Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 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 | 87,067,734 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 14,521,818 | $ 6,720,543 |
Investments, available-for-sale | 3,862,744 | 7,373,956 |
Inventory | 2,102,320 | 1,923,540 |
Prepaid expenses and other assets | 132,234 | 311,618 |
Total current assets | 20,619,116 | 16,329,657 |
Other assets: | ||
Furniture and equipment, net | 193,856 | 215,998 |
Restricted cash | 1,000,000 | 2,741,054 |
Restricted investments, available-for-sale | 3,704,738 | |
Right of use assets, net | 22,584,674 | 23,045,293 |
Intangible assets, definite life, net | 682,054 | 662,802 |
Other assets | 407,191 | 182,306 |
Total other assets | 28,572,513 | 26,847,453 |
Total Assets | 49,191,629 | 43,177,110 |
Current liabilities: | ||
Accounts payable and accrued expenses | 2,084,450 | 1,949,823 |
Notes payable, current | 401,682 | 405,931 |
Operating lease liabilities, current | 1,631,694 | 1,130,624 |
Royalty obligation | 2,638,000 | 2,638,000 |
Total current liabilities | 8,055,826 | 7,424,378 |
Long term liabilities: | ||
Notes payable | 5,133,916 | 4,867,004 |
Operating lease liabilities | 22,330,469 | 22,758,496 |
Convertible notes, net | 4,923,281 | |
Total long-term liabilities | 32,387,666 | 27,625,500 |
Total liabilities | 40,443,492 | 35,049,878 |
Commitments and Contingent Liabilities: | ||
Redeemable preferred stock - subject to redemption: $0 par value; 20,000,000 shares authorized; 880,400 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 220,099 | 220,099 |
Stockholders’ Equity (Deficit): | ||
Common stock and additional paid-in-capital: $0 par value, 500,000,000 shares authorized; and 83,189,729 and 82,907,541shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 122,573,318 | 114,039,638 |
Accumulated deficit | (114,040,627) | (106,070,358) |
Accumulated other comprehensive loss | (4,653) | (62,147) |
Total stockholders’ equity (deficit) | 8,528,038 | 7,907,133 |
Non-controlling interest | ||
Total equity (deficit) | 8,528,038 | 7,907,133 |
Total Liabilities and Stockholders’ Equity (Deficit) | 49,191,629 | 43,177,110 |
Related Party [Member] | ||
Current liabilities: | ||
Convertible notes, current | 950,000 | 950,000 |
Nonrelated Party [Member] | ||
Current liabilities: | ||
Convertible notes, current | $ 350,000 | $ 350,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Temporary Equity, Par or Stated Value Per Share | $ 0 | $ 0 |
Temporary Equity, Shares Authorized | 20,000,000 | 20,000,000 |
Temporary Equity, Shares Issued | 880,400 | 880,400 |
Temporary Equity, Shares Outstanding | 880,400 | 880,400 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 83,189,729 | 82,907,541 |
Common stock, shares outstanding | 83,189,729 | 82,907,541 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 10,025 | $ 6,971 |
Cost of revenues | (1,468) | (5,640) |
Gross income | 8,557 | 1,331 |
Selling, general and administrative expenses | (7,248,205) | (11,947,440) |
Loss from operations | (7,239,648) | (11,946,109) |
Other income / (expense) | ||
Interest expense, net | (730,621) | (90,505) |
Other income, loan forgiveness | 178,250 | |
Total other income (expense), net | (730,621) | 87,745 |
Net loss | (7,970,269) | (11,858,364) |
Common stock issued pursuant to antidilutive provisions | (4,691,022) | |
Preferred dividends | (21,232) | |
Non-controlling interest | (35,442) | |
Net loss attributed to common shareholders | (7,970,269) | (16,606,060) |
Unrealized gain on debt securities | 57,494 | |
Net Comprehensive loss attributed to common stockholders | $ (7,912,775) | $ (16,606,060) |
Net loss per share - basic and diluted | $ (0.10) | $ (0.23) |
Weighted average number of common shares outstanding during the period – basic and diluted | 82,965,182 | 72,818,108 |
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] | AOCI Attributable to Parent [Member] | Parent [Member] |
Balance shares, beginning of period 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 | 448,409 | ||||
Common stock issued pursuant to conversion of preferred stock, shares | 9,976,536 | ||||
Common stock issued pursuant to exercise of options, shares | 200,000 | ||||
Common stock issued pursuant to exercise of options and warrants | 311,750 | ||||
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 | 5,717,010 | ||||
Common stock issued pursuant to conversion of preferred stock | 2,494,134 | ||||
Stock-based compensation | 3,050,883 | ||||
Common stock issued pursuant to exercise of options | 210,000 | ||||
Debt discount | |||||
Common stock issued pursuant to antidilutive provisions | 4,691,022 | (4,691,022) | |||
Net loss | (11,858,364) | ||||
Non-controlling interest | (35,442) | ||||
Preferred Dividends | (21,232) | ||||
Unrealized gain on debt securities | |||||
Balance shares, end of period at Mar. 31, 2022 | 79,217,056 | ||||
Ending balance at Mar. 31, 2022 | 107,595,436 | (90,875,958) | 16,719,478 | ||
Balance shares, beginning of period at Dec. 31, 2022 | 82,907,541 | ||||
Beginning balance at Dec. 31, 2022 | 114,039,638 | (106,070,358) | (62,147) | ||
Common stock issued pursuant to offerings, shares | |||||
Common stock issued pursuant to services, shares | 282,188 | ||||
Common stock issued pursuant to conversion of preferred stock, shares | |||||
Common stock issued pursuant to exercise of options, shares | |||||
Common stock issued pursuant to exercise of options and warrants | |||||
Common stock issued pursuant to antidilutive provisions, shares | |||||
Common stock issued pursuant to offerings | |||||
Common stock issued pursuant to services | |||||
Common stock issued pursuant to conversion of preferred stock | |||||
Stock-based compensation | 2,963,702 | ||||
Common stock issued pursuant to exercise of options | |||||
Debt discount | 5,569,978 | ||||
Common stock issued pursuant to antidilutive provisions | |||||
Net loss | (7,970,269) | ||||
Non-controlling interest | |||||
Preferred Dividends | |||||
Unrealized gain on debt securities | 57,494 | ||||
Balance shares, end of period at Mar. 31, 2023 | 83,189,729 | ||||
Ending balance at Mar. 31, 2023 | $ 122,573,318 | $ (114,040,627) | $ (4,653) | $ 8,528,038 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (7,970,269) | $ (11,858,364) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 497,373 | 21,900 |
(Other income), loan forgiveness | (178,250) | |
Amortization of debt discount | 143,257 | |
Non-cash equity-based compensation expense | 2,963,702 | 8,767,894 |
Change in operating assets and liabilities: | ||
Inventory | (178,780) | |
Prepaid expenses and other assets | (45,501) | (1,395,366) |
Operating lease liabilities | (171,963) | |
Accretion operating lease liabilities | 245,009 | |
Royalty obligation | (300,000) | |
Accounts payable and accrued expenses | 398,183 | 1,583,700 |
Net cash used in operating activities | (4,118,988) | (3,358,486) |
Cash flows from investing activities: | ||
Investments, available-for-sale | (136,033) | |
Purchase of property and equipment | (306) | (191,034) |
Payment of patent costs | (33,559) | (48,544) |
Net cash used in investing activities | (169,898) | (239,578) |
Cash flows from financing activities: | ||
Proceeds from common stock issuance | 23,100,000 | |
Placement cost | (2,548,000) | |
Proceeds from exercise of options | 210,000 | |
Proceeds from issuance of convertible notes | 10,350,000 | |
Dividends paid | (21,232) | |
Principal repayments of notes payable | (893) | (839) |
Net cash provided by financing activities | 10,349,107 | 20,739,929 |
Increase in cash, cash equivalents and restricted cash | 6,060,221 | 17,141,865 |
Cash, cash equivalents, and restricted cash at beginning of period | 9,461,597 | 10,426,249 |
Cash, cash equivalents and restricted cash at end of period | 15,521,818 | 27,568,114 |
Supplementary disclosure of non-cash financing activities: | ||
Preferred stock conversion to common | 2,494,134 | |
Common stock issued pursuant to antidilutive provisions | 4,691,022 | |
Debt discount | 5,569,978 | |
Cash paid during the period for: | ||
Interest | $ 711,648 | $ 90,630 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF OPERATIONS | NOTE 1 ORGANIZATION AND NATURE OF OPERATIONS SKYX Platforms Corp., a corporation (the “Company”), was incorporated in Florida in May 2004. The Company maintains offices in Johns Creek, Georgia, Miami and 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 into 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 | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 SUMMARY OF 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 March 31, 2023 and for the three months ended March 31, 2023 and 2022 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, 2022 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, 2022 for additional disclosures and accounting policies. Reclassifications For comparability, reclassifications of certain prior-year balances were made to conform with current-year presentations, such as certain expenses previously included in cost of revenues and reclassified as sales, general, and administrative expenses in 2022. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid securities with original maturities of three months or less when acquired, to be cash equivalents. At March 31, 2023 and December 31, 2022, the Company’s cash composition was follows: SCHEDULE OF CASH EQUIVALENTS AND RESTRICTED CASH March 31, 2023 December 31, 2022 Cash and cash equivalents $ 14,521,818 $ 6,720,543 Restricted cash 1,000,000 2,741,054 Total cash, cash equivalents and restricted cash $ 15,521,818 $ 9,461,597 Restricted Assets The Company issued a letter of credit of $ 2.7 3.7 2.7 1 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 March 31, 2023 December 31, 2022 Inventory, component parts $ 2,102,320 $ 1,923,540 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 months ended March 31, 2023 and 2022, 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, a 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 March 31, 2023 and 2022: SCHEDULE OF EARNING (LOSS) PER SHARE March 31, 2023 March 31, 2022 Stock Warrants 2,063,522 1,079,985 Stock Options 33,114,250 32,711,682 Convertible Notes 3,536,668 86,668 Preferred stock 880,400 3,280,400 Total 39,594,840 37,158,645 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. |
DEBT SECURITIES
DEBT SECURITIES | 3 Months Ended |
Mar. 31, 2023 | |
Debt Securities | |
DEBT SECURITIES | NOTE 3 DEBT SECURITIES The components of investments as of March 31, 2023 were as follows: SCHEDULE OF COMPONENTS OF INVESTMENTS Fair value level Cost Unrealized loss Carrying value Corporate debt securities Level 1 $ 3,732,698 $ (1,752 ) $ 3,730,946 State and local government debt securities Level 1 908,354 (988 ) 907,366 State and local government debt securities Level 2 2,931,083 (1,913 ) 2,929,170 Total $ 7,572,135 $ (4,653 ) $ 7,567,482 |
FURNITURE AND EQUIPMENT
FURNITURE AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
FURNITURE AND EQUIPMENT | NOTE 4 FURNITURE AND EQUIPMENT Furniture and equipment consisted of the following: SCHEDULE OF FURNITURE AND EQUIPMENT March 31, 2023 December 31, 2022 Machinery and equipment $ 67,419 $ 67,419 Computer equipment 6,846 6,846 Furniture and fixtures 36,059 36,059 Tooling and production 534,204 534,204 Leasehold improvements 30,553 30,553 Total 675,081 675,081 Less: accumulated depreciation (481,224 ) (459,083 ) Total, net $ 193,856 $ 215,998 Depreciation expense amounted to $ 22,141 9,505 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 5 INTANGIBLE ASSETS Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS March 31, 2023 December 31, 2022 Patents $ 857,931 $ 824,372 Trademark 45,450 45,450 Finite lived intangible assets, gross Less: accumulated amortization (221,327 ) (207,020 ) Total, net $ 682,054 $ 662,802 Amortization expense on intangible assets was $ 14,307 12,395 The following table sets forth the estimated amortization expense for future periods: SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE FOR FUTURE Remainder of 2023 39,925 2024 53,274 2025 53,274 2026 53,274 2027 54,573 |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 6 DEBT The following table presents the details of the principal outstanding: SCHEDULE OF DEBT TABLE March 31, 2023 December 31, 2022 APR at March 31, 2023 Maturity Collateral Notes payable (a) $ 5,157,792 $ 5,115,000 8.00 % September 2026 Substantially all Company assets Convertible Notes (b) 11,650,000 1,300,000 6.00 10.00 % September 2023-March 2026 Substantially all Company assets PPP Loans (c) 6,995 7,835 1.00 % April 2025 - Economic Impact Disaster loan 149,157 150,000 3.75 % November 2052 Substantially all Company assets Total $ 16,963,944 $ 6,572,935 Unamortized debt discount $ (5,426,719 ) $ - Debt, net of Unamortized debt Discount $ 11,537,225 $ 6,572,935 SCHEDULE OF INTEREST EXPENSE For the three-month period ended March 31, 2023 2022 Interest expense associated with debt 326,742 90,630 As of March 31, 2023, the expected future principal payments for the Company’s debt are due as follows: SCHEDULE OF FUTURE PRINCIPAL PAYMENTS Remainder of 2023 1,705,931 2024 1,736,146 2025 1,734,021 2026 11,650,495 2027 and thereafter 137,351 Total $ 16,963,944 (a) The unpaid principal bears annual interest at the Wall Street Journal prime rate plus 1.75 (b) 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 and bear interest at an annual rate of 6 15 All convertible notes are convertible at a price ranging between $ 3 15 During the three-month period ended March 31, 2023, the Company issued convertible promissory notes for $ 10.4 1,391,667 3 5.6 143,257 (c) The Small Business Administration forgave approximately $ 178,000 |
OPERATING LEASE LIABILITIES
OPERATING LEASE LIABILITIES | 3 Months Ended |
Mar. 31, 2023 | |
Operating Lease Liabilities | |
OPERATING LEASE LIABILITIES | NOTE 7 OPERATING LEASE LIABILITIES In April 2022, the Company entered into a 58-month lease related to certain office and showroom space pursuant to a sublease that expires in February 2027. The Company recognized a right-of-use asset and a liability of $ 1,428,764 In September 2022, the Company entered into a 124-month lease related to its future headquarters offices and showrooms space. The Company recognized a right-of-use asset and a liability of $ 22,192,503 2.7 3.7 The following table outlines the total lease cost for the Company’s operating leases as well as weighted average information for these leases as of March 31, 2023: SCHEDULE OF LEASE COST OPERATING LEASE March 31, 2023 Lease costs: Cash paid for operating lease liabilities $ 207,130 Right-of-use assets obtained in exchange for new operating lease obligations 22,584,674 Fixed rent payment $ 255,314 Lease – Depreciation expense $ 460,618 March 31, 2023 Other information: Weighted-average discount rate 6.41 % Weighted-average remaining lease term (in months) 111 SCHEDULE OF MINIMUM LEASE OBLIGATION Minimum Lease obligation Remainder of 2023 $ 1,130,624 2024 1,780,875 2025 1,993,646 2026 2,223,207 2027 and thereafter 16,760,768 Total $ 23,889,120 |
GE ROYALTY OBLIGATIONS
GE ROYALTY OBLIGATIONS | 3 Months Ended |
Mar. 31, 2023 | |
Ge Royalty Obligations | |
GE ROYALTY OBLIGATIONS | NOTE 8 GE ROYALTY OBLIGATIONS The Company has a license agreement with General Electric (“GE”) which provides, among other things, for rights to market certain of the Company’s products displaying the GE brand in consideration of royalty payments to GE. The Company cannot assign the agreement or sublicense the stated rights. The agreement imposes certain manufacturing and quality control conditions to continue to use the GE brand. The agreement expires in November 2023. In the event the Company receives significant funding rounds of at least $ 50 Variable 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 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 % As of March 31, 2023 and December 31, 2022, the outstanding balance of the aggregate Minimum Payment was $ 2,638,000 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | NOTE 9 ACCRUED EXPENSES Accrued expenses consisted of the following: SCHEDULE OF ACCRUED EXPENSES March 31, 2023 December 31, 2022 Accrued interest, convertible notes $ 219,972 $ 104,735 Trade payables 1,271,535 1,369,702 Accrued compensation 458,316 475,417 Total $ 1,949,823 $ 1,949,823 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 10 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. The outstanding principal on the convertible promissory notes, associated with related parties was $ 950,000 219,972 104,375 Initial Public Offering The Company issued 455,353 6,374,942 The Company issued 95,386 |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY (DEFICIT) | NOTE 11 STOCKHOLDERS’ EQUITY (DEFICIT) Common Stock The Company issued the following common stock during the three months ended March 31, 2023 and 2022: SCHEDULE OF COMMON STOCK Transaction Type Shares Issued Valuation $ Range of Value 2023 Equity Transactions Common stock issued, pursuant to services provided 282,188 2,963,702 2.52 3.56 Transaction Type Shares Issued Valuation $ (Issued) Range of Value Per Share 2022 Equity Transactions Common stock issued per exercise of options and warrants 599,651 $ 862,301 $ 0.10 14.0 Common stock issued per exercise of warrants, cashless 593,700 — — Common stock issued, pursuant to services provided 1,057,293 8,235,880 2.0 14.0 Conversion of preferred stock 12,376,536 3,094,134 0.25 Issuance of common stock pursuant to offering, net 1,650,000 23,100,000 14.0 Issuance of common stock, pursuant to anti-dilutive provisions 335,073 4,691,022 14.0 The Company issued 335,073 Preferred Stock The following is a summary of the Company’s Preferred Stock activity during the three months ended March 31, 2023 and 2022 respectively: SCHEDULE OF PREFERRED STOCK ACTIVITY Transaction Type Quantity Valuation Value per Share Preferred Stock Balance at January 1, 2023 880,400 $ 220,099 $ 0.25 Preferred Stock redemptions - - - Preferred Stock Balance at March 31, 2023 880,400 $ 220,099 $ 0.25 Transaction Type Quantity Carrying Value Value per Share Preferred Stock Balance at January 1, 2022 13,256,936 $ 3,314,233 $ 0.25 Preferred Stock redemptions (9,976,536 ) (2,494,134 ) 0.25 Preferred Stock Balance at March 31, 2022 3,280,400 $ 820,099 $ 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 USD $ 3.50 0.25 21,232 Stock Options The following is a summary of the Company’s stock option activity during the three month periods ended March 31, 2023 and 2022: SCHEDULE OF STOCK OPTION ACTIVITY Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Aggregate Intrinsic Value Outstanding, January 1, 2023 33,289,250 $ 7.7 - $ - Exercised - - - - Granted - - Awards Canceled 175,000 $ 3.0 - - Expired - - - Outstanding, March 31, 2023 33,114,250 $ 7.7 3.2 $ 10,534,567 Exercisable, March 31, 2023 12,731,250 $ 4.4 2.55 $ 10,534,567 Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Aggregate Intrinsic Value Outstanding, January 1, 2022 21,852,182 $ 3.87 –– $ –– Exercised (200,000 ) 1.2 –– $ –– Granted 11,724,500 13.0 –– Forfeited (665,000 ) - Outstanding, March 31, 2022 32,711,682 $ 7.73 3.43 $ 345,090,982 Exercisable, March 31, 2022 8,982,557 $ 3.4 4.1 $ 203,781,741 Warrants Issued The following is a summary of the Company’s warrant activity during the three month periods ended March 31, 2023 and 2022: SCHEDULE OF WARRANT ACTIVITY Number of Warrants Weighted Average Exercise Price Balance, January 1, 2023 671,855 $ 11.5 Issued 1,391,667 3.0 Exercised — — Forfeited — — Balance, March 31, 2023 2,063,522 $ 5.76 Number of Warrants Weighted Average Exercise Price Balance, January 1, 2022 2,127,895 $ 5.4 Exercised (430,000 ) — Issued 132,000 18.2 Forfeited (750,000 ) Balance, March 31, 2022 1,079,895 $ 8.84 Assumptions- Fair Value of Warrants and Options The Company issued options in connection for services during the three-month period ended March 31, 2022 and none during the three-month period ended March 31, 2023. The Company issued warrants in connection with certain convertible promissory notes during the three-month period ended March 31, 2023, which are considered inducements to enter into debt transactions and are recognized as debt discount at fair value. The following table summarizes the range of the Black Scholes pricing model assumptions used by the Company to value certain warrants issued during the three-month period ended March 31, 2023 and options granted the three-month period ended March 31, 2022: SCHEDULE OF OPTIONS GRANTED UNDER BLACK SCHOLES PRICING MODEL ASSUMPTIONS March 31, 2023 March 31, 2022 Range Range Stock price $ 3.74 3.84 $ 3.0 3.0 Exercise price $ 3.0 $ 3.0 12 Expected life (in years) 5 1.3 Volatility 42 % 34 % Risk-fee interest rate 5.02 % .09 2.49 % Dividend yield — — 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 $ 10.1 61 1.6 |
CONCENTRATIONS OF RISKS
CONCENTRATIONS OF RISKS | 3 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISKS | NOTE 12 CONCENTRATIONS OF RISKS Major Customers The Company had no 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. 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. To reduce the risk associated with the failure of such counterparties, the Company periodically evaluates the credit quality of the financial institutions in which it holds deposits. Product and Geographic Markets The Company generates its income primarily from its proprietary-based technology and related products sold in the United States. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 13 SUBSEQUENT EVENTS Management has evaluated subsequent events through May 9, 2023, 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 with the exception of the following: The Company completed its acquisition of Belami, Inc. and subsidiaries in April 2023. The Company paid $ 7.0 1.0 1,923,285 1.5 3.2 1,879,816 3.00 The Company satisfied its obligations under a note payable amounting to $ 6.2 2 574,713 In May 2023, the Company entered into a $ 2 The Wall Street Journal Prime Rate plus 0.250%, subject to a floor of 5.0% and ceiling of the lesser of 18.0% or the maximum rate allowed under applicable law, payable monthly, and matures in May 2024. The line of credit is subject to customary default and acceleration provisions |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and for the three months ended March 31, 2023 and 2022 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, 2022 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, 2022 for additional disclosures and accounting policies. |
Reclassifications | Reclassifications For comparability, reclassifications of certain prior-year balances were made to conform with current-year presentations, such as certain expenses previously included in cost of revenues and reclassified as sales, general, and administrative expenses in 2022. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid securities with original maturities of three months or less when acquired, to be cash equivalents. At March 31, 2023 and December 31, 2022, the Company’s cash composition was follows: SCHEDULE OF CASH EQUIVALENTS AND RESTRICTED CASH March 31, 2023 December 31, 2022 Cash and cash equivalents $ 14,521,818 $ 6,720,543 Restricted cash 1,000,000 2,741,054 Total cash, cash equivalents and restricted cash $ 15,521,818 $ 9,461,597 |
Restricted Assets | Restricted Assets The Company issued a letter of credit of $ 2.7 3.7 2.7 1 |
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 March 31, 2023 December 31, 2022 Inventory, component parts $ 2,102,320 $ 1,923,540 |
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 months ended March 31, 2023 and 2022, 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, a 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 March 31, 2023 and 2022: SCHEDULE OF EARNING (LOSS) PER SHARE March 31, 2023 March 31, 2022 Stock Warrants 2,063,522 1,079,985 Stock Options 33,114,250 32,711,682 Convertible Notes 3,536,668 86,668 Preferred stock 880,400 3,280,400 Total 39,594,840 37,158,645 |
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) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF CASH EQUIVALENTS AND RESTRICTED CASH | The Company considers all highly liquid securities with original maturities of three months or less when acquired, to be cash equivalents. At March 31, 2023 and December 31, 2022, the Company’s cash composition was follows: SCHEDULE OF CASH EQUIVALENTS AND RESTRICTED CASH March 31, 2023 December 31, 2022 Cash and cash equivalents $ 14,521,818 $ 6,720,543 Restricted cash 1,000,000 2,741,054 Total cash, cash equivalents and restricted cash $ 15,521,818 $ 9,461,597 |
SCHEDULE OF INVENTORY | SCHEDULE OF INVENTORY March 31, 2023 December 31, 2022 Inventory, component parts $ 2,102,320 $ 1,923,540 |
SCHEDULE OF EARNING (LOSS) PER SHARE | The Company had the following anti-dilutive common stock equivalents at March 31, 2023 and 2022: SCHEDULE OF EARNING (LOSS) PER SHARE March 31, 2023 March 31, 2022 Stock Warrants 2,063,522 1,079,985 Stock Options 33,114,250 32,711,682 Convertible Notes 3,536,668 86,668 Preferred stock 880,400 3,280,400 Total 39,594,840 37,158,645 |
DEBT SECURITIES (Tables)
DEBT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Securities | |
SCHEDULE OF COMPONENTS OF INVESTMENTS | The components of investments as of March 31, 2023 were as follows: SCHEDULE OF COMPONENTS OF INVESTMENTS Fair value level Cost Unrealized loss Carrying value Corporate debt securities Level 1 $ 3,732,698 $ (1,752 ) $ 3,730,946 State and local government debt securities Level 1 908,354 (988 ) 907,366 State and local government debt securities Level 2 2,931,083 (1,913 ) 2,929,170 Total $ 7,572,135 $ (4,653 ) $ 7,567,482 |
FURNITURE AND EQUIPMENT (Tables
FURNITURE AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF FURNITURE AND EQUIPMENT | Furniture and equipment consisted of the following: SCHEDULE OF FURNITURE AND EQUIPMENT March 31, 2023 December 31, 2022 Machinery and equipment $ 67,419 $ 67,419 Computer equipment 6,846 6,846 Furniture and fixtures 36,059 36,059 Tooling and production 534,204 534,204 Leasehold improvements 30,553 30,553 Total 675,081 675,081 Less: accumulated depreciation (481,224 ) (459,083 ) Total, net $ 193,856 $ 215,998 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS March 31, 2023 December 31, 2022 Patents $ 857,931 $ 824,372 Trademark 45,450 45,450 Finite lived intangible assets, gross Less: accumulated amortization (221,327 ) (207,020 ) Total, net $ 682,054 $ 662,802 |
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 Remainder of 2023 39,925 2024 53,274 2025 53,274 2026 53,274 2027 54,573 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF DEBT TABLE | The following table presents the details of the principal outstanding: SCHEDULE OF DEBT TABLE March 31, 2023 December 31, 2022 APR at March 31, 2023 Maturity Collateral Notes payable (a) $ 5,157,792 $ 5,115,000 8.00 % September 2026 Substantially all Company assets Convertible Notes (b) 11,650,000 1,300,000 6.00 10.00 % September 2023-March 2026 Substantially all Company assets PPP Loans (c) 6,995 7,835 1.00 % April 2025 - Economic Impact Disaster loan 149,157 150,000 3.75 % November 2052 Substantially all Company assets Total $ 16,963,944 $ 6,572,935 Unamortized debt discount $ (5,426,719 ) $ - Debt, net of Unamortized debt Discount $ 11,537,225 $ 6,572,935 |
SCHEDULE OF INTEREST EXPENSE | SCHEDULE OF INTEREST EXPENSE For the three-month period ended March 31, 2023 2022 Interest expense associated with debt 326,742 90,630 |
SCHEDULE OF FUTURE PRINCIPAL PAYMENTS | As of March 31, 2023, the expected future principal payments for the Company’s debt are due as follows: SCHEDULE OF FUTURE PRINCIPAL PAYMENTS Remainder of 2023 1,705,931 2024 1,736,146 2025 1,734,021 2026 11,650,495 2027 and thereafter 137,351 Total $ 16,963,944 |
OPERATING LEASE LIABILITIES (Ta
OPERATING LEASE LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Operating Lease Liabilities | |
SCHEDULE OF LEASE COST OPERATING LEASE | The following table outlines the total lease cost for the Company’s operating leases as well as weighted average information for these leases as of March 31, 2023: SCHEDULE OF LEASE COST OPERATING LEASE March 31, 2023 Lease costs: Cash paid for operating lease liabilities $ 207,130 Right-of-use assets obtained in exchange for new operating lease obligations 22,584,674 Fixed rent payment $ 255,314 Lease – Depreciation expense $ 460,618 March 31, 2023 Other information: Weighted-average discount rate 6.41 % Weighted-average remaining lease term (in months) 111 |
SCHEDULE OF MINIMUM LEASE OBLIGATION | SCHEDULE OF MINIMUM LEASE OBLIGATION Minimum Lease obligation Remainder of 2023 $ 1,130,624 2024 1,780,875 2025 1,993,646 2026 2,223,207 2027 and thereafter 16,760,768 Total $ 23,889,120 |
GE ROYALTY OBLIGATIONS (Tables)
GE ROYALTY OBLIGATIONS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Ge Royalty Obligations | |
SCHEDULE OF ROYALTY OBLIGATIONS | SCHEDULE OF 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 % |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCRUED EXPENSES | Accrued expenses consisted of the following: SCHEDULE OF ACCRUED EXPENSES March 31, 2023 December 31, 2022 Accrued interest, convertible notes $ 219,972 $ 104,735 Trade payables 1,271,535 1,369,702 Accrued compensation 458,316 475,417 Total $ 1,949,823 $ 1,949,823 |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
SCHEDULE OF COMMON STOCK | The Company issued the following common stock during the three months ended March 31, 2023 and 2022: SCHEDULE OF COMMON STOCK Transaction Type Shares Issued Valuation $ Range of Value 2023 Equity Transactions Common stock issued, pursuant to services provided 282,188 2,963,702 2.52 3.56 Transaction Type Shares Issued Valuation $ (Issued) Range of Value Per Share 2022 Equity Transactions Common stock issued per exercise of options and warrants 599,651 $ 862,301 $ 0.10 14.0 Common stock issued per exercise of warrants, cashless 593,700 — — Common stock issued, pursuant to services provided 1,057,293 8,235,880 2.0 14.0 Conversion of preferred stock 12,376,536 3,094,134 0.25 Issuance of common stock pursuant to offering, net 1,650,000 23,100,000 14.0 Issuance of common stock, pursuant to anti-dilutive provisions 335,073 4,691,022 14.0 |
SCHEDULE OF PREFERRED STOCK ACTIVITY | The following is a summary of the Company’s Preferred Stock activity during the three months ended March 31, 2023 and 2022 respectively: SCHEDULE OF PREFERRED STOCK ACTIVITY Transaction Type Quantity Valuation Value per Share Preferred Stock Balance at January 1, 2023 880,400 $ 220,099 $ 0.25 Preferred Stock redemptions - - - Preferred Stock Balance at March 31, 2023 880,400 $ 220,099 $ 0.25 Transaction Type Quantity Carrying Value Value per Share Preferred Stock Balance at January 1, 2022 13,256,936 $ 3,314,233 $ 0.25 Preferred Stock redemptions (9,976,536 ) (2,494,134 ) 0.25 Preferred Stock Balance at March 31, 2022 3,280,400 $ 820,099 $ 0.25 |
SCHEDULE OF STOCK OPTION ACTIVITY | The following is a summary of the Company’s stock option activity during the three month periods ended March 31, 2023 and 2022: SCHEDULE OF STOCK OPTION ACTIVITY Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Aggregate Intrinsic Value Outstanding, January 1, 2023 33,289,250 $ 7.7 - $ - Exercised - - - - Granted - - Awards Canceled 175,000 $ 3.0 - - Expired - - - Outstanding, March 31, 2023 33,114,250 $ 7.7 3.2 $ 10,534,567 Exercisable, March 31, 2023 12,731,250 $ 4.4 2.55 $ 10,534,567 Options Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Aggregate Intrinsic Value Outstanding, January 1, 2022 21,852,182 $ 3.87 –– $ –– Exercised (200,000 ) 1.2 –– $ –– Granted 11,724,500 13.0 –– Forfeited (665,000 ) - Outstanding, March 31, 2022 32,711,682 $ 7.73 3.43 $ 345,090,982 Exercisable, March 31, 2022 8,982,557 $ 3.4 4.1 $ 203,781,741 |
SCHEDULE OF WARRANT ACTIVITY | The following is a summary of the Company’s warrant activity during the three month periods ended March 31, 2023 and 2022: SCHEDULE OF WARRANT ACTIVITY Number of Warrants Weighted Average Exercise Price Balance, January 1, 2023 671,855 $ 11.5 Issued 1,391,667 3.0 Exercised — — Forfeited — — Balance, March 31, 2023 2,063,522 $ 5.76 Number of Warrants Weighted Average Exercise Price Balance, January 1, 2022 2,127,895 $ 5.4 Exercised (430,000 ) — Issued 132,000 18.2 Forfeited (750,000 ) Balance, March 31, 2022 1,079,895 $ 8.84 |
SCHEDULE OF OPTIONS GRANTED UNDER BLACK SCHOLES PRICING MODEL ASSUMPTIONS | SCHEDULE OF OPTIONS GRANTED UNDER BLACK SCHOLES PRICING MODEL ASSUMPTIONS March 31, 2023 March 31, 2022 Range Range Stock price $ 3.74 3.84 $ 3.0 3.0 Exercise price $ 3.0 $ 3.0 12 Expected life (in years) 5 1.3 Volatility 42 % 34 % Risk-fee interest rate 5.02 % .09 2.49 % Dividend yield — — |
SCHEDULE OF CASH EQUIVALENTS AN
SCHEDULE OF CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 14,521,818 | $ 6,720,543 | |
Restricted cash | 1,000,000 | 2,741,054 | $ 2,700,000 |
Total cash, cash equivalents and restricted cash | $ 15,521,818 | $ 9,461,597 |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Inventory, component parts | $ 2,102,320 | $ 1,923,540 |
SCHEDULE OF EARNING (LOSS) PER
SCHEDULE OF EARNING (LOSS) PER SHARE (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 39,594,840 | 37,158,645 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 2,063,522 | 1,079,985 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 33,114,250 | 32,711,682 |
Convertible Debt Securities [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 3,536,668 | 86,668 |
Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 880,400 | 3,280,400 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Accounting Policies [Abstract] | |||
Restricted cash | $ 1,000,000 | $ 2,741,054 | $ 2,700,000 |
Restricted investments | 3,704,738 | ||
Escrow deposit | $ 1,000,000 |
SCHEDULE OF COMPONENTS OF INVES
SCHEDULE OF COMPONENTS OF INVESTMENTS (Details) | Mar. 31, 2023 USD ($) |
Platform Operator, Crypto-Asset [Line Items] | |
Cost | $ 7,572,135 |
Unrealized loss | (4,653) |
Debt Securities, Available-for-Sale | 7,567,482 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |
Platform Operator, Crypto-Asset [Line Items] | |
Cost | 3,732,698 |
Unrealized loss | (1,752) |
Debt Securities, Available-for-Sale | 3,730,946 |
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | |
Platform Operator, Crypto-Asset [Line Items] | |
Cost | 908,354 |
Unrealized loss | (988) |
Debt Securities, Available-for-Sale | 907,366 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | |
Platform Operator, Crypto-Asset [Line Items] | |
Cost | 2,931,083 |
Unrealized loss | (1,913) |
Debt Securities, Available-for-Sale | $ 2,929,170 |
SCHEDULE OF FURNITURE AND EQUIP
SCHEDULE OF FURNITURE AND EQUIPMENT (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 675,081 | $ 675,081 |
Less: accumulated depreciation | (481,224) | (459,083) |
Total, net | 193,856 | 215,998 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 67,419 | 67,419 |
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 | 534,204 | 534,204 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 22,141 | $ 9,505 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Less: accumulated amortization | $ (221,327) | $ (207,020) |
Total, net | 682,054 | 662,802 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, gross | 857,931 | 824,372 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, gross | $ 45,450 | $ 45,450 |
SCHEDULE OF INTANGIBLE ASSETS A
SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE FOR FUTURE (Details) | Mar. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2023 | $ 39,925 |
2024 | 53,274 |
2025 | 53,274 |
2026 | 53,274 |
2027 | $ 54,573 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 14,307 | $ 12,395 |
SCHEDULE OF DEBT TABLE (Details
SCHEDULE OF DEBT TABLE (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Short-Term Debt [Line Items] | ||
Total | $ 16,963,944 | $ 6,572,935 |
Unamortized debt discount | (5,426,719) | |
Debt, net of unamortized debt discount | 11,537,225 | 6,572,935 |
Notes Payable [Member] | ||
Short-Term Debt [Line Items] | ||
Total | $ 5,157,792 | 5,115,000 |
Debt instrument interest rate stated percentage | 8% | |
Maturity date description | September 2026 | |
Convertible Notes [Member] | ||
Short-Term Debt [Line Items] | ||
Total | $ 11,650,000 | 1,300,000 |
Debt instrument interest rate stated percentage | 6% | |
Maturity date description | September 2023-March 2026 | |
Convertible Notes [Member] | Minimum [Member] | ||
Short-Term Debt [Line Items] | ||
Debt instrument interest rate stated percentage | 6% | |
Convertible Notes [Member] | Maximum [Member] | ||
Short-Term Debt [Line Items] | ||
Debt instrument interest rate stated percentage | 10% | |
Paycheck Protection Program Loans [Member] | ||
Short-Term Debt [Line Items] | ||
Total | $ 6,995 | 7,835 |
Debt instrument interest rate stated percentage | 1% | |
Maturity date description | April 2025 | |
Economic impact disaster loan [Member] | ||
Short-Term Debt [Line Items] | ||
Total | $ 149,157 | $ 150,000 |
Debt instrument interest rate stated percentage | 3.75% | |
Maturity date description | November 2052 |
SCHEDULE OF INTEREST EXPENSE (D
SCHEDULE OF INTEREST EXPENSE (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Interest expense | $ 326,742 | $ 90,630 |
SCHEDULE OF FUTURE PRINCIPAL PA
SCHEDULE OF FUTURE PRINCIPAL PAYMENTS (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Remainder of 2023 | $ 1,705,931 | |
2024 | 1,736,146 | |
2025 | 1,734,021 | |
2026 | 11,650,495 | |
2027 and thereafter | 137,351 | |
Total | $ 16,963,944 | $ 6,572,935 |
SCHEDULE OF DEBT TABLE (Detai_2
SCHEDULE OF DEBT TABLE (Details) (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 8% | |
Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 6% | |
Debt Instrument conversion price | $ 15 | |
Convertible notes payable | $ 10,400,000 | |
Warrents | 1,391,667 | |
Exercise price | $ 3 | |
Debt instrument convertible beneficial conversion feature | $ 5,600,000 | |
Amortization of debt discount | $ 143,257 | |
Convertible Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 6% | |
Debt Instrument conversion price | $ 3 | |
Convertible Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 10% | |
Debt Instrument conversion price | $ 15 | |
Paycheck Protection Program Loans [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 1% | |
Debt forgiveness | $ 178,000 | |
Prime Rate [Member] | Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 1.75% |
SCHEDULE OF LEASE COST OPERATIN
SCHEDULE OF LEASE COST OPERATING LEASE (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Operating Lease Liabilities | |
Cash paid for operating lease liabilities | $ 207,130 |
Right-of-use assets obtained in exchange for new operating lease obligations | 22,584,674 |
Fixed rent payment | 255,314 |
Lease - Depreciation expense | $ 460,618 |
Operating lease, weighted average discount rate, percentage | 6.41% |
Operating lease, weighted average remaining lease term | 111 months |
SCHEDULE OF MINIMUM LEASE OBLIG
SCHEDULE OF MINIMUM LEASE OBLIGATION (Details) | Mar. 31, 2023 USD ($) |
Operating Lease Liabilities | |
Remainder of 2023 | $ 1,130,624 |
2024 | 1,780,875 |
2025 | 1,993,646 |
2026 | 2,223,207 |
2027 and thereafter | 16,760,768 |
Total | $ 23,889,120 |
OPERATING LEASE LIABILITIES (De
OPERATING LEASE LIABILITIES (Details Narrative) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Apr. 30, 2022 |
Lessee, Lease, Description [Line Items] | ||||
Restricted cash | $ 1,000,000 | $ 2,741,054 | $ 2,700,000 | |
58-Month Lease [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease, liability | $ 1,428,764 | |||
124-Month Lease [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease, liability | 22,192,503 | |||
Debt securities | $ 3,700,000 |
SCHEDULE OF ROYALTY OBLIGATIONS
SCHEDULE OF ROYALTY OBLIGATIONS (Details) (Parenthetical) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
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] | 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 |
SCHEDULE OF ROYALTY OBLIGATIO_2
SCHEDULE OF ROYALTY OBLIGATIONS (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Tier One [Member] | |
Guarantor Obligations [Line Items] | |
Percentage of Contract Year Net Sales owed to GE | 7% |
Tier Two [Member] | |
Guarantor Obligations [Line Items] | |
Percentage of Contract Year Net Sales owed to GE | 6% |
Tier Three [Member] | |
Guarantor Obligations [Line Items] | |
Percentage of Contract Year Net Sales owed to GE | 5% |
GE ROYALTY OBLIGATIONS (Details
GE ROYALTY OBLIGATIONS (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Royalty guarantees commitments amount | $ 2,638,000 | $ 2,638,000 |
License Agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Proceeds from royalties | $ 50,000,000 |
SCHEDULE OF ACCRUED EXPENSES (D
SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued interest, convertible notes | $ 219,972 | $ 104,735 |
Trade payables | 1,271,535 | 1,369,702 |
Accrued compensation | 458,316 | 475,417 |
Total | $ 1,949,823 | $ 1,949,823 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Accrued interest | $ 219,972 | $ 104,735 | |
IPO [Member] | |||
Related Party Transaction [Line Items] | |||
Number of shares issued | 455,353 | ||
Proceeds from IPO | $ 6,374,942 | ||
Chief Executive Officer [Member] | Two Directors [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transactions amount | 950,000 | 950,000 | |
Accrued interest | $ 219,972 | $ 104,375 | |
Director [Member] | IPO [Member] | |||
Related Party Transaction [Line Items] | |||
Number of shares issued | 95,386 |
SCHEDULE OF COMMON STOCK (Detai
SCHEDULE OF COMMON STOCK (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Common stock issued per exercise of options, Shares Issued | 200,000 | |
Common Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Common stock issued, pursuant to services provided, Shares Issued | 282,188 | 448,409 |
Common stock issued per exercise of options, Shares Issued | 200,000 | |
Conversion of preferred stock, Shares Issued | 9,976,536 | |
Issuance of common stock pursuant to offering, net, Shares Issued | 1,650,000 | |
Common Stock [Member] | 2023 Equity Transactions [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Common stock issued, pursuant to services provided, Shares Issued | 282,188 | |
Common stock issued, pursuant to services provided, Valuation issued | $ 2,963,702 | |
Common Stock [Member] | 2023 Equity Transactions [Member] | Minimum [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Common stock issued, pursuant to services provided, Range of value per share | $ 2.52 | |
Common Stock [Member] | 2023 Equity Transactions [Member] | Maximum [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Common stock issued, pursuant to services provided, Range of value per share | $ 3.56 | |
Common Stock [Member] | 2022 Equity Transactions [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Common stock issued, pursuant to services provided, Shares Issued | 1,057,293 | |
Common stock issued, pursuant to services provided, Valuation issued | $ 8,235,880 | |
Common stock issued per exercise of options, Shares Issued | 599,651 | |
Common stock issued per exercise of options, Valuation Issued | $ 862,301 | |
Common stock issued per exercise of warrants, cashless, Shares Issued | 593,700 | |
Common stock issued per exercise of warrants, cashless, Valuation Issued | ||
Common stock issued per exercise of warrants, cashless, Range of Value Per Share | ||
Conversion of preferred stock, Shares Issued | 12,376,536 | |
Conversion of preferred stock, Valuation issued | $ 3,094,134 | |
Conversion of preferred stock, Range of value per share | $ 0.25 | |
Issuance of common stock pursuant to offering, net, Shares Issued | 1,650,000 | |
Issuance of common stock pursuant to offering, net, Valuation issued | $ 23,100,000 | |
Issuance of common stock pursuant to offering, net, Range of value per share | $ 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 | |
Common Stock [Member] | 2022 Equity Transactions [Member] | Minimum [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Common stock issued, pursuant to services provided, Range of value per share | 2 | |
Common stock issued per exercise of options, Range of value per share | 0.10 | |
Common Stock [Member] | 2022 Equity Transactions [Member] | Maximum [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Common stock issued, pursuant to services provided, Range of value per share | 14 | |
Common stock issued per exercise of options, Range of value per share | $ 14 |
SCHEDULE OF PREFERRED STOCK ACT
SCHEDULE OF PREFERRED STOCK ACTIVITY (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Preferred Stock beginning, shares outstanding | 880,400 | |
Preferred Stock ending, shares outstanding | 880,400 | |
Preferred Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Preferred Stock beginning, shares outstanding | 880,400 | 13,256,936 |
Preferred Stock beginning, Valuation | $ 220,099 | $ 3,314,233 |
Preferred Stock, Value per Share, beginning | $ 0.25 | $ 0.25 |
Preferred stock redemption shares | $ (9,976,536) | |
Preferred stock redemption shares, Valuation | $ (2,494,134) | |
Preferred stock redemption, Value per Share | $ 0.25 | |
Preferred Stock ending, shares outstanding | 880,400 | 3,280,400 |
Preferred Stock ending, Valuation | $ 220,099 | $ 820,099 |
Preferred Stock, Value per Share, ending | $ 0.25 | $ 0.25 |
SCHEDULE OF STOCK OPTION ACTIVI
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Equity [Abstract] | |||
Number of shares, outstanding, beginning | 33,289,250 | 21,852,182 | 21,852,182 |
Weighted Average Exercise Price, Outstanding beginning | $ 7.7 | $ 3.87 | $ 3.87 |
Weighted Average Remaining Contractual Life in Years, Outstanding ending | 3 years 2 months 12 days | 3 years 5 months 4 days | |
Aggregate Intrinsic value, Outstanding beginning | |||
Number of shares, Exercised | (200,000) | ||
Weighted Average Exercise Price, Exercised | $ 1.2 | ||
Number of shares, Granted | 11,724,500 | ||
Weighted Average Exercise Price, Granted | $ 13 | ||
Number of shares, Forfeited | 175,000 | (665,000) | |
Weighted Average Exercise Price, Forfeited | $ 3 | ||
Aggregate Intrinsic value, award canceled | |||
Weighted Average Exercise Price, Expired | |||
Number of shares, outstanding ending | 33,114,250 | 32,711,682 | 33,289,250 |
Weighted Average Exercise Price, Outstanding Ending | $ 7.7 | $ 7.73 | $ 7.7 |
Aggregate Intrinsic value, Outstanding ending | $ 10,534,567 | $ 345,090,982 | |
Number of shares, Exercisable | 12,731,250 | 8,982,557 | |
Weighted Average Exercise Price, Exercisable ending | $ 4.4 | $ 3.4 | |
Weighted Average Remaining Contractual Life in Years, Exercisable ending | 2 years 6 months 18 days | 4 years 1 month 6 days | |
Aggregate Intrinsic value, Exercisable ending | $ 10,534,567 | $ 203,781,741 |
SCHEDULE OF WARRANT ACTIVITY (D
SCHEDULE OF WARRANT ACTIVITY (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity [Abstract] | ||
Number of Warrants, Beginning balance | 671,855 | 2,127,895 |
Weighted average exercise price outstanding, beginning | $ 11.5 | $ 5.4 |
Number of Warrants, Beginning balance | 1,391,667 | 132,000 |
Weighted Average Exercise Price, Issued | $ 3 | $ 18.2 |
Number of Warrants, Exercised | (430,000) | |
Weighted Average Exercise Price, Exercised | ||
Number of Warrants, Forfeited | (750,000) | |
Weighted Average Exercise Price, Forfeited | ||
Number of Warrants, Ending balance | 2,063,522 | 1,079,895 |
Weighted average exercise price outstanding, ending | $ 5.76 | $ 8.84 |
SCHEDULE OF OPTIONS GRANTED UND
SCHEDULE OF OPTIONS GRANTED UNDER BLACK SCHOLES PRICING MODEL ASSUMPTIONS (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Exercise price | $ 3 | |
Expected term (in years) | 5 years | 1 year 3 months 18 days |
Expected volatility | 42% | 34% |
Risk-fee interest rate | 5.02% | |
Dividend yield | 0% | 0% |
Minimum [Member] | ||
Share price | $ 3.74 | $ 3 |
Exercise price | $ 3 | |
Risk-fee interest rate | 0.09% | |
Maximum [Member] | ||
Share price | $ 3.84 | $ 3 |
Exercise price | $ 12 | |
Risk-fee interest rate | 2.49% |
STOCKHOLDERS_ EQUITY (DEFICIT_2
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unamortized future option expense | $ 10,100,000 | |
Market based options | $ 61,000,000 | |
Weighted average period to be recognized | 1 year 7 months 6 days | |
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 | $ 21,232 | |
Stockholders [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of shares issued | 335,073 |
CONCENTRATIONS OF RISKS (Detail
CONCENTRATIONS OF RISKS (Details Narrative) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Two Vendors [Member] | Purchase Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 100% | 100% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Apr. 30, 2024 | May 31, 2023 | Apr. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock issued pursuant to offerings, shares | 1,650,000 | ||||
Belami Inc and Subsidiaries [Member] | |||||
Subsequent Event [Line Items] | |||||
Notes payable | $ 6,200,000 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Payment to acquire in cash | $ 7,000,000 | ||||
Amount from escrow | $ 1,000,000 | ||||
Common stock new issued | 1,879,816 | 1,923,285 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-Term Debt | $ 1,500,000 | ||||
Deferred consideration | $ 3,200,000 | ||||
Price per share | $ 3 | ||||
Subsequent Event [Member] | Belami Inc and Subsidiaries [Member] | Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Stock Issued During Period, Value, New Issues | $ 2,000,000 | ||||
Common stock issued pursuant to offerings, shares | 574,713 | ||||
Subsequent Event [Member] | First Citizens Bank Trust Company [Member] | |||||
Subsequent Event [Line Items] | |||||
Line of credit | $ 2 | ||||
Line of credit description | The Wall Street Journal Prime Rate plus 0.250%, subject to a floor of 5.0% and ceiling of the lesser of 18.0% or the maximum rate allowed under applicable law, payable monthly, and matures in May 2024. The line of credit is subject to customary default and acceleration provisions |