Cover
Cover - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 15, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-54987 | |
Entity Registrant Name | Strategic Environmental & Energy Resources, Inc. | |
Entity Central Index Key | 0001576197 | |
Entity Tax Identification Number | 02-0565834 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 370 Interlocken Blvd | |
Entity Address, Address Line Two | Suite 680 | |
Entity Address, City or Town | Broomfield | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80021 | |
City Area Code | 303 | |
Local Phone Number | 277-1625 | |
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 | 65,088,575 | |
Entity Listing, Par Value Per Share | $ 0.001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | [1] |
Current Assets | |||
Cash and cash equivalents | $ 64,300 | $ 57,900 | |
Accounts receivable, net of allowance for credit losses of $24,200 and $24,200, respectively | 430,800 | 340,800 | |
Inventory | 2,100 | 16,800 | |
Contract assets | 13,900 | 17,000 | |
Prepaid expenses and other current assets | 270,200 | 81,400 | |
Assets held for sale | 54,300 | ||
Total Current Assets | 781,300 | 568,200 | |
Property and equipment, net | 49,800 | 33,600 | |
Intangible Assets, net | 16,300 | 17,900 | |
Right of use assets | 159,700 | 191,300 | |
Other assets | 40,000 | 40,000 | |
TOTAL ASSETS | 1,047,100 | 851,000 | |
Current Liabilities | |||
Accounts payable | 1,146,000 | 816,600 | |
Accrued liabilities | 4,239,800 | 3,759,300 | |
Contract liabilities | 674,200 | 829,800 | |
Deferred revenue | 285,200 | 43,300 | |
Customer deposits | 26,800 | ||
Short term notes | 4,641,800 | 4,243,100 | |
Short term notes and accrued interest - related party | 205,800 | 201,400 | |
Convertible notes | 1,605,000 | 1,605,000 | |
Current portion of long-term debt and finance lease obligations | 509,100 | 509,800 | |
Current portion of lease liabilities | 72,500 | 72,500 | |
Liabilities held for sale | 34,500 | 42,900 | |
Total Current Liabilities | 13,413,900 | 12,150,500 | |
Lease liabilities net of current portion | 110,500 | 145,100 | |
Long term debt | 1,840,300 | 1,843,900 | |
Total Liabilities | 15,364,700 | 14,139,500 | |
Commitments and contingencies | |||
Stockholders’ deficit | |||
Preferred stock; $.001 par value; 5,000,000 shares authorized; -0- shares issued | |||
Common stock; $.001 par value; 70,000,000 shares authorized; 65,088,575 shares issued, issuable* and outstanding June 30, 2024 and December 31, 2023 | 65,100 | 65,100 | |
Common stock issuable | 25,000 | 25,000 | |
Additional paid-in capital | 22,973,800 | 22,973,800 | |
Stock Subscription receivable | (25,000) | (25,000) | |
Accumulated deficit | (35,404,700) | (34,377,900) | |
Total stockholders’ deficit | (12,365,800) | (11,339,000) | |
Non-controlling interest | (1,951,800) | (1,949,500) | |
Total Deficit | (14,317,600) | (13,288,500) | |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 1,047,100 | $ 851,000 | |
[1]These numbers are derived from the audited financial statements for the year ended December 31, 2023. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Allowance for credit losses | $ 24,200 | $ 24,200 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 70,000,000 | 70,000,000 | |
Common stock, shares issued | 65,088,575 | 65,088,575 | |
Common stock, shares issuable | [1] | 65,088,575 | 65,088,575 |
Common stock, shares outstanding | 65,088,575 | 65,088,575 | |
Note Agreements [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Common stock, shares issuable | 2,785,000 | 2,785,000 | |
[1]These numbers are derived from the audited financial statements for the year ended December 31, 2023. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue: | ||||
Total revenue | $ 761,900 | $ 731,200 | $ 1,751,700 | $ 1,284,400 |
Operating expenses: | ||||
Products costs | 565,100 | 494,900 | 1,280,400 | 983,900 |
General and administrative expenses | 332,000 | 322,800 | 538,200 | 658,100 |
Salaries and related expenses | 344,100 | 300,100 | 667,300 | 608,600 |
Total operating expenses | 1,241,200 | 1,117,800 | 2,485,900 | 2,250,600 |
Loss from operations | (479,300) | (386,600) | (734,200) | (966,200) |
Other income (expense): | ||||
Interest expense | (226,900) | (225,600) | (448,800) | (431,600) |
Other income (expense) | 30,200 | (600) | 150,300 | 20,100 |
Total non-operating expense, net | (196,700) | (226,200) | (298,500) | (411,500) |
Loss from continuing operations | (676,000) | (612,800) | (1,032,700) | (1,377,700) |
Income (loss) from discontinued operations, net of tax | 172,000 | 3,700 | 160,300 | |
Net Loss | (676,000) | (440,800) | (1,029,000) | (1,217,400) |
Less: Net income (loss) attributable to non-controlling interest | (1,400) | (2,100) | (2,300) | 700 |
Net Loss attributable to SEER common stockholders | $ (674,600) | $ (438,700) | $ (1,026,700) | $ (1,218,100) |
Basic earnings per share attributable to SEER common stockholders | ||||
Loss from continuing operations, per share | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Income from discontinued operations, per share | 0 | 0 | 0 | 0 |
Net Loss per share, basic | (0.01) | (0.01) | (0.02) | (0.02) |
Fully diluted earnings per share attributable to SEER common stockholders | ||||
Loss from continuing operations, per share | (0.01) | (0.01) | (0.02) | (0.02) |
Income from discontinued operations, per share | 0 | 0 | 0 | 0 |
Net Loss per share, basic | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Weighted average shares outstanding – basic | 65,088,575 | 65,088,575 | 65,088,575 | 65,088,575 |
Weighted average shares outstanding – diluted | 65,088,575 | 65,088,575 | 65,088,575 | 65,088,575 |
Product [Member] | ||||
Revenue: | ||||
Total revenue | $ 761,900 | $ 731,200 | $ 1,751,700 | $ 1,284,400 |
Solid Waste [Member] | ||||
Revenue: | ||||
Total revenue |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock Subscribed [Member] | Stock Subscription Receivable [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total | |
Balances at Dec. 31, 2022 | $ 65,100 | $ 22,973,800 | $ 25,000 | $ (25,000) | $ (32,005,100) | $ (1,941,800) | $ (10,908,000) | ||
Balances, shares at Dec. 31, 2022 | 65,088,600 | ||||||||
Net income (loss) | (779,400) | 2,800 | (776,600) | ||||||
Balances at Mar. 31, 2023 | $ 65,100 | 22,973,800 | 25,000 | (25,000) | (32,784,500) | (1,939,000) | (11,684,600) | ||
Balances, shares at Mar. 31, 2023 | 65,088,600 | ||||||||
Balances at Dec. 31, 2022 | $ 65,100 | 22,973,800 | 25,000 | (25,000) | (32,005,100) | (1,941,800) | (10,908,000) | ||
Balances, shares at Dec. 31, 2022 | 65,088,600 | ||||||||
Net income (loss) | (1,217,400) | ||||||||
Balances at Jun. 30, 2023 | $ 65,100 | 22,973,800 | 25,000 | (25,000) | (33,223,200) | (1,941,100) | (12,125,400) | ||
Balances, shares at Jun. 30, 2023 | 65,088,600 | ||||||||
Balances at Mar. 31, 2023 | $ 65,100 | 22,973,800 | 25,000 | (25,000) | (32,784,500) | (1,939,000) | (11,684,600) | ||
Balances, shares at Mar. 31, 2023 | 65,088,600 | ||||||||
Net income (loss) | (438,700) | (2,100) | (440,800) | ||||||
Balances at Jun. 30, 2023 | $ 65,100 | 22,973,800 | 25,000 | (25,000) | (33,223,200) | (1,941,100) | (12,125,400) | ||
Balances, shares at Jun. 30, 2023 | 65,088,600 | ||||||||
Balances at Dec. 31, 2023 | $ 65,100 | 22,973,800 | 25,000 | (25,000) | (34,377,900) | (1,949,500) | (13,288,500) | [1] | |
Balances, shares at Dec. 31, 2023 | 65,088,600 | ||||||||
Net income (loss) | (352,200) | (900) | (353,100) | ||||||
Balances at Mar. 31, 2024 | $ 65,100 | 22,973,800 | 25,000 | (25,000) | (34,730,100) | (1,950,400) | (13,641,600) | ||
Balances, shares at Mar. 31, 2024 | 65,088,600 | ||||||||
Balances at Dec. 31, 2023 | $ 65,100 | 22,973,800 | 25,000 | (25,000) | (34,377,900) | (1,949,500) | (13,288,500) | [1] | |
Balances, shares at Dec. 31, 2023 | 65,088,600 | ||||||||
Net income (loss) | (1,029,000) | ||||||||
Balances at Jun. 30, 2024 | $ 65,100 | 22,973,800 | 25,000 | (25,000) | (35,404,700) | (1,951,800) | (14,317,600) | ||
Balances, shares at Jun. 30, 2024 | 65,088,600 | ||||||||
Balances at Mar. 31, 2024 | $ 65,100 | 22,973,800 | 25,000 | (25,000) | (34,730,100) | (1,950,400) | (13,641,600) | ||
Balances, shares at Mar. 31, 2024 | 65,088,600 | ||||||||
Net income (loss) | (674,600) | (1,400) | (676,000) | ||||||
Balances at Jun. 30, 2024 | $ 65,100 | $ 22,973,800 | $ 25,000 | $ (25,000) | $ (35,404,700) | $ (1,951,800) | $ (14,317,600) | ||
Balances, shares at Jun. 30, 2024 | 65,088,600 | ||||||||
[1]These numbers are derived from the audited financial statements for the year ended December 31, 2023. |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Loss from continuing operations | $ (1,032,700) | $ (1,377,700) |
Income (loss) from discontinued operations | 3,700 | 160,300 |
Net Loss | (1,029,000) | (1,217,400) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 7,600 | 11,200 |
Gain on sale of fixed assets | (5,300) | |
Gain on assets held for sale | 500 | (175,600) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (90,000) | 104,200 |
Contract assets | 3,100 | 64,700 |
Inventory | 14,700 | (7,300) |
Prepaid expenses and other assets | (119,900) | 66,800 |
Accounts payable, accrued liabilities, and customer deposits | 829,300 | 204,200 |
Contract liabilities | (155,600) | (23,000) |
Deferred revenue | 241,900 | 13,900 |
Assets and liabilities held for sale | (42,900) | (26,700) |
Net cash used in operating activities | (345,600) | (985,000) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (22,700) | |
Proceeds from the sale of fixed assets held for sale | 59,500 | 338,500 |
Net cash (used) provided by investing activities | 36,800 | 338,500 |
Cash flows from financing activities: | ||
Payments of notes and lease payable | (64,800) | (171,300) |
Proceeds from short-term and long-term debt | 380,000 | 850,000 |
Net cash provided by financing activities | 315,200 | 678,700 |
Net increase (decrease) in cash | 6,400 | 32,200 |
Cash at the beginning of period | 57,900 | 21,500 |
Cash at the end of period | 64,300 | 53,700 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 11,900 | 22,200 |
Financing of prepaid insurance premiums | $ 37,400 | $ 51,100 |
ORGANIZATION AND FINANCIAL COND
ORGANIZATION AND FINANCIAL CONDITION | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND FINANCIAL CONDITION | ORGANIZATION AND FINANCIAL CONDITION Organization and Going Concern Strategic Environmental & Energy Resources, Inc. (“SEER,” or the “Company”), a Nevada corporation, is a provider of next-generation clean-technologies, waste management innovations and related services. SEER has two wholly owned operating subsidiaries and three majority-owned subsidiaries; all of which together provide technology solutions and services to companies primarily in the oil and gas, refining, landfill, food, beverage & agriculture, and renewable fuel industries. The two wholly owned subsidiaries are: 1) MV, LLC (d/b/a MV Technologies) (“MV”), which designs and builds biogas conditioning solutions for the production of renewable natural gas, odor control systems and natural gas vapor capture primarily for landfill operations, waste-water treatment facilities, oil and gas fields, refineries, municipalities and food, beverage & agriculture operations throughout the U.S.; and 2) Strategic Environmental Materials, LLC, (“SEM”), a materials technology company previously focused on the development of cost-effective chemical absorbents. The media production operations were discontinued during the year ended December 31, 2023. (See Note 15) The two majority-owned subsidiaries are 1) Paragon Waste Solutions, LLC (“PWS”), and 2) PelleChar, LLC (“PelleChar”). PWS is currently owned 54 51 PWS developed specific opportunities to deploy and commercialize patented technologies for a non-thermal plasma-assisted oxidation process that makes possible the clean and efficient destruction of solid hazardous chemical and biological waste ( i.e etc i.e PelleChar was established in September 2018 and is owned 51 Principals of Consolidation The accompanying consolidated financial statements include the accounts of SEER, its wholly owned subsidiaries, SEM, and MV, and its majority-owned subsidiaries PWS and PelleChar, since their respective acquisition or formation dates. All material intercompany accounts, transactions, and profits have been eliminated in consolidation. The Company has non-controlling interest in joint ventures, which are reported on the equity method. Going Concern As shown in the accompanying consolidated financial statements, the Company has experienced recurring losses, and has an accumulated deficit of approximately $ 35.4 1.0 12.6 Realization of a major portion of the Company’s assets as of June 30, 2024, is dependent upon continued operations. The Company is dependent on generating additional revenue or obtaining adequate capital to fund operating losses until it becomes profitable. For the six months ended June 30, 2024, the Company raised approximately $ 0.4 0.1 0.3 Basis of Presentation Unaudited Interim Financial Information The accompanying interim condensed consolidated financial statements are unaudited. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all the normal recurring adjustments necessary to present fairly the financial position and results of operations as of and for the periods presented. The interim results are not necessarily indicative of the results to be expected for the full year or any future period. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company believes that the disclosures are adequate to make the interim information presented not misleading. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Report on Form 10-K filed on April 16, 2024, for the year ended December 31, 2023. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of these consolidated financial statements in conformity with accounting principles generally accepted in the United States (U.S. GAAP) requires management to make a number of estimates and assumptions related to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the forecasted cash flows used in the impairment testing of goodwill and intangible assets. The carrying amount of intangible assets; valuation allowances and reserves for receivables; revenue recognition related to contracts accounted for under the percentage of completion method; and the Company’s ability to continue as a going concern. Actual results could differ from those estimates. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported consolidated net loss. Revenue Recognition In May 2014, the FASB issued guidance on revenue from contracts with customers that superseded most current revenue recognition guidance, including industry-specific guidance. The underlying principle of the guidance is to recognize revenue to depict the transfer of goods or services to customers at an amount to which the company expects to be entitled in exchange for those goods or services. The new guidance requires an evaluation of revenue arrangements with customers following a five-step approach: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue when (or as) the company satisfies each performance obligation. Revenues are recognized when control of the promised services are transferred to the customers in an amount that reflects the expected consideration in exchange for those services. A customer obtains control when it has the ability to direct the use of and obtain the benefits from the services. Other major provisions of the guidance include capitalization of certain contract costs, consideration of the time value of money in the transaction price and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. (See Note 3) Research and Development Research and development (“R&D”) costs are charged to expense as incurred. R&D expenses consist primarily of salaries, project materials, contract labor and other costs associated with ongoing product development and enhancement efforts. R&D expenses were $ 0 Inventories Inventories are stated at the lower of cost or net realizable value on a first in, first out basis and includes the following amounts: SCHEDULE OF INVENTORY June 30, 2024 December 31, 2023 (unaudited) * Finished goods $ 2,100 $ 16,800 Total inventory $ 2,100 $ 16,800 Income Taxes The Company accounts for income taxes pursuant to Accounting Standards Codification Income Taxes, ASC 740 also provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Tax positions must meet a “more-likely-than-not” recognition threshold at the effective date to be recognized. During the six months ended June 30, 2024, and 2023 the Company recognized no The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. No The Company has filed federal and state tax returns through December 31, 2022. The tax periods for the years ending December 31, 2020, through 2022 are open to examination by federal and state authorities. |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2024 | |
Revenue: | |
REVENUE | NOTE 3 – REVENUE Products Revenue Product revenue generated from contracts with customers, for the manufacture of products for the removal and treatment of hazardous vapor and gases. Total estimated revenue includes all of the following: (1) the basic contract price, (2) contract options, and (3) change orders. Once contract performance is underway, the Company may experience changes in conditions, client requirements, specifications, designs, materials, and expectations regarding the period of performance. Such changes are “change orders” and may be initiated by us or by our clients. In many cases, agreement with the client as to the terms of change orders is reached prior to work commencing; however, sometimes circumstances require that work progress without obtaining client agreement. Revenue related to change orders is recognized as costs are incurred if it is probable that costs will be recovered by changing the contract price. The Company does not incur pre-contract costs. Under the new revenue recognition guidance, the Company found no change in the manner product revenue is recognized. Provisions for estimated losses on uncompleted contracts are recorded in the period in which the losses are identified and included as additional loss. Provisions for estimated losses on contracts are shown separately as liabilities on the balance sheet, if significant, except in circumstances in which related costs are accumulated on the balance sheet, in which case the provisions are deducted from the accumulated costs. A provision as a liability is reported as a current liability. The Company includes in current assets and current liabilities amounts related to contracts realizable and payable. Costs and estimated earnings in excess of billings on uncompleted contracts represent the excess of contract costs and profits recognized to date over billings to date and are recognized as a current asset. Revenue contract liabilities represent the excess of billings to date over the amount of contract costs and profits recognized to date and are recognized as a current liability. Products revenue also includes media sales which are recognized as the product is shipped to the customer for use. Disaggregation of Revenue (Unaudited) SCHEDULE OF DISAGGREGATION OF REVENUE Three months ended June 30, 2024 Environmental Solutions Sources of Revenue Product sales $ 493,100 Media sales 268,800 Total Revenue $ 761,900 Three months ended June 30, 2023 Environmental Solutions Sources of Revenue Product sales 485,400 Media sales 245,800 Total Revenue $ 731,200 Six months ended June 30, 2024 Environmental Solutions Sources of Revenue Product sales $ 1,287,800 Media sales 463,900 Total Revenue $ 1,751,700 Six months ended June 30, 2023 Environmental Solutions Sources of Revenue Product sales $ 862,900 Media sales 421,500 Total Revenue $ 1,284,400 Contract Balances Where a performance obligation has been satisfied but not yet invoiced at the reporting date, a contract asset is recognized on the balance sheet. Where a performance obligation has not yet been satisfied but an invoice has been raised at the reporting date, a contract liability is recognized on the balance sheet. The opening and closing balances of the Company’s accounts receivables and contract liabilities (current and non-current) are as follows: SCHEDULE OF CONTRACT BALANCES Contract Liabilities Deferred Revenue Deferred Revenue Accounts Receivable, net Contract Assets Contract Liabilities (current) (non-current) Balance as of June 30, 2024 (unaudited) $ 430,800 $ 13,900 $ 674,200 $ 285,200 $ - Balance as of December 31, 2023* 340,800 17,000 829,800 43,300 - Increase (decrease) $ 90,000 $ (3,100 ) $ (155,600 ) $ 241,900 $ - The majority of the Company’s revenue is generally invoiced on a weekly or monthly basis, and the payments are generally received within approximately 30-60 days. Contract liabilities are recorded when cash payments are received or due in advance of the Company’s performance, including amounts that are refundable. Remaining Performance Obligations As of June 30, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations was approximately $ 1.0 85 The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected term of one year or less and (ii) contracts for which the Company recognizes revenue at the amounts to which it has the right to invoice for services performed. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment was comprised of the following: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT June 30, 2024 December 31, 2023 (unaudited) * Field and shop equipment $ 397,600 $ 398,100 Vehicles 72,500 72,500 Furniture and office equipment 274,600 255,400 Leasehold improvements 36,200 36,200 Property and equipment, gross 780,900 762,200 Less: accumulated depreciation and amortization (731,100 ) (728,600 ) Property and equipment, net $ 49,800 $ 33,600 Depreciation expense for the three months ended June 30, 2024, and 2023 was $ 3,100 4,900 2,000 4,900 1,100 0 Depreciation expense for the six months ended June 30, 2024, and 2023 was $ 6,000 9,800 4,100 9,800 1,900 0 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 5 – INTANGIBLE ASSETS SCHEDULE OF INTANGIBLE ASSETS June 30, 2024 (unaudited) Gross carrying amount Accumulated amortization Net carrying value Customer list $ 42,500 $ (42,500 ) $ - Technology 684,000 (667,700 ) 16,300 Trade name 54,900 (54,900 ) - $ 781,400 $ (765,100 ) $ 16,300 December 31, 2023* Gross carrying amount Accumulated amortization Net carrying value Customer list $ 42,500 $ (42,500 ) $ - Technology 684,000 (666,100 ) 17,900 Trade name 54,900 (54,900 ) - $ 781,400 $ (763,500 ) $ 17,900 The estimated useful lives of the intangible assets range from seven twenty years 700 700 900 1,400 |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2024 | |
Leases | |
LEASES | NOTE 6 – LEASES The Company has entered into operating leases primarily for real estate. These leases have terms which range from 1 8 1 159,700 183,000 41,800 Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. The Company has certain contracts for real estate which may contain lease and non-lease components which it has elected to treat as a single lease component. Information related to the Company’s right-of-use assets and related lease liabilities were as follows (unaudited): SCHEDULE OF RIGHT-OF-USE-ASSETS AND RELATED LEASE LIABILITIES Six months ended June 30, 2024 2023 Cash paid for operating lease liabilities $ 79,400 $ 36,700 Weighted-average remaining lease term 26 months 32 months Weighted-average discount rate 10 % 10 % Maturities of lease liabilities as of June 30, 2024 were as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES 2025 $ 45,900 2026 93,600 2027 64,000 2028 - 2029 - Thereafter - Total operating lease 203,500 Less imputed interest (20,500 ) Total lease liabilities 183,000 |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES | NOTE 7 – ACCRUED LIABILITIES Accrued liabilities were comprised of the following: SCHEDULE OF ACCRUED LIABILITIES June 30, December 31, 2024 2023 (unaudited) * Accrued compensation and related taxes $ 101,700 $ 89,000 Accrued interest 3,829,200 3,396,700 Accrued settlement/litigation claims 150,000 150,000 Warranty and defect claims 54,500 51,000 Other 104,400 72,600 Total Accrued Liabilities $ 4,239,800 $ 3,759,300 |
UNCOMPLETED CONTRACTS
UNCOMPLETED CONTRACTS | 6 Months Ended |
Jun. 30, 2024 | |
Contractors [Abstract] | |
UNCOMPLETED CONTRACTS | NOTE 8 – UNCOMPLETED CONTRACTS Costs, estimated earnings and billings on uncompleted contracts are as follows: SCHEDULE OF UNCOMPLETED CONTRACTS June 30, December 31, 2024 2023 (unaudited) * Revenue recognized $ 622,400 $ 621,800 Less: billings to date (608,500 ) (604,800 ) Contract assets 13,900 17,000 Billings to date 2,891,400 2,262,000 Revenue recognized (2,217,200 ) (1,432,200 ) Contract liabilities $ 674,200 $ 829,800 |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Investments, All Other Investments [Abstract] | |
INVESTMENTS | NOTE 9 – INVESTMENTS Paragon Waste Solutions LLC Since its inception through June 30, 2024, the Company has provided approximately $ 6.4 Paragon Southwest Medical Waste On July 20, 2022, PWS transferred all patents owned covering medical waste destruction, and related technology, to its joint venture, Paragon Southwest Medical Waste (“PSMW”), in exchange for units in PSMW. The units in PSMW transferred in connection with this transaction increased SEER’s equity in PSMW to approximately 30 On June 30, 2023, the Company exchanged its interest in PSMW in exchange for a 2 |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 10 – DEBT Debt as of June 30, 2024 (Unaudited), and December 31, 2023*, was comprised of the following: SCHEDULE OF DEBT Short term notes Convertible notes, unsecured Current portion of long-term debt and capital lease obligations Long term debt Total Balance December 31, 2023 $ 4,243,100 $ 1,605,000 $ 509,800 $ 1,843,900 $ 8,201,800 Increase in borrowing 417,400 (1) - - - 417,400 Principal reductions (18,700 ) - (4,300 ) - (23,000 ) Long term debt to current - - 3,600 (3,600 ) - Amortization of debt discount - - - - - Balance June 30, 2024 $ 4,641,800 (2) $ 1,605,000 $ 509,100 $ 1,840,300 (3) $ 8,596,200 (1) A) Secured note payable of $ 150,000 8.0 5,000 5,000 30,000 8 May 31, 2024 600 600 37,400 10 900 500 200,000 8 April 11, 2025 3,500 3,500 (2) The balance consists of $ 4,133,800 508,000 (3) Secured notes. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 11 – RELATED PARTY TRANSACTIONS Notes payable and accrued interest due to certain related parties are as follows: SCHEDULE OF RELATED PARTIES NOTES PAYABLE AND ACCRUED INTEREST June 30, 2024 December 31, 2023 (unaudited) * Short term notes $ 125,000 $ 125,000 Accrued interest 80,800 76,400 Total short-term notes and accrued interest - Related parties $ 205,800 $ 201,400 |
EQUITY TRANSACTIONS
EQUITY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
EQUITY TRANSACTIONS | NOTE 12 – EQUITY TRANSACTIONS 2024 Common Stock Transactions During the six months ended June 30, 2024, no new equity transactions have occurred. 2023 Common Stock Transactions During the six months ended June 30, 2023, no new equity transactions have occurred. Non-controlling Interest The non-controlling interest presented in our condensed consolidated financial statements reflects a 46 49 |
CUSTOMER CONCENTRATIONS (unaudi
CUSTOMER CONCENTRATIONS (unaudited) | 6 Months Ended |
Jun. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
CUSTOMER CONCENTRATIONS (unaudited) | NOTE 13 – CUSTOMER CONCENTRATIONS (unaudited) The Company had sales from operations of zero, and three customers, for the six months ended June 30, 2024, and 2023 that surpassed the 10% threshold of total revenue, respectively. In total, these customers represented approximately 0 43 |
NET GAIN OR LOSS PER SHARE
NET GAIN OR LOSS PER SHARE | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
NET GAIN OR LOSS PER SHARE | NOTE 14 – NET GAIN OR LOSS PER SHARE Basic net gain or loss per share is computed by dividing net gain or loss attributable to common shareholders by the weighted average number of common shares outstanding. Diluted net gain or loss per share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding plus the number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares. Potentially dilutive securities are excluded from the calculation when their effect would be anti-dilutive. For six months ended June 30, 2024 and 2023, all potentially dilutive securities have been excluded from the diluted share calculations because they were anti-dilutive as a result of the net losses incurred for the respective period, or were dilutive, but the exercise prices were above the stock price for the entire period, deeming them not to be converted, or exercised during the period. Accordingly, basic shares equal diluted shares for all periods presented. Potentially dilutive securities were comprised of the following (unaudited): SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES 2024 2023 Six months ended June 30, 2024 2023 Warrants - 200,000 Options 1,000,000 1,590,000 Convertible notes payable, including accrued interest 3,594,200 3,120,500 Potentially dilutive securities 4,594,200 4,910,500 |
DISCONTINUED SEM OPERATIONS
DISCONTINUED SEM OPERATIONS | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED SEM OPERATIONS | NOTE 15 – DISCONTINUED SEM OPERATIONS On January 1, 2023, the Company’s board of directors, by unanimous consent, adopted a resolution to discontinue the then-current media production operations of the Company’s wholly owned subsidiary, SEM, LLC. For the unaudited six months ended June 30, 2024 and 2023, all media production operations from SEM have been reported as discontinued operations. Management intends to use the SEM entity for the delivery of biochar kilns to Biochar Now and, further, to commence SEER’s own biochar production in Texas under a joint venture license from Biochar Now. The following table presents the assets and liabilities associated with the discontinued operations of SEM: SCHEDULE OF DISCONTINUED OPERATIONS June 30, December 31, 2024 2023 (unaudited) * ASSETS Property and equipment, net $ - 54,300 Total Assets held for sale $ - $ 54,300 LIABILITIES Accounts payable $ 24,500 25,700 Accrued liabilities 10,000 10,000 Current portion of long-term debt - 7,200 Total current liabilities 34,500 42,900 Long-term debt - - Total liabilities held for sale $ 34,500 $ 42,900 Major classes of line items constituting pretax income on discontinued operations (unaudited): 2024 2023 For the six months ended June 30, 2024 2023 Services revenue $ - $ - Services costs - - General and administrative expenses - (14,300 ) Salaries and related expenses - - Other income (expense) - 174,600 Gain on sale of assets held for sale 3,700 - Total income (expense) 3,700 160,300 Operating income (loss) 3,700 160,300 Income tax benefit - - Total income (loss) from discontinued operations $ 3,700 $ 160,300 |
SEGMENT INFORMATION AND MAJOR C
SEGMENT INFORMATION AND MAJOR CUSTOMERS | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION AND MAJOR CUSTOMERS | NOTE 16 – SEGMENT INFORMATION AND MAJOR CUSTOMERS The Company currently has identified two MV, PelleChar Environmental Solutions PWS Solid Waste The composition of our current reportable segments is consistent with that used by our chief decision makers to evaluate performance and allocate resources. All of our operations are located in the U.S. The Company has not allocated corporate selling, general and administrative expenses, and stock-based compensation to the segments. All intercompany transactions have been eliminated. Segment information for the (unaudited) three and six months ended June 30, 2024 and 2023 is as follows: SCHEDULE OF SEGMENT INFORMATION Solutions Waste Corporate Total Three Months Ended June 30, 2024 Environmental Solid Solutions Waste Corporate Total Revenue $ 761,900 $ - $ - $ 761,900 Depreciation and amortization 2,900 - 1,200 4,100 Interest expense 400 - 226,500 226,900 Stock-based compensation - - - - Net income (loss) attributable to SEER common stockholders 4,300 1,600 (680,500 ) (674,600 ) Capital expenditures (cash and noncash) 19,200 - 1,800 21,000 Total assets $ 699,500 $ - $ 347,600 $ 1,047,100 Solutions Waste Corporate Total 2023 Environmental Solid Solutions Waste Corporate Total Revenue $ 731,200 $ - $ - $ 731,200 Depreciation and amortization 5,600 - - 5,600 Interest expense 200 - 225,400 225,600 Stock-based compensation - - - - Net income (loss) attributable to SEER common stockholders 183,300 (1,000 ) (621,000 ) (438,700 ) Capital expenditures (cash and noncash) - - - - Total assets (1) $ 765,200 $ - $ 560,000 $ 1,325,200 Solutions Waste Corporate Total Six Months Ended June 30, 2024 Environmental Solid Solutions Waste Corporate Total Revenue $ 1,751,700 $ - $ - $ 1,751,700 Depreciation and amortization 5,700 - 1,900 7,600 Interest expense 400 - 448,400 448,800 Stock-based compensation - - - - Net income (loss) attributable to SEER common stockholders 63,600 1,600 (1,091,900 ) (1,026,700 ) Capital expenditures (cash and noncash) 19,200 - 3,500 22,700 Total assets $ 699,500 $ - $ 347,600 $ 1,047,100 Solutions Waste Corporate Total 2023 Environmental Solid Solutions Waste Corporate Total Revenue $ 1,284,400 $ - $ - $ 1,284,400 Depreciation and amortization 11,200 - - 11,200 Interest expense 500 - 431,100 431,600 Net income (loss) attributable to SEER common stockholders 35,700 8,500 (1,262,300 ) (1,218,100 ) Capital expenditures (cash and noncash) - - - - Total assets (1) $ 765,200 $ - $ 560,000 $ 1,325,200 (1) Segment information excludes the results of SEM, which discontinued its current media operations as of January 1, 2023, except net income (loss), of which SEM is categorized as discontinued operations. (See Note 15) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17 – SUBSEQUENT EVENTS In July 2024, the Company received proceeds of $ 100,000 8 September 1, 2024 12 In August 2024, the Company received proceeds of $ 75,000 8 August 8, 2025 In August 2024, the Company received proceeds of $ 150,000 8 August 9, 2025 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of these consolidated financial statements in conformity with accounting principles generally accepted in the United States (U.S. GAAP) requires management to make a number of estimates and assumptions related to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the forecasted cash flows used in the impairment testing of goodwill and intangible assets. The carrying amount of intangible assets; valuation allowances and reserves for receivables; revenue recognition related to contracts accounted for under the percentage of completion method; and the Company’s ability to continue as a going concern. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported consolidated net loss. |
Revenue Recognition | Revenue Recognition In May 2014, the FASB issued guidance on revenue from contracts with customers that superseded most current revenue recognition guidance, including industry-specific guidance. The underlying principle of the guidance is to recognize revenue to depict the transfer of goods or services to customers at an amount to which the company expects to be entitled in exchange for those goods or services. The new guidance requires an evaluation of revenue arrangements with customers following a five-step approach: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue when (or as) the company satisfies each performance obligation. Revenues are recognized when control of the promised services are transferred to the customers in an amount that reflects the expected consideration in exchange for those services. A customer obtains control when it has the ability to direct the use of and obtain the benefits from the services. Other major provisions of the guidance include capitalization of certain contract costs, consideration of the time value of money in the transaction price and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. (See Note 3) |
Research and Development | Research and Development Research and development (“R&D”) costs are charged to expense as incurred. R&D expenses consist primarily of salaries, project materials, contract labor and other costs associated with ongoing product development and enhancement efforts. R&D expenses were $ 0 |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value on a first in, first out basis and includes the following amounts: SCHEDULE OF INVENTORY June 30, 2024 December 31, 2023 (unaudited) * Finished goods $ 2,100 $ 16,800 Total inventory $ 2,100 $ 16,800 |
Income Taxes | Income Taxes The Company accounts for income taxes pursuant to Accounting Standards Codification Income Taxes, ASC 740 also provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Tax positions must meet a “more-likely-than-not” recognition threshold at the effective date to be recognized. During the six months ended June 30, 2024, and 2023 the Company recognized no The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. No The Company has filed federal and state tax returns through December 31, 2022. The tax periods for the years ending December 31, 2020, through 2022 are open to examination by federal and state authorities. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
SCHEDULE OF INVENTORY | Inventories are stated at the lower of cost or net realizable value on a first in, first out basis and includes the following amounts: SCHEDULE OF INVENTORY June 30, 2024 December 31, 2023 (unaudited) * Finished goods $ 2,100 $ 16,800 Total inventory $ 2,100 $ 16,800 |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue: | |
SCHEDULE OF DISAGGREGATION OF REVENUE | Disaggregation of Revenue (Unaudited) SCHEDULE OF DISAGGREGATION OF REVENUE Three months ended June 30, 2024 Environmental Solutions Sources of Revenue Product sales $ 493,100 Media sales 268,800 Total Revenue $ 761,900 Three months ended June 30, 2023 Environmental Solutions Sources of Revenue Product sales 485,400 Media sales 245,800 Total Revenue $ 731,200 Six months ended June 30, 2024 Environmental Solutions Sources of Revenue Product sales $ 1,287,800 Media sales 463,900 Total Revenue $ 1,751,700 Six months ended June 30, 2023 Environmental Solutions Sources of Revenue Product sales $ 862,900 Media sales 421,500 Total Revenue $ 1,284,400 |
SCHEDULE OF CONTRACT BALANCES | The opening and closing balances of the Company’s accounts receivables and contract liabilities (current and non-current) are as follows: SCHEDULE OF CONTRACT BALANCES Contract Liabilities Deferred Revenue Deferred Revenue Accounts Receivable, net Contract Assets Contract Liabilities (current) (non-current) Balance as of June 30, 2024 (unaudited) $ 430,800 $ 13,900 $ 674,200 $ 285,200 $ - Balance as of December 31, 2023* 340,800 17,000 829,800 43,300 - Increase (decrease) $ 90,000 $ (3,100 ) $ (155,600 ) $ 241,900 $ - |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT | Property and equipment was comprised of the following: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT June 30, 2024 December 31, 2023 (unaudited) * Field and shop equipment $ 397,600 $ 398,100 Vehicles 72,500 72,500 Furniture and office equipment 274,600 255,400 Leasehold improvements 36,200 36,200 Property and equipment, gross 780,900 762,200 Less: accumulated depreciation and amortization (731,100 ) (728,600 ) Property and equipment, net $ 49,800 $ 33,600 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | SCHEDULE OF INTANGIBLE ASSETS June 30, 2024 (unaudited) Gross carrying amount Accumulated amortization Net carrying value Customer list $ 42,500 $ (42,500 ) $ - Technology 684,000 (667,700 ) 16,300 Trade name 54,900 (54,900 ) - $ 781,400 $ (765,100 ) $ 16,300 December 31, 2023* Gross carrying amount Accumulated amortization Net carrying value Customer list $ 42,500 $ (42,500 ) $ - Technology 684,000 (666,100 ) 17,900 Trade name 54,900 (54,900 ) - $ 781,400 $ (763,500 ) $ 17,900 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases | |
SCHEDULE OF RIGHT-OF-USE-ASSETS AND RELATED LEASE LIABILITIES | Information related to the Company’s right-of-use assets and related lease liabilities were as follows (unaudited): SCHEDULE OF RIGHT-OF-USE-ASSETS AND RELATED LEASE LIABILITIES Six months ended June 30, 2024 2023 Cash paid for operating lease liabilities $ 79,400 $ 36,700 Weighted-average remaining lease term 26 months 32 months Weighted-average discount rate 10 % 10 % |
SCHEDULE OF MATURITIES OF LEASE LIABILITIES | SCHEDULE OF MATURITIES OF LEASE LIABILITIES 2025 $ 45,900 2026 93,600 2027 64,000 2028 - 2029 - Thereafter - Total operating lease 203,500 Less imputed interest (20,500 ) Total lease liabilities 183,000 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCRUED LIABILITIES | Accrued liabilities were comprised of the following: SCHEDULE OF ACCRUED LIABILITIES June 30, December 31, 2024 2023 (unaudited) * Accrued compensation and related taxes $ 101,700 $ 89,000 Accrued interest 3,829,200 3,396,700 Accrued settlement/litigation claims 150,000 150,000 Warranty and defect claims 54,500 51,000 Other 104,400 72,600 Total Accrued Liabilities $ 4,239,800 $ 3,759,300 |
UNCOMPLETED CONTRACTS (Tables)
UNCOMPLETED CONTRACTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Contractors [Abstract] | |
SCHEDULE OF UNCOMPLETED CONTRACTS | Costs, estimated earnings and billings on uncompleted contracts are as follows: SCHEDULE OF UNCOMPLETED CONTRACTS June 30, December 31, 2024 2023 (unaudited) * Revenue recognized $ 622,400 $ 621,800 Less: billings to date (608,500 ) (604,800 ) Contract assets 13,900 17,000 Billings to date 2,891,400 2,262,000 Revenue recognized (2,217,200 ) (1,432,200 ) Contract liabilities $ 674,200 $ 829,800 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF DEBT | Debt as of June 30, 2024 (Unaudited), and December 31, 2023*, was comprised of the following: SCHEDULE OF DEBT Short term notes Convertible notes, unsecured Current portion of long-term debt and capital lease obligations Long term debt Total Balance December 31, 2023 $ 4,243,100 $ 1,605,000 $ 509,800 $ 1,843,900 $ 8,201,800 Increase in borrowing 417,400 (1) - - - 417,400 Principal reductions (18,700 ) - (4,300 ) - (23,000 ) Long term debt to current - - 3,600 (3,600 ) - Amortization of debt discount - - - - - Balance June 30, 2024 $ 4,641,800 (2) $ 1,605,000 $ 509,100 $ 1,840,300 (3) $ 8,596,200 (1) A) Secured note payable of $ 150,000 8.0 5,000 5,000 30,000 8 May 31, 2024 600 600 37,400 10 900 500 200,000 8 April 11, 2025 3,500 3,500 (2) The balance consists of $ 4,133,800 508,000 (3) Secured notes. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTIES NOTES PAYABLE AND ACCRUED INTEREST | Notes payable and accrued interest due to certain related parties are as follows: SCHEDULE OF RELATED PARTIES NOTES PAYABLE AND ACCRUED INTEREST June 30, 2024 December 31, 2023 (unaudited) * Short term notes $ 125,000 $ 125,000 Accrued interest 80,800 76,400 Total short-term notes and accrued interest - Related parties $ 205,800 $ 201,400 |
NET GAIN OR LOSS PER SHARE (Tab
NET GAIN OR LOSS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES | Potentially dilutive securities were comprised of the following (unaudited): SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES 2024 2023 Six months ended June 30, 2024 2023 Warrants - 200,000 Options 1,000,000 1,590,000 Convertible notes payable, including accrued interest 3,594,200 3,120,500 Potentially dilutive securities 4,594,200 4,910,500 |
DISCONTINUED SEM OPERATIONS (Ta
DISCONTINUED SEM OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
SCHEDULE OF DISCONTINUED OPERATIONS | The following table presents the assets and liabilities associated with the discontinued operations of SEM: SCHEDULE OF DISCONTINUED OPERATIONS June 30, December 31, 2024 2023 (unaudited) * ASSETS Property and equipment, net $ - 54,300 Total Assets held for sale $ - $ 54,300 LIABILITIES Accounts payable $ 24,500 25,700 Accrued liabilities 10,000 10,000 Current portion of long-term debt - 7,200 Total current liabilities 34,500 42,900 Long-term debt - - Total liabilities held for sale $ 34,500 $ 42,900 Major classes of line items constituting pretax income on discontinued operations (unaudited): 2024 2023 For the six months ended June 30, 2024 2023 Services revenue $ - $ - Services costs - - General and administrative expenses - (14,300 ) Salaries and related expenses - - Other income (expense) - 174,600 Gain on sale of assets held for sale 3,700 - Total income (expense) 3,700 160,300 Operating income (loss) 3,700 160,300 Income tax benefit - - Total income (loss) from discontinued operations $ 3,700 $ 160,300 |
SEGMENT INFORMATION AND MAJOR_2
SEGMENT INFORMATION AND MAJOR CUSTOMERS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SEGMENT INFORMATION | Segment information for the (unaudited) three and six months ended June 30, 2024 and 2023 is as follows: SCHEDULE OF SEGMENT INFORMATION Solutions Waste Corporate Total Three Months Ended June 30, 2024 Environmental Solid Solutions Waste Corporate Total Revenue $ 761,900 $ - $ - $ 761,900 Depreciation and amortization 2,900 - 1,200 4,100 Interest expense 400 - 226,500 226,900 Stock-based compensation - - - - Net income (loss) attributable to SEER common stockholders 4,300 1,600 (680,500 ) (674,600 ) Capital expenditures (cash and noncash) 19,200 - 1,800 21,000 Total assets $ 699,500 $ - $ 347,600 $ 1,047,100 Solutions Waste Corporate Total 2023 Environmental Solid Solutions Waste Corporate Total Revenue $ 731,200 $ - $ - $ 731,200 Depreciation and amortization 5,600 - - 5,600 Interest expense 200 - 225,400 225,600 Stock-based compensation - - - - Net income (loss) attributable to SEER common stockholders 183,300 (1,000 ) (621,000 ) (438,700 ) Capital expenditures (cash and noncash) - - - - Total assets (1) $ 765,200 $ - $ 560,000 $ 1,325,200 Solutions Waste Corporate Total Six Months Ended June 30, 2024 Environmental Solid Solutions Waste Corporate Total Revenue $ 1,751,700 $ - $ - $ 1,751,700 Depreciation and amortization 5,700 - 1,900 7,600 Interest expense 400 - 448,400 448,800 Stock-based compensation - - - - Net income (loss) attributable to SEER common stockholders 63,600 1,600 (1,091,900 ) (1,026,700 ) Capital expenditures (cash and noncash) 19,200 - 3,500 22,700 Total assets $ 699,500 $ - $ 347,600 $ 1,047,100 Solutions Waste Corporate Total 2023 Environmental Solid Solutions Waste Corporate Total Revenue $ 1,284,400 $ - $ - $ 1,284,400 Depreciation and amortization 11,200 - - 11,200 Interest expense 500 - 431,100 431,600 Net income (loss) attributable to SEER common stockholders 35,700 8,500 (1,262,300 ) (1,218,100 ) Capital expenditures (cash and noncash) - - - - Total assets (1) $ 765,200 $ - $ 560,000 $ 1,325,200 (1) Segment information excludes the results of SEM, which discontinued its current media operations as of January 1, 2023, except net income (loss), of which SEM is categorized as discontinued operations. (See Note 15) |
ORGANIZATION AND FINANCIAL CO_2
ORGANIZATION AND FINANCIAL CONDITION (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Accumulated deficit | $ 35,400,000 | |
Net loss from continuing operations | 1,000,000 | |
Working capital deficit | 12,600,000 | |
Short term and long term debt | 400,000 | |
Principal payments of short term notes | 100,000 | |
Net cash provided by (used in) financing activities | $ 315,200 | $ 678,700 |
Paragon Waste Solutions, LLC [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Noncontrolling interest, ownership percentage | 54% | |
PelleChar, LLC [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Noncontrolling interest, ownership percentage | 51% |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | |
Accounting Policies [Abstract] | |||
Finished goods | $ 2,100 | $ 16,800 | |
Total inventory | $ 2,100 | $ 16,800 | [1] |
[1]These numbers are derived from the audited financial statements for the year ended December 31, 2023. |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Accounting Policies [Abstract] | ||
Research and development expense | $ 0 | $ 0 |
Uncertain tax positions | 0 | 0 |
Interest and penalties related to uncertain tax positions | $ 0 | $ 0 |
SCHEDULE OF DISAGGREGATION OF R
SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - Environmental Solutions [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 761,900 | $ 731,200 | $ 1,751,700 | $ 1,284,400 |
Product Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 493,100 | 485,400 | 1,287,800 | 862,900 |
Media Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 268,800 | $ 245,800 | $ 463,900 | $ 421,500 |
SCHEDULE OF CONTRACT BALANCES (
SCHEDULE OF CONTRACT BALANCES (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Revenue: | ||||
Accounts Receivable, net | $ 430,800 | $ 340,800 | ||
Contract Assets | 13,900 | 17,000 | [1] | |
Contract Liabilities | 674,200 | 829,800 | ||
Deferred Revenue (current) | 285,200 | 43,300 | ||
Deferred Revenue (noncurrent) | ||||
Increase (decrease) in Accounts Receivable, net | 90,000 | |||
Increase (decrease) in Contract Assets | (3,100) | $ (64,700) | ||
Increase (decrease) in Contract Liabilities | (155,600) | $ (23,000) | ||
Deferred Revenue (current), Increase (decrease) | 241,900 | |||
Deferred Revenue (non-current), Increase (decrease) | ||||
[1]These numbers are derived from the audited financial statements for the year ended December 31, 2023. |
REVENUE (Details Narrative)
REVENUE (Details Narrative) $ in Millions | Jun. 30, 2024 USD ($) |
Revenue remaining performance obligations | $ 1 |
Next 12 Months [Member] | |
Revenue remaining performance obligations, percentage | 85% |
SCHEDULE OF PROPERTY PLANT AND
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 780,900 | $ 762,200 | |
Less: accumulated depreciation and amortization | (731,100) | (728,600) | |
Property and equipment, net | 49,800 | 33,600 | [1] |
Field and Shop Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 397,600 | 398,100 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 72,500 | 72,500 | |
Furniture and Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 274,600 | 255,400 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 36,200 | $ 36,200 | |
[1]These numbers are derived from the audited financial statements for the year ended December 31, 2023. |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Depreciation | $ 3,100 | $ 4,900 | $ 6,000 | $ 9,800 |
Cost of Sales [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Depreciation | 2,000 | 4,900 | 4,100 | 9,800 |
Selling, General and Administrative Expenses [Member] | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Depreciation | $ 1,100 | $ 0 | $ 1,900 | $ 0 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 781,400 | $ 781,400 |
Finite-Lived Intangible Assets, Accumulated Amortization | (765,100) | (763,500) |
Net carrying value | 16,300 | 17,900 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 42,500 | 42,500 |
Finite-Lived Intangible Assets, Accumulated Amortization | (42,500) | (42,500) |
Net carrying value | ||
Technology-Based Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 684,000 | 684,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (667,700) | (666,100) |
Net carrying value | 16,300 | 17,900 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 54,900 | 54,900 |
Finite-Lived Intangible Assets, Accumulated Amortization | (54,900) | (54,900) |
Net carrying value |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Selling, General and Administrative Expenses [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 700 | $ 700 | $ 900 | $ 1,400 |
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful lives of the intangible assets | 7 years | 7 years | ||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful lives of the intangible assets | 20 years | 20 years |
SCHEDULE OF RIGHT-OF-USE-ASSETS
SCHEDULE OF RIGHT-OF-USE-ASSETS AND RELATED LEASE LIABILITIES (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Leases | ||
Operating lease payments | $ 79,400 | $ 36,700 |
Weighted-average remaining lease term | 26 months | 32 months |
Weighted-average discount rate | 10% | 10% |
SCHEDULE OF MATURITIES OF LEASE
SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) | Jun. 30, 2024 USD ($) |
Leases | |
2025 | $ 45,900 |
2026 | 93,600 |
2027 | 64,000 |
2028 | |
2029 | |
Thereafter | |
Total operating lease | 203,500 |
Less imputed interest | (20,500) |
Total lease liabilities | $ 183,000 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2024 | Dec. 31, 2023 | [1] | |
Lease renewal term | 1 year | ||
Operating lease right of use asset | $ 159,700 | $ 191,300 | |
Operating lease liability | 183,000 | ||
Operating lease costs | $ 41,800 | ||
Minimum [Member] | |||
Lease term | 1 year | ||
Maximum [Member] | |||
Lease term | 8 years | ||
[1]These numbers are derived from the audited financial statements for the year ended December 31, 2023. |
SCHEDULE OF ACCRUED LIABILITIES
SCHEDULE OF ACCRUED LIABILITIES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |||
Accrued compensation and related taxes | $ 101,700 | $ 89,000 | |
Accrued interest | 3,829,200 | 3,396,700 | |
Accrued settlement/litigation claims | 150,000 | 150,000 | |
Warranty and defect claims | 54,500 | 51,000 | |
Other | 104,400 | 72,600 | |
Total Accrued Liabilities | $ 4,239,800 | $ 3,759,300 | [1] |
[1]These numbers are derived from the audited financial statements for the year ended December 31, 2023. |
SCHEDULE OF UNCOMPLETED CONTRAC
SCHEDULE OF UNCOMPLETED CONTRACTS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | |
Contractors [Abstract] | |||
Revenue recognized | $ 622,400 | $ 621,800 | |
Less: billings to date | (608,500) | (604,800) | |
Contract assets | 13,900 | 17,000 | [1] |
Billings to date | 2,891,400 | 2,262,000 | |
Revenue recognized | (2,217,200) | (1,432,200) | |
Contract liabilities | $ 674,200 | $ 829,800 | |
[1]These numbers are derived from the audited financial statements for the year ended December 31, 2023. |
INVESTMENTS (Details Narrative)
INVESTMENTS (Details Narrative) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jul. 20, 2022 | |
Paragon Southwest Medical Waste [Member] | |||
Equity percentage | 30% | ||
Amlon Holdings [Member] | |||
Equity percentage | 2% | ||
Paragon Waste Solutions, LLC [Member] | |||
Payment for funding of subsidiary | $ 6.4 |
SCHEDULE OF DEBT (Details)
SCHEDULE OF DEBT (Details) | 6 Months Ended | |
Jun. 30, 2024 USD ($) | ||
Short-Term Debt [Line Items] | ||
Debt, beginning balance | $ 8,201,800 | |
Increase in borrowing | 417,400 | |
Principal reductions | (23,000) | |
Long term debt to current | ||
Amortization of debt discount | ||
Debt, ending balance | 8,596,200 | |
Short Term Notes [Member] | ||
Short-Term Debt [Line Items] | ||
Debt, beginning balance | 4,243,100 | |
Increase in borrowing | 417,400 | [1] |
Principal reductions | (18,700) | |
Long term debt to current | ||
Amortization of debt discount | ||
Debt, ending balance | 4,641,800 | [2] |
Convertible Notes, Unsecured [Member] | ||
Short-Term Debt [Line Items] | ||
Debt, beginning balance | 1,605,000 | |
Increase in borrowing | ||
Principal reductions | ||
Long term debt to current | ||
Amortization of debt discount | ||
Debt, ending balance | 1,605,000 | |
Current Portion of Long Term Debt and Capital Lease Obligations [Member] | ||
Short-Term Debt [Line Items] | ||
Debt, beginning balance | 509,800 | |
Increase in borrowing | ||
Principal reductions | (4,300) | |
Long term debt to current | 3,600 | |
Amortization of debt discount | ||
Debt, ending balance | 509,100 | |
Long Term Debt [Member] | ||
Short-Term Debt [Line Items] | ||
Debt, beginning balance | 1,843,900 | |
Increase in borrowing | ||
Principal reductions | ||
Long term debt to current | (3,600) | |
Amortization of debt discount | ||
Debt, ending balance | $ 1,840,300 | [3] |
[1]A) Secured note payable of $ 150,000 8.0 5,000 5,000 30,000 8 May 31, 2024 600 600 37,400 10 900 500 200,000 8 April 11, 2025 3,500 3,500 4,133,800 508,000 |
SCHEDULE OF DEBT (Details) (Par
SCHEDULE OF DEBT (Details) (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Apr. 12, 2024 | Mar. 27, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Feb. 06, 2024 | Jan. 31, 2024 | |
Short-Term Debt [Line Items] | ||||||||
Interest expense | $ 226,900 | $ 225,600 | $ 448,800 | $ 431,600 | ||||
Secured Note Payable [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Debt principal amount | $ 150,000 | |||||||
Note payable, interest | 8% | |||||||
Interest expense | 600 | 5,000 | ||||||
Accrued and upaid interest | 600 | 5,000 | ||||||
Unsecured Note Payable [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Debt principal amount | $ 30,000 | |||||||
Note payable, interest | 8% | |||||||
Debt maturity date | May 31, 2024 | |||||||
Unsecured Note Payable One [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Debt principal amount | $ 37,400 | |||||||
Note payable, interest | 10% | |||||||
Secured Note Payable One [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Interest expense | 900 | |||||||
Accrued and upaid interest | 500 | |||||||
Secured Note Payable Two [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Debt principal amount | $ 200,000 | |||||||
Note payable, interest | 8% | |||||||
Interest expense | 3,500 | |||||||
Accrued and upaid interest | 3,500 | |||||||
Debt maturity date | Apr. 11, 2025 | |||||||
Secured Notes [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Notes Payable | 4,133,800 | 4,133,800 | ||||||
Unsecured Notes Payable [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Notes Payable | $ 508,000 | $ 508,000 |
SCHEDULE OF RELATED PARTIES NOT
SCHEDULE OF RELATED PARTIES NOTES PAYABLE AND ACCRUED INTEREST (Details) - Related Party [Member] - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Related Party Transaction [Line Items] | ||
Short term notes | $ 125,000 | $ 125,000 |
Accrued interest | 80,800 | 76,400 |
Total short-term notes and accrued interest - Related parties | $ 205,800 | $ 201,400 |
EQUITY TRANSACTIONS (Details Na
EQUITY TRANSACTIONS (Details Narrative) | 6 Months Ended |
Jun. 30, 2024 | |
Non-controlling interest, description | The non-controlling interest presented in our condensed consolidated financial statements reflects a 46% non-controlling equity interest in PWS and 49% non-controlling equity interest in PelleChar. Net losses attributable to non-controlling interest, as reported on our condensed consolidated statements of operations, represents the net loss of each entity attributable to the non-controlling equity interest. |
Paragon Waste Solutions, LLC [Member] | |
Percentage of non controlling equity interest | 46% |
PelleChar, LLC [Member] | |
Percentage of non controlling equity interest | 49% |
CUSTOMER CONCENTRATIONS (unau_2
CUSTOMER CONCENTRATIONS (unaudited) (Details Narrative) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue Benchmark [Member] | Two And Three Customers [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 0% | 43% |
SCHEDULE OF POTENTIALLY DILUTIV
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES (Details) - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities | 4,594,200 | 4,910,500 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities | 200,000 | |
Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities | 1,000,000 | 1,590,000 |
Convertible Notes Payable Including Accrued Interest [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities | 3,594,200 | 3,120,500 |
SCHEDULE OF DISCONTINUED OPERAT
SCHEDULE OF DISCONTINUED OPERATIONS (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
ASSETS | ||||
Property and equipment, net | $ 54,300 | |||
Total Assets held for sale | 54,300 | |||
LIABILITIES | ||||
Accounts payable | 24,500 | 25,700 | ||
Accrued liabilities | 10,000 | 10,000 | ||
Current portion of long-term debt | 7,200 | |||
Total current liabilities | 34,500 | 42,900 | ||
Long-term debt | ||||
Total liabilities held for sale | 34,500 | $ 42,900 | [1] | |
Services revenue | ||||
Services costs | ||||
General and administrative expenses | (14,300) | |||
Salaries and related expenses | ||||
Other income (expense) | 174,600 | |||
Gain on sale of assets held for sale | 3,700 | |||
Total income (expense) | 3,700 | 160,300 | ||
Operating income (loss) | 3,700 | 160,300 | ||
Income tax benefit | ||||
Total income (loss) from discontinued operations | $ 3,700 | $ 160,300 | ||
[1]These numbers are derived from the audited financial statements for the year ended December 31, 2023. |
SCHEDULE OF SEGMENT INFORMATION
SCHEDULE OF SEGMENT INFORMATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | [2] | |||
Segment Reporting Information [Line Items] | ||||||||
Revenue | $ 761,900 | $ 731,200 | $ 1,751,700 | $ 1,284,400 | ||||
Depreciation and amortization | 4,100 | 5,600 | 7,600 | 11,200 | ||||
Interest expense | 226,900 | 225,600 | 448,800 | 431,600 | ||||
Stock-based compensation | ||||||||
Net income (loss) attributable to SEER common stockholders | (674,600) | (438,700) | (1,026,700) | (1,218,100) | ||||
Capital expenditures (cash and noncash) | 21,000 | 22,700 | ||||||
Total assets | 1,047,100 | 1,325,200 | [1] | 1,047,100 | 1,325,200 | [1] | $ 851,000 | |
Environmental Solutions [Member] | Operating Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | 761,900 | 731,200 | 1,751,700 | 1,284,400 | ||||
Depreciation and amortization | 2,900 | 5,600 | 5,700 | 11,200 | ||||
Interest expense | 400 | 200 | 400 | 500 | ||||
Stock-based compensation | ||||||||
Net income (loss) attributable to SEER common stockholders | 4,300 | 183,300 | 63,600 | 35,700 | ||||
Capital expenditures (cash and noncash) | 19,200 | 19,200 | ||||||
Total assets | 699,500 | 765,200 | [1] | 699,500 | 765,200 | [1] | ||
Solid Waste [Member] | Operating Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | ||||||||
Depreciation and amortization | ||||||||
Interest expense | ||||||||
Stock-based compensation | ||||||||
Net income (loss) attributable to SEER common stockholders | 1,600 | (1,000) | 1,600 | 8,500 | ||||
Capital expenditures (cash and noncash) | ||||||||
Total assets | [1] | [1] | ||||||
Corporate Segment [Member] | Operating Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenue | ||||||||
Depreciation and amortization | 1,200 | 1,900 | ||||||
Interest expense | 226,500 | 225,400 | 448,400 | 431,100 | ||||
Stock-based compensation | ||||||||
Net income (loss) attributable to SEER common stockholders | (680,500) | (621,000) | (1,091,900) | (1,262,300) | ||||
Capital expenditures (cash and noncash) | 1,800 | 3,500 | ||||||
Total assets | $ 347,600 | $ 560,000 | [1] | $ 347,600 | $ 560,000 | [1] | ||
[1]Segment information excludes the results of SEM, which discontinued its current media operations as of January 1, 2023, except net income (loss), of which SEM is categorized as discontinued operations. (See Note 15)[2]These numbers are derived from the audited financial statements for the year ended December 31, 2023. |
SEGMENT INFORMATION AND MAJOR_3
SEGMENT INFORMATION AND MAJOR CUSTOMERS (Details Narrative) | 6 Months Ended |
Jun. 30, 2024 Integer | |
Segment Reporting [Abstract] | |
Number of reporting segments | 2 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($) | 1 Months Ended | |
Aug. 31, 2024 | Jul. 31, 2024 | |
Unsecured Short-term Promissory Note [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from debt | $ 100,000 | |
Interest rate | 8% | |
Debt maturity date | September 1, 2024 | |
Interest rate increases | 12% | |
Unsecured Short Term Promissory Note One [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from debt | $ 75,000 | |
Interest rate | 8% | |
Debt maturity date | August 8, 2025 | |
Unsecured Short Term Promissory Note Two [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from debt | $ 150,000 | |
Interest rate | 8% | |
Debt maturity date | August 9, 2025 |