Basanite (BASA) 10-Q 22 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 19, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	000-53574
Entity Registrant Name	Basanite, Inc.
Entity Central Index Key	0001448705
Entity Tax Identification Number	20-4959207
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	2660 NW 15th Court
Entity Address, Address Line Two	Unit 108
Entity Address, City or Town	Pompano Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33069
City Area Code	(954)
Local Phone Number	532-4653
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		257,156,796

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash	$ 30,703	$ 30,340
Accounts receivable, net	68,202	67,960
Prepaid expenses	111,034	137,370
TOTAL CURRENT ASSETS	209,939	235,670
Lease right-of-use asset, financing	127,289	153,270
Fixed assets, net	498,174	530,238
TOTAL NON–CURRENT ASSETS	625,463	683,508
TOTAL ASSETS	835,402	919,178
CURRENT LIABILITIES
Accounts payable	1,853,361	1,713,045
Accrued expenses	556,563	438,870
Accrued legal liability	165,000	165,000
Subscription liability	1,300,000	1,300,000
Notes payable	299,458	304,243
Notes payable - related party	695,000	605,000
Notes payable - convertible - related party, net	2,144,357	2,144,357
Due to shareholders	505,000	505,000
Lease liability - current portion	94,530	93,186
TOTAL CURRENT LIABILITIES	7,613,269	7,268,701
Lease liability - net of current portion	32,759	56,915
TOTAL LIABILITIES	7,646,028	7,325,616
STOCKHOLDERS’ (DEFICIT) EQUITY
Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued and outstanding
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 253,217,402 and 253,217,402 shares issued and outstanding, respectively	253,218	253,218
Additional paid-in capital	47,497,620	47,433,354
Accumulated deficit	(54,561,464)	(54,093,010)
TOTAL STOCKHOLDERS’ (DEFICIT) EQUITY	(6,810,626)	(6,406,438)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 835,402	$ 919,178

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	253,217,402	253,217,402
Common stock, shares outstanding	253,217,402	253,217,402

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Products sales	$ 115,118	$ 258,289
Total cost of goods sold	19,751	585,811
Gross (loss) profit	95,367	(357,522)
OPERATING EXPENSES
Sales, general, and administrative	434,784	1,047,378
Total operating expenses	434,784	1,047,378
NET LOSS FROM OPERATIONS	(339,417)	(1,374,900)
OTHER INCOME (EXPENSE)
Interest expense	(129,037)	(145,761)
Total other income (expense)	(129,037)	(145,761)
NET LOSS	$ (468,454)	$ (1,520,661)
Net loss per share –
Basic	$ (0.002)	$ (0.006)
Diluted	$ (0.002)	$ (0.006)
Weighted average number of shares outstanding –
Basic	253,217,402	250,183,512
Diluted	253,217,402	250,183,512

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2021		$ 248,842	$ 46,054,126	$ (46,121,210)	$ 181,758
Beginning balance, shares at Dec. 31, 2021		248,840,144
Stock issued in private placement offering, net of cost of $50,409		$ 2,121	647,470		649,591
Stock issued in private placement offering, net of cost, shares		2,121,212
Stock issued for exercise options		$ 500	124,500		125,000
Stock issued for exercise options, shares		500,000
Stock issued to service provider		$ 300	57,600		57,900
Stock issued to service provider, shares		300,000
Warrants issued to management			169,565		169,565
Net loss				(1,520,661)	(1,520,661)
Ending balance, value at Mar. 31, 2022		$ 251,763	47,053,261	(47,641,871)	(336,847)
Ending balance, Shares at Mar. 31, 2022		251,761,356
Beginning balance, value at Dec. 31, 2022		$ 253,218	47,433,354	(52,642,392)	(6,406,438)
Beginning balance, shares at Dec. 31, 2022		253,217,402
Stock based compensation			64,266
Net loss				(468,454)	(2,299,422)
Ending balance, value at Mar. 31, 2023		$ 253,218	$ 47,497,620	$ (54,561,464)	$ (6,810,626)
Ending balance, Shares at Mar. 31, 2023		253,217,402

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) (Parenthetical)	3 Months Ended
	Mar. 31, 2022 USD ($)
Statement of Stockholders' Equity [Abstract]
Net of cost	$ 50,409

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (468,454)	$ (1,520,661)
Adjustments to reconcile net loss to net cash used in operating activities:
Lease right-of-use asset amortization	25,981	70,313
Depreciation	32,064	33,583
Stock-based compensation	64,226	229,223
Changes in operating assets and liabilities:
Prepaid expenses	26,336	8,551
Inventory		161,990
Accounts receivable	(242)	(19,998)
Deposits and other current assets		11,929
Accounts payable and accrued expenses	258,009	770,746
Subscription liability		400,000
Lease liability	(22,812)	(74,510)
Net cash used in operating activities	(84,852)	71,166
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment		(713,863)
Net cash used in investing activities		(713,863)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock, net		649,591
Proceeds from exercise of stock options		125,000
Proceeds from notes payable and notes payable related party	90,000
Repayments of notes payable and notes payable related party	(4,785)
Net cash provided by financing activities	85,215	774,591
NET INCREASE IN CASH	363	131,894
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	30,340	109,514
CASH AND CASH EQUIVALENTS AT END OF PERIOD	30,703	241,408
Supplemental cash flow information:
Cash paid for interest
Forgiveness of Paycheck Protection Program loan and accrued interest
Supplemental disclosure of non-cash investing and financing activities:
Common stock issued for services		$ 57,900

ORGANIZATION, NATURE OF BUSINES

ORGANIZATION, NATURE OF BUSINESS AND GOING CONCERN	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION, NATURE OF BUSINESS AND GOING CONCERN	NOTE 1 – ORGANIZATION, NATURE OF BUSINESS AND GOING CONCERN (A) Description of Business Basanite, Inc., a Nevada corporation (the “Company”, “Basanite”, “we”, “us”, “our” or similar terminology), through our wholly owned subsidiary, Basanite Industries, LLC, a Delaware limited liability company (“BI”), manufactures a range of “green” (environmentally friendly), sustainable, non-corrosive, lightweight, composite products used in concrete reinforcement by the construction industry. Our core product is BasaFlex™, a basalt fiber reinforced polymer reinforcing bar (“rebar”) which we believe is a stronger, lighter, sustainable, non-conductive and corrosion-proof alternative to traditional steel. Our two other main product lines are BasaMix™, which are fine denier basalt fibers available in various sizes, and BasaMesh™, a line of Basalt Geogrid Mesh Rolls, intended to replace welded wire mesh (made of steel) and other fiber reinforced polymer (“FRB”) grids and mesh. BasaMix™ is designed to help absorb the stresses associated with early-aged plastic shrinkage and settlement cracking in concrete, as well as providing an increased toughness for enhanced reinforcement in Slab-on-Grade ("SOG”) and precast elements. BasaMix™ also serves in a “system approach” for optimum performance of a concrete element when used in conjunction with our BasaFlex™ rebar. BasaMesh™ is designed for secondary and temperature shrinkage reinforcement. BasaMesh™ can also work in conjunction with the BasaFlex™ rebar or BasaMix™ for a total reinforcement program. Each of our products is specifically designed to extend the lifecycle of concrete products by eliminating “concrete spalling.” Spalling results from the steel reinforcing materials embedded within the concrete member rusting (contrary to popular belief, concrete is porous and water can permeate into concrete). Rusting leads to the steel expanding and eventually causing the surrounding concrete to delaminate, crack, or even break off, resulting in potential structural failure. We believe that each Basanite product addresses this important need along with other key requirements in today’s construction market. (B) Liquidity and Management Plans Since inception, the Company has incurred net operating losses and used cash in operations. As of March 31, 2023, and December 31, 2022, respectively, the Company reported: • an accumulated deficit of $ 54,561,464 54,093,010 • a working capital deficiency of $ 8,028,793 7,033,031 • cash used in operations of $ 84,852 71,166 Losses have principally occurred as a result of the substantial resources required for product research and development and for marketing of the Company’s products; including the general and administrative expenses associated with the organization. While we have generated relatively little revenue to date, revenue from sales of product began to increase in the quarter ended March 31, 2021, and we continue to receive inquiries and solicit orders from a range of customers for our products, indicating what we believe is a significant level of market interest for BasaFlex™. While the Company expects to expand its manufacturing capacity during 2023, based on our current limited manufacturing capacity there is no guarantee that orders will actually be received or that orders, if received, can be properly fulfilled. We have historically satisfied our working capital requirements through the sale of restricted common stock of the Company, $ 0.001 These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of these uncertainties. At March 31, 2023, the Company had cash of $ 30,703 30,340

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (A) Use of Estimates in Financial Statements The presentation 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 reporting period. Actual results could differ from those estimates. Stock-based compensation and stock awards related to convertible debt instruments are recognized based on the fair value of the awards granted. The fair value of each award or conversion feature is typically estimated on the grant date using the Black-Scholes pricing model. The Black-Scholes pricing model requires the input of highly subjective assumptions, including the fair value of the underlying Common Stock, the expected term of the option, the expected volatility of the price of our Common Stock, risk-free interest rates and the expected dividend yield of our Common Stock. The assumptions used to determine the fair value of the stock awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company used the Black Scholes valuation model to determine the fair value of the warrants and options issued, using the following key assumptions for the three months ended March 31, 2023 and 2022, respectively: Schedule of Fair Value Assumptions Three months Three months ended ended March 31, March 31, 2022 2021 Expected price volatility 176.23 % 145.76 % Risk-free interest rate 5.63 2.55 Expected life in years 5 5 Dividend yield — — (B) Principles of Consolidation The condensed consolidated financial statements include the accounts of Basanite, Inc. and its wholly owned subsidiaries, Basanite Industries, LLC and Basalt America, LLC. All intercompany balances have been eliminated in consolidation. The Company’s operations are conducted primarily through Basanite Industries, LLC. Basalt America, LLC is currently inactive. (C) Cash The Company considers all highly liquid temporary cash instruments with an original maturity of three months or less to be cash equivalents. The Company places its cash, cash equivalents and restricted cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company “("FDIC") up to $ 250,000 (D) Inventories The Company’s inventories consist of raw materials, work in process and finished goods, both purchased and manufactured. Inventories are stated at lower of cost or net realizable value. Cost is determined on the first-in, first-out basis. Raw materials inventory consists of basalt fiber and other necessary elements to produce the basalt rebar. On a quarterly basis, the Company analyzes its inventory levels and records allowances for inventory that has become obsolete and inventory that has a cost basis in excess of the expected net realizable value. The Company had no (E) Fixed assets Fixed assets consist of the following: Schedule of Fixed Assets March 31, December 31, 2023 2022 (Unaudited) Computer equipment $ 224,473 $ 224,473 Machinery 728,245 728,245 Leasehold improvements — — Office furniture and equipment 763 763 Land improvements — — Website development 2,500 2,500 Construction in process — — 943,701 943,701 Accumulated depreciation (346,527 ) (404,463 ) $ 498,174 $ 530,238 Depreciation expense for the three months ended March 31, 2023 was $ 32,064 33,583 (F) Deposits and other current assets The Company’s deposits and other current assets consist of the deposits made on equipment, security deposits, utility deposits and other receivables. The deposits are reclassified as part of the fixed asset cost when received and placed into service. (G) Loss Per Share The basic loss per share is calculated by dividing the Company's net loss available to common shareholders by the weighted average number of common shares during the period. The diluted loss per share is calculated by dividing the Company's net loss by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. The following are potentially dilutive shares not included in the loss per share computation: Schedule of Dilutive Shares Not Included in Loss Per Share Computation March 31, December 31, 2023 2022 (Unaudited) Options 1,477,778 1,477,778 Warrants 135,435,757 139,555,757 Convertible securities 8,016,068 8,016,068 Total 144,929,573 149,049,573 (H) Stock-Based Compensation The Company recognizes compensation costs to employees under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation – Stock Compensation. Under FASB ASC Topic 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the grant. The Company recognized $ 64,226 (I) Revenue Recognition We recognize revenue when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration we expected to be entitled to in exchange for those goods or services. The timing of revenue recognition largely is dependent on shipping terms. Revenue is recorded at the time of shipment for terms designated free on board (“FOB”) shipping point. For sales transactions designated FOB destination, revenue is recorded when the product is delivered to the customer’s delivery site. All revenues recognized are net of trade allowances, cash discounts, and sales returns. Trade allowances are based on the estimated obligations. Adjustments to earnings resulting from revisions to estimates on discounts and returns have been immaterial for each of the reported periods. Shipping and handling amounts billed to a customer as part of a sales transaction are included in revenues, and the related costs are included in cost of goods sold. Shipping and handling is treated as a fulfillment activity, rather than a promised service, and therefore is not considered a separate performance obligation. During the three months ended March 31, 2023 and 2022, the Company incurred shipping and handling costs in the amount of $ 6,340 8,355

OPERATING LEASE

OPERATING LEASE	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
OPERATING LEASE	NOTE 3 – OPERATING LEASE On January 18, 2019, the Company entered into an agreement to lease approximately 25,470 square feet of office and manufacturing space in Pompano Beach, Florida through March 2024. On March 25, 2019, the Company entered into an amendment to the agreement to increase the square footage of leased premises to 36,900 square feet, increasing the Company’s base rent obligation to be approximately $ 33,825 On December 31, 2022 the Company vacated the lease, as of this filing the Company has not entered into a new commercial lease for a manufacturing facility. The Company is actively engaged in a nation-wide search to secure a manufacturing facility. For the three months ended March 31, 2023 and 2022, the Company expensed $ 0 107,116

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTE 4 – NOTES PAYABLE Notes payable totaled $ 299,458 304,243 On March 31, 2022 the Company entered financing arrangements to finance the insurance premiums for its liability coverage. The financings have an interest rate of 9.40 0 3,245 On April 2, 2021, the Company issued a promissory note with an investor in exchange for $ 200,000 18 2,000,000 0.20 5 On April 9, 2021, the Company issued a promissory note with an investor in exchange for $ 50,000 18 500,000 0.20 5 On April 16, 2021, the Company issued a promissory note with an investor in exchange for $ 25,000 18 250,000 0.25 5 On April 16, 2021, the Company issued a promissory note with an investor in exchange for $ 20,000 18 200,000 0.25 5 During the three months ended March 31, 2022, the Company made principal payments in the amount of $ 0 Interest expense for the Company’s notes payable for the three months ended March 31, 2022 was $ 17,051 15,807 Accrued interest for the Company’s notes payable on March 31, 2023 and December 31, 2022 was $ 112,812 99,886

NOTES PAYABLE _ RELATED PARTY

NOTES PAYABLE – RELATED PARTY	3 Months Ended
	Mar. 31, 2023
Notes Payable Related Party
NOTES PAYABLE – RELATED PARTY	NOTE 5 – NOTES PAYABLE – RELATED PARTY Notes payable - related party totaled $ 695,000 605,000 On April 2, 2021, the Company issued a promissory note with Paul Sallarulo, a member of our Board of Directors, in exchange for $ 150,000 18 October 2, 2022 1,500,000 0.20 5 On April 2, 2021, the Company issued a promissory note with Michael V. Barbera, our Chairman of the Board, in exchange for $ 150,000 18 October 2, 2022 1,500,000 0.20 5 On August 31, 2022 the Company issued a promissory note to a board member in exchange for $ 37,000 10 August 31, 2023 On August 22, 2022 the Company issued a promissory note to a board member in exchange for $ 20,000 10 August 22, 2023 On August 22, 2022 the Company issued a promissory note to a board member in exchange for $ 5,000 10 August 22, 2023 On August 29, 2022 the Company issued a promissory note to a board member in exchange for $ 25,000 10 August 29, 2023 On August 29, 2022 the Company issued a promissory note to a board member in exchange for $ 10,000 10 August 29, 2023 On August 31, 2022 the Company issued a promissory note to a board member in exchange for $ 13,000 10 August 31, 2023 On September 9, 2022 the Company issued a promissory note to a board member in exchange for $ 60,000 10 August 16, 2023 On September 9, 2022 the Company issued a promissory note to a board member in exchange for $ 10,000 10 September 9, 2023 On September 9, 2022 the Company issued a promissory note to a strategic partner in exchange for $ 10,000 10 September 9, 2023 On September 9, 2022 the Company issued a promissory note to a strategic partner in exchange for $ 15,000 10 September 9, 2023 On September 9, 2022 the Company issued a promissory note to an investor and advisor to the board, in exchange for $ 15,000 10 September 9, 2023 On September 22, 2022 the Company issued a promissory note to a board member in exchange for $ 42,500 10 March 22, 2023 On September 22, 2022 the Company issued a promissory note to an investor and advisor to the board in exchange for $ 42,500 10 March 22, 2023 On February 14, 2023 the Company issued a promissory note to a board member in exchange for $ 10,000 20 February 14, 2024 On February 24, 2023 the Company issued a promissory note to a board member in exchange for $ 50,000 20 February 24, 2024 Interest expense for the Company’s notes payable – related party for the three months ended March 31, 2023 and 2022 was $ 23,599 15,560 139,900 116,300

NOTES PAYABLE _ CONVERTIBLE _ R

NOTES PAYABLE – CONVERTIBLE – RELATED PARTY	3 Months Ended
	Mar. 31, 2023
Notes Payable Convertible Related Party
NOTES PAYABLE – CONVERTIBLE – RELATED PARTY	NOTE 6 – NOTES PAYABLE – CONVERTIBLE – RELATED PARTY Convertible Notes payable – related party totaled $ 2,144,357 On August 3, 2020, the Company issued a secured convertible promissory note to certain investors in exchange for $ 1,000,000 20 750,000 On February 12, 2021, the Company exchanged the original debt for a newly issued amended and restated secured convertible promissory note with a new principal balance of $ 1,610,005 20 1,000,000 110,005 5 15,000,000 0.20 3,686,123 On May 12, 2021, the Company extended the debt for a newly issued amended and restated secured convertible promissory note with a new principal balance of $ 1,689,746 20 1,610,005 79,742 5 7,500,000 0.35 1,874,705 February 12, 2022 On September 15, 2022, the Company extended the debt for a newly issued amended and restated secured convertible promissory note with a new principal balance of $ 2,027,695 20 1,689,746 454,612 Interest expense for the Company’s convertible notes payable – related parties for the three months ended March 31, 2023, was $ 107,218 97,445 Accrued interest for the Company’s convertible notes payable – related parties on March 31, 2023 and December 31, 2022, was $ 237,085 129,867

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 7 – COMMITMENTS AND CONTINGENCIES The Company is the obligor under certain promissory notes that are currently past due (although formal events of default have not been declared). See notes 4 and 5. The Company is presently in default of its obligations under the terms of the Company’s private placement which closed in August 2021 to file a registration statement for an underwritten public offering and concurrently listing on a national stock exchange. As a result, the Company is required to pay liquidated damages in the amount of $ 53,345 480,000 On August 17, 2021, the Company conducted the closing of a private placement offering to accredited investors of the Company’s units at a price of $0.275 per unit, with each unit consisting of: (i) one share of the Company’s common stock, (ii) a five-year, immediately exercisable warrant (“Warrant A”) to purchase one share of common stock at an exercise price of $0.33 per share and (iii) an additional five-year, immediately exercisable warrant to purchase one share of common stock at an exercise price of $0.33 per share (“Warrant B”). The Warrant A and Warrant B are identical, except that the Warrant B has a call feature in favor of the Company, as defined in the offering agreements. In connection with the closing, the Company entered into definitive securities purchase agreements with 19 accredited investors and issued an aggregate of 19,398,144 shares of common stock, Warrant A to purchase up to an aggregate of 19,398,144 shares of common stock, and Warrant B to purchase up to an aggregate of 19,398,144 shares of Common Stock (for an aggregate of 38,796,288 Warrant Shares), for aggregate gross proceeds to the Company of approximately $5,334,490. Costs of the offering in the amount of $611,603 were charge to additional paid in capital. As of December 31, 2022 the Company also accrued the amount of $386,759 as liquidated damages due to the investors in the Company’s August 2021 private placement, such liquidated damages being related to the Company’s failure to timely file a registration statement on Form S-1 for an underwritten public offering and concurrent listing of the Common Stock on a national exchange.

STOCKHOLDERS_ DEFICIT

STOCKHOLDERS’ DEFICIT	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
STOCKHOLDERS’ DEFICIT	NOTE 8 – STOCKHOLDERS’ DEFICIT No activity for the period ended March 31, 2023.

OPTIONS AND WARRANTS

OPTIONS AND WARRANTS	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
OPTIONS AND WARRANTS	NOTE 9 – OPTIONS AND WARRANTS Stock Options: The following table provides the activity in options for the respective periods: Schedule of Option Activity Total Options Weighted Average Aggregate Intrinsic Outstanding Exercise Price Value Balance at January 1, 2022 4,227,778 0.33 $ — Issued (20,000,000 0.35 — Cancelled / Expired (750,000 ) 0.25 — Balance at December 31, 2022 1,477,778 $ 0.33 $ 6,898 Exercised — 0.27 — Cancelled / Expired — 0.27 — Balance at March 31, 2023 1,477,778 $ 0.27 $ — Options exercisable and outstanding at March 31, 2023 are as follows: Schedule of Options and Warrants Exercisable and Outstanding Weighted Average Remaining Range of Number Contractual Weighted Average Aggregate Exercise Prices Outstanding Life (Years) Exercise Price Intrinsic Value $ 0.01 0.50 1,477,778 2.83 $0.27 — During the three months ended March 31, 2023, options to acquire 500,000 0.25 Stock Warrants The following table provides the activity in warrants for the respective periods: Schedule of Warrants Activity Total Warrants Weighted Average Exercise Price Aggregate Intrinsic Value Balance at January 1, 2022 138,191,666 $ 0.29 $ 3,824,750 Granted 7,242,424 0.29 — Exercised (1,333,333 ) 0.29 — Cancelled 3,545,000 Balance at December 31, 2022 139,555,757 $ 0.29 $ 150,667 Granted — 0.29 — Balance at March 31, 2023 139,555,757 $ 0.29 $ 150,667 Warrants exercisable and outstanding at March 31, 2023 are as follows: Schedule of Warrants Exercisable and Outstanding Weighted Average Remaining Range of Number Contractual Weighted Average Aggregate Exercise Prices Outstanding Life (Years) Exercise Price Intrinsic Value $ 0.01 0.50 139,555,757 3.46 $ 0.29 $ 150,667 $ 0.51 1.00 — 0.85 $ 0.60 — 139,555,757 $ 150,667

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 10 – SUBSEQUENT EVENTS Thomas Richmond Services Agreement On April 6, 2023, the Board of Directors appointed Mr. Richmond and entered into an Employment Services Agreement to serve as the Acting Interim Chief Executive Officer of the Company. Michael Giorgio Services Agreement On April 6, 2023, the Board of Directors appointed Mr. Giorgio and entered into an Employment Services Agreement to serve as the Chief Growth Officer of the Company.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Use of Estimates in Financial Statements	(A) Use of Estimates in Financial Statements The presentation 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 reporting period. Actual results could differ from those estimates. Stock-based compensation and stock awards related to convertible debt instruments are recognized based on the fair value of the awards granted. The fair value of each award or conversion feature is typically estimated on the grant date using the Black-Scholes pricing model. The Black-Scholes pricing model requires the input of highly subjective assumptions, including the fair value of the underlying Common Stock, the expected term of the option, the expected volatility of the price of our Common Stock, risk-free interest rates and the expected dividend yield of our Common Stock. The assumptions used to determine the fair value of the stock awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company used the Black Scholes valuation model to determine the fair value of the warrants and options issued, using the following key assumptions for the three months ended March 31, 2023 and 2022, respectively: Schedule of Fair Value Assumptions Three months Three months ended ended March 31, March 31, 2022 2021 Expected price volatility 176.23 % 145.76 % Risk-free interest rate 5.63 2.55 Expected life in years 5 5 Dividend yield — —
Principles of Consolidation	(B) Principles of Consolidation The condensed consolidated financial statements include the accounts of Basanite, Inc. and its wholly owned subsidiaries, Basanite Industries, LLC and Basalt America, LLC. All intercompany balances have been eliminated in consolidation. The Company’s operations are conducted primarily through Basanite Industries, LLC. Basalt America, LLC is currently inactive.
Cash	(C) Cash The Company considers all highly liquid temporary cash instruments with an original maturity of three months or less to be cash equivalents. The Company places its cash, cash equivalents and restricted cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company “("FDIC") up to $ 250,000
Inventories	(D) Inventories The Company’s inventories consist of raw materials, work in process and finished goods, both purchased and manufactured. Inventories are stated at lower of cost or net realizable value. Cost is determined on the first-in, first-out basis. Raw materials inventory consists of basalt fiber and other necessary elements to produce the basalt rebar. On a quarterly basis, the Company analyzes its inventory levels and records allowances for inventory that has become obsolete and inventory that has a cost basis in excess of the expected net realizable value. The Company had no
Fixed assets	(E) Fixed assets Fixed assets consist of the following: Schedule of Fixed Assets March 31, December 31, 2023 2022 (Unaudited) Computer equipment $ 224,473 $ 224,473 Machinery 728,245 728,245 Leasehold improvements — — Office furniture and equipment 763 763 Land improvements — — Website development 2,500 2,500 Construction in process — — 943,701 943,701 Accumulated depreciation (346,527 ) (404,463 ) $ 498,174 $ 530,238 Depreciation expense for the three months ended March 31, 2023 was $ 32,064 33,583
Deposits and other current assets	(F) Deposits and other current assets The Company’s deposits and other current assets consist of the deposits made on equipment, security deposits, utility deposits and other receivables. The deposits are reclassified as part of the fixed asset cost when received and placed into service.
Loss Per Share	(G) Loss Per Share The basic loss per share is calculated by dividing the Company's net loss available to common shareholders by the weighted average number of common shares during the period. The diluted loss per share is calculated by dividing the Company's net loss by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. The following are potentially dilutive shares not included in the loss per share computation: Schedule of Dilutive Shares Not Included in Loss Per Share Computation March 31, December 31, 2023 2022 (Unaudited) Options 1,477,778 1,477,778 Warrants 135,435,757 139,555,757 Convertible securities 8,016,068 8,016,068 Total 144,929,573 149,049,573
Stock-Based Compensation	(H) Stock-Based Compensation The Company recognizes compensation costs to employees under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation – Stock Compensation. Under FASB ASC Topic 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the grant. The Company recognized $ 64,226
Revenue Recognition	(I) Revenue Recognition We recognize revenue when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration we expected to be entitled to in exchange for those goods or services. The timing of revenue recognition largely is dependent on shipping terms. Revenue is recorded at the time of shipment for terms designated free on board (“FOB”) shipping point. For sales transactions designated FOB destination, revenue is recorded when the product is delivered to the customer’s delivery site. All revenues recognized are net of trade allowances, cash discounts, and sales returns. Trade allowances are based on the estimated obligations. Adjustments to earnings resulting from revisions to estimates on discounts and returns have been immaterial for each of the reported periods. Shipping and handling amounts billed to a customer as part of a sales transaction are included in revenues, and the related costs are included in cost of goods sold. Shipping and handling is treated as a fulfillment activity, rather than a promised service, and therefore is not considered a separate performance obligation. During the three months ended March 31, 2023 and 2022, the Company incurred shipping and handling costs in the amount of $ 6,340 8,355

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Fair Value Assumptions	Schedule of Fair Value Assumptions Three months Three months ended ended March 31, March 31, 2022 2021 Expected price volatility 176.23 % 145.76 % Risk-free interest rate 5.63 2.55 Expected life in years 5 5 Dividend yield — —
Schedule of Fixed Assets	Schedule of Fixed Assets March 31, December 31, 2023 2022 (Unaudited) Computer equipment $ 224,473 $ 224,473 Machinery 728,245 728,245 Leasehold improvements — — Office furniture and equipment 763 763 Land improvements — — Website development 2,500 2,500 Construction in process — — 943,701 943,701 Accumulated depreciation (346,527 ) (404,463 ) $ 498,174 $ 530,238
Schedule of Dilutive Shares Not Included in Loss Per Share Computation	Schedule of Dilutive Shares Not Included in Loss Per Share Computation March 31, December 31, 2023 2022 (Unaudited) Options 1,477,778 1,477,778 Warrants 135,435,757 139,555,757 Convertible securities 8,016,068 8,016,068 Total 144,929,573 149,049,573

OPTIONS AND WARRANTS (Tables)

OPTIONS AND WARRANTS (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Option Activity	Schedule of Option Activity Total Options Weighted Average Aggregate Intrinsic Outstanding Exercise Price Value Balance at January 1, 2022 4,227,778 0.33 $ — Issued (20,000,000 0.35 — Cancelled / Expired (750,000 ) 0.25 — Balance at December 31, 2022 1,477,778 $ 0.33 $ 6,898 Exercised — 0.27 — Cancelled / Expired — 0.27 — Balance at March 31, 2023 1,477,778 $ 0.27 $ —
Schedule of Options and Warrants Exercisable and Outstanding	Schedule of Options and Warrants Exercisable and Outstanding Weighted Average Remaining Range of Number Contractual Weighted Average Aggregate Exercise Prices Outstanding Life (Years) Exercise Price Intrinsic Value $ 0.01 0.50 1,477,778 2.83 $0.27 —
Schedule of Warrants Activity	Schedule of Warrants Activity Total Warrants Weighted Average Exercise Price Aggregate Intrinsic Value Balance at January 1, 2022 138,191,666 $ 0.29 $ 3,824,750 Granted 7,242,424 0.29 — Exercised (1,333,333 ) 0.29 — Cancelled 3,545,000 Balance at December 31, 2022 139,555,757 $ 0.29 $ 150,667 Granted — 0.29 — Balance at March 31, 2023 139,555,757 $ 0.29 $ 150,667
Schedule of Warrants Exercisable and Outstanding	Schedule of Warrants Exercisable and Outstanding Weighted Average Remaining Range of Number Contractual Weighted Average Aggregate Exercise Prices Outstanding Life (Years) Exercise Price Intrinsic Value $ 0.01 0.50 139,555,757 3.46 $ 0.29 $ 150,667 $ 0.51 1.00 — 0.85 $ 0.60 — 139,555,757 $ 150,667

ORGANIZATION, NATURE OF BUSIN_2

ORGANIZATION, NATURE OF BUSINESS AND GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 54,561,464		$ 54,093,010
Working capital deficiency	8,028,793		7,033,031
Cash used in opeartions	84,852	$ (71,166)	(71,166)
Cash used in opeartions	$ (84,852)	$ 71,166	$ 71,166
Common Stock par value	$ 0.001		$ 0.001
Cash	$ 30,703		$ 30,340

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Fair Value Assumptions) (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Expected price volatility	176.23%	145.76%
Risk-free interest rate	5.63%	2.55%
Expected life in years	5 years	5 years
Dividend yield

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fixed assets) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 943,701	$ 943,701
Accumulated depreciation	(346,527)	(404,463)
Total fixed assets, net	498,174	530,238
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	224,473	224,473
Machinery [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	728,245	728,245
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	763	763
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets
Website Development [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	2,500	2,500
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Dilutive Shares Not Included in Loss Per Share Computation) (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in loss per share computation	144,929,573	149,049,573
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in loss per share computation	1,477,778	1,477,778
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in loss per share computation	135,435,757	139,555,757
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in loss per share computation	8,016,068	8,016,068

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Cash insured amount	$ 250,000
Inventory	0		$ 0
Depreciation expense	32,064	$ 33,583
Stock-based compensation	64,226	229,223
[custom:ShippingAndHandlingCosts]	$ 6,340	$ 8,355

OPERATING LEASE (Details Narrat

OPERATING LEASE (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 25, 2019	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Base rent obligation	$ 33,825
Operating lease rent expense		$ 0	$ 107,116

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)			1 Months Ended	3 Months Ended
	Apr. 09, 2021	Apr. 02, 2021	Apr. 16, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Feb. 14, 2023	Dec. 31, 2022	Sep. 22, 2022	Sep. 15, 2022	Sep. 09, 2022	Aug. 31, 2022	Aug. 29, 2022	Aug. 22, 2022
Offsetting Assets [Line Items]
Notes payable				$ 299,458				$ 304,243
Interest rate				9.40%
Debt balance				$ 0				3,245
Debt principal amount										$ 2,027,695
Interest rate										20%
Principal payments in the amount					$ 0
Interest expense					$ 17,051	$ 15,807
Accrued interest				$ 112,812				$ 99,886
Promissory Note [Member]
Offsetting Assets [Line Items]
Debt principal amount	$ 50,000	$ 200,000	$ 25,000				$ 10,000		$ 42,500		$ 60,000	$ 37,000	$ 25,000	$ 20,000
Interest rate	18%	18%	18%				20%		10%		10%	10%	10%	10%
Common stock warrants issued	500,000	2,000,000	250,000
Warrants exercise price	$ 0.20	$ 0.20	$ 0.25
Debt Instrument, Term	5 years	5 years
Warrant expire term			5 years
Promissory Note 1 [Member]
Offsetting Assets [Line Items]
Debt principal amount			$ 20,000				$ 50,000		$ 42,500		$ 10,000	$ 13,000	$ 10,000	$ 5,000
Interest rate			18%				20%		10%		10%	10%	10%	10%
Common stock warrants issued			200,000
Warrants exercise price			$ 0.25
Debt Instrument, Term			5 years

NOTES PAYABLE _ RELATED PARTY (

NOTES PAYABLE – RELATED PARTY (Details Narrative) - USD ($)

1 Months Ended

3 Months Ended

Sep. 09, 2022

Feb. 14, 2023

Sep. 22, 2022

Aug. 31, 2022

Aug. 29, 2022

Aug. 22, 2022

Apr. 02, 2021

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

Sep. 15, 2022

Dec. 31, 2021

Apr. 16, 2021

Apr. 09, 2021

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Notes payable - related party

$ 695,000

$ 695,000

$ 605,000

$ 605,000

Face amount

$ 2,027,695

Interest rate

20%

Interest expense

23,599

$ 15,560

Accrued interest

$ 139,900

$ 116,300

Promissory Note [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Face amount

$ 60,000

$ 10,000

$ 42,500

$ 37,000

$ 25,000

$ 20,000

$ 200,000

$ 25,000

$ 50,000

Interest rate

10%

20%

10%

10%

10%

10%

18%

18%

18%

Maturity date

Aug. 16, 2023

Feb. 14, 2024

Mar. 22, 2023

Aug. 31, 2023

Aug. 29, 2023

Aug. 22, 2023

Promissory Note 1 [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Face amount

$ 10,000

$ 50,000

$ 42,500

$ 13,000

$ 10,000

$ 5,000

$ 20,000

Interest rate

10%

20%

10%

10%

10%

10%

18%

Maturity date

Sep. 09, 2023

Feb. 24, 2024

Mar. 22, 2023

Aug. 31, 2023

Aug. 29, 2023

Aug. 22, 2023

Promissory Note 2 [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Face amount

$ 10,000

Interest rate

10%

Maturity date

Sep. 09, 2023

Promissory Note 3 [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Face amount

$ 15,000

Interest rate

10%

Maturity date

Sep. 09, 2023

Promissory Notes [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Face amount

$ 15,000

Interest rate

10%

Maturity date

Sep. 09, 2023

Paul Sallarulo [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Issuance of shares

1,500,000

Exercise price

$ 0.20

Maturity term

5 years

Paul Sallarulo [Member] | Promissory Note [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Face amount

$ 150,000

Interest rate

18%

Maturity date

Oct. 02, 2022

Michael V Barbera [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Issuance of shares

1,500,000

Exercise price

$ 0.20

Maturity term

5 years

Michael V Barbera [Member] | Promissory Note [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Face amount

$ 150,000

Interest rate

18%

Maturity date

Oct. 02, 2022

NOTES PAYABLE _ CONVERTIBLE __2

NOTES PAYABLE – CONVERTIBLE – RELATED PARTY (Details Narrative) - USD ($)				1 Months Ended	3 Months Ended
	May 12, 2021	Feb. 12, 2021	Aug. 03, 2020	Sep. 15, 2022	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2022
Short-Term Debt [Line Items]
Notes payable - convertible - related party								$ 2,144,357
Interest rate				20%
Debt principal amount				$ 2,027,695
Repayments of Convertible Debt				1,689,746
Accrued interest paid				$ 454,612
Interest expense						$ 17,051	$ 15,807
Accrued interest					$ 112,812			99,886
Convertible Note Payable [Member]
Short-Term Debt [Line Items]
Interest expense					107,218	$ 97,445
Secured Convertible Promissory Note Agreements With Related Party [Member]
Short-Term Debt [Line Items]
Amount of debt conversion			$ 1,000,000
Interest rate			20%
Secured Convertible Promissory Note Agreements With Related Party [Member] | Louis Demaio As Trustee [Member]
Short-Term Debt [Line Items]
Debt principal amount			$ 750,000
Convertible Promissory Note Investors [Member]
Short-Term Debt [Line Items]
Interest rate	20%	20%
Debt principal amount	$ 1,689,746	$ 1,610,005
Repayments of Convertible Debt	1,610,005	1,000,000
Accrued interest paid	$ 79,742	$ 110,005
Warrants term	5 years	5 years
Issued to the noteholders	7,500,000	15,000,000
Exercise price	$ 0.35	$ 0.20
Loss on extinguishment		$ 3,686,123
Gain on extinguishment of debt	$ 1,874,705
Maturity date	Feb. 12, 2022
Convertible Notes Payable Related Party [Member]
Short-Term Debt [Line Items]
Accrued interest					$ 237,085			$ 129,867

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Aug. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Liquidated damages	$ 480,000	$ 53,345
Definitive securities purchase agreements, description	the Company entered into definitive securities purchase agreements with 19 accredited investors and issued an aggregate of 19,398,144 shares of common stock, Warrant A to purchase up to an aggregate of 19,398,144 shares of common stock, and Warrant B to purchase up to an aggregate of 19,398,144 shares of Common Stock (for an aggregate of 38,796,288 Warrant Shares), for aggregate gross proceeds to the Company of approximately $5,334,490. Costs of the offering in the amount of $611,603 were charge to additional paid in capital. As of December 31, 2022 the Company also accrued the amount of $386,759 as liquidated damages due to the investors in the Company’s August 2021 private placement, such liquidated damages being related to the Company’s failure to timely file a registration statement on Form S-1 for an underwritten public offering and concurrent listing of the Common Stock on a national exchange.

OPTIONS AND WARRANTS (Activity

OPTIONS AND WARRANTS (Activity in Options and Warrants) (Details) - Equity Option [Member] - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Offsetting Assets [Line Items]
Options Outstanding, beginning	1,477,778	4,227,778
Weighted Average Exercise Price, beginning	$ 0.33	$ 0.33
Aggregate intrinsic value, beginning	$ 6,898
Issued		(20,000,000)
Weighted Average Exercise Price, issued		$ 0.35
Cancelled / Expired		(750,000)
Weighted Average Exercise Price, Cancelled	$ 0.27	$ 0.25
Exercised
Weighted Average Exercise Price, Exercised	$ 0.27
Options Outstanding, ending	1,477,778
Weighted Average Exercise Price, ending	$ 0.27

OPTIONS AND WARRANTS (Options a

OPTIONS AND WARRANTS (Options and Warrant Exercisable and Outstanding) (Details) - Equity Option [Member]	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Price Range One [Member]
Offsetting Assets [Line Items]
Range of Exercise Prices, Lower	$ 0.01
Range of Exercise Prices, Upper	$ 0.50
$0.01 - $0.50 [Member]
Offsetting Assets [Line Items]
Number Outstanding | shares	1,477,778
Weighted Average Remaining Contractual Life (Years)	2 years 9 months 29 days
Weighted Average Exercise Price	$ 0.27
Average Intrinsic Value | $

OPTIONS AND WARRANTS (Options_2

OPTIONS AND WARRANTS (Options and Warrants Exercisable and Outstanding) (Details) - Warrant [Member] - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options Outstanding, beginning	139,555,757	138,191,666
Weighted Average Exercise Price, beginning	$ 0.29	$ 0.29
Aggregate intrinsic value, beginning	$ 150,667	$ 3,824,750
Granted		7,242,424
Weighted Average Exercise Price, Granted	$ 0.29	$ 0.29
Warrant exercised		(1,333,333)
Weighted Average Exercise Price, Exercised		$ 0.29
Cancelled		3,545,000
Options Outstanding, ending	139,555,757
Weighted Average Exercise Price, ending	$ 0.29
Aggregate intrinsic value, ending	$ 150,667

OPTIONS AND WARRANTS (Warrant E

OPTIONS AND WARRANTS (Warrant Exercisable and Outstanding) (Details) - Warrant [Member]	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Defined Benefit Plan Disclosure [Line Items]
Number Outstanding | shares	139,555,757
Aggregate intrinsic value | $	$ 150,667
$0.01 - $0.50 [Member]
Defined Benefit Plan Disclosure [Line Items]
Range of Exercise Prices, Lower	$ 0.01
Range of Exercise Prices, Upper	$ 0.50
Number Outstanding | shares	139,555,757
Weighted Average Remaining Contractual Life (Years)	3 years 5 months 15 days
Weighted Average Exercise Price	$ 0.29
Aggregate intrinsic value | $	$ 150,667
$0.51 - $1.00 [Member]
Defined Benefit Plan Disclosure [Line Items]
Range of Exercise Prices, Lower	$ 0.51
Range of Exercise Prices, Upper	$ 1
Number Outstanding | shares
Weighted Average Remaining Contractual Life (Years)	10 months 6 days
Weighted Average Exercise Price	$ 0.60
Aggregate intrinsic value | $

OPTIONS AND WARRANTS (Details N

OPTIONS AND WARRANTS (Details Narrative) - Equity Option [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Offsetting Assets [Line Items]
Stock issued for cash, shares | shares	500,000
Price per unit | $ / shares	$ 0.25