Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-41276 | |
Entity Registrant Name | SKYX Platforms Corp. | |
Entity Central Index Key | 0001598981 | |
Entity Tax Identification Number | 46-3645414 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | 2855 W. McNab Road | |
Entity Address, City or Town | Pompano Beach | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33069 | |
City Area Code | (855) | |
Local Phone Number | 759-7584 | |
Title of 12(b) Security | Common Stock, no par value per share | |
Trading Symbol | SKYX | |
Security Exchange Name | NASDAQ | |
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 | 81,107,486 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 24,682,674 | $ 10,426,249 |
Inventory | 1,253,194 | 918,651 |
Prepaid expenses and other assets | 1,020,624 | 41,018 |
Total current assets | 26,956,492 | 11,385,918 |
Other assets: | ||
Furniture and equipment, net | 266,260 | 25,710 |
Patents, net | 597,850 | 540,033 |
Right-of-use asset | 1,384,641 | |
Other assets | 163,533 | 2,174 |
Total other assets | 2,412,284 | 567,917 |
Total Assets | 29,368,776 | 11,953,835 |
Current liabilities: | ||
Accounts payable and accrued expenses | 2,298,579 | 1,029,336 |
Notes payable, current | 403,567 | 404,648 |
Operating lease liabilities | 241,362 | |
Royalty obligation | 2,250,000 | 1,200,000 |
Total current liabilities | 5,193,508 | 2,633,984 |
Long term liabilities: | ||
Notes payable | 5,313,739 | 5,492,572 |
Operating lease liabilities | 1,187,402 | |
Convertible notes | 1,300,000 | 1,300,000 |
Royalty obligation | 988,000 | 2,638,000 |
Total long-term liabilities | 8,789,141 | 9,430,572 |
Total liabilities | 13,982,649 | 12,064,556 |
Commitments and Contingent Liabilities: | ||
Redeemable preferred stock - subject to redemption: $0 par value; 20,000,000 shares authorized; 1,880,400 and 13,256,936 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 470,099 | 3,314,233 |
Stockholders’ Equity (Deficit): | ||
Common stock and additional paid-in-capital: $0 par value, 500,000,000 shares authorized; and 81,053,486 and 66,295,288 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 110,444,367 | 70,880,386 |
Accumulated deficit | (95,528,339) | (74,269,898) |
Total stockholders’ equity (deficit) | 14,916,028 | (3,389,512) |
Non-controlling interest | (35,442) | |
Total equity (deficit) | 14,916,028 | (3,424,954) |
Total Liabilities and Stockholders’ Equity (Deficit) | $ 29,368,776 | $ 11,953,835 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Temporary equity, par value | $ 0 | $ 0 |
Temporary equity, shares authorized | 20,000,000 | 20,000,000 |
Temporary equity, shares issued | 1,880,400 | 13,256,936 |
Temporary equity, shares outstanding | 1,880,400 | 13,256,936 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 81,053,486 | 66,295,288 |
Common stock, shares outstanding | 81,053,486 | 66,295,288 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 7,389 | $ 14,360 | $ 100,185 | |
Cost of revenues | (6,122) | (11,762) | (82,508) | |
Gross income (loss) | 1,267 | 2,598 | 17,677 | |
Selling, general and administrative expenses | 4,565,087 | 962,330 | 16,512,528 | 1,830,010 |
(Loss) from operations | (4,563,820) | (962,330) | (16,509,930) | (1,812,333) |
Other income / (expense) | ||||
Interest expense, net | (81,917) | (144,171) | (172,421) | (281,107) |
Other income, Loan forgiveness | 178,250 | |||
Gain on debt forgiveness (license) | 7,886 | 7,886 | ||
Total other income (expense), net | (81,917) | (136,285) | 5,829 | (273,221) |
Net loss | (4,645,737) | (1,098,615) | (16,504,101) | (2,085,554) |
Common stock issued pursuant to antidilutive provisions | 4,691,022 | |||
Preferred dividends | 6,645 | 32,552 | 27,876 | 65,103 |
Net loss attributed to common shareholders | $ (4,652,382) | $ (1,131,167) | $ (21,222,999) | $ (2,150,657) |
Net loss per share - basic and diluted | $ (0.06) | $ (0.02) | $ (0.22) | $ (0.03) |
Weighted average number of common shares outstanding – basic and diluted | 80,575,955 | 64,848,938 | 76,718,462 | 64,705,049 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | Parent [Member] |
Beginning balance, shares at Dec. 31, 2020 | 64,515,231 | |||
Beginning balance at Dec. 31, 2020 | $ 56,197,957 | $ (68,410,028) | ||
Common stock issued pursuant to offerings, shares | 214,957 | |||
Common stock issued pursuant to services, shares | 55,000 | |||
Common stock issued pursuant to conversion of preferred stock, shares | 200,000 | |||
Common stock issued pursuant to exercise of options, shares | ||||
Common stock issued pursuant to cashless exercise of warrants, shares | 21,250 | |||
Common stock issued pursuant to antidilutive provisions, shares | ||||
Common stock issued pursuant to offerings | 2,579,464 | |||
Common stock issued pursuant to services | 165,000 | |||
Common stock issued pursuant to conversion of preferred stock | 50,000 | |||
Stock-based compensation | 172,386 | |||
Common stock issued pursuant to exercise of options | ||||
Common stock issued pursuant to antidilutive provisions | ||||
Net loss | (2,085,554) | |||
Non-controlling interest | ||||
Preferred dividends | (65,103) | |||
Ending balance, shares at Jun. 30, 2021 | 65,006,438 | |||
Ending balance at Jun. 30, 2021 | 59,164,807 | (70,560,685) | (11,395,878) | |
Beginning balance, shares at Mar. 31, 2021 | 64,834,354 | |||
Beginning balance at Mar. 31, 2021 | 57,189,864 | (69,429,519) | ||
Common stock issued pursuant to offerings, shares | 152,084 | |||
Common stock issued pursuant to services, shares | 20,000 | |||
Common stock issued pursuant to conversion of preferred stock, shares | ||||
Common stock issued pursuant to exercise of options, shares | ||||
Common stock issued pursuant to cashless exercise of warrants, shares | ||||
Common stock issued pursuant to antidilutive provisions, shares | ||||
Common stock issued pursuant to offerings | 1,825,000 | |||
Common stock issued pursuant to services | 63,750 | |||
Common stock issued pursuant to conversion of preferred stock | ||||
Stock-based compensation | 86,193 | |||
Common stock issued pursuant to exercise of options | ||||
Common stock issued pursuant to antidilutive provisions | ||||
Net loss | (1,098,615) | |||
Non-controlling interest | ||||
Preferred dividends | (32,551) | |||
Ending balance, shares at Jun. 30, 2021 | 65,006,438 | |||
Ending balance at Jun. 30, 2021 | 59,164,807 | (70,560,685) | (11,395,878) | |
Beginning balance, shares at Dec. 31, 2021 | 66,295,288 | |||
Beginning balance at Dec. 31, 2021 | 70,880,386 | (74,269,898) | ||
Common stock issued pursuant to offerings, shares | 1,650,000 | |||
Common stock issued pursuant to services, shares | 542,949 | |||
Common stock issued pursuant to conversion of preferred stock, shares | 11,376,536 | |||
Common stock issued pursuant to exercise of options, shares | 436,890 | |||
Common stock issued pursuant to cashless exercise of warrants, shares | 416,750 | |||
Common stock issued pursuant to antidilutive provisions, shares | 335,073 | |||
Common stock issued pursuant to offerings | 20,552,000 | |||
Common stock issued pursuant to services | 6,167,226 | |||
Common stock issued pursuant to conversion of preferred stock | 2,844,134 | |||
Stock-based compensation | 5,026,974 | |||
Common stock issued pursuant to exercise of options | 282,625 | |||
Common stock issued pursuant to antidilutive provisions | 4,691,022 | (4,691,022) | ||
Net loss | (16,504,101) | |||
Non-controlling interest | (35,442) | |||
Preferred dividends | (27,876) | |||
Ending balance, shares at Jun. 30, 2022 | 81,053,486 | |||
Ending balance at Jun. 30, 2022 | 110,444,367 | (95,528,339) | 14,916,028 | |
Beginning balance, shares at Mar. 31, 2022 | 79,217,056 | |||
Beginning balance at Mar. 31, 2022 | 107,595,436 | (90,875,958) | ||
Common stock issued pursuant to offerings, shares | ||||
Common stock issued pursuant to services, shares | 94,540 | |||
Common stock issued pursuant to conversion of preferred stock, shares | 1,400,000 | |||
Common stock issued pursuant to exercise of options, shares | 236,890 | |||
Common stock issued pursuant to cashless exercise of warrants, shares | 105,000 | |||
Common stock issued pursuant to antidilutive provisions, shares | ||||
Common stock issued pursuant to offerings | ||||
Common stock issued pursuant to services | 450,216 | |||
Common stock issued pursuant to conversion of preferred stock | 350,000 | |||
Stock-based compensation | 1,976,090 | |||
Common stock issued pursuant to exercise of options | 72,625 | |||
Common stock issued pursuant to antidilutive provisions | ||||
Net loss | (4,645,737) | |||
Non-controlling interest | ||||
Preferred dividends | (6,644) | |||
Ending balance, shares at Jun. 30, 2022 | 81,053,486 | |||
Ending balance at Jun. 30, 2022 | $ 110,444,367 | $ (95,528,339) | $ 14,916,028 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (16,504,101) | $ (2,085,554) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 46,988 | 42,061 |
(Other income), loan forgiveness | (178,250) | |
Non-cash equity-based compensation expense | 11,194,200 | 337,386 |
Change in operating assets and liabilities: | ||
Inventory | (334,543) | |
Prepaid expenses and other assets | (979,607) | (61,335) |
Right-to-use assets | 44,124 | |
Other assets | (161,358) | |
Royalty obligation | (600,000) | (250,000) |
Accounts payable and accrued expenses | 1,269,243 | 212,553 |
Net cash used in operating activities | (6,203,304) | (1,804,889) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (262,748) | |
Payment of patent costs | (82,608) | (86,887) |
Net cash used in investing activities | (345,356) | (86,887) |
Cash flows from financing activities: | ||
Proceeds from common stock issuance | 23,100,000 | 2,579,464 |
Placement cost | (2,556,000) | |
Proceeds from exercise of options | 290,625 | |
Proceeds from SBA - PPP notes payable | 178,235 | |
Proceeds from issuance of convertible notes | 50,000 | |
Dividends paid | (27,876) | (65,103) |
Principal repayments of notes payable | (1,664) | |
Net cash provided by financing activities | 20,805,085 | 2,742,596 |
Increase in cash and cash equivalents | 14,256,425 | 850,820 |
Cash and cash equivalents at beginning of period | 10,426,249 | 2,308,871 |
Cash and cash equivalents at end of period | 24,682,674 | 3,159,691 |
Supplementary disclosure of non-cash financing activities: | ||
Preferred stock conversion to common | 2,844,134 | 50,000 |
Common stock issued pursuant to antidilutive provisions | 4,691,022 | |
Cashless exercise of warrants | 74,375 | |
Cash paid during the year for: | ||
Interest | $ 183,929 | $ 281,141 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF OPERATIONS | NOTE 1 ORGANIZATION AND NATURE OF OPERATIONS SKYX Platforms Corp., a Florida corporation (the “Company”), was originally organized in May 2004. The Company holds over 60 U.S. and global patents and patent applications and has received a variety of final electrical code approvals, including UL, United Laboratories of Canada (cUL) and Conformité Européenne (CE), inclusion in the 2017 and 2020 National Electric Code (“NEC”) Code Book. The Company maintains offices in Johns Creek, Georgia, Pompano Beach, Florida, New York City, and Guangdong Province, China. The Company has a series of advanced-safe-smart platform technologies. The Company’s first-generation technologies enable light fixtures, ceiling fans and other electrically wired products to be installed safely and plugged-in to a ceiling’s electrical outlet box within seconds, and without the need to touch hazardous wires. The plug and play technology method is a universal power-plug device that has a matching receptacle that is simply connected to the electrical outlet box on the ceiling, enabling a safe and quick plug and play installation of light fixtures and ceiling fans in just seconds. The plug and play power-plug technology, eliminates the need of touching hazardous electrical wires while installing light fixtures, ceiling fans and other hard wired electrical products. In recent years the Company has expanded the capabilities of its power-plug product, to include advanced-safe and quick universal installation methods, as well as advanced-smart capabilities. The smart features include control of light fixtures and ceiling fans by the SkyHome App, through WIFI, Bluetooth Low Energy and voice control. It allows scheduling, energy savings eco mode, dimming, back-up emergency light, night light, light color changing and much more. The Company’s second-generation technology is an all-in-one safe and smart-advanced platform that is designed to enhance all-around safety and lifestyle of homes and other buildings. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of the Company’s significant accounting policies: Basis of Presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The consolidated financial statements as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 are unaudited. The results of operations for the interim periods are not necessarily indicative of the results of operations for the respective fiscal years. The consolidated statement of financial condition at December 31, 2021 has been derived from the audited financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statement presentation. The accompanying consolidated financial information should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 for additional disclosures and accounting policies. Reclassifications For comparability, reclassifications of certain prior-year balances were made in order to conform with current-year presentations, such as grouping of common stock and additional paid-in capital and certain expenses initially included in cost of revenues were reclassified to sales and general and administrative expenses. Inventory Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) method. Cost principally consists of the purchase price (adjusted for lower of cost or market), customs, duties, and freight. The Company periodically reviews historical sales activity to determine potentially obsolete items and evaluates the impact of any anticipated changes in future demand. SCHEDULE OF INVENTORY June 30, 2022 December 31, 2021 Inventory, component parts $ 1,253,194 $ 918,651 Loss Per Share Basic net earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. The Company uses the “treasury stock” method to determine whether there is a dilutive effect of outstanding convertible debt, option and warrant contracts. For the three and six months ended June 30, 2022 and 2021, the Company recognized net loss and a dilutive net loss, and the effect of considering any common stock equivalents would have been antidilutive for the period. Therefore, separate computation of diluted earnings (loss) per share is not presented for the periods presented. The Company had the following anti-dilutive common stock equivalents at June 30, 2022 and 2021: SCHEDULE OF EARNING (LOSS) PER SHARE June 30, 2022 June 30, 2021 Stock Warrants 939,895 1,796,122 Stock Options 33,124,982 20,752,182 Convertible Notes 86,668 86,668 Preferred stock 1,880,400 13,256,936 Total 36,031,945 35,891,908 Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on its consolidated financial statements. |
FURNITURE AND EQUIPMENT
FURNITURE AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
FURNITURE AND EQUIPMENT | NOTE 3 FURNITURE AND EQUIPMENT Furniture and equipment consisted of the following: SCHEDULE OF FURNITURE AND EQUIPMENT June 30, 2022 December 31, 2021 Machinery and equipment $ 67,419 $ 31,456 Computer equipment 6,846 6,846 Furniture and fixtures 36,059 36,059 Tooling and production 535,896 309,111 Leasehold improvements 30,553 30,553 Total 676,773 414,025 Less: accumulated depreciation (410,513 ) (388,315 ) Total, net $ 266,260 $ 25,710 Depreciation expense amounted to $ 22,198 22,504 12,693 10,331 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 4 INTANGIBLE ASSETS Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS June 30, 2022 December 31, 2021 Patents $ 732,577 $ 649,969 Trademark 45,450 45,450 Less: accumulated amortization (180,177 ) (155,386 ) Total, net $ 597,850 $ 540,033 Amortization expense on intangible assets was $ 24,791 19,557 12,395 10,958 The following table sets forth the estimated amortization expense for future periods: SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE FOR FUTURE 2022 $ 25,296 2023 50,562 2024 49,605 2025 49,605 2026 49,605 2027 and thereafter 373,177 Total $ 597,850 |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 5 DEBT The following table presents the details of the principal outstanding: SCHEDULE OF DEBT TABLE June 30, 2022 December 31, 2021 a) PPP1 Loan $ 9,514 $ 11,193 b) PPP2 Loan — 178,235 c) EIDL 150,000 150,000 d) Note payable 5,557,792 5,557,792 e) Convertible Notes 1,300,000 1,300,000 Total $ 7,017,306 $ 7,197,220 Notes payable, current portion 403,567 404,648 Non-current term notes payable $ 6,613,739 $ 6,792,572 As of June 30, 2022, the expected future principal payments for the Company’s debt are due as follows: SCHEDULE OF FUTURE PRINCIPAL PAYMENTS 2022 –Remaining Period $ 403,567 2023 405,931 2024 1,735,587 2025 3,032,903 2026 1,300,376 2027 and thereafter 138,942 Total $ 7,017,306 CARES Act Loans In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted. Among other things, the CARES Act established the Paycheck Protection Program (“PPP”), which funded eligible businesses through federally guaranteed loans. Under the PPP, companies are eligible for forgiveness of principal and accrued interest if the proceeds are used for eligible costs, which include, but are not limited to, payroll, benefits, mortgage, lease, and utility expenses. a) Paycheck Protection Program Loan - On April 13, 2020, the Company was granted a loan (the “PPP1 Loan”) under the Paycheck Protection Program in the aggregate amount of $ 269,500 The PPP1 Loan matures on April 13, 2025 1.0 The loan obligation was $ 9,514 11,193 289 April 13, 2025 b) Second Paycheck Protection Program Loan - On February 3, 2021, the Company was granted a loan (the “PPP2 Loan”) under the Paycheck Protection Program Second Draw program in the aggregate amount of approximately $ 178,000 178,000 c) EIDL Loan - On June 24, 2020, the Company received a loan (the “EIDL Loan”) from the SBA under its Economic Injury Disaster Loan (“EIDL”) assistance program. The principal amount of the EIDL Loan is $ 150,000 3.75 matures in 2050 d) Note payable (“NBG”) On December 14, 2021, the Company entered into a new secured promissory note with Nielsen & Bainbridge, LLC (“NBG”), in the amount of approximately $ 5.9 1.75 9 e) Convertible Notes SCHEDULE OF CONVERTIBLE DEBT June 30, 2022 December 31, 2021 Convertible Notes, dated 9/23/2020 $ 250,000 $ 250,000 Convertible Notes, dated 11/10/2020 100,000 100,000 Convertible Notes, dated 10/30/2020 300,000 300,000 Convertible Notes, dated 11/3/2020 600,000 600,000 Convertible Notes, dated 01/13/2021 50,000 50,000 Total $ 1,300,000 $ 1,300,000 Included in Convertible Notes are loans provided to the Company from two directors, an officer and two investors. The notes each have the following terms: three-year subordinated convertible promissory note of principal face amounts. Subject to other customary terms, the Convertible Notes mature between September 2023 and January 2024 6 15 Accrued interest on Convertible Notes was $ 132,708 92,919 |
LEASE OBLIGATION
LEASE OBLIGATION | 6 Months Ended |
Jun. 30, 2022 | |
Lease Obligation | |
LEASE OBLIGATION | NOTE 6 LEASE OBLIGATION The Company leases office and showroom space pursuant to a sublease that expires in February 2027. In April 2022, the Company entered into the sublease and as a result recognized a right-of-use asset and a liability of $ 1,428,764 Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate of 5 Supplemental information related to the lease and future minimum lease payments as of June 30, 2022 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS June 30, 2022 Cash paid for operating lease liabilities $ 27,813 Right-of-use assets obtained in exchange for new operating lease obligations 1,428,764 Remaining lease term, months 58 Discount rate 5 % Fixed rent payment $ 26,893 Lease – Depreciation expense $ 44,124 2022 –Remaining Period $ 94,732 2023 279,809 2024 304,227 2025 330,198 2026 357,840 2027 61,958 Total $ 1,428,764 |
GE ROYALTY OBLIGATIONS
GE ROYALTY OBLIGATIONS | 6 Months Ended |
Jun. 30, 2022 | |
Ge Royalty Obligations | |
GE ROYALTY OBLIGATIONS | NOTE 7 GE ROYALTY OBLIGATIONS On June 15, 2011, we entered into a license agreement with GE, pursuant to which we have the right to market certain ceiling light and fan fixtures displaying the GE brand. The license agreement, as amended, imposes certain manufacturing and quality control conditions that we must maintain in order to continue to use the GE brand. The License agreement is nontransferable and cannot be sublicensed. On August 13, 2014, we entered into a second amendment to the license agreement pertaining to our royalty obligations. Under the initial terms of the amendment, we agreed to pay to GE a minimum trademark license fee of $ 12 We are expanding our relationship with GE to collaborate on mutual capabilities, and in December 2020, we entered into the current amendment to the license agreement. The amendments following the second amendment expanded our product range, including smart, and added additional global territory rights. The license agreement has been extended for an additional five years and expires on November 30, 2023. Pursuant to the third amendment, entered into September 2018, the approximate remaining $ 10 6 2 4.4 0.7 5.1 100,000 500,000 1.2 3.3 In the event the Company receives significant funding rounds of at least $ 50.0 Royalty payments are due quarterly, using a December 1 – November 30 contract year and based upon the prior quarter’s sales. Royalty payments will be paid from sales of GE branded product subject to the following repayment schedule: SCHEDULE OF GE ROYALTY OBLIGATIONS Net Sales in Contract Year Percentage of Contract Year Net Sales owed to GE $ 0 50,000,000 7 % $ 50,000,001 100,000,000 6 % $ 100,000,000+ 5 % The Company made principal payments of $ 600,000 and $ 250,000 . As of June 30, 2022 and December 31, 2021, the outstanding balance of the aggregate Minimum Payment was $ 3,238,000 and $ 3,838,000 , respectively. Minimum future payment obligations are approximately as follows: SCHEDULE OF GE ROYALTY OBLIGATION MINIMUM FUTURE MINIMUM PAYMENT Year Minimum Obligation 2022, remaining period $ 2,250,000 2023 988,000 Total principal payments $ 3,238,000 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | NOTE 8 ACCRUED EXPENSES Accrued expenses consisted of the following: SCHEDULE OF ACCRUED EXPENSES June 30, 2022 December 31, 2021 Accrued interest, convertible notes $ 132,708 $ 92,919 Accrued wages 435,417 429,167 Total accrued expenses $ 568,125 $ 522,086 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 9 RELATED PARTY TRANSACTIONS Convertible Notes Due to Related Parties Convertible Notes due to Related Parties represent amounts provided to the Company from two directors and the Chief Executive Officer of the Company, as well as a greater than 5% investor. See Note 5 “e) Convertible Notes” for additional information regarding the convertible notes. The outstanding principal on the Convertible Promissory Notes, associated with Related Party transactions was $ 1,250,000 128,192 90,002 Bridge Line Ventures The Company and Bridge Line Ventures, LLC Series ST-1 (“Bridge Line Ventures”), the manager of which is Bridge Line Advisors, LLC, of which Leonard J. Sokolow, a member of the Company’s board of directors, is Chief Executive Officer and President, entered into the following stock purchase agreements during the six month period ended June 30, 2021 (collectively, the “Bridge Line SPAs”): ● Stock Purchase Agreements, as amended, pursuant to which Bridge Line Ventures purchased 214,957 12 Gross proceeds from Bridge Line Ventures amounted to $ 2,579,464 Each of the Bridge Line SPAs contains substantially the same terms. Among other things, the Bridge Line SPAs contain anti-dilutive price protection measures, which apply for 24 months following the date of closing of the Bridge Line SPAs, subject to certain exceptions, and provide for certain piggyback registration rights, such that, subject to certain exceptions, including if the registration statement is for an initial public offering, if the Company registers any of its securities either for its own account or for the account of other security holders, Bridge Line Ventures is entitled to include its shares in the registration. Subject to certain exceptions, if the offering is being underwritten, the Company and the underwriters may limit the number of shares included in the underwritten offering if the underwriters believe that including such shares would adversely affect the offering. The Bridge Line SPAs also contain a standstill provision pursuant to which Bridge Line Ventures agreed to certain restrictions related to the Company for three years following the effective date of each of the Bridge Line SPAs, including, among other things, prohibitions on, either alone or together with any other person, acquiring additional shares of the Company’s common stock or any of its assets, soliciting proxies or seeking representation on our board of directors, unless the Company agrees to such actions in writing. Initial Public Offering The Company issued 455,353 6,374,942 The Company issued 95,386 |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY (DEFICIT) | NOTE 10 STOCKHOLDERS’ EQUITY (DEFICIT) (A) Common Stock The Company issued the following common stock during the six months ended June 30, 2022 and 2021: SCHEDULE OF COMMON STOCK Transaction Type Shares Issued Valuation $ (Issued) Range of Value Per Share 2022 Equity Transactions Common stock issued per exercise of options 436,890 $ 282,625 $ 0.10 3.00 Common stock issued per exercise of warrants, cashless 416,750 — — Common stock issued, pursuant to services provided 542,949 6,167,226 2.00 14.00 Conversion of preferred stock 11,376,536 2,844,134 0.25 Issuance of common stock pursuant to offering, net 1,650,000 23,100,000 14.00 Issuance of common stock, pursuant to anti-dilutive provisions 335,073 4,691,022 14.00 Transaction Type Qty Shares Issued Valuation $ (Issued) Range of Value Per Share 2021 Equity Transactions Common stock issued per PPM, Bridge Line Ventures 214,957 2,579,464 12.00 Common stock issued, exercise of warrants 21,250 172,386 3.50 Common stock issued, pursuant to services provided 55,000 165,000 2.25 Conversion of preferred stock 200,000 50,000 0.25 The Company issued 335,073 (B) Preferred Stock The following is a summary of the Company’s Preferred Stock activity during the six months ended June 30, 2022 and 2021: SCHEDULE OF PREFERRED STOCK Transaction Type Quantity Carrying Value Value per Share Preferred Stock Balance at December 31, 2021 13,256,936 $ 3,314,233 $ 0.25 Preferred Stock redemptions (11,376,536 ) (2,844,134 ) 0.25 Preferred Stock Balance at June 30, 2022 1,880,400 470,099 $ 0.25 Transaction Type Quantity Carrying Value Value per Share Preferred Stock Balance at December 31, 2020 13,456,936 $ 3,364,233 $ 0.25 2021 Preferred Stock redemptions (200,000 ) (50,000 ) 0.25 Preferred Stock Balance at June 30, 2021 13,256,936 $ 3,314,233 $ 0.25 The Preferred Stock is convertible at the holder’s option. Shares of the Preferred Stock may be repurchased by the Company upon 30 days’ prior written notice, for $ 3.50 0.25 27,876 65,103 (C) Stock Options The following is a summary of the Company’s stock option activity during the six-month periods ended June 30, 2022 and 2021: SCHEDULE OF STOCK OPTION ACTIVITY Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Aggregate Intrinsic Value Outstanding, January 1, 2022 21,927,182 $ 3.36 4.07 $ 5,990,800 Exercised (481,250 ) 1.34 — — Granted 13,372,500 11.92 — — Forfeited (1,693,750 ) — — — Outstanding, June 30, 2022 33,124,982 $ 7.70 3.86 $ 2,802,488 Exercisable, June 30, 2022 23,313,995 $ 5.96 3.34 $ 2,952,013 Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Aggregate Intrinsic Value Outstanding, January 1, 2021 13,492,682 $ 3.28 4.25 $ 8,754,750 Granted 7,259,500 6.46 — — Forfeited — — — — Outstanding, June 30, 2021 20,752,182 $ 4.57 4.48 $ 636,912,928 Exercisable, June 30, 2021 16,242,658 $ 4.06 4.51 481,595,644 The range of inputs used by the Company to determine the fair value of options are as follows: During the six-month period ended June 30, 2022, the Black-Scholes model calculations included stock price on the date of measurement ranging from $ 2.00 14.00 0.10 14.00 5 40 54 1.37 1.96 During the six-month period ended June 30, 2021, the Black-Scholes model calculations included fair value of underlying shares at measurement date and exercise price ranging between $ 3.00 12.00 1.3 5.0 25 30 .09 2.49 The Company cannot use its historical volatility as expected volatility because there is not enough liquidity in trades of common stock during a term comparable to the expected term of stock option issued. The Company relies on the expected volatility of comparable publicly traded companies within its industry sector, which is deemed more relevant, to compute its expected volatility. Unamortized future option expense was $ 3,193,133 2.3 (D) Warrants Issued The following is a summary of the Company’s warrant activity during the six-month periods ended June 30, 2022 and 2021: SCHEDULE OF WARRANT ACTIVITY Number of Warrants Weighted Average Exercise Price Balance, January 1, 2022 2,127,895 $ 5.4 Issued 132,000 18.20 Exercised (535,000 ) — Forfeited (785,000 ) — Balance, June 30, 2022 939,895 $ 9.66 Number of Warrants Weighted Average Exercise Price Balance, January 1, 2021 1,602,415 $ 3.23 Issued 214,957 12.00 Exercised (21,250 ) — Forfeited/Cancelled — — Balance, June 30, 2021 1,796,122 $ 3.24 |
CONCENTRATIONS OF RISKS
CONCENTRATIONS OF RISKS | 6 Months Ended |
Jun. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISKS | NOTE 11 CONCENTRATIONS OF RISKS Major Customers and Accounts Receivable The Company had certain customers whose revenue individually represented 10% or more of the Company’s total revenue, or whose accounts receivable balances individually represented 10% or more of the Company’s total accounts receivable, as follows: For the six months ended June 30, 2022 and 2021, one customer accounted for 100 At June 30, 2022 and December 31, 2021, one customer accounted for 100 Major Vendors The Company had two major vendors that accounted for 100 Liquidity The Company’s cash and cash equivalents are held primarily with two financial institutions. The Company has deposits which exceed the amount insured by the FDIC. The amount of uninsured deposits was $ 24,378,578 Product Risks The Company generates its income primarily from its proprietary-based technology and related products. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12 SUBSEQUENT EVENTS Management has evaluated subsequent events through August 12, 2022, which is the date the consolidated financial statements were available to be issued. There were no subsequent events that required adjustment to or disclosure in the consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The consolidated financial statements as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 are unaudited. The results of operations for the interim periods are not necessarily indicative of the results of operations for the respective fiscal years. The consolidated statement of financial condition at December 31, 2021 has been derived from the audited financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statement presentation. The accompanying consolidated financial information should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 for additional disclosures and accounting policies. |
Reclassifications | Reclassifications For comparability, reclassifications of certain prior-year balances were made in order to conform with current-year presentations, such as grouping of common stock and additional paid-in capital and certain expenses initially included in cost of revenues were reclassified to sales and general and administrative expenses. |
Inventory | Inventory Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) method. Cost principally consists of the purchase price (adjusted for lower of cost or market), customs, duties, and freight. The Company periodically reviews historical sales activity to determine potentially obsolete items and evaluates the impact of any anticipated changes in future demand. SCHEDULE OF INVENTORY June 30, 2022 December 31, 2021 Inventory, component parts $ 1,253,194 $ 918,651 |
Loss Per Share | Loss Per Share Basic net earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. The Company uses the “treasury stock” method to determine whether there is a dilutive effect of outstanding convertible debt, option and warrant contracts. For the three and six months ended June 30, 2022 and 2021, the Company recognized net loss and a dilutive net loss, and the effect of considering any common stock equivalents would have been antidilutive for the period. Therefore, separate computation of diluted earnings (loss) per share is not presented for the periods presented. The Company had the following anti-dilutive common stock equivalents at June 30, 2022 and 2021: SCHEDULE OF EARNING (LOSS) PER SHARE June 30, 2022 June 30, 2021 Stock Warrants 939,895 1,796,122 Stock Options 33,124,982 20,752,182 Convertible Notes 86,668 86,668 Preferred stock 1,880,400 13,256,936 Total 36,031,945 35,891,908 |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on its consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF INVENTORY | SCHEDULE OF INVENTORY June 30, 2022 December 31, 2021 Inventory, component parts $ 1,253,194 $ 918,651 |
SCHEDULE OF EARNING (LOSS) PER SHARE | The Company had the following anti-dilutive common stock equivalents at June 30, 2022 and 2021: SCHEDULE OF EARNING (LOSS) PER SHARE June 30, 2022 June 30, 2021 Stock Warrants 939,895 1,796,122 Stock Options 33,124,982 20,752,182 Convertible Notes 86,668 86,668 Preferred stock 1,880,400 13,256,936 Total 36,031,945 35,891,908 |
FURNITURE AND EQUIPMENT (Tables
FURNITURE AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF FURNITURE AND EQUIPMENT | Furniture and equipment consisted of the following: SCHEDULE OF FURNITURE AND EQUIPMENT June 30, 2022 December 31, 2021 Machinery and equipment $ 67,419 $ 31,456 Computer equipment 6,846 6,846 Furniture and fixtures 36,059 36,059 Tooling and production 535,896 309,111 Leasehold improvements 30,553 30,553 Total 676,773 414,025 Less: accumulated depreciation (410,513 ) (388,315 ) Total, net $ 266,260 $ 25,710 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS June 30, 2022 December 31, 2021 Patents $ 732,577 $ 649,969 Trademark 45,450 45,450 Less: accumulated amortization (180,177 ) (155,386 ) Total, net $ 597,850 $ 540,033 |
SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE FOR FUTURE | The following table sets forth the estimated amortization expense for future periods: SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE FOR FUTURE 2022 $ 25,296 2023 50,562 2024 49,605 2025 49,605 2026 49,605 2027 and thereafter 373,177 Total $ 597,850 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF DEBT TABLE | The following table presents the details of the principal outstanding: SCHEDULE OF DEBT TABLE June 30, 2022 December 31, 2021 a) PPP1 Loan $ 9,514 $ 11,193 b) PPP2 Loan — 178,235 c) EIDL 150,000 150,000 d) Note payable 5,557,792 5,557,792 e) Convertible Notes 1,300,000 1,300,000 Total $ 7,017,306 $ 7,197,220 Notes payable, current portion 403,567 404,648 Non-current term notes payable $ 6,613,739 $ 6,792,572 |
SCHEDULE OF FUTURE PRINCIPAL PAYMENTS | As of June 30, 2022, the expected future principal payments for the Company’s debt are due as follows: SCHEDULE OF FUTURE PRINCIPAL PAYMENTS 2022 –Remaining Period $ 403,567 2023 405,931 2024 1,735,587 2025 3,032,903 2026 1,300,376 2027 and thereafter 138,942 Total $ 7,017,306 |
SCHEDULE OF CONVERTIBLE DEBT | SCHEDULE OF CONVERTIBLE DEBT June 30, 2022 December 31, 2021 Convertible Notes, dated 9/23/2020 $ 250,000 $ 250,000 Convertible Notes, dated 11/10/2020 100,000 100,000 Convertible Notes, dated 10/30/2020 300,000 300,000 Convertible Notes, dated 11/3/2020 600,000 600,000 Convertible Notes, dated 01/13/2021 50,000 50,000 Total $ 1,300,000 $ 1,300,000 |
LEASE OBLIGATION (Tables)
LEASE OBLIGATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Lease Obligation | |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS | Supplemental information related to the lease and future minimum lease payments as of June 30, 2022 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS June 30, 2022 Cash paid for operating lease liabilities $ 27,813 Right-of-use assets obtained in exchange for new operating lease obligations 1,428,764 Remaining lease term, months 58 Discount rate 5 % Fixed rent payment $ 26,893 Lease – Depreciation expense $ 44,124 2022 –Remaining Period $ 94,732 2023 279,809 2024 304,227 2025 330,198 2026 357,840 2027 61,958 Total $ 1,428,764 |
GE ROYALTY OBLIGATIONS (Tables)
GE ROYALTY OBLIGATIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Ge Royalty Obligations | |
SCHEDULE OF GE ROYALTY OBLIGATIONS | SCHEDULE OF GE ROYALTY OBLIGATIONS Net Sales in Contract Year Percentage of Contract Year Net Sales owed to GE $ 0 50,000,000 7 % $ 50,000,001 100,000,000 6 % $ 100,000,000+ 5 % |
SCHEDULE OF GE ROYALTY OBLIGATION MINIMUM FUTURE MINIMUM PAYMENT | Minimum future payment obligations are approximately as follows: SCHEDULE OF GE ROYALTY OBLIGATION MINIMUM FUTURE MINIMUM PAYMENT Year Minimum Obligation 2022, remaining period $ 2,250,000 2023 988,000 Total principal payments $ 3,238,000 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCRUED EXPENSES | Accrued expenses consisted of the following: SCHEDULE OF ACCRUED EXPENSES June 30, 2022 December 31, 2021 Accrued interest, convertible notes $ 132,708 $ 92,919 Accrued wages 435,417 429,167 Total accrued expenses $ 568,125 $ 522,086 |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
SCHEDULE OF COMMON STOCK | The Company issued the following common stock during the six months ended June 30, 2022 and 2021: SCHEDULE OF COMMON STOCK Transaction Type Shares Issued Valuation $ (Issued) Range of Value Per Share 2022 Equity Transactions Common stock issued per exercise of options 436,890 $ 282,625 $ 0.10 3.00 Common stock issued per exercise of warrants, cashless 416,750 — — Common stock issued, pursuant to services provided 542,949 6,167,226 2.00 14.00 Conversion of preferred stock 11,376,536 2,844,134 0.25 Issuance of common stock pursuant to offering, net 1,650,000 23,100,000 14.00 Issuance of common stock, pursuant to anti-dilutive provisions 335,073 4,691,022 14.00 Transaction Type Qty Shares Issued Valuation $ (Issued) Range of Value Per Share 2021 Equity Transactions Common stock issued per PPM, Bridge Line Ventures 214,957 2,579,464 12.00 Common stock issued, exercise of warrants 21,250 172,386 3.50 Common stock issued, pursuant to services provided 55,000 165,000 2.25 Conversion of preferred stock 200,000 50,000 0.25 |
SCHEDULE OF PREFERRED STOCK | The following is a summary of the Company’s Preferred Stock activity during the six months ended June 30, 2022 and 2021: SCHEDULE OF PREFERRED STOCK Transaction Type Quantity Carrying Value Value per Share Preferred Stock Balance at December 31, 2021 13,256,936 $ 3,314,233 $ 0.25 Preferred Stock redemptions (11,376,536 ) (2,844,134 ) 0.25 Preferred Stock Balance at June 30, 2022 1,880,400 470,099 $ 0.25 Transaction Type Quantity Carrying Value Value per Share Preferred Stock Balance at December 31, 2020 13,456,936 $ 3,364,233 $ 0.25 2021 Preferred Stock redemptions (200,000 ) (50,000 ) 0.25 Preferred Stock Balance at June 30, 2021 13,256,936 $ 3,314,233 $ 0.25 |
SCHEDULE OF STOCK OPTION ACTIVITY | The following is a summary of the Company’s stock option activity during the six-month periods ended June 30, 2022 and 2021: SCHEDULE OF STOCK OPTION ACTIVITY Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Aggregate Intrinsic Value Outstanding, January 1, 2022 21,927,182 $ 3.36 4.07 $ 5,990,800 Exercised (481,250 ) 1.34 — — Granted 13,372,500 11.92 — — Forfeited (1,693,750 ) — — — Outstanding, June 30, 2022 33,124,982 $ 7.70 3.86 $ 2,802,488 Exercisable, June 30, 2022 23,313,995 $ 5.96 3.34 $ 2,952,013 Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Aggregate Intrinsic Value Outstanding, January 1, 2021 13,492,682 $ 3.28 4.25 $ 8,754,750 Granted 7,259,500 6.46 — — Forfeited — — — — Outstanding, June 30, 2021 20,752,182 $ 4.57 4.48 $ 636,912,928 Exercisable, June 30, 2021 16,242,658 $ 4.06 4.51 481,595,644 |
SCHEDULE OF WARRANT ACTIVITY | The following is a summary of the Company’s warrant activity during the six-month periods ended June 30, 2022 and 2021: SCHEDULE OF WARRANT ACTIVITY Number of Warrants Weighted Average Exercise Price Balance, January 1, 2022 2,127,895 $ 5.4 Issued 132,000 18.20 Exercised (535,000 ) — Forfeited (785,000 ) — Balance, June 30, 2022 939,895 $ 9.66 Number of Warrants Weighted Average Exercise Price Balance, January 1, 2021 1,602,415 $ 3.23 Issued 214,957 12.00 Exercised (21,250 ) — Forfeited/Cancelled — — Balance, June 30, 2021 1,796,122 $ 3.24 |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Inventory, component parts | $ 1,253,194 | $ 918,651 |
SCHEDULE OF EARNING (LOSS) PER
SCHEDULE OF EARNING (LOSS) PER SHARE (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 36,031,945 | 35,891,908 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 939,895 | 1,796,122 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 33,124,982 | 20,752,182 |
Convertible Debt Securities [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 86,668 | 86,668 |
Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 1,880,400 | 13,256,936 |
SCHEDULE OF FURNITURE AND EQUIP
SCHEDULE OF FURNITURE AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 676,773 | $ 414,025 |
Less: accumulated depreciation | (410,513) | (388,315) |
Total, net | 266,260 | 25,710 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 67,419 | 31,456 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 6,846 | 6,846 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 36,059 | 36,059 |
Tooling And Production [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 535,896 | 309,111 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 30,553 | $ 30,553 |
FURNITURE AND EQUIPMENT (Detail
FURNITURE AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 12,693 | $ 10,331 | $ 22,198 | $ 22,504 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Less: accumulated amortization | $ (180,177) | $ (155,386) |
Total, net | 597,850 | 540,033 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Trademark | 732,577 | 649,969 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Trademark | $ 45,450 | $ 45,450 |
SCHEDULE OF INTANGIBLE ASSETS A
SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE FOR FUTURE (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 25,296 | |
2023 | 50,562 | |
2024 | 49,605 | |
2025 | 49,605 | |
2026 | 49,605 | |
2027 and thereafter | 373,177 | |
Total | $ 597,850 | $ 540,033 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 12,395 | $ 10,958 | $ 24,791 | $ 19,557 |
SCHEDULE OF DEBT TABLE (Details
SCHEDULE OF DEBT TABLE (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 24, 2020 |
Short-Term Debt [Line Items] | |||
Total | $ 7,017,306 | $ 7,197,220 | |
Notes payable, current portion | 403,567 | 404,648 | |
Non-current term notes payable | 6,613,739 | 6,792,572 | |
PPP1 Loan [Member] | |||
Short-Term Debt [Line Items] | |||
Total | 9,514 | 11,193 | |
PPP2 Loan [Member] | |||
Short-Term Debt [Line Items] | |||
Total | 178,235 | ||
EIDL [Member] | |||
Short-Term Debt [Line Items] | |||
Total | 150,000 | 150,000 | $ 150,000 |
Note Payable [Member] | |||
Short-Term Debt [Line Items] | |||
Total | 5,557,792 | 5,557,792 | |
Convertible Notes [Member] | |||
Short-Term Debt [Line Items] | |||
Total | $ 1,300,000 | $ 1,300,000 |
SCHEDULE OF FUTURE PRINCIPAL PA
SCHEDULE OF FUTURE PRINCIPAL PAYMENTS (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2022 –Remaining Period | $ 403,567 | |
2023 | 405,931 | |
2024 | 1,735,587 | |
2025 | 3,032,903 | |
2026 | 1,300,376 | |
2027 and thereafter | 138,942 | |
Total | $ 7,017,306 | $ 7,197,220 |
SCHEDULE OF CONVERTIBLE DEBT (D
SCHEDULE OF CONVERTIBLE DEBT (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total | $ 1,300,000 | $ 1,300,000 |
9/23/2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total | 250,000 | 250,000 |
11/10/2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total | 100,000 | 100,000 |
10/30/2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total | 300,000 | 300,000 |
11/3/2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total | 600,000 | 600,000 |
01/13/2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total | $ 50,000 | $ 50,000 |
DEBT (Details Narrative)
DEBT (Details Narrative) - USD ($) | 6 Months Ended | |||||
Jun. 24, 2020 | Apr. 13, 2020 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 14, 2021 | Feb. 03, 2021 | |
Short-Term Debt [Line Items] | ||||||
Bears interest at a rate of persentage | 6% | |||||
Long term debt | $ 7,017,306 | $ 7,197,220 | ||||
Maturity description | September 2023 and January 2024 | |||||
Debt Instrument conversion price | $ 15 | |||||
Accrued interest, convertible notes | $ 132,708 | 92,919 | ||||
PPP1 Loan [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Aggregate amount | $ 269,500 | |||||
Maturity date | Apr. 13, 2025 | |||||
Bears interest at a rate of persentage | 1% | |||||
Long term debt | 9,514 | 11,193 | ||||
Monthly principal and interest payaments | $ 289 | |||||
PPP2 Loan [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Aggregate amount | $ 178,000 | |||||
Long term debt | 178,235 | |||||
Long term debt, carrying value | 178,000 | |||||
EIDL [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Bears interest at a rate of persentage | 3.75% | |||||
Long term debt | $ 150,000 | $ 150,000 | $ 150,000 | |||
Maturity description | matures in 2050 | |||||
Secured Promissory Note [Member] | Nielsen and Bainbridge LLC [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Bears interest at a rate of persentage | 9% | |||||
Notes payable | $ 5,900,000 | |||||
Secured Promissory Note [Member] | Nielsen and Bainbridge LLC [Member] | Prime Rate [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Bears interest at a rate of persentage | 1.75% |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Apr. 30, 2022 | |
Lease Obligation | ||
Cash paid for operating lease liabilities | $ 27,813 | |
Right-of-use assets obtained in exchange for new operating lease obligations | $ 1,428,764 | |
Remaining lease term, months | 58 months | |
Discount rate | 5% | 5% |
Fixed rent payment | $ 26,893 | |
Lease - Depreciation expense | 44,124 | |
2022 - Remaining Period | 94,732 | |
2023 | 279,809 | |
2024 | 304,227 | |
2025 | 330,198 | |
2026 | 357,840 | |
2027 | 61,958 | |
Total | $ 1,428,764 |
LEASE OBLIGATION (Details Narra
LEASE OBLIGATION (Details Narrative) - USD ($) | Jun. 30, 2022 | Apr. 30, 2022 |
Lease Obligation | ||
Lease Liability | $ 1,428,764 | |
Borrowing interest rate | 5% | 5% |
SCHEDULE OF GE ROYALTY OBLIGATI
SCHEDULE OF GE ROYALTY OBLIGATIONS (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Tier One [Member] | |
Guarantor Obligations [Line Items] | |
Percentage of Contract Year Net Sales owed to GE | 7% |
Tier One [Member] | Minimum [Member] | |
Guarantor Obligations [Line Items] | |
Net Sales in Contract Year | $ 0 |
Tier One [Member] | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Net Sales in Contract Year | $ 50,000,000 |
Tier Two [Member] | |
Guarantor Obligations [Line Items] | |
Percentage of Contract Year Net Sales owed to GE | 6% |
Tier Two [Member] | Minimum [Member] | |
Guarantor Obligations [Line Items] | |
Net Sales in Contract Year | $ 50,000,001 |
Tier Two [Member] | Maximum [Member] | |
Guarantor Obligations [Line Items] | |
Net Sales in Contract Year | 100,000,000 |
Tier Three [Member] | |
Guarantor Obligations [Line Items] | |
Net Sales in Contract Year | $ 100,000,000 |
Percentage of Contract Year Net Sales owed to GE | 5% |
SCHEDULE OF GE ROYALTY OBLIGA_2
SCHEDULE OF GE ROYALTY OBLIGATION MINIMUM FUTURE MINIMUM PAYMENT (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
2022, remaining period | $ 25,296 | |
2023 | 50,562 | |
Total principal payments | 597,850 | $ 540,033 |
License Agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
2022, remaining period | 2,250,000 | |
2023 | 988,000 | |
Total principal payments | $ 3,238,000 |
GE ROYALTY OBLIGATIONS (Details
GE ROYALTY OBLIGATIONS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Aug. 13, 2014 | Dec. 31, 2023 | Dec. 31, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Payment obligations | $ 4,400,000 | |||||||||
Payment obligations intrest | $ 700,000 | |||||||||
Quarterly installments | $ 100,000 | |||||||||
Debt Instrument, Periodic Payment, Principal | 600,000 | $ 250,000 | ||||||||
Royalty Guarantees, Commitments, Amount | 3,238,000 | $ 3,838,000 | ||||||||
December 2023 [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Repayments of Related Party Debt | 5,100,000 | |||||||||
Four Installments in 2021 [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Debt instrument periodic payment | 500,000 | |||||||||
Four Installments in 2022 [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Debt instrument periodic payment | 1,200,000 | |||||||||
Four Installments in 2023 [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Debt instrument periodic payment | $ 3,300,000 | |||||||||
License Agreement [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
License fee | $ 12,000,000 | |||||||||
Payments for royalties | $ 50,000,000 | |||||||||
Third Amendment [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Royalty expense | $ 10,000,000 | |||||||||
Payments on royalty obligation | $ 6,000,000 | |||||||||
Third Amendment [Member] | Installment One [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Payments on royalty obligation | $ 2,000,000 | |||||||||
Third Amendment [Member] | Installment Two [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Payments on royalty obligation | $ 2,000,000 | |||||||||
Third Amendment [Member] | Installment Three [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Payments on royalty obligation | $ 2,000,000 |
SCHEDULE OF ACCRUED EXPENSES (D
SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued interest, convertible notes | $ 132,708 | $ 92,919 |
Accrued wages | 435,417 | 429,167 |
Total accrued expenses | $ 568,125 | $ 522,086 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Accrued interest | $ 132,708 | $ 92,919 | |
Proceeds from common stock | $ 23,100,000 | $ 2,579,464 | |
IPO [Member] | |||
Related Party Transaction [Line Items] | |||
Number of shares issued | 455,353 | ||
Proceeds from IPO | $ 6,374,942 | ||
Bridge Line Ventures [Member] | |||
Related Party Transaction [Line Items] | |||
Proceeds from common stock | $ 2,579,464 | ||
Stock Purchase Agreement [Member] | Bridge Line Ventures [Member] | |||
Related Party Transaction [Line Items] | |||
Shares issued in transaction | 214,957 | ||
Purchase price per share | $ 12 | ||
Director [Member] | IPO [Member] | |||
Related Party Transaction [Line Items] | |||
Number of shares issued | 95,386 | ||
Two Directors [Member] | Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party transactions | $ 1,250,000 | 1,250,000 | |
Accrued interest | $ 128,192 | $ 90,002 |
SCHEDULE OF COMMON STOCK (Detai
SCHEDULE OF COMMON STOCK (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Common stock issued per exercise of options, Shares Issued | 481,250 | |||
Common Stock [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Common stock issued per exercise of options, Shares Issued | 236,890 | 436,890 | ||
Common stock issued, pursuant to services provided, Shares Issued | 94,540 | 20,000 | 542,949 | 55,000 |
Conversion of preferred stock, Shares Issued | 1,400,000 | 11,376,536 | 200,000 | |
Common stock issued per PPM, Bridge Line Ventures, Shares Issued | 152,084 | 1,650,000 | 214,957 | |
Common Stock [Member] | 2022 Equity Transactions [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Common stock issued per exercise of options, Shares Issued | 436,890 | |||
Common stock issued per exercise of options, Valuation Issued | $ 282,625 | |||
Common stock issued, exercise of warrants, Shares Issued | 416,750 | |||
Common stock issued, exercise of warrants, Valuation issued | ||||
Range of value per share | ||||
Common stock issued, pursuant to services provided, Shares Issued | 542,949 | |||
Common stock issued, pursuant to services provided, Valuation issued | $ 6,167,226 | |||
Conversion of preferred stock, Shares Issued | 11,376,536 | |||
Conversion of preferred stock, Valuation issued | $ 2,844,134 | |||
Range of value per share | 0.25 | $ 0.25 | ||
Common stock issued per PPM, Bridge Line Ventures, Shares Issued | 1,650,000 | |||
Common stock issued per PPM, Bridge Line Ventures, Valuation issued | $ 23,100,000 | |||
Common stock issued per PPM, Bridge Line Ventures, Range of value per share | 14 | $ 14 | ||
Issuance of common stock, pursuant to anti-dilutive provisions, Shares Issued | 335,073 | |||
Issuance of common stock, pursuant to anti-dilutive provisions, Valuation issued | $ 4,691,022 | |||
Issuance of common stock, pursuant to anti-dilutive provisions, Range of value per share | 14 | $ 14 | ||
Common Stock [Member] | 2022 Equity Transactions [Member] | Minimum [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Range of value per share | 0.10 | 0.10 | ||
Range of value per share | 2 | 2 | ||
Common Stock [Member] | 2022 Equity Transactions [Member] | Maximum [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Range of value per share | 3 | 3 | ||
Range of value per share | 14 | 14 | ||
Common Stock [Member] | 2021 Equity Transactions [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Common stock issued, exercise of warrants, Shares Issued | 21,250 | |||
Common stock issued, exercise of warrants, Valuation issued | $ 172,386 | |||
Range of value per share | $ 3.50 | $ 3.50 | ||
Common stock issued, pursuant to services provided, Shares Issued | 55,000 | |||
Common stock issued, pursuant to services provided, Valuation issued | $ 165,000 | |||
Range of value per share | 2.25 | 2.25 | ||
Conversion of preferred stock, Shares Issued | 200,000 | |||
Conversion of preferred stock, Valuation issued | $ 50,000 | |||
Range of value per share | $ 0.25 | $ 0.25 | ||
Common stock issued per PPM, Bridge Line Ventures, Shares Issued | 214,957 | |||
Common stock issued per PPM, Bridge Line Ventures, Valuation issued | $ 2,579,464 | |||
Common stock issued per PPM, Bridge Line Ventures, Range of value per share | $ 12 | $ 12 |
SCHEDULE OF PREFERRED STOCK (De
SCHEDULE OF PREFERRED STOCK (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Preferred Stock beginning, shares outstanding | 13,256,936 | |
Preferred Stock ending, shares outstanding | 1,880,400 | |
Preferred Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Preferred Stock beginning, shares outstanding | 13,256,936 | 13,456,936 |
Preferred Stock beginning, Valuation | $ 3,314,233 | $ 3,364,233 |
Preferred Stock, Value per Share | $ 0.25 | $ 0.25 |
Preferred stock redemption shares | $ (11,376,536) | $ (200,000) |
Preferred stock, Valuation | $ (2,844,134) | $ (50,000) |
Preferred stock redemption, Value per Share | $ 0.25 | $ 0.25 |
Preferred Stock ending, shares outstanding | 1,880,400 | 13,256,936 |
Preferred Stock ending, Valuation | $ 470,099 | $ 3,314,233 |
Preferred Stock, Value per Share | $ 0.25 | $ 0.25 |
SCHEDULE OF STOCK OPTION ACTIVI
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||||
Number of shares, outstanding | 21,927,182 | 13,492,682 | 13,492,682 | |
Weighted Average Exercise Price, Outstanding beginning | $ 3.36 | $ 3.28 | $ 3.28 | |
Weighted Average Remaining Contractual Life in Years, Outstanding ending | 3 years 10 months 9 days | 4 years 5 months 23 days | 4 years 25 days | 4 years 3 months |
Aggregate Intrinsic value, Outstanding beginning | $ 5,990,800 | $ 8,754,750 | $ 8,754,750 | |
Number of shares, Exercised | (481,250) | |||
Weighted Average Exercise Price, Exercised | $ 1.34 | |||
Number of shares, Granted | 13,372,500 | 7,259,500 | ||
Weighted Average Exercise Price, Granted | $ 11.92 | $ 6.46 | ||
Number of shares, Forfeited | (1,693,750) | |||
Weighted Average Exercise Price, Forfeited | ||||
Number of shares, outstanding | 33,124,982 | 20,752,182 | 21,927,182 | 13,492,682 |
Weighted Average Exercise Price, Outstanding End | $ 7.70 | $ 4.57 | $ 3.36 | $ 3.28 |
Aggregate Intrinsic value, Outstanding ending | $ 2,802,488 | $ 636,912,928 | $ 5,990,800 | $ 8,754,750 |
Number of shares, Exercisable | 23,313,995 | 16,242,658 | ||
Weighted Average Exercise Price, Exercisable ending | $ 5.96 | $ 4.06 | ||
Weighted Average Remaining Contractual Life in Years, Exercisable ending | 3 years 4 months 2 days | 4 years 6 months 3 days | ||
Aggregate Intrinsic value, Exercisable ending | $ 2,952,013 | $ 481,595,644 |
SCHEDULE OF WARRANT ACTIVITY (D
SCHEDULE OF WARRANT ACTIVITY (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Equity [Abstract] | ||
Number of Warrants, Beginning balance | 2,127,895 | 1,602,415 |
Weighted average exercise price outstanding | $ 5.4 | $ 3.23 |
Number of Warrants, Issued | 132,000 | 214,957 |
Weighted Average, Issued | $ 18.20 | $ 12 |
Number of Warrants, Exercised | (535,000) | (21,250) |
Weighted Average, Exercised | ||
Number of Warrants, Forfeited | (785,000) | |
Weighted Average, Forfeited | ||
Number of Warrants, Ending balance | 939,895 | 1,796,122 |
Weighted average exercise price outstanding | $ 9.66 | $ 3.24 |
STOCKHOLDERS_ EQUITY (DEFICIT_2
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Exercise price | $ 14 | |
Expected term (in years) | 5 years | |
Unamortization option expense | $ 3,193,133 | |
Weighted average period | 2 years 3 months 18 days | |
Minimum [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Share price | $ 2 | |
Exercise price | $ 0.10 | $ 0.0300 |
Expected term (in years) | 1 year 3 months 18 days | |
Expected volatility | 40% | 25% |
Discount rate ranging | 1.37% | 0.09% |
Maximum [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Share price | $ 14 | |
Exercise price | $ 12 | |
Expected term (in years) | 5 years | |
Expected volatility | 54% | 30% |
Discount rate ranging | 1.96% | 2.49% |
Preferred Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Preferred Stock,Par Value | $ 3.50 | |
Sale of Stock, Price Per Share | $ 0.25 | |
Dividends, Preferred Stock | $ 27,876 | $ 65,103 |
Stockholders [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of shares issued | 335,073 |
CONCENTRATIONS OF RISKS (Detail
CONCENTRATIONS OF RISKS (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | |||
Uninusured amount | $ 24,378,578 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 100% | 100% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 100% | 100% | |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Two Vendors [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 100% | 100% |