Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 05, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-55802 | |
Entity Registrant Name | VISION HYDROGEN CORPORATION | |
Entity Central Index Key | 0001676580 | |
Entity Tax Identification Number | 47-4823945 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 95 Christopher Columbus Drive | |
Entity Address, Address Line Two | 16th Floor | |
Entity Address, City or Town | Jersey City | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07302 | |
City Area Code | (551) | |
Local Phone Number | 298-3600 | |
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 | 21,316,958 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 2,939 | $ 153,749 |
Prepaid expenses | 19,002 | 29,453 |
Sales tax receivable | 5,079 | 60,613 |
Total current assets | 27,020 | 243,815 |
Property and equipment, net | 62,918 | 22,932 |
Website development costs, net | 23,599 | 25,233 |
Operating lease – right of use asset | 94,426 | 106,620 |
Total non-current assets | 180,943 | 154,785 |
Total assets | 207,963 | 398,600 |
Current liabilities | ||
Accounts payable and accrued expenses | 829,262 | 442,966 |
Accounts payable – related party | 200,165 | |
Accrued wage taxes | 150,734 | 67,404 |
Current portion of operating lease | 39,385 | 39,965 |
Loan payable – related party | 96,614 | |
Accrued interest – related party | 325 | |
Total current liabilities | 1,316,485 | 550,335 |
Noncurrent liabilities | ||
Long term portion of operating lease | 55,041 | 66,655 |
Total noncurrent liabilities | 55,041 | 66,655 |
Total liabilities | 1,371,526 | 616,990 |
Commitments and contingencies | ||
Stockholders’ equity (deficit) | ||
Preferred stock - $0.0001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding | ||
Common stock - $0.0001 par value; 100,000,000 shares authorized; 21,316,958 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 2,131 | 2,131 |
Additional paid-in capital | 4,218,829 | 4,218,829 |
Accumulated deficit | (5,431,101) | (4,473,739) |
Accumulated other comprehensive gain | 46,578 | 34,389 |
Total stockholders’ equity (deficit) | (1,163,563) | (218,390) |
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT) | $ 207,963 | $ 398,600 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 21,316,958 | 21,316,958 |
Common stock, shares outstanding | 21,316,958 | 21,316,958 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | ||
Sales | ||
Total revenue | ||
Cost of goods sold | ||
Direct costs | ||
Total cost of goods sold | ||
Gross profit | ||
Operating expenses | ||
General and administrative expenses | 642,280 | 89,541 |
Management fees – related party | 314,605 | 33,750 |
Total operating expenses | 956,885 | 123,291 |
Loss from operations | (956,885) | (123,291) |
Other (income) expense | ||
Loan forgiveness | (20,000) | |
Interest expense | 477 | |
Total other expenses | 477 | (20,000) |
Net loss | (957,362) | (103,291) |
Foreign currency translation adjustment | 12,189 | |
Comprehensive loss | $ (945,173) | $ (103,291) |
Loss per share | ||
Basic | $ (0.04) | $ (0.01) |
Diluted | $ (0.04) | $ (0.01) |
Weighted average common shares outstanding | ||
Basic | 21,316,958 | 8,453,243 |
Diluted | 21,316,958 | 8,453,243 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance at Dec. 31, 2020 | $ 40 | $ 3,059,846 | $ (3,485,302) | $ (425,416) | ||
Beginning balance, shares at Dec. 31, 2020 | 397,867 | |||||
Equity financing | $ 950 | 1,781,303 | 1,782,253 | |||
Equity financing, shares | 9,500,000 | |||||
Conversion of related party debt to equity | 596,447 | 596,747 | ||||
Conversion of related party debt to equity, shares | 3,000,000 | |||||
Net loss | (103,291) | (103,291) | ||||
Ending balance at Mar. 31, 2021 | $ 1,290 | 5,437,596 | (3,588,593) | 1,850,293 | ||
Ending balance, shares at Mar. 31, 2021 | 12,897,867 | |||||
Beginning balance at Dec. 31, 2021 | $ 2,131 | 4,218,829 | (4,473,739) | 34,389 | (218,390) | |
Beginning balance, shares at Dec. 31, 2021 | 21,316,958 | |||||
Conversion of related party debt to equity | 596,747 | |||||
Net loss | (957,362) | (957,362) | ||||
Foreign currency translation adjustment | 12,189 | 12,189 | ||||
Ending balance at Mar. 31, 2022 | $ 2,131 | $ 4,218,829 | $ (5,431,101) | $ 46,758 | $ (1,163,563) | |
Ending balance, shares at Mar. 31, 2022 | 21,316,958 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss from continuing operations | $ (957,362) | $ (103,291) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 3,975 | |
Other current assets | 70,000 | |
PPP loan forgiveness | (20,000) | |
Change in operating assets and liabilities: | ||
Prepaid expenses and other costs | 10,106 | 3,250 |
Sales tax receivable | 54,686 | |
Accounts payable and accrued expenses | 686,978 | (683) |
Net cash used in in operating activities | (201,617) | (50,724) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Fixed asset purchases | (43,393) | |
Net cash used in investing activities | (43,393) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party notes | 96,614 | |
Proceeds from equity financing, net of issuance costs | 1,782,253 | |
Net cash provided by financing activities | 96,614 | 1,782,253 |
Net increase (decrease) in cash and cash equivalents | (148,396) | 1,731,529 |
Effect of foreign currency translation on cash | (2,414) | |
Cash and cash equivalents - beginning of period | 153,749 | 7,102 |
Cash and cash equivalents - end of period | 2,939 | 1,738,631 |
Supplemental disclosure of non-cash investing and financing activities | ||
Conversion of debt and accrued interest | 596,747 | |
Issuance of common stock | $ 1,250 |
ORGANIZATION AND LINE OF BUSINE
ORGANIZATION AND LINE OF BUSINESS | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND LINE OF BUSINESS | 1. ORGANIZATION AND LINE OF BUSINESS Vision Hydrogen Corporation (the “Company”) was incorporated in the state of Nevada on August 17, 2015 as H/Cell Energy Corporation and is based in Jersey City, New Jersey. The Company changed its name to Vision Hydrogen Corporation in October 2020. On November 8, 2021, we entered into a Stock Purchase Agreement (the “Purchase Agreement”) with VoltH2 Holdings AG (“VoltH2”), a Swiss corporation, and the other shareholders of VoltH2 (each, a “Seller”, and together, the “Sellers”) pursuant to which we acquired VoltH2 (the “Acquisition”). VoltH2 is a European-based developer of clean hydrogen production facilities for the supply of commercial offtake volumes of clean hydrogen to manufacturers, gas and power traders, industrial consumers, and both heavy and marine transportation sectors that have pivoted away from carbon emitting energy sources and fuels. Pursuant to the Purchase Agreement, we acquired an 84.1 15.9 100 8,409,091 1,768,182 The VoltH2 acquisition was accounted for as an asset acquisition with no step up basis due to the 15.9 % ownership of VoltH2 by Vision Hydrogen prior to the acquisition and due to VoltH2 being an early stage company that has not generated revenues and lacks outputs. Since this transaction does not constitute the acquisition of a business, but a transfer of long lived assets there is no step up in basis. The SEC generally will not permit the recognition of gain in the transferor’s financial statements or a step-up in basis on the transferee’s books for sales or transfers of long-lived assets when related parties are involved. As a result of the Company’s previously held 15.9 % interest in VoltH2, it was determined to be a related party. The acquisition consideration consisted of 8,409,091 shares of Vision Hydrogen Corporation common stock granted on the acquisition date of November 8, 2021 at a closing market price of $ 11 . A deemed dividend for the excess share price over cost basis of the net assets of ($ 1,340,426 ) was recorded in the amount of $ 93,840,427 . At each reporting period, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company’s evaluation entails analyzing prospective operating budgets and forecasts for expectations of the Company’s cash needs and comparing those needs to the current cash and cash equivalent balances. The Company is required to make certain additional disclosures if it concludes substantial doubt exists and it is not alleviated by the Company’s plans or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business. These condensed consolidated financial statements do not include any adjustments to the specific amounts and classifications of assets and liabilities, which might be necessary should the Company be unable to continue as a going concern. As reflected in the quarterly financial statements, the Company had a net loss $ 957,362 and net cash used in operations of $ 201,617 for the three months ended March 31, 2022. In addition, the Company is a start up in the renewable energy space and has generated limited revenues to date. Management has evaluated the significance of these conditions and under these circumstances these conditions raise substantial doubt about the ability to continue as a going concern. To alleviate these concerns Vision is planning multiple equity raises and/or asset dispositions in 2022. VISION HYDROGEN CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2022 AND 2021 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These interim financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or any other interim period or for any other future year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021, included in the Company’s 2021 Annual Report on Form 10-K filed with the SEC. The balance sheet as of December 30, 2021 has been derived from audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. 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, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable in the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Reclassification Certain prior period amounts have been reclassified to conform to current period presentation specifically as it relates to the reclassification of assets, liabilities, operating results and cash flows. Accounts Receivable Accounts receivable are recorded when invoices are issued and are presented in the balance sheet net of the allowance for doubtful accounts. The allowance for doubtful accounts is estimated based on the Company’s historical losses, the existing economic conditions in the construction industry, and the financial stability of its customers. Accounts are written off as uncollectible after collection efforts have failed. In addition, the Company does not generally charge interest on past due accounts or require collateral. As of March 31, 2022 and 2021, there was no Comprehensive Gain/Loss Comprehensive loss consists of two components, net loss and other comprehensive loss. The Company’s other comprehensive loss is comprised of foreign currency translation adjustments. The balance of accumulated other comprehensive gain is $ 46,578 as of March 31, 2022 and other comprehensive gain of $ 34,389 at December 31, 2021. For the three months ended March 31 2022 the Company recorded comprehensive gain of $ 12,189 . There was no comprehensive gain or loss for the three months ended March 31, 2021. Currency Translation The Company translates its foreign subsidiary’s assets and liabilities denominated in foreign currencies into U.S. dollars at current rates of exchange as of the balance sheet date and income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations are recorded in accumulated other comprehensive income. The Company records gains and losses from changes in exchange rates on transactions denominated in currencies other than each reporting location’s functional currency in net income (loss) for each period. Items included in the financial statements of each entity in the group are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The functional and reporting currency of the Company is the United States Dollar (“U.S. Dollar”). VISION HYDROGEN CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2022 AND 2021 Website Development Costs Website development costs were for a new company website created in 2021 and are amortized over 3 years. Leases Please see note 5. Property and Equipment, and Depreciation Property and equipment are stated at cost. Depreciation is generally provided using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining term of the lease or the estimated useful life of the improvement. Repairs and maintenance that do not improve or extend the lives of the property and equipment are charged to expense as incurred. Income Taxes The Company uses the asset and liability method of accounting for income taxes pursuant to Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes The determination of the Company’s provision for income taxes requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. Significant judgment is required in assessing the timing and amounts of deductible and taxable items and the probability of sustaining uncertain tax positions. The benefits of uncertain tax positions are recorded in the Company’s financial statements only after determining a more-likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. When facts and circumstances change, the Company reassesses these probabilities and records any changes in the financial statements as appropriate. Accrued interest and penalties related to income tax matters are classified as a component of income tax expense. The Company recognizes and measures its unrecognized tax benefits in accordance with ASC 740. Under that guidance, management assesses the likelihood that tax positions will be sustained upon examination based on the facts, circumstances and information, including the technical merits of those positions, available at the end of each period. The measurement of unrecognized tax benefits is adjusted when new information is available, or when an event occurs that requires a change. The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits. The federal income tax returns of the Company are subject to examination by the IRS, generally for the three years after they are filed. The Company’s 2021, 2020, and 2019 income tax returns are still open for examination by the taxing authorities. VISION HYDROGEN CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2022 AND 2021 Asset acquisitions Asset acquisitions are measured based on their cost to us, including transaction costs incurred by us. An asset acquisition’s cost or the consideration transferred by us is assumed to be equal to the fair value of the net assets acquired. If the consideration transferred is cash, measurement is based on the amount of cash we paid to the seller, as well as transaction costs incurred by us. Consideration given in the form of nonmonetary assets, liabilities incurred or equity interests issued is measured based on either the cost to us or the fair value of the assets or net assets acquired, whichever is more clearly evident. The cost of an asset acquisition is allocated to the assets acquired based on their estimated relative fair values. We engage third-party appraisal firms to assist in the fair value determination of inventories, identifiable long-lived assets and identifiable intangible assets. Goodwill is not recognized in an asset acquisition. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 3. RELATED PARTY TRANSACTIONS The Company has entered into agreements to indemnify its directors and executive officers, in addition to the indemnification provided for in the Company’s articles of incorporation and bylaws. These agreements, among other things, provide for indemnification of the Company’s directors and executive officers for certain expenses (including attorneys’ fees), judgments, fines and settlement amounts incurred by any such person in any action or proceeding, including any action by or in the right of the Company, arising out of such person’s services as a director or executive officer of the Company, any subsidiary of the Company or any other company or enterprise to which the person provided services at the Company’s request. The Company believes that these provisions and agreements are necessary to attract and retain qualified persons as directors and executive officers. There was $ 75,000 33,750 There was $ 89,605 0 There was $150,000 and $0 expensed for the three months ended March 31, 2022 and March 31, 2021 to First Finance Limited of which Andrew Hromyk our co-CEO is a principal. On June 19, 2020, the Company entered into a Promissory Note with Judd Brammah, a director of the Company, for a principal amount up to $ 230,332 6 June 19, 2021 Effective July 17, 2020, Judd Brammah lent the Company $ 50,000 6 Effective July 22, 2020, Judd Brammah lent the Company $ 299,900 6 June 19, 2021 16,515 no On January 29, 2021, Judd Brammah converted his note and interest payable totaling $ 596,747 3,253 600,000 3,000,000 On November 8, 2021, the Company entered into a services agreement (the “Turquino Services Agreement”) with Turquino Equity LLC providing for payment of $ 25,000 per month for Mr. Andrew Hidalgo’s services to the Company as Senior Vice President and for Matthew Hidalgo’s services as Chief Financial Officer. On November 8, 2021, we entered into a Stock Purchase Agreement (the “Purchase Agreement”) with VoltH2 Holdings AG (“VoltH2”), a Swiss corporation, and the other shareholders of VoltH2 (each, a “Seller”, and together, the “Sellers”) pursuant to which we acquired VoltH2 (the “Acquisition”). First Finance Limited Europe which is an investment firm of which co-CEO Andrew Hromyk is a principal owned 725,000 On March 21, 2022 Century Capital Management loaned the Company $ 60,000 at in the form of a demand note, which 18% On March 25, 2022 Volt Energy BV loaned the Company $ 36,614 2 VISION HYDROGEN CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2022 AND 2021 |
SIGNIFICANT CONCENTRATIONS OF C
SIGNIFICANT CONCENTRATIONS OF CREDIT RISK | 3 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
SIGNIFICANT CONCENTRATIONS OF CREDIT RISK | 4. SIGNIFICANT CONCENTRATIONS OF CREDIT RISK Cash is maintained at an authorized deposit taking institution (bank) incorporated in the United States and The Netherlands is insured by the U.S. Federal Deposit Insurance Corporation and the Dutch Central Bank up to $ 250,000 114,000 |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2022 | |
Leases | |
LEASES | 5. LEASES Operating Leases For leases with a term of 12 months or less, the Company is permitted to make and has made an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities, and we recognize lease expense for such leases on a straight-line basis over the lease term. The Company maintains its principal office at 95 Christopher Columbus Drive, 16 th 99 Right of use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right of use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease right of use asset also excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. In determining the discount rate to use in calculating the present value of lease payments, the Company estimates the rate of interest it would pay on a collateralized loan with the same payment terms as the lease by utilizing bond yields traded in the secondary market to determine the estimated cost of funds for the particular tenor. Upon the purchase of Volt on November 8, 2021 the Company acquired a lease for new office space in the Netherlands, for a term of three years. The Company analyzed this lease and determined that this agreement meets the definition of a lease under ASU 2016-02 as it provides management with the exclusive right to direct the use of and obtain substantially all of the economic benefits from the identified leased asset, which is the office space. Management also analyzed the terms of this arrangement and concluded it should be classified as an operating lease, as none of the criteria were met for finance lease classification. As there was only one identified asset, no allocation of the lease payments was deemed necessary. Management did not incur any initial direct costs associated with this lease. As of the commencement date, a right of use asset and lease liability of $ 102,331 4 The future minimum payments on operating leases for each of the next three years and in the aggregate amount to the following: SCHEDULE OF OPERATING LEASES PAYMENTS 2022 $ 32,890 2023 43,500 2024 39,875 Total lease payments 116,265 Less: present value discount (21,839 ) Total operating lease liabilities $ 94,426 The weighted-average remaining term of the Company’s operating leases was 2.6 4 VISION HYDROGEN CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2022 AND 2021 Rent expense for the three months ended March 31, 2022 and 2021 was $ 10,908 297 Finance Leases As of March 31, 2022 and December 31, 2021, the Company had no |
STOCK OPTIONS AWARDS AND GRANTS
STOCK OPTIONS AWARDS AND GRANTS | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK OPTIONS AWARDS AND GRANTS | 6. STOCK OPTIONS AWARDS AND GRANTS There was no stock option activity from the 2016 Incentive Stock Option Plan from January 1, 2022 to March 31, 2022. As of March 31, 2022, there was no |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | 7. NOTES PAYABLE Paycheck Protection Program Loan On May 5, 2020, the Company entered into a term note with Comerica Bank, with a principal amount of $ 20,000 The PPP Loan is evidenced by a promissory note. The PPP Term Note bears interest at a fixed annual rate of 1.00 The PPP Term Note is unsecured and guaranteed by the United States Small Business Administration. On January 21, 2021, the PPP Term Note was fully forgiven and as a result, the Company recorded a gain on the forgiveness in accordance with ASC-470. Director Related Party Note On June 19, 2020, the Company entered into a promissory note with Judd Brammah, a director of the Company, for the principal amount up to $ 230,332 6 The entire principal and interest upon the promissory note were due on June 19, 2021 Effective July 17, 2020, Judd Brammah lent the Company $ 50,000 6 628 299,900 6 June 19, 2021 On January 29, 2021, Judd Brammah converted his note and interest payable totaling $ 596,747 3,253 600,000 3,000,000 |
CAPITAL RAISE
CAPITAL RAISE | 3 Months Ended |
Mar. 31, 2022 | |
Capital Raise | |
CAPITAL RAISE | 8 . CAPITAL RAISE In October 2020, the Company filed a registration statement on Form S-1 with the Securities and Exchange Commission, whereby the Company registered 12,500,000 shares of its common stock for sale as a company offering. The registration statement was declared effective in October 2020. The Company sold a total of 12,500,000 shares of Common Stock in January 2021 for total consideration of $ 2,500,000 . The consideration consisted of $ 596,747 of debt converted to equity (see Note 10) and gross cash proceeds of $ 1,903,253 . The Company incurred $ 70,000 of legal fees and a $ 51,000 consulting fee in connection with the capital raise. VISION HYDROGEN CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2022 AND 2021 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 9. RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued ASU 2016-02 and issued subsequent amendments to the initial guidance thereafter. This ASU requires an entity to recognize a right of use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification of the underlying lease as either finance or operating. Similar modifications have been made to lessor accounting in-line with revenue recognition guidance. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard was effective for the Company on January 1, 2019. Entities are required to adopt ASU 2016-02 using a modified retrospective transition method. Full retrospective transition is prohibited. The guidance permits an entity to apply the standard’s transition provisions at either the beginning of the earliest comparative period presented in the financial statements or the beginning of the period of adoption (i.e., on the effective date). The Company adopted the new standard on its effective date. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (ASC 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”). ASU 2018-07 simplifies the accounting for nonemployee share-based payment transactions. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The new standard will become effective for the Company beginning January 1, 2019, with early adoption permitted. The Company has adopted this standard and has no impact on its consolidated financial statements and disclosures. In August 2018, the FASB issue ASU 2018-13, Fair Value Measurement (ASC 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The new standard will become effective for the Company January 1, 2020, with early adoption permitted. The Company has adopted this standard and has no impact on its consolidated financial statements and disclosures. In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivative and Hedging (Topic 815), which clarifies the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities. The guidance clarifies how to account for the transition into and out of the equity method of accounting when considering observable transactions under the measurement alternative. The ASU is effective for annual reporting periods beginning after December 15, 2020, including interim reporting periods within those annual periods, with early adoption permitted. The Company has adopted this standard and there is no impact on the current financial statements. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU amends the guidance on convertible instruments and the derivatives scope exception for contracts in an entity’s own equity, and also improves and amends the related EPS guidance for both Subtopics. The ASU will be effective for annual reporting periods after December 15, 2021 and interim periods within those annual periods and early adoption is permitted. The Company has not yet adopted this standard and there is no impact expected on the current financial statements. |
NOTES RECEIVABLE
NOTES RECEIVABLE | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
NOTES RECEIVABLE | 10. NOTES RECEIVABLE Effective June 7, 2021, we loaned VoltH2 $ 100,000 16 Effective June 28, 2021, we loaned VoltH2 $ 500,000 16 VISION HYDROGEN CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2022 AND 2021 Effective August 25, 2021, we loaned VoltH2 $ 500,000 Effective August 25, 2021, we entered into an amendment (the “June 7 Amendment”) to a promissory note issued to VoltH2 on June 7, 2021 (The “June 7 Note”), pursuant to which the Payment Date (as defined in the June 7 Note) was changed from September 1, 2021 to November 1, 2021. Our Board of Directors approved the foregoing amendment. Effective August 25, 2021, we entered into an amendment (the “June 28 Amendment”) to a promissory note issued to VoltH2 on June 28, 2021 (The “June 28 Note”), pursuant to which the Payment Date (as defined in the June 28 Note) was changed from September 1, 2021 to November 1, 2021. Our Board of Directors approved the foregoing amendment. As of November 8, 2021 as a result of the acquisition of a 100% receivable referenced above are eliminated upon consolidation. |
BUSINESS ACQUISITION
BUSINESS ACQUISITION | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
BUSINESS ACQUISITION | 11. BUSINESS ACQUISITION On November 8, 2021, we entered into a Stock Purchase Agreement (the “Purchase Agreement”) with VoltH2 Holdings AG (“VoltH2”), a Swiss corporation, and the other shareholders of VoltH2 (each, a “Seller”, and together, the “Sellers”) pursuant to which we acquired VoltH2 (the “Acquisition”). VoltH2 is a European-based developer of clean hydrogen production facilities for the supply of commercial offtake volumes of clean hydrogen to manufacturers, gas and power traders, industrial consumers, and both heavy and marine transportation sectors that have pivoted away from carbon emitting energy sources and fuels. Pursuant to the Purchase Agreement, we acquired an 84.1 % interest of VoltH2, and together with our existing 15.9 % ownership interest, we now own 100 % of VoltH2. The Acquisition was completed in exchange for 8,409,091 shares of our common stock (the “Consideration Shares”). The market price of the shares was $ 11 on the closing date of November 8, 2021. In connection with the Acquisition, we also entered into an indemnification escrow agreement (the “Escrow Agreement”) with one of the Sellers providing for the periodic release of up to 1,768,182 of the Consideration Shares (the “Escrowed Shares”) and a pledge and security agreement (the “Pledge and Security Agreement”) to grant to us a continuing security interest in the Escrowed Shares to secure such Seller’s indemnity obligations under the Purchase Agreement. The VoltH2 acquisition was accounted for as an asset acquisition with no step up basis due to the 15.9 8,409,091 11 1,340,426 93,840,427 There was no Pro forma results for Vision. giving effect to the Volt. acquisition The following pro forma financial information presents the combined results of operations of Volt and the Company for the three months ended March 31, 2021. The pro forma financial information presents the results as if the acquisition had occurred as of the beginning of 2021. The unaudited pro forma results presented include amortization charges for acquired intangible assets, interest expense and stock-based compensation expense. VISION HYDROGEN CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2022 AND 2021 Pro forma financial information is presented for informational purposes and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place as of the beginning of 2021. SCHEDULE OF PRO FORMA FINANCIAL INFORMATION Three Months Ended March 31, 2021 Revenues $ - Net income (loss) $ (349,672 ) Net income per share: Basic $ (0.04 ) |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 12. PROPERTY AND EQUIPMENT At March 31, 2022 and December 31, 2021, property and equipment were comprised of the following: SCHEDULE OF PROPERTY AND EQUIPMENT March 31, 2022 December 31, 2021 $ - $ - - - Computer and software ( 3 5 65,259 22,932 - - - - Property and equipment gross 65,259 22,932 Less accumulated depreciation 2,341 - Property and equipment net $ 62,918 $ 22,932 There was depreciation expense of $ 3,975 0 43,393 0 |
WEBSITE DEVELOPMENT COSTS
WEBSITE DEVELOPMENT COSTS | 3 Months Ended |
Mar. 31, 2022 | |
Website Development Costs | |
WEBSITE DEVELOPMENT COSTS | 13. WEBSITE DEVELOPMENT COSTS The tables below present a reconciliation of the Company’s website development costs: SCHEDULE OF WEBSITE DEVELOPMENT COSTS Balance at January 1, 2022 $ 25,233 Amortization (1,635 ) Balance at March 31, 2022 $ 23,599 |
SALES TAX RECEIVABLE
SALES TAX RECEIVABLE | 3 Months Ended |
Mar. 31, 2022 | |
Sales Tax Receivable | |
SALES TAX RECEIVABLE | 14. SALES TAX RECEIVABLE The tables below present a reconciliation of the Company’s sales tax receivable: SCHEDULE OF SALES TAX RECEIVABLE Balance at January 1, 2022 $ 60,613 Collections (55,534 ) Balance at March 31, 2022 $ 5,079 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These interim financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or any other interim period or for any other future year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021, included in the Company’s 2021 Annual Report on Form 10-K filed with the SEC. The balance sheet as of December 30, 2021 has been derived from audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. |
Use of Estimates | 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, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable in the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
Reclassification | Reclassification Certain prior period amounts have been reclassified to conform to current period presentation specifically as it relates to the reclassification of assets, liabilities, operating results and cash flows. |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded when invoices are issued and are presented in the balance sheet net of the allowance for doubtful accounts. The allowance for doubtful accounts is estimated based on the Company’s historical losses, the existing economic conditions in the construction industry, and the financial stability of its customers. Accounts are written off as uncollectible after collection efforts have failed. In addition, the Company does not generally charge interest on past due accounts or require collateral. As of March 31, 2022 and 2021, there was no |
Comprehensive Gain/Loss | Comprehensive Gain/Loss Comprehensive loss consists of two components, net loss and other comprehensive loss. The Company’s other comprehensive loss is comprised of foreign currency translation adjustments. The balance of accumulated other comprehensive gain is $ 46,578 as of March 31, 2022 and other comprehensive gain of $ 34,389 at December 31, 2021. For the three months ended March 31 2022 the Company recorded comprehensive gain of $ 12,189 . There was no comprehensive gain or loss for the three months ended March 31, 2021. |
Currency Translation | Currency Translation The Company translates its foreign subsidiary’s assets and liabilities denominated in foreign currencies into U.S. dollars at current rates of exchange as of the balance sheet date and income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations are recorded in accumulated other comprehensive income. The Company records gains and losses from changes in exchange rates on transactions denominated in currencies other than each reporting location’s functional currency in net income (loss) for each period. Items included in the financial statements of each entity in the group are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The functional and reporting currency of the Company is the United States Dollar (“U.S. Dollar”). VISION HYDROGEN CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2022 AND 2021 |
Website Development Costs | Website Development Costs Website development costs were for a new company website created in 2021 and are amortized over 3 years. |
Leases | Leases Please see note 5. |
Property and Equipment, and Depreciation | Property and Equipment, and Depreciation Property and equipment are stated at cost. Depreciation is generally provided using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining term of the lease or the estimated useful life of the improvement. Repairs and maintenance that do not improve or extend the lives of the property and equipment are charged to expense as incurred. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes pursuant to Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes The determination of the Company’s provision for income taxes requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. Significant judgment is required in assessing the timing and amounts of deductible and taxable items and the probability of sustaining uncertain tax positions. The benefits of uncertain tax positions are recorded in the Company’s financial statements only after determining a more-likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. When facts and circumstances change, the Company reassesses these probabilities and records any changes in the financial statements as appropriate. Accrued interest and penalties related to income tax matters are classified as a component of income tax expense. The Company recognizes and measures its unrecognized tax benefits in accordance with ASC 740. Under that guidance, management assesses the likelihood that tax positions will be sustained upon examination based on the facts, circumstances and information, including the technical merits of those positions, available at the end of each period. The measurement of unrecognized tax benefits is adjusted when new information is available, or when an event occurs that requires a change. The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits. The federal income tax returns of the Company are subject to examination by the IRS, generally for the three years after they are filed. The Company’s 2021, 2020, and 2019 income tax returns are still open for examination by the taxing authorities. VISION HYDROGEN CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2022 AND 2021 |
Asset acquisitions | Asset acquisitions Asset acquisitions are measured based on their cost to us, including transaction costs incurred by us. An asset acquisition’s cost or the consideration transferred by us is assumed to be equal to the fair value of the net assets acquired. If the consideration transferred is cash, measurement is based on the amount of cash we paid to the seller, as well as transaction costs incurred by us. Consideration given in the form of nonmonetary assets, liabilities incurred or equity interests issued is measured based on either the cost to us or the fair value of the assets or net assets acquired, whichever is more clearly evident. The cost of an asset acquisition is allocated to the assets acquired based on their estimated relative fair values. We engage third-party appraisal firms to assist in the fair value determination of inventories, identifiable long-lived assets and identifiable intangible assets. Goodwill is not recognized in an asset acquisition. |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases | |
SCHEDULE OF OPERATING LEASES PAYMENTS | The future minimum payments on operating leases for each of the next three years and in the aggregate amount to the following: SCHEDULE OF OPERATING LEASES PAYMENTS 2022 $ 32,890 2023 43,500 2024 39,875 Total lease payments 116,265 Less: present value discount (21,839 ) Total operating lease liabilities $ 94,426 |
BUSINESS ACQUISITION (Tables)
BUSINESS ACQUISITION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
SCHEDULE OF PRO FORMA FINANCIAL INFORMATION | SCHEDULE OF PRO FORMA FINANCIAL INFORMATION Three Months Ended March 31, 2021 Revenues $ - Net income (loss) $ (349,672 ) Net income per share: Basic $ (0.04 ) |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | At March 31, 2022 and December 31, 2021, property and equipment were comprised of the following: SCHEDULE OF PROPERTY AND EQUIPMENT March 31, 2022 December 31, 2021 $ - $ - - - Computer and software ( 3 5 65,259 22,932 - - - - Property and equipment gross 65,259 22,932 Less accumulated depreciation 2,341 - Property and equipment net $ 62,918 $ 22,932 |
WEBSITE DEVELOPMENT COSTS (Tabl
WEBSITE DEVELOPMENT COSTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Website Development Costs | |
SCHEDULE OF WEBSITE DEVELOPMENT COSTS | The tables below present a reconciliation of the Company’s website development costs: SCHEDULE OF WEBSITE DEVELOPMENT COSTS Balance at January 1, 2022 $ 25,233 Amortization (1,635 ) Balance at March 31, 2022 $ 23,599 |
SALES TAX RECEIVABLE (Tables)
SALES TAX RECEIVABLE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Sales Tax Receivable | |
SCHEDULE OF SALES TAX RECEIVABLE | The tables below present a reconciliation of the Company’s sales tax receivable: SCHEDULE OF SALES TAX RECEIVABLE Balance at January 1, 2022 $ 60,613 Collections (55,534 ) Balance at March 31, 2022 $ 5,079 |
ORGANIZATION AND LINE OF BUSI_2
ORGANIZATION AND LINE OF BUSINESS (Details Narrative) - USD ($) | Nov. 08, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Net Income (Loss) Attributable to Parent | $ 957,362 | $ 103,291 | |
Net Cash Provided by (Used in) Operating Activities | $ 201,617 | $ 50,724 | |
VoltH2 [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Ownership percentage | 15.90% | ||
Conversion of convertible securities | 8,409,091 | ||
Closing maket price | $ 11 | ||
Net assets | $ 1,340,426 | ||
Consideration transferred transaction cost | $ 93,840,427 | ||
Purchase Agreement [Member] | VoltH2 [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Interest | 84.10% | ||
Existing ownership interest | 15.90% | ||
Ownership percentage | 100.00% | ||
Business acquisition, equity interest issued or issuable, number of shares | 8,409,091 | ||
Closing maket price | $ 11 | ||
Escrow Agreement [Member] | VoltH2 [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Business acquisition number of escrowed shares | 1,768,182 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Allowance for doubtful accounts | $ 0 | $ 0 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Tax | 46,578 | $ 34,389 | |
Other Comprehensive Income (Loss), Net of Tax | $ 12,189 | $ 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Nov. 08, 2021 | Jan. 29, 2021 | Jul. 22, 2020 | Jun. 19, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 25, 2022 | Mar. 21, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 17, 2020 |
Accrued interest | $ 0 | $ 16,515 | |||||||||
Judd Brammah [Member] | |||||||||||
Convertible debentures, principal amount | $ 299,900 | ||||||||||
Stated Percentage | 6.00% | ||||||||||
Debt instrument maturity date | Jun. 19, 2021 | ||||||||||
Note and interest payable converted amount | $ 596,747 | ||||||||||
Cash payment of debt | 3,253 | ||||||||||
Value of debt converted | $ 600,000 | ||||||||||
Debt converted of shares | 3,000,000 | ||||||||||
Judd Brammah [Member] | Promissory Note [Member] | |||||||||||
Convertible debentures, principal amount | $ 230,332 | $ 50,000 | |||||||||
Stated Percentage | 6.00% | 6.00% | |||||||||
Debt instrument maturity date | Jun. 19, 2021 | ||||||||||
Hidalgo [Member] | |||||||||||
Officers compensation | $ 25,000 | ||||||||||
Centuary Capital Management [Member] | Promissory Note [Member] | |||||||||||
Stated Percentage | 18.00% | ||||||||||
Loans Payable | $ 60,000 | ||||||||||
Principal of Volt Energy Bv [Member] | Promissory Note [Member] | |||||||||||
Stated Percentage | 2.00% | ||||||||||
Loans Payable | $ 36,614 | ||||||||||
Turquino Equity LLC [Member] | |||||||||||
Management Fee Expense | $ 75,000 | $ 33,750 | |||||||||
Volt Energy B.V. [Member] | |||||||||||
Management Fee Expense | $ 89,605 | $ 0 | |||||||||
First Finance Limited [Member] | |||||||||||
Shares, Issued | 725,000 |
SIGNIFICANT CONCENTRATIONS OF_2
SIGNIFICANT CONCENTRATIONS OF CREDIT RISK (Details Narrative) | Mar. 31, 2022USD ($) |
UNITED STATES | |
Cash, FDIC insured amount | $ 250,000 |
NETHERLANDS | |
Cash, FDIC insured amount | $ 114,000 |
SCHEDULE OF OPERATING LEASES PA
SCHEDULE OF OPERATING LEASES PAYMENTS (Details) | Mar. 31, 2022USD ($) |
Leases | |
2022 | $ 32,890 |
2023 | 43,500 |
2024 | 39,875 |
Total lease payments | 116,265 |
Less: present value discount | (21,839) |
Total operating lease liabilities | $ 94,426 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Oct. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Nov. 08, 2021 | |
Lease cost, per month | $ 99 | ||||
Right of use asset | $ 94,426 | $ 106,620 | |||
Lease liability | $ 94,426 | ||||
Operating lease, weighted average remaining term | 2 years 7 months 6 days | ||||
Operating lease, weighted average discount rate | 4.00% | ||||
Rent expense | $ 10,908 | $ 297 | |||
Finance lease liability | $ 0 | $ 0 | |||
Accounting Standards Update 2016-02 [Member] | |||||
Right of use asset | $ 102,331 | ||||
Lease liability | $ 102,331 | ||||
Lease borrowing rate | 4.00% |
STOCK OPTIONS AWARDS AND GRAN_2
STOCK OPTIONS AWARDS AND GRANTS (Details Narrative) | Mar. 31, 2022USD ($) |
Share-Based Payment Arrangement [Abstract] | |
Unrecognized compensation expense | $ 0 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Jan. 29, 2021 | Jul. 22, 2020 | Jun. 19, 2020 | May 05, 2020 | Dec. 31, 2020 | Jul. 17, 2020 |
Judd Brammah [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, face value | $ 299,900 | |||||
Debt instrument, interest rate | 6.00% | |||||
Debt instrument maturity date | Jun. 19, 2021 | |||||
Note and interest payable converted amount | $ 596,747 | |||||
Cash payment of debt | 3,253 | |||||
Value of debt converted | $ 600,000 | |||||
Debt converted of shares | 3,000,000 | |||||
Promissory Note One [Member] | Judd Brammah [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, face value | $ 230,332 | |||||
Debt description | The entire principal and interest upon the promissory note were due on June 19, 2021 | |||||
Debt instrument, interest rate | 6.00% | |||||
Promissory Note Two [Member] | Judd Brammah [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, face value | $ 50,000 | |||||
Debt instrument, interest rate | 6.00% | |||||
Interest expense | $ 628 | |||||
Promissory Note Three [Member] | Judd Brammah [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, face value | $ 299,900 | |||||
Debt instrument, interest rate | 6.00% | |||||
Paycheck Protection Program Loan [Member] | Comerica Bank [Member] | PPP Term Note [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, face value | $ 20,000 | |||||
Debt description | The PPP Loan is evidenced by a promissory note. The PPP Term Note bears interest at a fixed annual rate of 1.00%, with the first six months of interest deferred. Beginning in November 2022, the Company will make 18 equal monthly payments of principal and interest with the final payment due in April 2022 | |||||
Debt instrument, interest rate | 1.00% |
CAPITAL RAISE (Details Narrativ
CAPITAL RAISE (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | |
Capital Raise | ||||
Sale of Stock, Number of Shares Issued in Transaction | 12,500,000 | 12,500,000 | ||
Sale of Stock, Consideration Received on Transaction | $ 2,500,000 | |||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 596,747 | $ 596,747 | ||
Proceeds from Issuance of Common Stock | 1,903,253 | |||
Legal Fees | 70,000 | |||
Professional Fees | $ 51,000 |
NOTES RECEIVABLE (Details Narra
NOTES RECEIVABLE (Details Narrative) - USD ($) | Nov. 08, 2021 | Aug. 25, 2021 | Jun. 28, 2021 | Jun. 07, 2021 |
Promissory Note [Member] | VoltH2 Holdings AG [Member] | ||||
Ownership percentage | 16.00% | 16.00% | ||
VoltH2 Holdings AG [Member] | ||||
Ownership percentage | 100.00% | |||
VoltH2 Holdings AG [Member] | Promissory Note [Member] | ||||
Loan receivable - Volt | $ 500,000 | $ 500,000 | $ 100,000 |
SCHEDULE OF PRO FORMA FINANCIAL
SCHEDULE OF PRO FORMA FINANCIAL INFORMATION (Details) | 3 Months Ended |
Mar. 31, 2021USD ($)$ / shares | |
Business Combination and Asset Acquisition [Abstract] | |
Revenues | |
Net income (loss) | $ (349,672) |
Basic | $ / shares | $ (0.04) |
BUSINESS ACQUISITION (Details N
BUSINESS ACQUISITION (Details Narrative) - USD ($) | Nov. 08, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
VoltH2 [Member] | |||
Business Acquisition [Line Items] | |||
Equity method investment, ownership percentage | 15.90% | ||
Shares price | $ 11 | ||
Stock issued during period conversion of convertible securities | 8,409,091 | ||
Business combination separately recognized transactions assets | $ 1,340,426 | ||
Asset acquisition consideration transferred transaction cost | 93,840,427 | ||
Business combination acquisition related costs | $ 0 | $ 0 | |
Purchase Agreement [Member] | VoltH2 [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition interest | 84.10% | ||
Equity method investment ownership percentage | 15.90% | ||
Equity method investment, ownership percentage | 100.00% | ||
Business acquisition, equity interest issued or issuable, number of shares | 8,409,091 | ||
Shares price | $ 11 | ||
Escrow Agreement [Member] | VoltH2 [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition number of escrowed shares | 1,768,182 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 65,259 | $ 22,932 |
Less accumulated depreciation | 2,341 | |
Property and equipment net | 62,918 | 22,932 |
Computer and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 65,259 | $ 22,932 |
SCHEDULE OF PROPERTY AND EQUI_2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) (Parenthetical) - Computer and Software [Member] | 3 Months Ended |
Mar. 31, 2022 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 3 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 5 years |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 3,975 | $ 0 |
Computer and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Payments for Purchase of Other Assets | $ 43,393 | $ 0 |
SCHEDULE OF WEBSITE DEVELOPMENT
SCHEDULE OF WEBSITE DEVELOPMENT COSTS (Details) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Website Development Costs | |
Balance at January 1, 2022 | $ 25,233 |
Amortization | (1,635) |
Balance at March 31, 2022 | $ 23,599 |
SCHEDULE OF SALES TAX RECEIVABL
SCHEDULE OF SALES TAX RECEIVABLE (Details) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Sales Tax Receivable | |
Balance at January 1, 2022 | $ 60,613 |
Collections | (55,534) |
Balance at March 31, 2022 | $ 5,079 |