Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 14, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | ACRO BIOMEDICAL CO., LTD. | |
Entity Central Index Key | 0001622996 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Jun. 30, 2023 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Entity Common Stock Shares Outstanding | 60,042,000 | |
Entity File Number | 000-55643 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 47-1950356 | |
Entity Address Address Line 1 | 12175 Visionary Way | |
Entity Address Address Line 2 | Suite 1160 | |
Entity Address City Or Town | Fishers | |
Entity Address State Or Province | IN | |
Entity Address Postal Zip Code | 46038 | |
City Area Code | 317 | |
Local Phone Number | 286-6788 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash | $ 2,680 | $ 5,852 |
Accounts receivable | 498,500 | 638,500 |
Purchase deposit for inventory | 12,000 | 12,000 |
Prepaid expenses | 8,750 | 1,185 |
Security deposit | 4,230 | 0 |
Total Current Assets | 526,160 | 657,537 |
Operating lease right of use asset | 12,988 | 25,719 |
Security deposit | 0 | 4,230 |
TOTAL ASSETS | 539,148 | 687,486 |
Current Liabilities | ||
Accounts payable and accrued expenses | 87,536 | 76,571 |
Deferred revenue | 20,000 | 20,000 |
Due to related parties | 78,970 | 78,826 |
Operating lease liabilities - current | 12,988 | 25,719 |
Total Current and Total Liabilities | 199,494 | 201,116 |
Stockholders' Equity | ||
Preferred stock: 25,000,000 authorized; $0.001 par value; no shares issued and outstanding | 0 | 0 |
Common stock: 100,000,000 authorized; $0.001 par value; 60,042,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022 | 60,042 | 60,042 |
Additional paid-in capital | 32,296,813 | 32,295,236 |
Deferred stock compensation | (1,009,433) | (8,060,983) |
Accumulated deficit | (31,007,768) | (23,807,925) |
Total Stockholders' Equity | 339,654 | 486,370 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 539,148 | $ 687,486 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Balance Sheets | ||
Preferred Stock, Par Value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 60,042,000 | 60,042,000 |
Common Stock, Shares Outstanding | 60,042,000 | 60,042,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statements of Operations (Unaudited) | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 298,500 |
Cost of revenues | 0 | 0 | 0 | 222,000 |
Gross profit | 0 | 0 | 0 | 76,500 |
Operating expenses | ||||
Selling, general and administrative | 1,316,425 | 1,476,432 | 2,799,991 | 2,961,520 |
Research and development | 1,878,275 | 2,520,000 | 4,398,275 | 5,040,000 |
Total operating expenses | 3,194,700 | 3,996,432 | 7,198,266 | 8,001,520 |
Loss from operations | (3,194,700) | (3,996,432) | (7,198,266) | (7,925,020) |
Other expense | ||||
Interest expense - related party | 789 | 211 | 1,577 | 420 |
Total other expenses | 789 | 211 | 1,577 | 420 |
Loss before income tax expense | (3,195,489) | (3,996,643) | (7,199,843) | (7,925,440) |
Income tax expense | 0 | 0 | 0 | 0 |
Net loss | $ (3,195,489) | $ (3,996,643) | $ (7,199,843) | $ (7,925,440) |
Basic and diluted loss per share of common stock | $ (0.05) | $ (0.07) | $ (0.12) | $ (0.13) |
Weighted average number of shares of common stock outstanding | 60,042,000 | 60,042,000 | 60,042,000 | 60,042,000 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Total | Common Stock | Preferred Stock | Additional Paid-In Capital | Deferred stock compensation | Accumulated Deficit |
Balance, shares at Dec. 31, 2021 | 60,042,000 | |||||
Balance, amount at Dec. 31, 2021 | $ 643,707 | $ 60,042 | $ 0 | $ 32,293,530 | $ (23,773,383) | $ (7,936,482) |
Amortization of deferred stock compensation | 3,928,100 | 0 | 0 | 0 | 3,928,100 | 0 |
Imputed interest on related party loans | 209 | 0 | 0 | 209 | 0 | 0 |
Net loss | (3,928,797) | $ 0 | 0 | 0 | 0 | (3,928,797) |
Balance, shares at Mar. 31, 2022 | 60,042,000 | |||||
Balance, amount at Mar. 31, 2022 | 643,219 | $ 60,042 | 0 | 32,293,739 | (19,845,283) | (11,865,279) |
Balance, shares at Dec. 31, 2021 | 60,042,000 | |||||
Balance, amount at Dec. 31, 2021 | 643,707 | $ 60,042 | 0 | 32,293,530 | (23,773,383) | (7,936,482) |
Amortization of deferred stock compensation | 7,856,200 | |||||
Net loss | (7,925,440) | |||||
Balance, shares at Jun. 30, 2022 | 60,042,000 | |||||
Balance, amount at Jun. 30, 2022 | 574,887 | $ 60,042 | 0 | 32,293,950 | (15,917,183) | (15,861,922) |
Balance, shares at Mar. 31, 2022 | 60,042,000 | |||||
Balance, amount at Mar. 31, 2022 | 643,219 | $ 60,042 | 0 | 32,293,739 | (19,845,283) | (11,865,279) |
Amortization of deferred stock compensation | 3,928,100 | 0 | 0 | 0 | 3,928,100 | 0 |
Imputed interest on related party loans | 211 | 0 | 0 | 211 | 0 | 0 |
Net loss | (3,996,643) | $ 0 | 0 | 0 | 0 | (3,996,643) |
Balance, shares at Jun. 30, 2022 | 60,042,000 | |||||
Balance, amount at Jun. 30, 2022 | 574,887 | $ 60,042 | 0 | 32,293,950 | (15,917,183) | (15,861,922) |
Balance, shares at Dec. 31, 2022 | 60,042,000 | |||||
Balance, amount at Dec. 31, 2022 | 486,370 | $ 60,042 | 0 | 32,295,236 | (8,060,983) | (23,807,925) |
Amortization of deferred stock compensation | 3,928,100 | 0 | 0 | 0 | 3,928,100 | 0 |
Imputed interest on related party loans | 788 | 0 | 0 | 788 | 0 | 0 |
Net loss | (4,004,354) | $ 0 | 0 | 0 | 0 | (4,004,354) |
Balance, shares at Mar. 31, 2023 | 60,042,000 | |||||
Balance, amount at Mar. 31, 2023 | 410,904 | $ 60,042 | 0 | 32,296,024 | (4,132,883) | (27,812,279) |
Balance, shares at Dec. 31, 2022 | 60,042,000 | |||||
Balance, amount at Dec. 31, 2022 | 486,370 | $ 60,042 | 0 | 32,295,236 | (8,060,983) | (23,807,925) |
Amortization of deferred stock compensation | 7,051,550 | |||||
Net loss | (7,199,843) | |||||
Balance, shares at Jun. 30, 2023 | 60,042,000 | |||||
Balance, amount at Jun. 30, 2023 | 339,654 | $ 60,042 | 0 | 32,296,813 | (1,009,433) | (31,007,768) |
Balance, shares at Mar. 31, 2023 | 60,042,000 | |||||
Balance, amount at Mar. 31, 2023 | 410,904 | $ 60,042 | 0 | 32,296,024 | (4,132,883) | (27,812,279) |
Amortization of deferred stock compensation | 3,123,450 | 0 | 0 | 0 | 3,123,450 | 0 |
Imputed interest on related party loans | 789 | 0 | 0 | 789 | 0 | 0 |
Net loss | (3,195,489) | $ 0 | 0 | 0 | 0 | (3,195,489) |
Balance, shares at Jun. 30, 2023 | 60,042,000 | |||||
Balance, amount at Jun. 30, 2023 | $ 339,654 | $ 60,042 | $ 0 | $ 32,296,813 | $ (1,009,433) | $ (31,007,768) |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (7,199,843) | $ (7,925,440) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Imputed interest - related parties | 1,577 | 420 |
Amortization of deferred stock compensation | 7,051,550 | 7,856,200 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 140,000 | 299,500 |
Inventories | 0 | (296,000) |
Prepaid expenses | (7,565) | (7,128) |
Accounts payable and accrued expenses | 10,965 | (11,197) |
Net cash used in operating activities | (3,316) | (83,645) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances from related parties | 144 | 504 |
Net cash provided by financing activities | 144 | 504 |
Net change in cash | (3,172) | (83,141) |
Cash at beginning of period | 5,852 | 95,248 |
Cash at end of period | 2,680 | 12,107 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | $ 0 | $ 0 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Jun. 30, 2023 | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Acro Biomedical Co., Ltd. (the “Company”) is a Nevada corporation incorporated on September 24, 2014 under the name Killer Waves Hawaii, Inc. On January 30, 2017, the Company’s corporate name was changed to Acro Biomedical Co., Ltd. The Company’s business is the sale of cordyceps related products. Cordyceps is a fungus that is used in traditional Chinese medicine. During the second and third quarters of 2021, the Company engaged consultants to take the initial steps to develop and implement a research and development and marketing program. These consultants are working independently and report to the chief executive officer. As of the date of this report, the research and development efforts have not developed any products, the contracts with the consultants either expired in May 2023 or will expire in August 2023, and the Company does not expect that any new product, new marketing opportunities or revenue will result from such marketing and research and development efforts. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unaudited Interim Financial Statements The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with Rule 8-03 of Regulation S-X. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the year ended December 31, 2022 have been omitted; and these unaudited interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended December 31, 2022 included within the Company’s annual report on Form 10-K for the year ended December 31, 2022. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the unaudited interim financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. Revenue Recognition We recognize revenue in accordance with Topic 606, which requires revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. Under these criteria, the Company generally recognizes revenue when its products are delivered to customers in accordance with the written sales terms. Cash received in advance from customers is recorded as deferred revenue. Accounts Receivable Accounts receivable are recorded in accordance with ASC 310, “Receivables.” Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company does not currently have any amount recorded as an allowance for doubtful accounts. Based on management’s estimate, the Company has not deemed it necessary to reserve for doubtful accounts at this time. Net Income (Loss) Per Share of Common Stock The Company has adopted ASC Topic 260, “ Earnings per Share” |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2023 | |
GOING CONCERN | |
GOING CONCERN | NOTE 3 - GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. The Company had nominal cash as of June 30, 2023, had no revenue in the first and second quarters of 2023 and incurred a loss from operations for the six months ended June 30, 2023 and has incurred losses for the past few years. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company proposes to fund operations through sales of its products and equity financing arrangements. However, because of the lack of sales and the absence of any active trading market for its common stock, its financial condition and its lack of an operating history, the Company may not be able to raise funds for capital expenditures, working capital and other cash requirements and will have to rely on advances from a minority stockholder and its officer. If the Company cannot generate revenue from its products, it may not be able to continue in its business. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 6 Months Ended |
Jun. 30, 2023 | |
RELATED PARTY TRANSACTIONS AND BALANCES | |
RELATED PARTY TRANSACTIONS AND BALANCES | NOTE 4 - RELATED PARTY TRANSACTIONS AND BALANCES During the six months ended June 30, 2023 and 2022, a minority stockholder who is not a 5% stockholder paid expenses of $144 and $504 on behalf of the Company, respectively. During the three months ended June 30, 2023 and 2022, such minority stockholder paid expenses of $108 and $216 on behalf of the Company, respectively. At June 30, 2023 and December 31, 2022, the Company owed $77,870 and $77,726 to the minority stockholder referred to in the preceding paragraph for non-interest-bearing advances made to or paid expenses on behalf of the Company, and are due on demand, respectively. At June 30, 2023 and December 31, 2022, the Company owed $1,100 to its CEO for non-interest-bearing advances made to or paid expenses on behalf of the Company and are due on demand. The Company has imputed interest at the rate of 4% on the advances made to or paid expenses on behalf of the Company in the amount of $1,577 and $420 during the six months ended June 30, 2023 and 2022, respectively and in the amount of $789 and $211 during the three months ended June 30, 2023 and 2022, respectively. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2023 | |
LEASES | |
LEASES | NOTE 5 - LEASES On November 3, 2021, the Company entered into a lease agreement to rent a storage facility in Hong Kong for a two-year term at HK$17,000 (approximately $2,190) per month and paid HK$33,000 (approximately $4,230) as a security deposit. In accordance with ASC 842, the Company recognized operating lease ROU assets and lease liabilities, which had balances as follows: June 30, December 31, 2023 2022 Operating lease ROU asset $ 12,988 $ 25,719 June 30, December 31, 2023 2022 Operating lease liabilities – all current portion $ 12,988 $ 25,719 Future minimum lease payments under operating leases at June 30, 2023, were as follows: Remainder of 2023 $ 13,140 2024 and thereafter - Total $ 13,140 The Company recognized total lease expenses of $13,140 and $13,140 for the six months ended June 30, 2023 and 2022, respectively and of $6,570 and $6,570 for the three months ended June 30, 2023 and 2022, respectively. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 6 Months Ended |
Jun. 30, 2023 | |
STOCKHOLDERS EQUITY | |
STOCKHOLDERS' EQUITY | NOTE 6 – STOCKHOLDERS' EQUITY The Company issued a total of 6,776,000 and 5,506,000 shares of common stock to consultants as stock grants pursuant to two-year consulting agreements with the consultants entered into in May 2021 and August 2021, respectively, of which 11,912,000 shares were issued pursuant to the 2020 equity incentive plan (the “Plan”) and 370,000 were issued as restricted stock grants outside of the Plan. The agreements provide for the consultants to perform services described in the contracts for the two-year period commencing May 25, 2021 and August 23, 2021. The shares were valued at $19,311,600 and $12,113,200, based on the market price of the common stock on the respective dates of the agreements, which was $2.85 and $2.20 per share, respectively, and is being amortized over the two-year period starting from the date of agreement using the straight-line method. During the six months ended June 30, 2023 and 2022, the Company recorded stock-based compensation of $7,051,550 and $7,856,200, respectively, and during the three months ended June 30, 2023 and 2022, the Company recorded stock-based compensation of $3,123,450 and $3,928,100, respectively. The Company had deferred stock compensation of $1,009,433 and $8,060,983 as of June 30, 2023 and December 31, 2022, respectively, which will be recognized over the balance of the agreements, which terminate in the third quarter of 2023. |
CONCENTRATION
CONCENTRATION | 6 Months Ended |
Jun. 30, 2023 | |
CONCENTRATION | |
CONCENTRATION | NOTE 7 - CONCENTRATION Revenue During the three and six months ended June 30, 2023, the Company did not generate revenue. During the three and six months ended June 30, 2022, all revenue was derived from one customer which was generated during the first quarter of 2022. Purchases During the three and six months ended June 30, 2023, the Company did not purchase inventory. During the three and six months ended June 30, 2022, all purchases were made from one supplier. Accounts receivable As of June 30, 2023 and December 31, 2022, the Company has accounts receivable consisting of customer A 72% and 56% and customer B 28% and 44%, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 8 - SUBSEQUENT EVENTS The Company has evaluated subsequent events that have occurred after the date of the balance sheet through the date of the issuance of these unaudited financial statements and determined that no subsequent event requires recognition or disclosure to the unaudited financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Unaudited Interim Financial Statements | The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with Rule 8-03 of Regulation S-X. Accordingly, the unaudited interim financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the year ended December 31, 2022 have been omitted; and these unaudited interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended December 31, 2022 included within the Company’s annual report on Form 10-K for the year ended December 31, 2022. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the unaudited interim financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. |
Revenue Recognition | We recognize revenue in accordance with Topic 606, which requires revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. Under these criteria, the Company generally recognizes revenue when its products are delivered to customers in accordance with the written sales terms. Cash received in advance from customers is recorded as deferred revenue. |
Accounts Receivable | Accounts receivable are recorded in accordance with ASC 310, “Receivables.” Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company does not currently have any amount recorded as an allowance for doubtful accounts. Based on management’s estimate, the Company has not deemed it necessary to reserve for doubtful accounts at this time. |
Net Income (Loss) Per Share of Common Stock | The Company has adopted ASC Topic 260, “ Earnings per Share” |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
LEASES | |
Schedule of Operating Lease ROU Assets and Lease Liabilities | June 30, December 31, 2023 2022 Operating lease ROU asset $ 12,988 $ 25,719 June 30, December 31, 2023 2022 Operating lease liabilities – all current portion $ 12,988 $ 25,719 |
Schedule of operating future minimum lease payments | Remainder of 2023 $ 13,140 2024 and thereafter - Total $ 13,140 |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Detail Narrative) | 6 Months Ended |
Jun. 30, 2023 | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | |
Discription of contracts | the contracts with the consultants either expired in May 2023 or will expire in August 2023 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Imputed Interest - Related Parties | $ 1,577 | $ 420 | |||
Stockholder [Member] | |||||
Due To Officers Or Stockholders | $ 77,870 | 77,870 | $ 77,726 | ||
Related Party Transaction, Expenses | $ 108 | $ 216 | $ 144 | 504 | |
Related Party Transaction, Rate | 5% | 5% | |||
Percentage Of Inputed Interest | 4% | ||||
Imputed Interest - Related Parties | $ 789 | $ 211 | $ 1,577 | $ 420 | |
Chief Executive Officer [Member] | |||||
Due To Officers Or Stockholders | $ 1,100 | $ 1,100 | $ 1,100 |
LEASES (Details)
LEASES (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
LEASES | ||
Operating lease ROU asset | $ 12,988 | $ 25,719 |
LEASES (Details 1)
LEASES (Details 1) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
LEASES | ||
Operating lease liabilities - all current portion | $ 12,988 | $ 25,719 |
LEASES (Details 2)
LEASES (Details 2) | Jun. 30, 2023 USD ($) |
LEASES | |
Remainder 2023 | $ 13,140 |
2024 and thereafter | 0 |
Total | $ 13,140 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Nov. 03, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Total Lease Expenses | $ 6,570 | $ 6,570 | $ 13,140 | $ 13,140 | |
Lease Agreement [Member] | Hong Kong [Member] | |||||
Security Deposit | $ 4,230 | ||||
Rent Expenses | $ 2,190 | ||||
Lease Term | two-year |
STOCKHOLDERS EQUITY (Details Na
STOCKHOLDERS EQUITY (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Restricted Stock Grants Issued | $ 370,000 | $ 370,000 | |||
Deferred Stock Compensation | 1,009,433 | 1,009,433 | $ 8,060,983 | ||
Stock Based Compensation Expenses | $ 3,123,450 | $ 3,928,100 | $ 7,051,550 | $ 7,856,200 | |
2020 Equity Incentive Plan [Member] | |||||
Common Stock Share Stock Grants | 11,912,000 | 11,912,000 | |||
Agreements Description | The agreements provide for the consultants to perform services described in the contracts for the two-year period commencing May 25, 2021 and August 23, 2021 | ||||
August 23, 2021 [Member] | |||||
Common Stock Share Stock Grants, Value | $ 12,113,200 | $ 12,113,200 | |||
Common Stock Shares Price Per Share | $ 2.20 | $ 2.20 | |||
Common Stock Share Stock Grants, Share | 5,506,000 | ||||
May 25, 2021 [Member] | |||||
Common Stock Shares Price Per Share | $ 2.85 | $ 2.85 | |||
Common Stock Share Stock Grants, Share | 6,776,000 | ||||
Common Stock Share Stock Grants, Value | $ 19,311,600 | $ 19,311,600 |
CONCENTRATION (Details Narrativ
CONCENTRATION (Details Narrative) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2021 | |
Revenue [Member] | Customer B | ||
Concentration credit risk | 28% | 44% |
Revenue [Member] | Customer A | ||
Concentration credit risk | 72% | 56% |
Revenue [Member] | Customer concentration risk [Member] | ||
Concentration risk, customer | one customer | |
Purchase [Member] | Customer concentration risk [Member] | ||
Concentration risk, customer | one supplier |