment profit or loss, including qualitative information describing the composition, nature and type of each item. The ASU also expands disclosure requirements related to the CODM, including how the reported measure(s) of segment profit or loss are used to assess segment performance and allocate resources, and the method used to allocate overhead for significant segment expenses. All current required annual segment reporting disclosures under Topic 280 are now effective for interim periods. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this ASU. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU enhances income tax disclosures by providing information to better assess how an entity’s operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU requires additional disclosures to the annual effective tax rate reconciliation including specific categories and further disaggregated reconciling items that meet the quantitative threshold. Additionally, the ASU requires disclosures relating to income tax expense and payments made to federal, state, local and foreign jurisdictions. This ASU is effective for fiscal years and interim periods beginning after December 15, 2024. The Company is evaluating the impact of adopting this ASU. |
BUSINESS OPERATIONS AND SUMMA_3
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SCHEDULE OF REVENUE EARNED OVERTIME COMPARED TO A POINT IN TIME | Revenue earned over time compared to a point in time is as follows for the quarters ended March 31, 2024 and 2023. SCHEDULE OF REVENUE EARNED OVERTIME COMPARED TO A POINT IN TIME Quarter Ended Quarter Ended Earned over time $ 870,494 $ - Point in time 3,039,399 3,014,887 Total revenue 3,909,893 3,014,887 |
SCHEDULE OF CONTRACT ASSETS | Details of contract assets arising from reclamation contracts in process as of March 31, 2024 and December 31, 2023 are as follows: SCHEDULE OF CONTRACT ASSETS March 31, 2024 December 31, 2023 Costs incurred on contracts in progress $ 920,618 $ 425,634 Estimated earnings 716,038 340,528 Revenue earned on contracts in progress 1,636,656 766,162 Less: Billings to date (1,215,558 ) (518,852 ) Total contract assets $ 421,098 $ 247,310 March 31, 2024 December 31, 2023 Costs and estimated earnings in excess of billings on contracts in progress $ 626,425 $ 247,310 Billings in excess of costs and estimated earnings on contracts in progress (205,327 ) - Net contract assets $ 421,098 $ 247,310 |
SCHEDULE OF PROPERTY AND EQUIPMENT | SCHEDULE OF PROPERTY AND EQUIPMENT March 31, 2024 December 31, 2023 Equipment $ 13,835,929 $ 13,835,929 Land 1,563,797 1,563,797 Buildings 199,500 199,500 Property and equipment, gross 199,500 199,500 Accumulated depreciation (2,935,759 ) (2,297,324 ) Net book value 12,663,467 13,301,902 Depreciation expense $ 638,435 $ 1,781,573 |
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE | SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE March 31, 2024 December 31, 2023 Options 11,385,877 11,392,544 Warrants 3,313,335 3,313,335 Total 14,699,212 14,705,879 Anti-dilutive loss per share 14,699,212 14,705,879 |
RESTATEMENT OF PREVIOUSLY REP_2
RESTATEMENT OF PREVIOUSLY REPORTED FINANCIAL STATEMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
SCHEDULE OF RESTATEMENT ON THE FINANCIAL STATEMENTS | SCHEDULE OF RESTATEMENT ON THE FINANCIAL STATEMENTS As Previously Reported Adjustment As Restated As of March 31, 2024 As Previously Reported Adjustment As Restated Assets Total Assets $ 20,813,520 - $ 20,813,520 Liabilities and Stockholders’ Equity Current Liabilities Accounts payable $ 1,706,394 - $ 1,706,394 Line of credit 2,400,000 - 2,400,000 Current portion of long-term debt 2,513,820 - 2,513,820 Contract liabilities 205,327 - 205,327 Accrued expenses 71,670 462,691 534,361 Total current liabilities 6,897,211 462,691 7,359,902 Long-term Liabilities Long-term debt, net of current portion 5,095,940 - 5,095,940 Total long-term debt 5,095,940 - 5,095,940 Total liabilities 11,993,151 462,691 12,455,842 Stockholders’ Equity Common stock, par value $ 0.001 1,000,000,000 101,023,485 101,023,485 101,023 - 101,023 Additional paid-in-capital 56,552,294 - 56,552,294 Accumulated deficit (47,832,948 ) (462,691 ) (48,295,639 ) Total stockholders’ equity 8,820,369 (462,691 ) 8,357,678 Total Liabilities and Stockholders’ Equity $ 20,813,520 - $ 20,813,520 The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited consolidated statement of operations for the three-month period ended March 31, 2024: As Previously Reported Adjustment As Restated Three Months Ended March 31, 2024 As Previously Reported Adjustment As Restated Revenues $ 3,909,893 - $ 3,909,893 Cost of services 3,428,348 462,691 3,891,039 Gross profit 481,545 (462,691 ) 18,854 Operating expenses: General and administrative 943,901 - 943,901 Research and development 131,640 - 131,640 Total operating expenses 1,075,541 - 1,075,541 Loss from operations (593,996 ) (462,691 ) (1,056,687 ) Other income (expense): Other income 18,105 - 18,105 Interest expense (175,258 ) - (175,258 ) Total other income (expense) (157,153 ) - (157,153 ) Net loss $ (751,149 ) (462,691 ) $ (1,213,840 ) Net loss per share – basic and diluted $ (0.01 ) - $ (0.01 ) The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported unaudited statement of cash flows for the three-month period ended March 31, 2024: As Previously Reported Adjustment As Restated Three Months Ended March 31, 2024 As Previously Reported Adjustment As Restated Cash flows from operating activities: Net loss $ (751,149 ) (462,691 ) $ (1,213,840 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Fair value of vested stock options 4,490 - 4,490 Depreciation 638,435 - 638,435 Changes in operating assets and liabilities: Accounts receivable 1,181,634 - 1,181,634 Contract assets (379,115 ) - (379,115 ) Prepaid expenses and other current assets 24,568 - 24,568 Accounts payable (2,007,621 ) - (2,007,621 ) Contract liabilities 205,327 - 205,327 Accrued expenses (29,614 ) 462,691 433,077 Deposits - - Net cash provided by (used in) operating activities (1,113,045 ) - (1,113,045 ) Cash flows from investing activities: Equipment purchases - - - Net cash used in investing activities - - Cash flows from financing activities: Net cash used in financing activities (396,057 ) - (396,057 ) Net decrease in cash and cash equivalents (1,509,102 ) - (1,509,102 ) Cash and cash equivalents - beginning of period 2,176,800 - 2,176,800 Cash and cash equivalents - end of period $ 667,698 - $ 667,698 |
ACQUISITION OF COLLINS BUILDI_2
ACQUISITION OF COLLINS BUILDING & CONTRACTING (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Collins Building And Contracting [Member] | |
Business Acquisition [Line Items] | |
SCHEDULE OF BUSINESS ACQUISITION ALLOCATION OF PURCHASE PRICE | SCHEDULE OF BUSINESS ACQUISITION ALLOCATION OF PURCHASE PRICE Fair value of assets acquired: Equipment $ 6,156,000 Land 554,900 Buildings 199,500 Total assets acquired 6,910,400 Less: Gain on bargain purchase price (1,875,150 ) Purchase price $ 5,035,250 Cash consideration 1,000,000 Long-term notes issued to the seller 4,035,250 Total purchase price $ 5,035,250 Acquisition transaction costs incurred $ 167,212 |
GOODWILL (Tables)
GOODWILL (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF GOODWILL | SCHEDULE OF GOODWILL March 31, 2024 December 31, 2023 Environmental Services: Beginning Balance $ 751,421 $ 751,421 Acquisitions - - Adjustments - - Ending Balance $ 751,421 $ 751,421 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
SUMMARY OF STOCK OPTION ACTIVITY | A summary of the Company’s stock option activity during the three months ended March 31, 2024 is as follows: SUMMARY OF STOCK OPTION ACTIVITY Shares Weighted Average Exercise Price Balance outstanding at December 31, 2023 11,392,544 $ 0.47 Granted - - Exchanged - - Exercised - - Expired (6,667 ) 4.70 Forfeited - - Balance outstanding at March 31, 2024 11,385,877 $ 0.46 Balance exercisable at March 31, 2024 11,185,877 $ 0.47 |
SCHEDULE OF STOCK OPTION OUTSTANDING | A summary of the Company’s stock options outstanding as of March 31, 2024 is as follows: SCHEDULE OF STOCK OPTION OUTSTANDING Number of Options Weighted Average Exercise Price Weighted Average Grant- Date Stock Price Options Outstanding, March 31, 2024 100,000 $ 0.1337 $ 0.1337 3,050,000 $ 0.18 $ 0.18 1,550,000 $ 0.212 $ 0.212 1,150,000 $ 0.277 $ 0.277 750,000 $ 0.30 $ 0.30 2,000,000 $ 0.35 $ 0.35 1,664,542 $ 0.50 $ 0.50 128,000 $ 0.96 $ 0.96 350,834 $ 1.50 1.95 $ 1.50 1.95 597,500 $ 2.00 2.79 $ 2.00 2.79 33,334 $ 3.10 3.80 $ 3.10 3.80 11,667 $ 4.00 4.20 $ 4.00 4.20 11,385,877 |
SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE | A summary of the Company’s stock options outstanding and exercisable as of March 31, 2024 is as follows: SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE Number of Options Weighted Average Exercise Price Weighted Average Grant- Date Stock Price Options Outstanding and Exercisable, March 31, 2024 100,000 $ 0.1337 $ 0.1337 2,850,000 $ 0.18 $ 0.18 1,550,000 $ 0.212 $ 0.212 1,150,000 $ 0.277 $ 0.277 750,000 $ 0.30 $ 0.30 2,000,000 $ 0.35 $ 0.35 1,664,542 $ 0.50 $ 0.50 128,000 $ 0.96 $ 0.96 350,834 $ 1.50 1.95 $ 1.50 1.95 597,500 $ 2.00 2.79 $ 2.00 2.79 33,334 $ 3.10 3.80 $ 3.10 3.80 11,667 $ 4.00 4.20 $ 4.00 4.20 11,185,877 |
WARRANTS (Tables)
WARRANTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Warrants | |
SCHEDULE OF WARRANTS ACTIVITY | A summary of warrants to purchase common stock issued during the three months ended March 31, 2024 is as follows: SCHEDULE OF WARRANTS ACTIVITY Shares Weighted Average Exercise Price Balance outstanding and exercisable at December 31, 2023 3,313,335 $ 0.66 Granted - - Exercised - - Expired - - Balance outstanding and exercisable at March 31, 2024 3,313,335 $ 0.66 |
LONG-TERM DEBT OBLIGATIONS (Tab
LONG-TERM DEBT OBLIGATIONS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF MATURITIES OF LONG TERM DEBT | A summary of payments due under the long-term debt by year is as follows: SCHEDULE OF MATURITIES OF LONG TERM DEBT Equipment Collins Promissory Notes 2024 – due between April 1, 2024 and March 31, 2025 $ 1,139,038 $ 1,374,782 2025 – due between April 1, 2025 and March 31, 2026 971,776 924,611 2026 – due between April 1, 2026 and March 31, 2027 799,740 413,000 2027 – due between April 1, 2027 and March 31, 2028 784,521 442,375 2028 and later – due on April 1, 2028 and thereafter 527,030 232,887 Total long-term debt $ 4,222,105 $ 3,387,655 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
SCHEDULE OF FINANCIAL INFORMATION OF REPORTABLE SEGMENT | Summarized financial information concerning the Company’s reportable segments is shown as below: SCHEDULE OF FINANCIAL INFORMATION OF REPORTABLE SEGMENT By Categories Range Reclaim Range Minerals Range Water Range Security Range Land Graphium Biosciences Corporate Total For the three months ended March 31, 2024 Range Reclaim Range Minerals Range Water Range Security Range Land Graphium Biosciences Corporate Total Sales $ 1,505,983 $ 1,982,115 $ - 421,795 $ - $ - $ - $ 3,909,893 Gross profit (579,683 ) 336,812 - 261,725 - - - 18,854 Net income (loss) (1,046,372 ) 236,576 (33,582 ) 232,240 - (131,640 ) (471,062 ) (1,213,840 ) Total assets 13,090,077 5,487,595 13,219 199,184 1,009,866 8,753 1,004,826 20,813,520 Depreciation 634,905 - 640 2,890 - - - 638,435 Interest expense 92,978 - - - - - 82,280 175,258 Tax expense - - - - - - - Capital expenditures for long-lived assets $ - $ - $ - - $ - $ - $ - $ - Range Reclaim Range Water Range Security Range Land Graphium Biosciences Corporate Total For the three months ended March 31, 2023 Range Reclaim Range Water Range Security Range Land Graphium Biosciences Corporate Total Sales $ 2,988,487 $ - $ 26,400 $ - $ - $ - $ 3,014,887 Gross profit 638,579 - 10,423 - - - 649,002 Net income (loss) 186,643 (19,164 ) (17,105 ) - (106,177 ) (271,057 ) (226,860 ) Total assets 8,550,781 15,564 77,962 - 8,584 8,412 8,661,303 Depreciation 352,756 - 1,428 - - - 354,184 Interest expense 42,750 - - - - 887 43,637 Tax expense - - - - - - - Capital expenditures for long-lived assets $ 678,202 $ 15,350 $ 52,674 $ - $ - $ - $ 746,226 |
SCHEDULE OF REVENUE EARNED OVER
SCHEDULE OF REVENUE EARNED OVERTIME COMPARED TO A POINT IN TIME (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 3,909,893 | $ 3,014,887 |
Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 870,494 | |
Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 3,039,399 | $ 3,014,887 |
SCHEDULE OF CONTRACT ASSETS (De
SCHEDULE OF CONTRACT ASSETS (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Accounting Policies [Abstract] | ||
Costs incurred on contracts in progress | $ 920,618 | $ 425,634 |
Estimated earnings | 716,038 | 340,528 |
Revenue earned on contracts in progress | 1,636,656 | 766,162 |
Less: Billings to date | (1,215,558) | (518,852) |
Net contract assets | 421,098 | 247,310 |
Costs and estimated earnings in excess of billings on contracts in progress | 626,425 | 247,310 |
Billings in excess of costs and estimated earnings on contracts in progress | $ (205,327) |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation | $ (2,935,759) | $ (2,297,324) | |
Net book value | 12,663,467 | 13,301,902 | |
Depreciation | 638,435 | $ 354,184 | 1,781,573 |
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 13,835,929 | 13,835,929 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,563,797 | 1,563,797 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 199,500 | $ 199,500 |
SCHEDULE OF ANTI-DILUTIVE SECUR
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive loss per share | 14,699,212 | 14,705,879 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive loss per share | 11,385,877 | 11,392,544 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive loss per share | 3,313,335 | 3,313,335 |
BUSINESS OPERATIONS AND SUMMA_4
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) Segment | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Accounting Policies [Abstract] | |||
Contract receivables | $ 504,050 | $ 2,100,255 | |
Allowances for doubtful accounts receivable | 0 | $ 0 | |
Accounts receivable | 6,003,777 | 7,185,411 | |
Bad debt expense | 0 | $ 0 | |
Allowances for credit losses | $ 0 | $ 0 | |
Equipment estimated useful lives | 6 years | ||
Number of operating segments | Segment | 6 |
SCHEDULE OF RESTATEMENT ON THE
SCHEDULE OF RESTATEMENT ON THE BALANCE SHEET (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||||
Total Assets | $ 20,813,520 | $ 23,788,144 | $ 8,661,303 | |
Current Liabilities | ||||
Accounts payable | 1,706,394 | 3,714,014 | ||
Line of credit | 2,400,000 | 2,400,000 | ||
Current portion of long-term debt | 2,513,820 | 2,755,792 | ||
Contract liabilities | 205,327 | |||
Accrued expenses | 534,361 | 101,283 | ||
Total current liabilities | 7,359,902 | 8,971,089 | ||
Long-term Liabilities | ||||
Long-term debt, net of current portion | 5,095,940 | 5,250,027 | ||
Total long-term debt | 5,095,940 | 5,250,027 | ||
Total liabilities | 12,455,842 | 14,221,116 | ||
Stockholders’ Equity | ||||
Common stock, par value $0.001 per share; 1,000,000,000 shares authorized; 101,023,485 and 101,023,485 shares issued and outstanding, respectively | 101,023 | 101,023 | ||
Additional paid-in-capital | 56,552,294 | 56,547,804 | ||
Accumulated deficit | (48,295,639) | (47,081,799) | ||
Total stockholders’ equity | 8,357,678 | 9,567,028 | $ 2,712,583 | $ 2,939,443 |
Total Liabilities and Stockholders’ Equity | 20,813,520 | $ 23,788,144 | ||
Previously Reported [Member] | ||||
Assets | ||||
Total Assets | 20,813,520 | |||
Current Liabilities | ||||
Accounts payable | 1,706,394 | |||
Line of credit | 2,400,000 | |||
Current portion of long-term debt | 2,513,820 | |||
Contract liabilities | 205,327 | |||
Accrued expenses | 71,670 | |||
Total current liabilities | 6,897,211 | |||
Long-term Liabilities | ||||
Long-term debt, net of current portion | 5,095,940 | |||
Total long-term debt | 5,095,940 | |||
Total liabilities | 11,993,151 | |||
Stockholders’ Equity | ||||
Common stock, par value $0.001 per share; 1,000,000,000 shares authorized; 101,023,485 and 101,023,485 shares issued and outstanding, respectively | 101,023 | |||
Additional paid-in-capital | 56,552,294 | |||
Accumulated deficit | (47,832,948) | |||
Total stockholders’ equity | 8,820,369 | |||
Total Liabilities and Stockholders’ Equity | 20,813,520 | |||
Revision of Prior Period, Adjustment [Member] | ||||
Assets | ||||
Total Assets | ||||
Current Liabilities | ||||
Accounts payable | ||||
Line of credit | ||||
Current portion of long-term debt | ||||
Contract liabilities | ||||
Accrued expenses | 462,691 | |||
Total current liabilities | 462,691 | |||
Long-term Liabilities | ||||
Long-term debt, net of current portion | ||||
Total long-term debt | ||||
Total liabilities | 462,691 | |||
Stockholders’ Equity | ||||
Common stock, par value $0.001 per share; 1,000,000,000 shares authorized; 101,023,485 and 101,023,485 shares issued and outstanding, respectively | ||||
Additional paid-in-capital | ||||
Accumulated deficit | (462,691) | |||
Total stockholders’ equity | (462,691) | |||
Total Liabilities and Stockholders’ Equity | ||||
Restated [Member] | ||||
Assets | ||||
Total Assets | 20,813,520 | |||
Current Liabilities | ||||
Accounts payable | 1,706,394 | |||
Line of credit | 2,400,000 | |||
Current portion of long-term debt | 2,513,820 | |||
Contract liabilities | 205,327 | |||
Accrued expenses | 534,361 | |||
Total current liabilities | 7,359,902 | |||
Long-term Liabilities | ||||
Long-term debt, net of current portion | 5,095,940 | |||
Total long-term debt | 5,095,940 | |||
Total liabilities | 12,455,842 | |||
Stockholders’ Equity | ||||
Common stock, par value $0.001 per share; 1,000,000,000 shares authorized; 101,023,485 and 101,023,485 shares issued and outstanding, respectively | 101,023 | |||
Additional paid-in-capital | 56,552,294 | |||
Accumulated deficit | (48,295,639) | |||
Total stockholders’ equity | 8,357,678 | |||
Total Liabilities and Stockholders’ Equity | $ 20,813,520 |
SCHEDULE OF RESTATEMENT ON TH_2
SCHEDULE OF RESTATEMENT ON THE BALANCE SHEET (Details) (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Accounting Changes and Error Corrections [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 101,023,485 | 101,023,485 |
Common stock, shares outstanding | 101,023,485 | 101,023,485 |
SCHEDULE OF RESTATEMENT ON TH_3
SCHEDULE OF RESTATEMENT ON THE CONSOLIDATED STATEMENT OF OPERATION (UNAUDITED) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenues | $ 3,909,893 | $ 3,014,887 |
Cost of services | 3,891,039 | 2,365,885 |
Gross profit | 18,854 | 649,002 |
Operating expenses: | ||
General and administrative | 943,901 | 726,048 |
Research and development | 131,640 | 106,177 |
Total operating expenses | 1,075,541 | 832,225 |
Loss from operations | (1,056,687) | (183,223) |
Other income (expense): | ||
Other income | 18,105 | |
Interest expense | (175,258) | (43,637) |
Total other income (expense) | (157,153) | (43,637) |
Net loss | $ (1,213,840) | $ (226,860) |
Net loss per share - basic | $ (0.01) | $ 0 |
Net loss per share - diluted | $ (0.01) | $ 0 |
Previously Reported [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenues | $ 3,909,893 | |
Cost of services | 3,428,348 | |
Gross profit | 481,545 | |
Operating expenses: | ||
General and administrative | 943,901 | |
Research and development | 131,640 | |
Total operating expenses | 1,075,541 | |
Loss from operations | (593,996) | |
Other income (expense): | ||
Other income | 18,105 | |
Interest expense | (175,258) | |
Total other income (expense) | (157,153) | |
Net loss | (751,149) | |
Revision of Prior Period, Adjustment [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenues | ||
Cost of services | 462,691 | |
Gross profit | (462,691) | |
Operating expenses: | ||
General and administrative | ||
Research and development | ||
Total operating expenses | ||
Loss from operations | (462,691) | |
Other income (expense): | ||
Other income | ||
Interest expense | ||
Total other income (expense) | ||
Net loss | (462,691) | |
Restated [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Revenues | 3,909,893 | |
Cost of services | 3,891,039 | |
Gross profit | 18,854 | |
Operating expenses: | ||
General and administrative | 943,901 | |
Research and development | 131,640 | |
Total operating expenses | 1,075,541 | |
Loss from operations | (1,056,687) | |
Other income (expense): | ||
Other income | 18,105 | |
Interest expense | (175,258) | |
Total other income (expense) | (157,153) | |
Net loss | $ (1,213,840) |
SCHEDULE OF RESTATEMENT ON TH_4
SCHEDULE OF RESTATEMENT ON THE STATEMENT OF CASH FLOWS (UNAUDITED) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Cash flows from operating activities: | |||
Net loss | $ (1,213,840) | $ (226,860) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Fair value of vested stock options | 4,490 | ||
Depreciation | 638,435 | 354,184 | $ 1,781,573 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 1,181,634 | (252,147) | |
Contract assets | (379,115) | ||
Prepaid expenses and other current assets | 24,568 | ||
Accounts payable | (2,007,621) | 800,619 | |
Contract liabilities | 205,327 | ||
Accrued expenses | 433,077 | ||
Deposits | |||
Net cash provided by (used in) operating activities | (1,113,045) | 675,796 | |
Cash flows from investing activities: | |||
Equipment purchases | (746,226) | ||
Net cash used in investing activities | (746,226) | ||
Cash flows from financing activities: | |||
Net cash used in financing activities | (396,057) | (142,921) | |
Net decrease in cash and cash equivalents | (1,509,102) | (213,351) | |
Cash and cash equivalents - beginning of period | 2,176,800 | 442,369 | 442,369 |
Cash and cash equivalents - end of period | 667,698 | $ 229,018 | 2,176,800 |
Previously Reported [Member] | |||
Cash flows from operating activities: | |||
Net loss | (751,149) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Fair value of vested stock options | 4,490 | ||
Depreciation | 638,435 | ||
Changes in operating assets and liabilities: | |||
Accounts receivable | 1,181,634 | ||
Contract assets | (379,115) | ||
Prepaid expenses and other current assets | 24,568 | ||
Accounts payable | (2,007,621) | ||
Contract liabilities | 205,327 | ||
Accrued expenses | (29,614) | ||
Deposits | |||
Net cash provided by (used in) operating activities | (1,113,045) | ||
Cash flows from investing activities: | |||
Equipment purchases | |||
Net cash used in investing activities | |||
Cash flows from financing activities: | |||
Net cash used in financing activities | (396,057) | ||
Net decrease in cash and cash equivalents | (1,509,102) | ||
Cash and cash equivalents - beginning of period | 2,176,800 | ||
Cash and cash equivalents - end of period | 667,698 | 2,176,800 | |
Revision of Prior Period, Adjustment [Member] | |||
Cash flows from operating activities: | |||
Net loss | (462,691) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Fair value of vested stock options | |||
Depreciation | |||
Changes in operating assets and liabilities: | |||
Accounts receivable | |||
Contract assets | |||
Prepaid expenses and other current assets | |||
Accounts payable | |||
Contract liabilities | |||
Accrued expenses | 462,691 | ||
Net cash provided by (used in) operating activities | |||
Cash flows from investing activities: | |||
Equipment purchases | |||
Cash flows from financing activities: | |||
Net cash used in financing activities | |||
Net decrease in cash and cash equivalents | |||
Cash and cash equivalents - beginning of period | |||
Cash and cash equivalents - end of period | |||
Restated [Member] | |||
Cash flows from operating activities: | |||
Net loss | (1,213,840) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Fair value of vested stock options | 4,490 | ||
Depreciation | 638,435 | ||
Changes in operating assets and liabilities: | |||
Accounts receivable | 1,181,634 | ||
Contract assets | (379,115) | ||
Prepaid expenses and other current assets | 24,568 | ||
Accounts payable | (2,007,621) | ||
Contract liabilities | 205,327 | ||
Accrued expenses | 433,077 | ||
Deposits | |||
Net cash provided by (used in) operating activities | (1,113,045) | ||
Cash flows from investing activities: | |||
Equipment purchases | |||
Net cash used in investing activities | |||
Cash flows from financing activities: | |||
Net cash used in financing activities | (396,057) | ||
Net decrease in cash and cash equivalents | (1,509,102) | ||
Cash and cash equivalents - beginning of period | 2,176,800 | ||
Cash and cash equivalents - end of period | $ 667,698 | $ 2,176,800 |
SCHEDULE OF BUSINESS ACQUISITIO
SCHEDULE OF BUSINESS ACQUISITION ALLOCATION OF PURCHASE PRICE (Details) | 1 Months Ended | |
Aug. 31, 2023 USD ($) | Aug. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | ||
Equipment | $ 6,156,000 | $ 6,156,000 |
Land | 554,900 | 554,900 |
Buildings | 199,500 | 199,500 |
Total assets acquired | 6,910,400 | 6,910,400 |
Collins Building And Contracting [Member] | ||
Business Acquisition [Line Items] | ||
Less: Gain on bargain purchase price | (1,875,150) | |
Purchase price | 5,035,250 | |
Cash consideration | 1,000,000 | |
Total purchase price | 5,035,250 | |
Acquisition transaction costs incurred | $ 167,212 | 167,212 |
Range Reclamation Entities [Member] | ||
Business Acquisition [Line Items] | ||
Long-term notes issued to the seller | $ 4,035,250 |
ACQUISITION OF COLLINS BUILDI_3
ACQUISITION OF COLLINS BUILDING & CONTRACTING (Details Narrative) - USD ($) | 3 Months Ended | ||
Aug. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Business Acquisition [Line Items] | |||
Net loss | $ (1,213,840) | $ (226,860) | |
Collins Building And Contracting [Member] | |||
Business Acquisition [Line Items] | |||
Purchase gain recognized amount | $ 1,875,150 | ||
Revenues | 0 | ||
Net loss | $ 270,755 | ||
Separation Agreement [Member] | Collins Building And Contracting [Member] | |||
Business Acquisition [Line Items] | |||
Agreement, description | cash consideration of $1,000,000, (b) a five-year secured promissory note in the principal amount of $2,000,000, bearing interest at 7.0% per annum (the “First Promissory Note”), and (c) a two-year secured promissory note in the principal amount of $2,035,250, bearing interest at 8.25% per annum (the “Second Promissory Note”). |
SCHEDULE OF GOODWILL (Details)
SCHEDULE OF GOODWILL (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning Balance | $ 751,421 | $ 751,421 |
Acquisitions | ||
Adjustments | ||
Ending Balance | $ 751,421 | $ 751,421 |
GOODWILL (Details Narrative)
GOODWILL (Details Narrative) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 751,421 | $ 751,421 | $ 751,421 |
SUMMARY OF STOCK OPTION ACTIVIT
SUMMARY OF STOCK OPTION ACTIVITY (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Shares Outstanding, Balance | 11,392,544 |
Weighted Average Exercise Price, Outstanding Balance | $ / shares | $ 0.47 |
Shares, Granted | |
Weighted Average Exercise Price, Exercised | $ / shares | |
Shares, Exchanged | |
Weighted Average Exercise Price, Exchanged | $ / shares | |
Shares, Exercised | |
Shares, Expired | (6,667) |
Weighted Average Exercise Price, Expired | $ / shares | $ 4.70 |
Shares, Forfeited | |
Weighted Average Exercise Price, Forfeited | $ / shares | |
Shares Outstanding, Balance | 11,385,877 |
Weighted Average Exercise Price, Outstanding Balance | $ / shares | $ 0.46 |
Shares, Balance Exercisable | 11,185,877 |
Weighted Average Exercise Price, Balance Exercisable | $ / shares | $ 0.47 |
SCHEDULE OF STOCK OPTION OUTSTA
SCHEDULE OF STOCK OPTION OUTSTANDING (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 11,385,877 | 11,392,544 |
Weighted Average Exercise Price, Outstanding Balance | $ 0.46 | $ 0.47 |
Stock Options One [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 100,000 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.1337 | |
Weighted Average Exercise Price, Granted | $ 0.1337 | |
Stock Options Two [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 3,050,000 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.18 | |
Weighted Average Exercise Price, Granted | $ 0.18 | |
Stock Options Three [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 1,550,000 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.212 | |
Weighted Average Exercise Price, Granted | $ 0.212 | |
Stock Options Four [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 1,150,000 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.277 | |
Weighted Average Exercise Price, Granted | $ 0.277 | |
Stock Options Five [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 750,000 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.30 | |
Weighted Average Exercise Price, Granted | $ 0.30 | |
Stock Options Six [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 2,000,000 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.35 | |
Weighted Average Exercise Price, Granted | $ 0.35 | |
Stock Options Seven [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 1,664,542 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.50 | |
Stock Options Seven [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Granted | $ 0.50 | |
Stock Options Eight [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 128,000 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.96 | |
Weighted Average Exercise Price, Granted | $ 0.96 | |
Stock Options Nine [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 350,834 | |
Stock Options Nine [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding Balance | $ 1.50 | |
Weighted Average Exercise Price, Granted | 1.50 | |
Stock Options Nine [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding Balance | 1.95 | |
Weighted Average Exercise Price, Granted | $ 1.95 | |
Stock Options Ten [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 597,500 | |
Stock Options Ten [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding Balance | $ 2 | |
Weighted Average Exercise Price, Granted | 2 | |
Stock Options Ten [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding Balance | 2.79 | |
Weighted Average Exercise Price, Granted | $ 2.79 | |
Stock Options Eleven [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 33,334 | |
Stock Options Eleven [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding Balance | $ 3.10 | |
Weighted Average Exercise Price, Granted | 3.10 | |
Stock Options Eleven [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding Balance | 3.80 | |
Weighted Average Exercise Price, Granted | $ 3.80 | |
Stock Options Twelve [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 11,667 | |
Stock Options Twelve [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding Balance | $ 4 | |
Weighted Average Exercise Price, Granted | 4 | |
Stock Options Twelve [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding Balance | 4.20 | |
Weighted Average Exercise Price, Granted | $ 4.20 |
SCHEDULE OF STOCK OPTIONS OUTST
SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE (Details) | Mar. 31, 2024 $ / shares shares |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 11,185,877 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.47 |
Stock Options One [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 100,000 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.1337 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.1337 |
Stock Options Two [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 2,850,000 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.18 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.18 |
Stock Options Three [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 1,550,000 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.212 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.212 |
Stock Options Four [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 1,150,000 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.277 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.277 |
Stock Options Five [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 750,000 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.30 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.30 |
Stock Options Six [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 2,000,000 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.35 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.35 |
Stock Options Seven [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 1,664,542 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.50 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.50 |
Stock Options Eight [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 128,000 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.96 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.96 |
Stock Options Nine [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 350,834 |
Stock Options Nine [Member] | Minimum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 1.50 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | 1.50 |
Stock Options Nine [Member] | Maximum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted Average Exercise Price, Options Outstanding and exercisable | 1.95 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 1.95 |
Stock Options Ten [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 597,500 |
Stock Options Ten [Member] | Minimum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 2 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | 2 |
Stock Options Ten [Member] | Maximum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted Average Exercise Price, Options Outstanding and exercisable | 2.79 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 2.79 |
Stock Options Eleven [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 33,334 |
Stock Options Eleven [Member] | Minimum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 3.10 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | 3.10 |
Stock Options Eleven [Member] | Maximum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted Average Exercise Price, Options Outstanding and exercisable | 3.80 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 3.80 |
Stock Options Twelve [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 11,667 |
Stock Options Twelve [Member] | Minimum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 4 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | 4 |
Stock Options Twelve [Member] | Maximum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted Average Exercise Price, Options Outstanding and exercisable | 4.20 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 4.20 |
STOCK OPTIONS (Details Narrativ
STOCK OPTIONS (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Employee Benefits and Share-Based Compensation | $ 4,490 | $ 0 | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 17,960 | ||
Stock options outstanding | 11,385,877 | 11,392,544 | |
Stock options, intrinsic value | $ 1,133,480 | ||
Directors and Advisors and Employees [Member] | |||
Stock options granted | 0 | 0 |
SCHEDULE OF WARRANTS ACTIVITY (
SCHEDULE OF WARRANTS ACTIVITY (Details) - Warrant [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Number of Shares, Warrants Outstanding and Exercisable, Beginning Balance | shares | 3,313,335 |
Weighted Average Exercise Price, Warrants Outstanding and Exercisable, Beginning Balance | $ / shares | $ 0.66 |
Number of Shares, Warrants Granted | shares | |
Weighted Average Exercise Price, Warrants Outstanding, Granted | $ / shares | |
Number of Shares, Warrants Exercised | shares | |
Weighted Average Exercise Price, Warrants Outstanding, Exercised | $ / shares | |
Number of Shares, Warrants Expired | shares | |
Weighted Average Exercise Price, Warrants Outstanding, Expired | $ / shares | |
Number of Shares, Warrants Outstanding and Exercisable Ending | shares | 3,313,335 |
Weighted Average Exercise Price, Warrants Outstanding, Outstanding and Exercisable, Ending Balance | $ / shares | $ 0.66 |
WARRANTS (Details)
WARRANTS (Details) | Mar. 31, 2024 USD ($) shares |
Common Stock [Member] | |
Warrants outstanding | shares | 3,313,335 |
Warrant [Member] | |
Warrants intrinsic value | $ | $ 30,000 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) | Mar. 31, 2024 USD ($) |
Debt Disclosure [Abstract] | |
Notes payable outstanding | $ 0 |
LINE OF CREDIT (Details Narrati
LINE OF CREDIT (Details Narrative) - USD ($) | 1 Months Ended | ||||
Nov. 30, 2023 | Jun. 30, 2023 | Nov. 30, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000 | ||||
Line of credit maturity date | Nov. 30, 2024 | ||||
Bears interest percentage | 1% | ||||
Prime rate percentage | 9.50% | ||||
Line of credit | $ 1,000,000 | $ 1,000,000 | |||
Secured Debt [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000 | ||||
Line of credit maturity date | Dec. 31, 2024 | ||||
Prime rate percentage | 8.50% | ||||
Line of credit | $ 1,400,000 | $ 1,400,000 | |||
Loan increased amount | $ 1,400,000 |
SCHEDULE OF MATURITIES OF LONG
SCHEDULE OF MATURITIES OF LONG TERM DEBT (Details) | Mar. 31, 2024 USD ($) |
Equipment Financing [Member] | |
Short-Term Debt [Line Items] | |
2024 – due between April 1, 2024 and March 31, 2025 | $ 1,139,038 |
2025 – due between April 1, 2025 and March 31, 2026 | 971,776 |
2026 – due between April 1, 2026 and March 31, 2027 | 799,740 |
2027 – due between April 1, 2027 and March 31, 2028 | 784,521 |
2028 and later – due on April 1, 2028 and thereafter | 527,030 |
Total long-term debt | 4,222,105 |
Collins Promissory Notes [Member] | |
Short-Term Debt [Line Items] | |
2024 – due between April 1, 2024 and March 31, 2025 | 1,374,782 |
2025 – due between April 1, 2025 and March 31, 2026 | 924,611 |
2026 – due between April 1, 2026 and March 31, 2027 | 413,000 |
2027 – due between April 1, 2027 and March 31, 2028 | 442,375 |
2028 and later – due on April 1, 2028 and thereafter | 232,887 |
Total long-term debt | $ 3,387,655 |
LONG-TERM DEBT OBLIGATIONS (Det
LONG-TERM DEBT OBLIGATIONS (Details Narrative) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Debt Instrument [Line Items] | |
Long term debt, maturity description | mature between 2025 through 2029 |
Intrest rate | 9.50% |
First Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Principal amount | $ 2,000,000 |
Intrest rate | 7% |
Outstanding balance | $ 1,830,106 |
Second Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Principal amount | $ 2,035,250 |
Intrest rate | 8.25% |
Outstanding balance | $ 1,557,549 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Long term debt, interest rates | 3.69% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Long term debt, interest rates | 9.95% |
MAJOR CUSTOMER AND CONCENTRAT_2
MAJOR CUSTOMER AND CONCENTRATION OF CREDIT RISK (Details Narrative) - Customer Concentration Risk [Member] - Largest Customer [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Revenue Benchmark [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 67% | 70% |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 89% | 70% |
SCHEDULE OF FINANCIAL INFORMATI
SCHEDULE OF FINANCIAL INFORMATION OF REPORTABLE SEGMENT (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 3,909,893 | $ 3,014,887 | |
Gross profit | 18,854 | 649,002 | |
Net income (loss) | (1,213,840) | (226,860) | |
Assets | 20,813,520 | 8,661,303 | $ 23,788,144 |
Depreciation | 638,435 | 354,184 | $ 1,781,573 |
Interest expense | 175,258 | 43,637 | |
Tax expense | |||
Capital expenditures for long-lived assets | 746,226 | ||
Range Reclaim [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 1,505,983 | 2,988,487 | |
Gross profit | (579,683) | 638,579 | |
Net income (loss) | (1,046,372) | 186,643 | |
Assets | 13,090,077 | 8,550,781 | |
Depreciation | 634,905 | 352,756 | |
Interest expense | 92,978 | 42,750 | |
Tax expense | |||
Capital expenditures for long-lived assets | 678,202 | ||
Range Minerals [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 1,982,115 | ||
Gross profit | 336,812 | ||
Net income (loss) | 236,576 | ||
Assets | 5,487,595 | ||
Depreciation | |||
Interest expense | |||
Capital expenditures for long-lived assets | |||
Range Water [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | |||
Gross profit | |||
Net income (loss) | (33,582) | (19,164) | |
Assets | 13,219 | 15,564 | |
Depreciation | 640 | ||
Interest expense | |||
Tax expense | |||
Capital expenditures for long-lived assets | 15,350 | ||
Range Security [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 421,795 | 26,400 | |
Gross profit | 261,725 | 10,423 | |
Net income (loss) | 232,240 | (17,105) | |
Assets | 199,184 | 77,962 | |
Depreciation | 2,890 | 1,428 | |
Interest expense | |||
Tax expense | |||
Capital expenditures for long-lived assets | 52,674 | ||
Range Land [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | |||
Gross profit | |||
Net income (loss) | |||
Assets | 1,009,866 | ||
Depreciation | |||
Interest expense | |||
Tax expense | |||
Capital expenditures for long-lived assets | |||
Graphium Biosciences [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | |||
Gross profit | |||
Net income (loss) | (131,640) | (106,177) | |
Assets | 8,753 | 8,584 | |
Depreciation | |||
Interest expense | |||
Tax expense | |||
Capital expenditures for long-lived assets | |||
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | |||
Gross profit | |||
Net income (loss) | (471,062) | (271,057) | |
Assets | 1,004,826 | 8,412 | |
Depreciation | |||
Interest expense | 82,280 | 887 | |
Tax expense | |||
Capital expenditures for long-lived assets |
SEGMENT INFORMATION (Details Na
SEGMENT INFORMATION (Details Narrative) | 3 Months Ended |
Mar. 31, 2024 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 6 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | 1 Months Ended |
Apr. 30, 2024 shares | |
Subsequent Event [Member] | Common Stock [Member] | |
Subsequent Event [Line Items] | |
Issued options to purchase shares of an officer | 250,000 |