Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 13, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-55470 | |
Entity Registrant Name | CQENS Technologies Inc. | |
Entity Central Index Key | 0001479915 | |
Entity Tax Identification Number | 27-1521407 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 5550 Nicollet Avenue | |
Entity Address, City or Town | Minneapolis | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55419 | |
City Area Code | (612) | |
Local Phone Number | 812-2037 | |
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 | 26,228,383 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 350,617 | $ 350,565 |
Prepaid expenses | 336,196 | 43,891 |
Total Current Assets | 686,813 | 394,456 |
Equipment, net | 152,537 | 157,574 |
Intellectual property, net | 1,180,960 | 1,144,024 |
Right-of-use asset - lease, net | 65,259 | 79,800 |
Leasehold improvement, net | 6,799 | 8,368 |
Prepaid expenses - noncurrent portion | 526,253 | 498,408 |
TOTAL ASSETS | 2,618,621 | 2,282,630 |
Current Liabilities | ||
Accounts payable | 207,970 | 104,179 |
Accrued expenses | 370,839 | 248,438 |
Related party loan | 1,006,284 | 904,247 |
Investor deposits | 250,000 | |
Current portion of lease liability | 61,228 | 59,324 |
Total Current Liabilities | 1,896,321 | 1,316,188 |
Lease liability, net of current portion | 4,031 | 20,476 |
TOTAL LIABILITIES | 1,900,352 | 1,336,664 |
STOCKHOLDERS’ EQUITY | ||
Preferred Stock: $0.0001 par value: 10,000,000 shares authorized no shares issued and outstanding at March 31, 2024 and December 31, 2023 | ||
Common Stock: $0.0001 par value; 200,000,000 shares authorized: 26,202,670 shares issued and outstanding at March 31, 2024 and 26,174,520 issued and outstanding at December 31, 2023 | 2,620 | 2,618 |
Additional paid-in capital | 25,567,373 | 24,799,273 |
Non-controlling interests | (635) | 514 |
Accumulated other comprehensive loss | (17) | |
Accumulated deficit | (24,851,072) | (23,856,439) |
TOTAL STOCKHOLDERS’ EQUITY | 718,269 | 945,966 |
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY | $ 2,618,621 | $ 2,282,630 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 26,202,670 | 26,174,520 |
Common stock, shares outstanding | 26,202,670 | 26,174,520 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Expenses | ||
General and administrative | $ 288,829 | $ 684,523 |
Research and development | 390,432 | 337,072 |
Professional fees | 316,657 | 161,351 |
Total Operating Expenses | 995,918 | 1,182,946 |
Total Operating Loss | (995,918) | (1,182,946) |
Other Income (Expense) | 153 | (3,361) |
Net Loss | (995,765) | (1,186,307) |
Net loss attributable to non-controlling interests | (1,132) | |
Net Loss attributable to CQENS Technologies, Inc. | $ (994,633) | $ (1,186,307) |
Basic loss per common share | $ (0.04) | $ (0.05) |
Diluted loss per common share | $ (0.04) | $ (0.05) |
Basic weighted average shares outstanding | 26,184,670 | 26,069,645 |
Diluted weighted average shares outstanding | 26,184,670 | 26,069,645 |
Comprehensive Loss: | ||
Change in foreign currency translation adjustments | $ (34) | |
Comprehensive Loss | (995,799) | (1,186,307) |
Comprehensive loss attributable to non-controlling interests | (17) | |
Comprehensive loss attributable to CQENS Technologies, Inc. | $ (995,782) | $ (1,186,307) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2022 | $ 2,607 | $ 21,261,500 | $ (19,553,696) | $ 1,710,411 | $ 1,710,411 | ||
Balance, shares at Dec. 31, 2022 | 26,065,595 | ||||||
Stock options expense | 384,441 | 384,441 | 384,441 | ||||
Common stock issued for cash | $ 1 | 179,999 | 180,000 | 180,000 | |||
Common stock issued for cash, shares | 9,000 | ||||||
Net loss | (1,186,307) | (1,186,307) | (1,186,307) | ||||
Balance at Mar. 31, 2023 | $ 2,608 | 21,825,940 | (20,740,003) | 1,088,545 | 1,088,545 | ||
Balance, shares at Mar. 31, 2023 | 26,074,595 | ||||||
Balance at Dec. 31, 2023 | $ 2,618 | 24,799,273 | (23,856,439) | 945,452 | 514 | 945,966 | |
Balance, shares at Dec. 31, 2023 | 26,174,520 | ||||||
Stock options expense | 205,102 | 205,102 | 205,102 | ||||
Common stock issued for cash | $ 1 | 312,999 | 313,000 | 313,000 | |||
Common stock issued for cash, shares | 15,650 | ||||||
Common stock issued for services | $ 1 | 249,999 | 250,000 | 250,000 | |||
Common stock issued for services, shares | 12,500 | ||||||
Other comprehensive loss | (17) | (17) | (17) | (34) | |||
Net loss | (994,633) | (994,633) | (1,132) | (995,765) | |||
Balance at Mar. 31, 2024 | $ 2,620 | $ 25,567,373 | $ (24,851,072) | $ (17) | $ 718,904 | $ (635) | $ 718,269 |
Balance, shares at Mar. 31, 2024 | 26,202,670 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (995,765) | $ (1,186,307) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Amortization expense | 29,137 | 23,729 |
Lease expense | 14,541 | 12,799 |
Depreciation expense | 5,037 | 5,037 |
Stock options expense | 205,102 | 384,441 |
Common stock issued for services | 250,000 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (292,305) | 80,612 |
Prepaid expenses - noncurrent portion | (27,845) | |
Accounts payable | 103,791 | (92,174) |
Investor deposits | 250,000 | |
Lease liability | (14,541) | (12,799) |
Accrued expenses | 122,401 | 90,686 |
Net cash used in operating activities | (350,447) | (693,976) |
Cash flows from investing activities | ||
Additions to intellectual property | (64,504) | (57,484) |
Net cash used in investing activities | (64,504) | (57,484) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock | 313,000 | 180,000 |
Borrowing on debt from related party | 102,037 | 450,000 |
Net cash provided by financing activities | 415,037 | 630,000 |
Effect of Exchange Rate Changes on Cash | (34) | |
Net change in cash and cash equivalents | 52 | (121,460) |
Cash and cash equivalents, beginning of period | 350,565 | 219,781 |
Cash and cash equivalents, end of period | $ 350,617 | $ 98,321 |
NATURE OF BUSINESS AND SUMMARY
NATURE OF BUSINESS AND SUMMARY OF BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
NATURE OF BUSINESS AND SUMMARY OF BASIS OF PRESENTATION | NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF BASIS OF PRESENTATION Nature of Business CQENS Technologies, Inc. (“we”, “our”, the “Company”, “CQENS”) is a technology company with a proprietary method of heating plant-based consumable formulations that produce an aerosol that lead to the effective and efficient inhalation of the plant’s constituents. This is accomplished at a high temperature but without the accompanying constituents of combustion. Our system of heating is a high temperature, non-combustion system. Our Heat-not-Burn Tobacco Product (HTP) system is a patent-pending method of heating plant-based consumables for inhalation that is superior to other methods of ingestion, smoking, vaping, swallowing or via topical application. On December 20, 2023 we entered into a Shareholder Agreement with Asahi Corporation to establish CQENS Electronics (Hong Kong) Limited (“CEL”), a Hong Kong company, for design, development and manufacture of our heat-not-burn device (“Device”). CQENS acquired 50% membership of CEL and holds majority of the board seats including the chair. Pursuant to the establishment of CEL, CQENS entered into an exclusive, worldwide License Agreement with CEL for designing and manufacturing a consumer device consistent with our IP. Although the activities of CEL in the first quarter of 2024 are minimal, CEL is included in our consolidated financial statements. Our business model is further dependent upon our ability to enter into additional strategic partnerships in the future, including alliances or joint ventures with consumer product companies, to enhance and accelerate the development and commercialization of our proposed products. We will be dependent upon third party marketing and distribution companies. We believe that our business opportunities are international in nature and include potential partnerships in the UK, the EU and Asia, including the People’s Republic of China. The recent and relatively prolonged worldwide pandemic caused by COVID-19 and current recessionary conditions has caused certain of these opportunities to be delayed. Our product development and commercialization timelines have been reset and we expect to be able to adhere that schedule over the next 12 months provided we are able to successfully raise and deploy capital. Key milestones for us over these next 12 months include entering into international joint ventures, preparing and filing certain regulatory submissions with the US FDA, and undertaking market tests in the EU. Any prolonged recessionary pressures on the international capital markets will make it more difficult for small, pre-revenue companies such as ours to raise capital. We continue to assess the impact of any recessionary conditions on our company, and at this time, we are unable to predict all possible impacts on our company, our operations and our prospects. Basis of Presentation Basis of Presentation Recent Accounting Pronouncements |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN The Company’s consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has recurring losses, with limited cash resources, with renewed research and development efforts and with no source of revenue sufficient to cover its operations costs over the next 12 months these may not allow it to continue as a going concern. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company will be dependent upon the raising of additional capital. The consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 3 – STOCKHOLDERS’ EQUITY On January 29, 2024, we issued 12,500 250,000 On March 4, 2024, we sold 1,400 28,000 On March 25, 2024, we sold 14,250 285,000 On February 16, 2023, we sold 7,500 150,000 On March 9, 2023, we sold 1,500 30,000 For the three-month period ended March 31, 2024, stock option expense totaled $ 205,102 384,441 26,202,670 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS We maintain our corporate offices at 5550 Nicollet Avenue, Minneapolis, MN 55419. We lease the premises on a month-to-month basis from 5550 Nicollet, LLC, a company owned by Mr. Chong. Rent for each of the first quarters of 2024 and 2023 was $ 2,325 2,325 During the first quarter of 2024, the Company borrowed $ 100,000 450,000 At March 31, 2024, we owe $ 1,000,000 In the first quarter of 2024, Liu Mei Chong loaned CQENS Electronics (Hong Kong) Limited $ 2,037 6,284 |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
LEASES | NOTE 5 – LEASES In March 2022 we entered into a three-year lease agreement commencing April 15, 2022 through April 30, 2025 at an initial annual rate of $ 57,400 4,800 375 5,175 62,100 80 5,255 63,060 We account for our leases under ASC 842, Leases, which requires all leases to be reported on the balance sheet as right-of-use assets and lease obligations. We elected the expedients permitted under the transition guidance that retained lease classification and initial direct costs for any leases that existed prior to adoption of the standard. We categorized leases with terms longer than twelve months as either operating or finance. Finance leases are generally those leases that would allow us to substantially utilize or pay for the entire asset over its estimated life. Assets acquired under finance leases are recorded in property and equipment, net. All other leases are categorized as operating leases. We did not have any finance leases as of March 31, 2024. Our lease for property is for three years. We elected the accounting policy to include both the lease and non-lease components of our agreements as a single component and account for them as a lease. Lease liabilities are recognized at the present value of the fixed lease payments using a discount rate based on similarly secured borrowings available to us. Lease assets are recognized based on the initial present value of the fixed lease payments, reduced by landlord incentives, plus any direct costs from executing the lease. Lease assets are tested for impairment in the same manner as long-lived assets used in operations. Leasehold improvements are capitalized at cost over the lesser of their expected useful life or the lease term. When we have options to extend the lease term, terminate the lease before the contractual expiration date, or purchase the leased asset, and it is reasonably certain that we will exercise the option, we consider these options in determining the classification and measurement of the lease. Costs associated with the operating lease are recognized on a straight-line basis within operating expenses over the term of the lease. The following table presents the lease-related asset and liability recorded on the balance sheets: SCHEDULE OF LEASE RELATED ASSETS AND LIABILITIES March 31, 2024 Assets Leasehold improvement, net $ 6,799 Operating lease asset $ 65,259 Liabilities Current Operating lease liabilities $ 61,228 Noncurrent Operating lease liabilities $ 4,031 Supplemental cash flow information related to leases were as follows: SCHEDULE OF CASH FLOW INFORMATION RELATED LEASE Three Months Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 14,541 The table below presents the remaining lease terms and discount rates for operating lease. SCHEDULE OF REMAINING LEASE TERMS AND DISCOUNT RATES March 31, 2024 Weighted-average remaining lease term Operating lease 1.08 Weighted-average discount rate Operating lease 5.25 % Maturities of lease liabilities as of March 31, 2024, were as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES Operating Lease 2024 (nine months remaining) 46,575 2025 20,700 Thereafter - Total lease payments 67,275 Less: amount of lease payments representing interest (2,016 ) Present value future minimum lease payments $ 65,259 Less: current obligations under lease (61,228 ) Non-current obligations $ 4,031 |
PREPAID EXPENSE _ NONCURRENT PO
PREPAID EXPENSE – NONCURRENT PORTION | 3 Months Ended |
Mar. 31, 2024 | |
Prepaid Expense Noncurrent Portion | |
PREPAID EXPENSE – NONCURRENT PORTION | NOTE 6 - PREPAID EXPENSE – NONCURRENT PORTION Effective July 13, 2022, the Company entered into a manufacturing contract with Montrade S.p.A., (“Montrade”) a company based in Bologna, Italy, for Montrade to manufacture and install the consumable manufacturing equipment. The Company made an initial payment of $ 589,265 1,086,465 On February 23, 2023, the Company made a payment of $ 138,386 12,465 36,809 12,465 40,091 114,546 In 2022, $ 130,948 458,317 40,091 498,408 498,408 On February 26, 2024, the Company signed Amendment 3 to the manufacturing contract with Montrade, for a change to a component with a cost of $ 27,845 With the three amendments added and with payments made in 2023 and 2024, the Company will be required to pay up to $ 1,046,878 526,253 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS On April 24, 2024, we issued 713 14,260 On May 7, 2024, we issued 25,000 500,000 |
NATURE OF BUSINESS AND SUMMAR_2
NATURE OF BUSINESS AND SUMMARY OF BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Basis of Presentation |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
SCHEDULE OF LEASE RELATED ASSETS AND LIABILITIES | The following table presents the lease-related asset and liability recorded on the balance sheets: SCHEDULE OF LEASE RELATED ASSETS AND LIABILITIES March 31, 2024 Assets Leasehold improvement, net $ 6,799 Operating lease asset $ 65,259 Liabilities Current Operating lease liabilities $ 61,228 Noncurrent Operating lease liabilities $ 4,031 |
SCHEDULE OF CASH FLOW INFORMATION RELATED LEASE | Supplemental cash flow information related to leases were as follows: SCHEDULE OF CASH FLOW INFORMATION RELATED LEASE Three Months Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 14,541 |
SCHEDULE OF REMAINING LEASE TERMS AND DISCOUNT RATES | The table below presents the remaining lease terms and discount rates for operating lease. SCHEDULE OF REMAINING LEASE TERMS AND DISCOUNT RATES March 31, 2024 Weighted-average remaining lease term Operating lease 1.08 Weighted-average discount rate Operating lease 5.25 % |
SCHEDULE OF MATURITIES OF LEASE LIABILITIES | Maturities of lease liabilities as of March 31, 2024, were as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES Operating Lease 2024 (nine months remaining) 46,575 2025 20,700 Thereafter - Total lease payments 67,275 Less: amount of lease payments representing interest (2,016 ) Present value future minimum lease payments $ 65,259 Less: current obligations under lease (61,228 ) Non-current obligations $ 4,031 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | |||||||
Mar. 25, 2024 | Mar. 04, 2024 | Jan. 29, 2024 | Mar. 19, 2023 | Feb. 16, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Number of new issues | $ 313,000 | $ 180,000 | ||||||
Sale o sStock number of shares issued in transaction | 14,250 | 1,400 | 1,500 | 7,500 | ||||
Sale of stock consideration received on transaction | $ 285,000 | $ 28,000 | $ 30,000 | $ 150,000 | ||||
Share based compensation | $ 205,102 | $ 384,441 | ||||||
Common stock, shares issued | 26,202,670 | 26,174,520 | ||||||
Common stock, shares outstanding | 26,202,670 | 26,174,520 | ||||||
Anglo Chinese Financial [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Number of shares | 12,500 | |||||||
Number of new issues | $ 250,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||
Related party loan fund operations | $ 1,006,284 | $ 904,247 | |
Liu Mei Chong [Member] | |||
Related Party Transaction [Line Items] | |||
Related party loan fund operations | 2,037 | ||
Loan balance | 6,284 | ||
5550 Nicollet LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Payments for rent | 2,325 | $ 2,325 | |
Rent due to related party | 2,325 | ||
Xten Capital Group [Member] | |||
Related Party Transaction [Line Items] | |||
Borrowing from related party | 100,000 | $ 450,000 | |
Due to related party | $ 1,000,000 |
SCHEDULE OF LEASE RELATED ASSET
SCHEDULE OF LEASE RELATED ASSETS AND LIABILITIES (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Leasehold improvement, net | $ 6,799 | $ 8,368 |
Operating lease asset | 65,259 | 79,800 |
Operating lease liabilities, Current | 61,228 | 59,324 |
Operating lease liabilities, Noncurrent | $ 4,031 | $ 20,476 |
SCHEDULE OF CASH FLOW INFORMATI
SCHEDULE OF CASH FLOW INFORMATION RELATED LEASE (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 14,541 |
SCHEDULE OF REMAINING LEASE TER
SCHEDULE OF REMAINING LEASE TERMS AND DISCOUNT RATES (Details) | Mar. 31, 2024 |
Leases [Abstract] | |
Weighted-average remaining lease term, Operating lease | 1 year 29 days |
Weighted-average discount rate, Operating lease | 5.25% |
SCHEDULE OF MATURITIES OF LEASE
SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2024 (nine months remaining) | $ 46,575 | |
2025 | 20,700 | |
Thereafter | ||
Total lease payments | 67,275 | |
Less: amount of lease payments representing interest | (2,016) | |
Present value future minimum lease payments | 65,259 | |
Less: current obligations under lease | (61,228) | $ (59,324) |
Non-current obligations | $ 4,031 | $ 20,476 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 1 Months Ended | ||
May 01, 2024 | May 01, 2023 | Mar. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Lease annual rate | $ 63,060 | $ 62,100 | |
Increase to annual rent | 80 | 375 | |
Lease monthly installments | $ 5,255 | $ 5,175 | |
Lease Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Lease annual rate | $ 57,400 | ||
Payments for rent | $ 4,800 |
PREPAID EXPENSE _ NONCURRENT _2
PREPAID EXPENSE – NONCURRENT PORTION (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Feb. 26, 2024 | Oct. 24, 2023 | Oct. 18, 2023 | Mar. 29, 2023 | Feb. 23, 2023 | Jul. 11, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | |
Change in prepaid expense | $ 292,305 | $ (80,612) | ||||||||
Prepaid expense, noncurrent | 526,253 | $ 498,408 | $ 498,408 | |||||||
Payment to acquire machinery | $ 1,046,878 | $ 1,046,878 | ||||||||
Montrade S.p.A. [Member] | ||||||||||
Additional payments | $ 589,265 | |||||||||
Payments for design phase | $ 40,091 | $ 12,465 | $ 138,386 | |||||||
Manufacturing cost | $ 27,845 | $ 458,317 | $ 114,546 | 36,809 | ||||||
Design work expense | $ 12,465 | $ 130,948 | ||||||||
Change in prepaid expense | $ 40,091 | |||||||||
Montrade S.p.A. [Member] | Maximum [Member] | ||||||||||
Additional payments | $ 1,086,465 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 3 Months Ended | |||
May 07, 2024 | Apr. 24, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Subsequent Event [Line Items] | ||||
Shares issued services value | $ 250,000 | |||
Number of shares issued, value | $ 313,000 | $ 180,000 | ||
Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares issued services | 12,500 | |||
Shares issued services value | $ 1 | |||
Number of shares issued, value | $ 1 | $ 1 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares issued services | 713 | |||
Shares issued services value | $ 14,260 | |||
Subsequent Event [Member] | Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of shares issued | 25,000 | |||
Number of shares issued, value | $ 500,000 |