Basanite (BASA) 10-Q 23 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 21, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
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	2041 NW 15th Avenue
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		248,520,598

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash	$ 77,400	$ 259,505
Accounts receivable, net	8,509	1,907
Inventory	678,159	446,575
Prepaid expenses	129,915	40,283
Deposits and other current assets	278,323	75,995
TOTAL CURRENT ASSETS	1,172,306	824,265
Lease right-of-use asset	881,666	1,004,167
Fixed assets, net	1,226,440	1,020,035
Total Long-Term Assets	2,108,106	2,024,202
TOTAL ASSETS	3,280,412	2,848,467
CURRENT LIABILITIES
Accounts payable	358,916	249,353
Accrued expenses	136,950	197,350
Accrued legal liability	503,286	809,127
Notes payable	787,412	128,021
Notes payable – related party	300,000	0
Notes payables - convertible, net	0	10,000
Notes payable - convertible - related party, net	1,689,746	1,025,000
Subscription liability		40,000
Lease liability - current portion	209,034	267,289
TOTAL CURRENT LIABILITIES	3,985,344	2,726,140
Lease liability - net of current portion	756,793	826,388
TOTAL LIABILITIES	4,742,137	3,552,528
STOCKHOLDERS’ DEFICIT
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, 228,522,454 and 224,836,785 shares issued and outstanding, respectively	228,523	224,838
Additional paid-in capital	36,943,818	28,714,488
Accumulated deficit	(38,634,066)	(29,643,387)
TOTAL STOCKHOLDERS' DEFICIT	(1,461,725)	(704,061)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 3,280,412	$ 2,848,467

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value per share	$ 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 per share	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	228,522,454	224,836,785
Common stock, shares outstanding	228,522,454	224,836,785

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue
Products Sales - Rebar	$ 15,549	$ 593	$ 19,685	$ 2,218
Total cost of goods sold	19,493	1,603	20,809	2,222
Gross loss	(3,944)	(1,010)	(1,124)	(4)
OPERATING EXPENSES
Professional fees	79,355	53,016	193,087	162,874
Payroll, taxes and benefits	300,683	162,455	554,798	399,886
Consulting	117,375	81,875	230,625	98,938
General and administrative	950,167	283,034	1,533,937	500,987
Total operating expenses	1,469,755	580,380	2,534,622	1,162,685
NET LOSS FROM OPERATIONS	(1,451,524)	(581,390)	(2,513,571)	(1,162,689)
OTHER INCOME (EXPENSE)
Gain on settlement of legal contingency	320,037		344,522
Miscellaneous income	3,116		3,116	70,817
Loss (gain) on extinguishment of debt	(3,056,892)	980	(6,743,015)	980
Loan forgiveness			124,143
Interest expense	(133,211)	(201,007)	(205,874)	(251,830)
Total other income (expense)	(2,866,950)	(200,027)	(6,477,108)	(180,033)
NET LOSS	$ (4,318,474)	$ (781,417)	$ (8,990,679)	$ (1,342,722)
Net loss per share – basic and diluted	$ (0.019)	$ (0.003)	$ (0.039)	$ (0.007)
Weighted average number of shares outstanding - basic and diluted	227,837,337	234,917,946	227,115,792	205,202,856

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, 2019		$ 200,736	$ 24,216,042	$ (25,444,056)	$ (1,027,278)
Beginning balance, Shares at Dec. 31, 2019		200,735,730
Net loss				(561,305)	(561,305)
Ending balance, value at Mar. 31, 2020		$ 200,736	24,216,042	(26,005,361)	(1,588,583)
Ending balance, Shares at Mar. 31, 2020		200,735,730
Beginning balance, value at Dec. 31, 2019		$ 200,736	24,216,042	(25,444,056)	(1,027,278)
Beginning balance, Shares at Dec. 31, 2019		200,735,730
Ending balance, value at Jun. 30, 2020		$ 208,602	25,459,900	(26,786,778)	(1,118,276)
Ending balance, Shares at Jun. 30, 2020		208,601,545
Beginning balance, value at Mar. 31, 2020		$ 200,736	24,216,042	(26,005,361)	(1,588,583)
Beginning balance, Shares at Mar. 31, 2020		200,735,730
Net loss				(781,417)	(781,417)
Stock issued for cash		$ 6,041	610,626		616,667
Stock issued for cash, shares		6,040,614
Return of shares issued as loan committee fee		$ (1,300)	(128,700)		(130,000)
Return of shares issued as loan committee fee, Shares		(1,300,000)
Convertible debt and debt discount		$ 3,125	761,932		765,057
Convertible debt and debt discount, Shares		3,125,201
Ending balance, value at Jun. 30, 2020		$ 208,602	25,459,900	(26,786,778)	(1,118,276)
Ending balance, Shares at Jun. 30, 2020		208,601,545
Beginning balance, value at Dec. 31, 2020		$ 224,838	28,714,488	(29,643,387)	(704,061)
Beginning balance, Shares at Dec. 31, 2020		224,836,785
Warrants exercised for cash		$ 1,000	122,500		123,500
Warrants exercised for cash, Shares		1,000,000
Stock-Based Compensation		$ 600	173,400		174,000
Stock-based compensation, shares		600,000
Net loss				(4,672,205)	(4,672,205)
Stock issued for cash		$ 450	89,550		90,000
Stock issued for cash, shares		450
Warrant Issued with Debt			3,686,123		3,686,123
Ending balance, value at Mar. 31, 2021		$ 226,888	32,786,061	(34,315,592)	(1,302,643)
Ending balance, Shares at Mar. 31, 2021		226,886,785
Beginning balance, value at Dec. 31, 2020		$ 224,838	28,714,488	(29,643,387)	(704,061)
Beginning balance, Shares at Dec. 31, 2020		224,836,785
Ending balance, value at Jun. 30, 2021		$ 228,523	36,943,818	(38,634,066)	(1,461,725)
Ending balance, Shares at Jun. 30, 2021		228,522,454
Beginning balance, value at Mar. 31, 2021		$ 226,888	32,786,061	(34,315,592)	(1,302,643)
Beginning balance, Shares at Mar. 31, 2021		226,886,785
Stock-Based Compensation		$ 900	554,625		555,525
Stock-based compensation, shares		900,000
Net loss				(4,318,474)	(4,318,474)
Stock issued for cash		$ 735	241,041		241,776
Stock issued for cash, shares		735,669
Warrant Issued with Debt			3,362,091		3,362,091
Ending balance, value at Jun. 30, 2021		$ 228,523	$ 36,943,818	$ (38,634,066)	$ (1,461,725)
Ending balance, Shares at Jun. 30, 2021		228,522,454

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (8,990,679)	$ (1,342,722)
Adjustments to reconcile net loss to net cash used in operating activities:
Lease right-of-use asset amortization	122,501	105,184
Depreciation	63,925	55,774
Amortization of debt discount		186,237
Gain on settlement of legal contingency	(344,522)
Loss (gain) on extinguishment of debt	6,743,015	(980)
Loan forgiveness	(124,143)
Stock-based compensation	729,525
Changes in operating assets and liabilities:
Prepaid expenses	(89,632)	(33,252)
Inventory	(231,584)	15,639
Accounts receivable	(208,930)
Other current assets		47,888
Accounts payable and accrued expenses	(203,873)	33,339
Subscription liability	(40,000)
Lease liability	(127,850)	(107,487)
Net cash used in operating activities	(2,294,501)	(1,040,380)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment	(270,330)	(59,377)
Net cash used in investing activities	(270,330)	(59,377)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	331,776	616,667
Proceeds from warrants exercised for cash	123,500
Repayment of convertible notes payable and convertible notes payable related party	(35,000)	(348,000)
Proceeds from notes payable and notes payable related party	1,391,194	266,727
Proceeds from convertible notes payable and convertible notes payable related party	579,741	585,000
Repayment of notes payable and notes payable related party	(8,485)	(33,306)
Net cash provided by financing activities	2,382,726	1,087,088
NET INCREASE (DECREASE) IN CASH	(182,105)	(12,669)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	259,505	129,152
CASH AND CASH EQUIVALENTS AT END OF PERIOD	77,400	116,483
Supplemental cash flow information:
Cash paid for interest	4,016	34,747
Forgiveness of Paycheck Protection Program loan and accrued interest	124,143
Supplemental disclosure of non cash investing and financing activities:
Return of loan commitment shares		(130,000)
Issuance of warrants for services	64,045
Recording of debt discount on convertible notes		685,000
Conversion of convertible notes payable into common stock		80,057
Conversion of note payable in exchange for warrants	$ 305,199

ORGANIZATION, NATURE OF BUSINES

ORGANIZATION, NATURE OF BUSINESS AND GOING CONCERN	6 Months Ended
	Jun. 30, 2021
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 chopped 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. We believe that the following attributes of BasaFlex™ provide it with a competitive advantage in the marketplace: · BasaFlex™ never corrodes · BasaFlex™ is sustainable: · BasaFlex™ is “green”: BasaFlex™ · BasaFlex™ has a lower in-place cost (B) Liquidity and Management Plan Since inception, the Company has incurred net operating losses and used cash in operations. As of June 30, 2021, and December 31, 2020, respectively, the Company reported: · an accumulated deficit of $ 38,634,066 29,643,387 · a working capital deficiency of $ 2,813,038 1,901,875 · cash used in operations of $ 2,294,501 2,799,499 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, we continue to receive inquiries from a range of customers for our products, indicating what we believe is a significant level of market interest for BasaFlex™. Some of these inquiries would be for very large potential orders for new, multi-year construction projects. Based on our current limited manufacturing capacity (which we plan to begin to expand with the net proceeds of our private placement offering described in note 13 below), these inquiries (if they lead to actual orders) would exceed our capability to deliver within the customer’s requested timeframe, and largely because of this, there is no guarantee that orders will actually be received. 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. Management believes that the actions presently being taken to obtain additional funding and implement its strategic plan provides the opportunity for the Company to continue as a going concern. At June 30, 2021, the Company had cash of $ 77,400 259,505

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
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 (B) Principles of Consolidation The 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 the lower of cost or net realizable value. Cost is determined on the first-in, first-out basis. Raw materials inventory consists primarily 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’s inventory at June 30, 2021 and December 31, 2020 was comprised of: Schedule of Inventory June 30, December 31, 2020 (Unaudited) Finished goods $ 575,360 $ 305,550 Work in process 23,932 35,286 Raw materials 78,867 105,739 Total inventory $ 678,159 $ 446,575 (E) Fixed assets Fixed assets consist of the following: Schedule of Fixed Assets June 30, December 31, 2020 (Unaudited) Computer equipment $ 117,141 $ 15,780 Machinery 686,237 667,536 Leasehold improvements 163,882 161,579 Office furniture and equipment 71,292 71,292 Land improvements 7,270 7,270 Website development 2,500 2,500 Construction in process 382,915 234,950 Total fixed assets 1,431,237 1,160,907 Accumulated depreciation (204,797 ) (140,872 ) Total fixed assets, net $ 1,226,440 $ 1,020,035 Depreciation expense for the three and six months ended June 30, 2021, was $ 32,216 63,925 29,947 55,774 (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 June 30, December 31, 2020 (Unaudited) Options 4,727,778 4,542,500 Warrants 78,620,378 38,920,378 Convertible shares 173,579,371 112,233,406 256,927,527 155,696,284 (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 entered into a consulting agreement with Bridgeview Capital on July 9, 2020 for strategic planning and financial markets services in exchange for shares of restricted common stock as compensation. The term of the agreement is for six months with the option for renewal quarterly. Upon execution of the agreement, 600,000 0.29 350,000 350,000 0.23 80,500 The Company entered into a consulting agreement with Seth Shaw on October 13, 2020 for strategic planning and financial markets services in exchange for shares of restricted common stock as compensation. The term of the agreement is for six months with the option for renewal quarterly. Upon execution of the agreement, no shares were due to be issued. If the Company agrees to renew each quarter, 250,000 250,000 0.23 57,500 The Company entered into a consulting agreement with Frederick Berndt on May 12, 2021 for capital markets advisory services in exchange for restricted warrants to purchase shares of common stock as compensation. The term of the agreement is for twelve months with the option for renewal for an additional six months as needed. If the Company agrees to renew every twelve months, 250,000 250,000 0.256 64,045 The Company entered into a consulting agreement with Integrous Communications on May 17, 2021 for investor communications services in exchange for shares of restricted common stock as compensation. The term of the agreement is for six months with the option for renewal for an additional six months as needed. If the Company agrees to renew every six months, 300,000 300,000 0.299 89,700 On May 20, 2021, the Company issued 777,778 0.27 160,857 5 160,857 On May 20, 2021, the Company issued 500,000 0.28 102,923 5 102,923 The Company recognized $ 729,525 81,563

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS Described below is a new accounting pronouncements issued or proposed by the FASB that has been adopted by the Company. Management does not believe this accounting pronouncement has had or will have a material impact on the Company’s consolidated financial position or operating results, except as disclosed below or in future filings of the Company. In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and other Options (Subtopic 70-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s instruments by removing major separation models required under current accounting principles generally accepted in the United States of America (“U.S. GAAP”). ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exceptions and also simplifies the diluted earnings per share calculation in certain areas. The standard is effective for public business entities, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years and interim periods within those fiscal years beginning after December 15, 2021. The Company early adopted this standard on January 1, 2021. By no longer recording embedded conversion features separately from the convertible debt instrument, and instead as a single liability, the Company’s financial statements reflect a more simplified view of convertible debt instruments and cash interest expense that is believed to be more relevant than an imputed interest expense that results from the separation of conversion features previously required by U.S. GAAP. The adoption of this standard had no material effect on the Company's condensed consolidated financial statements as of June 30, 2021.

OPERATING LEASE

OPERATING LEASE	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
OPERATING LEASE	NOTE 4 – 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 The right-of-use asset is composed of the sum of all remaining lease payments plus any initial direct costs and is amortized over the life of the expected lease term. For the expected term of the lease, the Company used the initial term of the five-year lease. If the Company does elect to exercise its option to extend the lease for another five years, that election will be treated as a lease modification and the lease will be reviewed for remeasurement. The future minimum lease payments to be made under the operating lease as of June 30, 2021, are: Schedule of Maturity of Operating Lease Liability 2021 $ 209,034 2022 427,484 2023 440,308 2024 110,888 Total minimum lease payments 1,187,714 Discount (221,887 ) Operating lease liability $ 965,827 Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company used the incremental borrowing rate based on the information available at the lease commencement date. As of June 30, 2021, the weighted-average remaining lease term is 3 15.0 107,117 107,595 214,036 215,183

NOTES PAYABLE _ CONVERTIBLE

NOTES PAYABLE – CONVERTIBLE	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
NOTES PAYABLE – CONVERTIBLE	NOTE 5 – NOTES PAYABLE – CONVERTIBLE Notes payable – convertible totaled $ 0 10,000 On August 3, 2020, the Company issued an unsecured convertible promissory note to an investor in exchange for $ 10,000 18 6 500,000 0.01 10,000 1,007 Interest expense for the Company’s convertible notes payable for the three and six months ended June 30, 2021 was $ 0 161 118,443 158,250 Accrued interest for the Company’s convertible notes payable on June 30, 2021 and December 31, 2020 was $ 0 760

NOTES PAYABLE _ CONVERTIBLE _ R

NOTES PAYABLE – CONVERTIBLE – RELATED PARTY	6 Months Ended
	Jun. 30, 2021
Notes Payable Convertible Related Party
NOTES PAYABLE – CONVERTIBLE – RELATED PARTY	NOTE 6 – NOTES PAYABLE – CONVERTIBLE – RELATED PARTY 1,689,746 1,025,000 On August 3, 2020, the Company issued a secured convertible promissory note to certain investors in exchange for $ 1,000,000 20 6 500,000 0.01 This note contains a negative covenant that requires the Company to obtain consent prior to incurring any additional equity or debt investments and is secured by all of the assets of the Company. The Richard A. LoRicco Sr. and Lucille M. LoRicco Irrevocable Insurance Trust DTD 4/28/95, Louis Demaio as Trustee (the “Trust”) is the holder of $ 750,000 Ronald J. LoRicco Sr. does not have voting or investment control of or power over the Trust but is an anticipated, partial beneficiary of the Trust. 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 3 1,000,000 110,005 15,000,000 5 0.20 3,686,136 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 9 1,610,005 79,742 7,500,000 5 0.35 1,874,705 84,605 151,521 74,029 Accrued interest for the Company’s convertible notes payable – related parties on June 30, 2021, and December 31, 2020, was $ 46,048 86,574

NOTES PAYABLE

NOTES PAYABLE	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTE 7 – NOTES PAYABLE Notes payable totaled $ 787,412 128,021 9.67 26,665 On February 25, 2021, the Company entered a promissory note agreement with its bank to memorialize a $ 165,747 1.0 On April 2, 2021, the Company issued a promissory note with an investor in exchange for $ 200,000 18 1 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 1 500,000 0.20 5 On April 16, 2021, the Company issued a promissory note with an investor, in exchange for $ 300,000 18 April 16, 2022 3,000,000 0.25 5 On April 16, 2021, the Company issued a promissory note with an investor in exchange for $ 25,000 18 1 250,000 0.25 5 On April 16, 2021, the Company issued a promissory note with an investor in exchange for $ 20,000 18 1 200,000 0.25 5 On April 16, 2021, the Company issued a promissory note with an investor in exchange for $ 300,000 18 1 3,000,000 0.25 5 On April 16, 2021, the Company issued a promissory note with an investor in exchange for $ 300,000 18 3,000,000 0.25 5 300,000 6,000,000 0.15 5 5,199 1,487,386 Interest expense for the Company’s notes payable for the three and six months ended June 30, 2021, was $ 29,802 30,177 2,025 3,986 Accrued interest for the Company’s notes payable on June 30, 2021, and December 31, 2020, was $ 24,540 0

NOTES PAYABLE - RELATED PARTY

NOTES PAYABLE - RELATED PARTY	6 Months Ended
	Jun. 30, 2021
Notes Payable - Related Party
NOTES PAYABLE - RELATED PARTY	NOTE 8 – NOTES PAYABLE - RELATED PARTY Notes payable - related party totaled $ 300,000 0 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 1 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 1 1,500,000 0.20 5 Interest expense for the Company’s notes payable – related party for the three and six months ended June 30, 2021, was $ 13,335 364 2,455 Accrued interest for the Company’s notes payable - related party on June 30, 2021, and December 31, 2020, was $ 13,335 0

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 9 – COMMITMENTS AND CONTINGENCIES Supplier Agreement MEP Consulting Engineers, Inc. On July 23, 2020, the Company entered into an Exclusive Supplier Agreement with MEP Consulting Engineers, Inc. (“MEP”) of Miami, Florida. MEP engaged the Company as its sole and exclusive supplier and producer of basalt fiber reinforced polymer (“BFRP”) rebar, with the intent of developing a proprietary rebar to be named “Hurricane Bar.” The agreement also provides MEP with exclusive distribution rights to the Company’s BasaFlex™ BFRP rebar and other Company products in Miami-Dade County. The agreement is targeting substantial volumes of South Florida construction projects in the works, which is expected to generate material revenues over the 5 5,000,000 5 The Company did not produce product under this contract for the period ending June 30, 2021. CR Business Consultants, Inc On October 22, 2020, the Company entered into an Exclusive Supplier Agreement with CR Business Consultants, Inc. (“CRBC”). CRBC agreed to utilize the Company as its exclusive supplier for all Company products, and the Company has granted CRBC exclusive distribution rights of the Company’s products in the Republic of Costa Rica and the Republic of Panama. Furthermore, CRBC has key relationships that could be a source of additional customers for the Company in other territories with no geographic restrictions. The agreement is targeting multiple large projects in Costa Rica, to include the rebuilding of the Port of Limon, which Basanite has been specified. The recognized construction projects are expected to produce material revenues over the 5 5,000,000 5 The Company did not produce product under this contract for the period ending June 30, 2021. Legal Matters In the ordinary course of operations, the Company may become a party to legal proceedings. Based upon information currently available, management believes that such legal proceedings, individually or in the aggregate, will not have a material adverse effect on the Company's business, financial condition, cash flows, or results of operations except as provided below. CalSTRS Judgement On March 31, 2014, the Company received a “Notice of Default” letter from legal counsel representing the California State Teachers Retirement System (“CalSTRS”) (the landlord for the Company’s office space) alerting that the Company was in default of its lease for failure to pay monthly rent for the office space located at 2400 East Commercial Boulevard, Suite 612, Fort Lauderdale, Florida 33304. The letter demanded immediate payment of $ 41,937 376,424 12,442 388,866 4.75 114,419 105,260 RAW Materials Litigation On or about August 28, 2018, Raw Energy Materials Corp. (“Raw Energy”) filed an action for declaratory relief and breach of contract in Broward County, Florida, in the 17 th A mediation was scheduled on March 4, 2021, which resulted in an impasse. Negotiations were continued, and on April 14, 2021, Basanite, Inc. entered into a settlement and release agreement with RAW, LLC (“RAW”), Donald R. Smith, YellowTurtle and Elina B. Jenkins among others. The settlement agreement provides for, among other things, the following: (i) a dismissal of the legal action as to the above-referenced parties and their owners, agents, affiliated companies, successors and assigns, having Case Number 18-020596 (21) in the Seventeenth Judicial Circuit Court in and for Broward County, Florida (the “Litigation”) upon the Company’s timely purchase of the shares as set forth in the next paragraph below and (ii) mutual general releases for the above-referenced parties relating to the Litigation upon the Company’s timely purchase of the shares as set forth in the next paragraph below. Simultaneously with the execution of the settlement agreement settling the litigation in full and release of all claims among the parties, the Company entered into stock purchase agreements with both RAW and YellowTurtle to repurchase the 10,000,000 1,212,121 6,500,000 787,879 2,000,000 320,037

STOCKHOLDERS_ DEFICIT

STOCKHOLDERS’ DEFICIT	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
STOCKHOLDERS’ DEFICIT	NOTE 10 – STOCKHOLDERS’ DEFICIT On May 21, 2021, the Company converted a $ 300,000 6,000,000 1,487,386 On June 10, 2021, 600,000 138,000 On June 10, 2021, 300,000 89,700 The Company issued 735,669 1,185,669 241,776 331,776 6,040,614 616,667

OPTIONS AND WARRANTS

OPTIONS AND WARRANTS	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
OPTIONS AND WARRANTS	NOTE 11 – OPTIONS AND WARRANTS Stock Options: The following table summarizes all option grants outstanding to consultants, directors, and employees as of June 30, 2021, and December 31, 2020, and the related changes during these periods are presented below. Schedule of Summary of Options and Warrants Assumptions to Estimate Fair Value of Options Granted June 30, December 31, Options outstanding and exercisable 4,727,778 4,542,500 Weighted-average exercise price $ 0.36 $ 0.41 Aggregate intrinsic value $ 579,494 118,148 Weighted-average remaining contractual term (years) 4.19 3.86 The Company uses the “straight-line” attribution method for allocating compensation costs of each stock option over the requisite service period using the Black-Scholes Option Pricing Model to calculate the grant date fair value. During the six months ended June 30, 2021, 1,092,500 1,277,778 Stock Warrants: The following table summarizes all warrant grants outstanding to consultants, directors and employees as well as investors as of June 30, 2021, and December 31, 2020, and the related changes during these periods are presented below. Schedule of Summary of Options and Warrants Assumptions to Estimate Fair Value of Options Granted June 30, December 31, Warrants outstanding and exercisable 78,620,378 38,920,378 Weighted-average exercise price $ 0.25 $ 0.27 Aggregate intrinsic value $ 15,067,991 $ 2,973,660 Weighted-average remaining contractual term (years) 3.86 3.37 During the six months ended June 30, 2021, 40,700,000 5 1,000,000 During the three months ended June 30, 2021, and 2020, total stock-based compensation expense amounted to $ 482,953 0 During the six months ended June 30, 2021, and 2020, total stock-based compensation expense amounted to $ 647,963 0

RELATED PARTIES

RELATED PARTIES	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTIES	NOTE 12 – RELATED PARTIES In addition to those transactions discussed in Notes 5 and 7, the Company had the following related party transactions. Issuance of notes payable - related parties, totaling $ 100,000

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 13 – SUBSEQUENT EVENTS On July 7, 2021, the Company issued a promissory note with an entity managed by Ronald J. LoRicco, Sr., a member of our Board of Directors, in exchange for $ 50,000 10 July 23, 2021 On July 7, 2021, the Company issued a promissory note with Michael V. Barbera, our Chairman of the Board, in exchange for $ 50,000 10 July 23, 2021 On July 9, 2021, 600,000 On July 15, 2021, the Company issued a promissory note with David Anderson, our Chief Operating Officer, in exchange for $ 20,000 10 July 23, 2021 August 18, 2021 On July 26, 2021, the Company issued a promissory note with David Anderson, our Chief Operating Officer, in exchange for $ 30,500 10 August 2, 2021 On July 27, 2021, the Company issued a promissory note with Simon Kay, our Interim Acting Chief Executive Officer and Principal Financial Officer, in exchange for $ 10,000 10 August 3, 2021 On August 17, 2021, the Company conducted the closing (the “Closing”) of a private placement offering to accredited investors (the “Offering”) of the Company’s units (the “Units”) at a price of $0.275 per Unit, with each Unit consisting of: (i) one (1) share of the Company’s common stock, (ii) a five-year, immediately exercisable warrant (“Warrant A”) to purchase one (1) share of common stock at an exercise price of $0.33 per share (“Exercise Price”) and (iii) an additional five-year, immediately exercisable warrant to purchase one (1) share of common stock at the Exercise Price (“Warrant B”). The Warrant A and Warrant B are identical, except that the Warrant B has a call feature in favor of the Company. In connection with the Closing, the Company entered into definitive securities purchase agreements with 17 accredited investors and issued an aggregate of 19,398,144 5,334,490 The net proceeds of the Offering (approximately $ 4,770,000

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
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
Principles of Consolidation	(B) Principles of Consolidation The 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 the lower of cost or net realizable value. Cost is determined on the first-in, first-out basis. Raw materials inventory consists primarily 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’s inventory at June 30, 2021 and December 31, 2020 was comprised of: Schedule of Inventory June 30, December 31, 2020 (Unaudited) Finished goods $ 575,360 $ 305,550 Work in process 23,932 35,286 Raw materials 78,867 105,739 Total inventory $ 678,159 $ 446,575
Fixed assets	(E) Fixed assets Fixed assets consist of the following: Schedule of Fixed Assets June 30, December 31, 2020 (Unaudited) Computer equipment $ 117,141 $ 15,780 Machinery 686,237 667,536 Leasehold improvements 163,882 161,579 Office furniture and equipment 71,292 71,292 Land improvements 7,270 7,270 Website development 2,500 2,500 Construction in process 382,915 234,950 Total fixed assets 1,431,237 1,160,907 Accumulated depreciation (204,797 ) (140,872 ) Total fixed assets, net $ 1,226,440 $ 1,020,035 Depreciation expense for the three and six months ended June 30, 2021, was $ 32,216 63,925 29,947 55,774
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 June 30, December 31, 2020 (Unaudited) Options 4,727,778 4,542,500 Warrants 78,620,378 38,920,378 Convertible shares 173,579,371 112,233,406 256,927,527 155,696,284
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 entered into a consulting agreement with Bridgeview Capital on July 9, 2020 for strategic planning and financial markets services in exchange for shares of restricted common stock as compensation. The term of the agreement is for six months with the option for renewal quarterly. Upon execution of the agreement, 600,000 0.29 350,000 350,000 0.23 80,500 The Company entered into a consulting agreement with Seth Shaw on October 13, 2020 for strategic planning and financial markets services in exchange for shares of restricted common stock as compensation. The term of the agreement is for six months with the option for renewal quarterly. Upon execution of the agreement, no shares were due to be issued. If the Company agrees to renew each quarter, 250,000 250,000 0.23 57,500 The Company entered into a consulting agreement with Frederick Berndt on May 12, 2021 for capital markets advisory services in exchange for restricted warrants to purchase shares of common stock as compensation. The term of the agreement is for twelve months with the option for renewal for an additional six months as needed. If the Company agrees to renew every twelve months, 250,000 250,000 0.256 64,045 The Company entered into a consulting agreement with Integrous Communications on May 17, 2021 for investor communications services in exchange for shares of restricted common stock as compensation. The term of the agreement is for six months with the option for renewal for an additional six months as needed. If the Company agrees to renew every six months, 300,000 300,000 0.299 89,700 On May 20, 2021, the Company issued 777,778 0.27 160,857 5 160,857 On May 20, 2021, the Company issued 500,000 0.28 102,923 5 102,923 The Company recognized $ 729,525 81,563

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of Inventory	Schedule of Inventory June 30, December 31, 2020 (Unaudited) Finished goods $ 575,360 $ 305,550 Work in process 23,932 35,286 Raw materials 78,867 105,739 Total inventory $ 678,159 $ 446,575
Schedule of Fixed Assets	Schedule of Fixed Assets June 30, December 31, 2020 (Unaudited) Computer equipment $ 117,141 $ 15,780 Machinery 686,237 667,536 Leasehold improvements 163,882 161,579 Office furniture and equipment 71,292 71,292 Land improvements 7,270 7,270 Website development 2,500 2,500 Construction in process 382,915 234,950 Total fixed assets 1,431,237 1,160,907 Accumulated depreciation (204,797 ) (140,872 ) Total fixed assets, net $ 1,226,440 $ 1,020,035
Schedule of Dilutive Shares Not Included in Loss Per Share Computation	Schedule of Dilutive Shares Not Included in Loss Per Share Computation June 30, December 31, 2020 (Unaudited) Options 4,727,778 4,542,500 Warrants 78,620,378 38,920,378 Convertible shares 173,579,371 112,233,406 256,927,527 155,696,284

OPERATING LEASE (Tables)

OPERATING LEASE (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of Maturity of Operating Lease Liability	Schedule of Maturity of Operating Lease Liability 2021 $ 209,034 2022 427,484 2023 440,308 2024 110,888 Total minimum lease payments 1,187,714 Discount (221,887 ) Operating lease liability $ 965,827

OPTIONS AND WARRANTS (Tables)

OPTIONS AND WARRANTS (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Summary of Options and Warrants Assumptions to Estimate Fair Value of Options Granted	Schedule of Summary of Options and Warrants Assumptions to Estimate Fair Value of Options Granted June 30, December 31, Options outstanding and exercisable 4,727,778 4,542,500 Weighted-average exercise price $ 0.36 $ 0.41 Aggregate intrinsic value $ 579,494 118,148 Weighted-average remaining contractual term (years) 4.19 3.86
Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Summary of Options and Warrants Assumptions to Estimate Fair Value of Options Granted	Schedule of Summary of Options and Warrants Assumptions to Estimate Fair Value of Options Granted June 30, December 31, Warrants outstanding and exercisable 78,620,378 38,920,378 Weighted-average exercise price $ 0.25 $ 0.27 Aggregate intrinsic value $ 15,067,991 $ 2,973,660 Weighted-average remaining contractual term (years) 3.86 3.37

ORGANIZATION, NATURE OF BUSIN_2

ORGANIZATION, NATURE OF BUSINESS AND GOING CONCERN (Details Narrative) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 38,634,066		$ 29,643,387
Working capital deficiency	2,813,038		1,901,875
Net Cash Provided by (Used in) Operating Activities	2,294,501	$ 1,040,380	(2,799,499)
Net Cash Provided by (Used in) Operating Activities	(2,294,501)	$ (1,040,380)	2,799,499
Cash	$ 77,400		$ 259,505

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Inventory) (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Finished goods	$ 575,360	$ 305,550
Work in process	23,932	35,286
Raw materials	78,867	105,739
Total inventory	$ 678,159	$ 446,575

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fixed assets) (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 1,431,237	$ 1,160,907
Accumulated depreciation	(204,797)	(140,872)
Total fixed assets, net	1,226,440	1,020,035
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	117,141	15,780
Machinery [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	686,237	667,536
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	163,882	161,579
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	71,292	71,292
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	7,270	7,270
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	$ 382,915	$ 234,950

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Dilutive Shares Not Included in Loss Per Share Computation) (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in loss per share computation	256,927,527	155,696,284
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in loss per share computation	4,727,778	4,542,500
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in loss per share computation	78,620,378	38,920,378
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in loss per share computation	173,579,371	112,233,406

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Jul. 09, 2021	Jun. 10, 2021	May 12, 2021	Jan. 09, 2021	May 20, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	May 17, 2021	Oct. 13, 2020	Jul. 09, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash insured amount						$ 250,000		$ 250,000
Depreciation expense						$ 32,216	$ 29,947	63,925	$ 55,774
Stock compensation expense								729,525
Consulting Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares due			250,000							300,000	250,000	600,000
Fair falue of shares				$ 0.23								$ 0.29
Shares to be issued												350,000
Restricted common shares issued	350,000
Fair value of restricted common shares issued	$ 80,500
Stock compensation expense								$ 81,563
Consulting Agreement 1 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair falue of shares		$ 0.299	$ 0.256	$ 0.23
Restricted common shares issued		300,000	250,000	250,000
Fair value of restricted common shares issued		$ 89,700	$ 64,045	$ 57,500
Options [Member] | Chairman [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share option issued					777,778
Strike price					$ 0.27
Grant date fair value of the options					$ 160,857
Options expire					5 years
Stock compensation expense					$ 160,857
Options [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share option issued					500,000
Strike price					$ 0.28
Grant date fair value of the options					$ 102,923
Options expire					5 years
Stock compensation expense					$ 102,923

OPERATING LEASE (Schedule of Fu

OPERATING LEASE (Schedule of Future Minimum Lease Payments under Operating Lease) (Details)	Jun. 30, 2021USD ($)
Leases [Abstract]
2021	$ 209,034
2022	427,484
2023	440,308
2024	110,888
Total minimum lease payments	1,187,714
Discount	(221,887)
Operating lease liability	$ 965,827

OPERATING LEASE (Details Narrat

OPERATING LEASE (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 25, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Base rent obligation	$ 33,825
Lease term		3 years		3 years
Weighted average discount rate		15.00%		15.00%
Operating lease rent expense		$ 107,117	$ 107,595	$ 214,036	$ 215,183

NOTES PAYABLE _ CONVERTIBLE (De

NOTES PAYABLE – CONVERTIBLE (Details Narrative) - USD ($)	Aug. 03, 2020	Feb. 16, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Short-term Debt [Line Items]
Note payable - convertible			$ 0		$ 0		$ 10,000
Proceeds from convertible debt					579,741	$ 585,000
Repayments of convertible debt					35,000	348,000
Convertible Notes Payable [Member]
Short-term Debt [Line Items]
Interest expense			0	$ 118,443	161	$ 158,250
Accrued interest			$ 0		$ 0		$ 760
Unsecured Convertible Promissory Note With Investor [Member]
Short-term Debt [Line Items]
Amount of debt conversion	$ 10,000
Interest rate	18.00%
Debt Instrument, Term	6 months
Proceeds from convertible debt	$ 500,000
Conversion price	$ 0.01
Repayments of convertible debt		$ 10,000
Accrued interest paid		$ 1,007

NOTES PAYABLE _ CONVERTIBLE __2

NOTES PAYABLE – CONVERTIBLE – RELATED PARTY (Details Narrative) - USD ($)	May 12, 2021	Feb. 12, 2021	Aug. 03, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule of Capitalization, Long-term Debt [Line Items]
Notes payable - convertible - related party				$ 1,689,746		$ 1,689,746		$ 1,025,000
Proceeds from convertible debt						579,741	$ 585,000
Repayments of Convertible Debt						$ 35,000	348,000
Warrants Term						5 years
Gain (Loss) on Extinguishment of Debt				(3,056,892)	$ 980	$ (6,743,015)	980
Convertible Promissory Note Investors [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Amount of debt conversion			$ 1,000,000
Interest rate	20.00%	20.00%	20.00%
Debt Instrument, Term	9 months	3 months	6 months
Proceeds from convertible debt			$ 500,000
Conversion price			$ 0.01
Debt principal amount	$ 1,689,746	$ 1,610,005	$ 750,000
Repayments of Convertible Debt	1,610,005	1,000,000
[custom:AccruedInterestPaid]	$ 79,742	$ 110,005
Debt Conversion, Converted Instrument, Warrants or Options Issued	7,500,000	15,000,000
Warrants Term	5 years	5 years
Extinguishment of Debt, Gain (Loss), Net of Tax		$ 3,686,136
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.35
Gain (Loss) on Extinguishment of Debt	$ 1,874,705
Convertible Notes Payable Related Party [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Interest expense				84,605	$ 74,029	151,521	$ 74,029
Accrued interest				$ 46,048		$ 46,048		$ 86,574

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)

Apr. 09, 2021

Apr. 02, 2021

May 21, 2021

Apr. 16, 2021

Apr. 02, 2021

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Mar. 30, 2021

Feb. 25, 2021

Dec. 31, 2020

Debt Instrument [Line Items]

Notes payable

$ 787,412

$ 787,412

$ 128,021

Warrant expire term

5 years

Gain (Loss) on Extinguishment of Debt

(3,056,892)

$ 980

$ (6,743,015)

$ 980

Promissory Note [Member]

Debt Instrument [Line Items]

Gain (Loss) on Extinguishment of Debt

$ 1,487,386

Promissory Note [Member]

Debt Instrument [Line Items]

Accrued interest forgave

5,199

Notes Payables [Member]

Debt Instrument [Line Items]

Interest expense

29,802

$ 2,025

30,177

$ 3,986

Accrued interest

24,540

24,540

$ 0

Financing Arrangements [Member]

Debt Instrument [Line Items]

Notes payable

$ 26,665

$ 26,665

Interest rate

9.67%

Promissory Note Agreement 1 [Member]

Debt Instrument [Line Items]

Interest rate

1.00%

Debt principal amount

$ 165,747

Promissory Note [Member]

Debt Instrument [Line Items]

Interest rate

18.00%

18.00%

18.00%

18.00%

Debt principal amount

$ 50,000

$ 200,000

$ 300,000

$ 25,000

$ 200,000

Debt Instrument, Term

1 year

1 year

1 year

Common stock warrants issued

500,000

6,000,000

250,000

2,000,000

Warrants exercise price

$ 0.20

$ 0.20

$ 0.15

$ 0.25

Warrant expire term

5 years

5 years

5 years

5 years

Promissory Note 0 [Member]

Debt Instrument [Line Items]

Interest rate

18.00%

Debt principal amount

$ 300,000

Common stock warrants issued

3,000,000

Warrants exercise price

$ 0.25

Warrant expire term

5 years

Maturity date

Apr. 16, 2022

Promissory Note 1 [Member]

Debt Instrument [Line Items]

Interest rate

18.00%

Debt principal amount

$ 20,000

Debt Instrument, Term

1 year

Common stock warrants issued

200,000

Warrants exercise price

$ 0.25

Warrant expire term

5 years

Promissory Note 2 [Member]

Debt Instrument [Line Items]

Debt principal amount

$ 300,000

Debt Instrument, Term

1 year

Common stock warrants issued

3,000,000

Warrants exercise price

$ 0.25

Warrant expire term

5 years

Promissory Note 3 [Member]

Debt Instrument [Line Items]

Interest rate

18.00%

Debt principal amount

$ 300,000

Common stock warrants issued

3,000,000

Warrants exercise price

$ 0.25

Warrant expire term

5 years

NOTES PAYABLE - RELATED PARTY (

NOTES PAYABLE - RELATED PARTY (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Obligation with Joint and Several Liability Arrangement [Line Items]
Notes payable - related party		$ 300,000		$ 300,000		$ 0
Warrant expire term				5 years
Interest expense related party		13,335	$ 364	$ 13,335	$ 2,455
Promissory Note [Member] | Paul Sallarulo [Member]
Obligation with Joint and Several Liability Arrangement [Line Items]
Debt principal amount	$ 150,000
Interest rate	18.00%
Debt Instrument, Term	1 year
Common stock warrants issued	1,500,000
Warrant, Exercise Price, Decrease	$ 0.20
Warrant expire term	5 years
Promissory Note [Member] | Michael V Barbera [Member]
Obligation with Joint and Several Liability Arrangement [Line Items]
Debt principal amount	$ 150,000
Interest rate	18.00%
Debt Instrument, Term	1 year
Common stock warrants issued	1,500,000
Warrant, Exercise Price, Decrease	$ 0.20
Warrant expire term	5 years
Notes Payables Related Party [Member]
Obligation with Joint and Several Liability Arrangement [Line Items]
Accrued interest		$ 13,335		$ 13,335		$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	1 Months Ended				3 Months Ended		6 Months Ended
	May 21, 2021	May 17, 2021	Oct. 22, 2020	Jul. 23, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Apr. 22, 2015
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Options to purchase restricted common shares					40,700,000		40,700,000
Default amount, payable for settlement					$ 41,937		$ 41,937
Accelerated rent and damages							376,424
Attorney costs							12,442
Accrued interest on judgement					$ 114,419		$ 114,419		$ 105,260	$ 388,866
Percentage of accrued interest rate					4.75%		4.75%
Purchase Price		$ 2,000,000
Gain (Loss) on Extinguishment of Debt					$ (3,056,892)	$ 980	$ (6,743,015)	$ 980
Stock Purchase Agreement [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Gain (Loss) on Extinguishment of Debt	$ 320,037
Agreement With M E P [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Agreement period				5 years
Options to purchase restricted common shares				5,000,000
Options to purchase restricted common shares, period				5 years
Agreement With C R B C [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Agreement period			5 years
Options to purchase restricted common shares			5,000,000
Options to purchase restricted common shares, period			5 years
R A W [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Common stock repurchased, shares		10,000,000
Common stock repurchased, value		$ 1,212,121
Yellow Turtle [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Common stock repurchased, shares		6,500,000
Common stock repurchased, value		$ 787,879

STOCKHOLDERS_ DEFICIT (Details

STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($)	Jun. 10, 2021	Apr. 09, 2021	May 21, 2021	Apr. 16, 2021	Apr. 02, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Offsetting Liabilities [Line Items]
Gain (Loss) on Extinguishment of Debt						$ (3,056,892)		$ 980	$ (6,743,015)	$ 980
Shares issued, value						$ 241,776	$ 90,000	$ 616,667
Investor [Member] | Restricted Common Stock [Member]
Offsetting Liabilities [Line Items]
Shares issued						735,669		6,040,614	1,185,669	6,040,614
Shares issued, value						$ 241,776		$ 616,667	$ 331,776	$ 616,667
Promissory Note [Member]
Offsetting Liabilities [Line Items]
Gain (Loss) on Extinguishment of Debt			$ 1,487,386
Promissory Note [Member]
Offsetting Liabilities [Line Items]
Debt Instrument, Face Amount		$ 50,000	$ 300,000	$ 25,000	$ 200,000
[custom:CommonStockWarrantsIssued]		500,000	6,000,000	250,000	2,000,000
Two Consulting Agreements [Member]
Offsetting Liabilities [Line Items]
Shares issued	600,000
Shares issued, value	$ 138,000
Consulting Agreement [Member]
Offsetting Liabilities [Line Items]
Shares issued	300,000
Shares issued, value	$ 89,700

OPTIONS AND WARRANTS (Summary o

OPTIONS AND WARRANTS (Summary of Options and Warrants Grants to Consultants, Directors and Employees) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and Warrants outstanding and exercisable	4,727,778	4,542,500
Weighted-average exercise price	$ 0.36	$ 0.41
Aggregate intrinsic value	$ 579,494	$ 118,148
Weighted-average remaining contractual term (years)	4 years 2 months 8 days	3 years 10 months 9 days
Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and Warrants outstanding and exercisable	78,620,378	38,920,378
Weighted-average exercise price	$ 0.25	$ 0.27
Aggregate intrinsic value	$ 15,067,991	$ 2,973,660
Weighted-average remaining contractual term (years)	3 months 26 days	3 years 4 months 13 days

OPTIONS AND WARRANTS (Details N

OPTIONS AND WARRANTS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Options cancelled			1,092,500
Option granted			1,277,778
Warrants issued	40,700,000		40,700,000
Warrants term			5 years
Warrant exercised			1,000,000
Stock-based compensation expense	$ 482,953	$ 0	$ 647,963	$ 0

RELATED PARTIES (Details Narrat

RELATED PARTIES (Details Narrative)	6 Months Ended
	Jun. 30, 2021USD ($)
Related Party Transactions [Abstract]
Receipt of future issuance of notes payable - related parties	$ 100,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)

Aug. 17, 2021

Jul. 15, 2021

Jul. 09, 2021

Jul. 07, 2021

Aug. 17, 2021

Jul. 28, 2021

Jul. 26, 2021

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2020

Jul. 27, 2021

May 21, 2021

Apr. 16, 2021

Apr. 09, 2021

Apr. 02, 2021

Subsequent Event [Line Items]

Shares issued, value

$ 241,776

$ 90,000

$ 616,667

Approximate net proceeds of private placement offering

$ 4,770,000

Subsequent Event [Member]

Subsequent Event [Line Items]

Description of private placement offering

On August 17, 2021, the Company conducted the closing (the “Closing”) of a private placement offering to accredited investors (the “Offering”) of the Company’s units (the “Units”) at a price of $0.275 per Unit, with each Unit consisting of: (i) one (1) share of the Company’s common stock, (ii) a five-year, immediately exercisable warrant (“Warrant A”) to purchase one (1) share of common stock at an exercise price of $0.33 per share (“Exercise Price”) and (iii) an additional five-year, immediately exercisable warrant to purchase one (1) share of common stock at the Exercise Price (“Warrant B”). The Warrant A and Warrant B are identical, except that the Warrant B has a call feature in favor of the Company.

Shares issued

19,398,144

Shares issued, value

$ 5,334,490

Subsequent Event [Member] | Consulting Agreements [Member]

Subsequent Event [Line Items]

Share issued for service

600,000

Promissory Note [Member]

Subsequent Event [Line Items]

Debt Instrument, Face Amount

$ 300,000

$ 25,000

$ 50,000

$ 200,000

Debt Instrument, Interest Rate, Stated Percentage

18.00%

18.00%

18.00%

Promissory Note [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Debt Instrument, Maturity Date

Aug. 18, 2021

Promissory Note [Member] | Subsequent Event [Member] | Ronald J Lo Ricco [Member]

Subsequent Event [Line Items]

Debt Instrument, Face Amount

$ 50,000

Debt Instrument, Interest Rate, Stated Percentage

10.00%

Debt Instrument, Maturity Date

Jul. 23, 2021

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

Subsequent Event [Line Items]

Debt Instrument, Face Amount

$ 50,000

Debt Instrument, Interest Rate, Stated Percentage

10.00%

Debt Instrument, Maturity Date

Jul. 23, 2021

Promissory Note [Member] | Subsequent Event [Member] | David Anderson [Member]

Subsequent Event [Line Items]

Debt Instrument, Face Amount

$ 20,000

$ 30,500

Debt Instrument, Interest Rate, Stated Percentage

10.00%

10.00%

Debt Instrument, Maturity Date

Jul. 23, 2021

Aug. 2, 2021

Promissory Note [Member] | Subsequent Event [Member] | Simon Kay [Member]

Subsequent Event [Line Items]

Debt Instrument, Face Amount

$ 10,000

Debt Instrument, Interest Rate, Stated Percentage

10.00%

Debt Instrument, Maturity Date

Aug. 3, 2021