Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 30, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-39132 | ||
Entity Registrant Name | EVmo, Inc. | ||
Entity Central Index Key | 0001691077 | ||
Entity Tax Identification Number | 81-3028414 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 195 South Robertson Blvd | ||
Entity Address, City or Town | Beverly Hills | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90211 | ||
City Area Code | 310 | ||
Local Phone Number | 926-2643 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Elected Not To Use the Extended Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 57,813,374 | ||
Entity Common Stock, Shares Outstanding | 69,496,399 | ||
Auditor Firm ID | 6778 | ||
Auditor Name | Gries & Associates, LLC | ||
Auditor Location | Denver, Colorado |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 1,853,928 | $ 72,890 |
Accounts receivable | 751,450 | 119,239 |
Prepaid expenses | 609,701 | 23,861 |
Deferred offering costs | 862,855 | |
Total current assets | 4,077,934 | 215,990 |
Property and equipment, net | 45,601 | 1,908 |
Rental vehicles, net | 8,887,319 | 6,196,433 |
Right of use asset | 149,759 | |
Other assets | 100,000 | 200,000 |
TOTAL ASSETS | 13,260,613 | 6,614,331 |
Current Liabilities: | ||
Accounts payable (including $494,890 and $590,176 to related party) | 3,784,315 | 1,157,299 |
Accrued expenses | 1,156,265 | 961,704 |
Notes payables, current | 156,225 | 666,132 |
Customer deposit - related party | 150,000 | |
Advance from related parties | 100,000 | |
Finance lease obligations, current | 1,810,374 | 1,426,425 |
Operating lease obligations, current | 143,894 | |
Total current liabilities | 7,051,073 | 4,461,560 |
Note payable, net of current portion (net of discount of $1,246,566 and $0) | 6,097,209 | 149,414 |
Finance lease obligations, net of current portion | 2,178,836 | 926,453 |
Operating lease obligations, net of current portion | 12,988 | |
TOTAL LIABILITIES | 15,340,106 | 5,537,427 |
Commitments and contingencies | ||
Series B Preferred stock, $0.000001 par value; 230,550 shares authorized; 230,375 and nil shares issued and outstanding | 2,303,750 | |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.000001 par value; 10,000,000 shares authorized; nil shares issued and outstanding | ||
Common stock, $0.000001 par value; 90,000,000 shares authorized; 35,769,524 and 31,981,374 shares issued and outstanding | 36 | 32 |
Additional paid-in capital | 39,275,591 | 29,750,864 |
Accumulated deficit | (43,658,870) | (28,673,992) |
Total stockholders’ equity | (4,383,243) | 1,076,904 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 13,260,613 | $ 6,614,331 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts payable related party | $ 494,890 | $ 590,176 |
Notes payable discount, non current | $ 1,246,566 | $ 0 |
Preferred stock, par value | $ 0.000001 | $ 0.000001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.000001 | $ 0.000001 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 35,769,524 | 31,981,374 |
Common stock, shares outstanding | 35,769,524 | 31,981,374 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.000001 | $ 0.000001 |
Preferred stock share redemption | 230,550 | 230,550 |
Series B Preferred Stock [Member] | Subject to Possible Redemption [Member] | ||
Preferred stock share redemption, issued | 230,375 | |
Preferred stock share redemption, outstanding | 230,375 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 10,235,630 | $ 7,621,180 |
Cost of revenue | 8,551,454 | 5,263,474 |
Gross profit | 1,684,176 | 2,357,706 |
Operating expenses: | ||
Selling and marketing expenses | 283,181 | 490,403 |
Product development | 199,753 | |
General and administrative expenses | 8,397,149 | 5,288,316 |
Total operating expenses | 8,880,083 | 5,778,719 |
Loss from operations | (7,195,907) | (3,421,013) |
Other income (expense): | ||
Interest and financing costs | (7,880,512) | (265,839) |
Other income | 83,541 | |
Gain on forgiveness of debt | 8,000 | 184,775 |
Total other income (expense) | (7,788,971) | (81,064) |
Net loss | $ (14,984,878) | $ (3,502,077) |
Weighted average shares outstanding : | ||
Basic | 35,058,508 | 31,118,425 |
Diluted | 35,058,508 | 31,118,425 |
Loss per share | ||
Basic | $ (0.43) | $ (0.11) |
Diluted | $ (0.43) | $ (0.11) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 29 | $ 28,735,894 | $ (25,171,915) | $ 3,564,008 |
Beginning Balance, shares at Dec. 31, 2019 | 29,427,803 | |||
Issuance of common stock for cash | $ 3 | 274,997 | 275,000 | |
Issuance of common stock for cash, shares | 2,553,571 | |||
Stock option expense | 739,973 | 739,973 | ||
Net loss | (3,502,077) | (3,502,077) | ||
Ending balance, value at Dec. 31, 2020 | $ 32 | 29,750,864 | (28,673,992) | 1,076,904 |
Ending Balance, shares at Dec. 31, 2020 | 31,981,374 | |||
Issuance of common stock for cash | 50,000 | 50,000 | ||
Issuance of common stock for cash, shares | 100,000 | |||
Stock option expense | 391,661 | 391,661 | ||
Net loss | (14,984,878) | (14,984,878) | ||
Issuance of common stock for exercise of stock options | 95,324 | 95,324 | ||
Issuance of common stock for exercise of stock options, shares | 333,250 | |||
Issuance of common stock for cashless exercise of stock options | $ 2 | (2) | ||
Issuance of common stock for cashless exercise of stock options, shares | 1,273,050 | |||
Issuance of common stock for settlement of litigation | 1,145,768 | 1,145,768 | ||
Issuance of common stock for settlement of litigation, shares | 256,250 | |||
Issuance of common stock for conversion of convertible debt | $ 1 | 499,999 | 500,000 | |
Issuance of common stock for conversion of convertible debt, shares | 1,000,000 | |||
Issuance of common stock for settlement agreement | $ 1 | 3,240,599 | 3,240,600 | |
Issuance of common stock for settlement agreement, shares | 825,000 | |||
Issuance of common stock for financing cost | 1,440 | 1,440 | ||
Issuance of common stock for financing cost, shares | 600 | |||
Beneficial conversion feature associated with convertible debt | 840,634 | 840,634 | ||
Value of warrants issued with convertible debt | 488,133 | 488,133 | ||
Value of warrants issued with note payable | 778,697 | 778,697 | ||
Fair value of warrants issued for financing costs | 1,992,474 | 1,992,474 | ||
Ending balance, value at Dec. 31, 2021 | $ 36 | $ 39,275,591 | $ (43,658,870) | $ (4,383,243) |
Ending Balance, shares at Dec. 31, 2021 | 35,769,524 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (14,984,878) | $ (3,502,077) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 2,124,728 | 1,436,383 |
Stock option expense | 391,661 | 739,973 |
Amortization of debt discounts | 1,712,871 | 30,316 |
Common stock issued for financing costs | 1,440 | |
Preferred stock issued for financing costs | 53,750 | |
Common stock issued for settlement agreement | 3,240,600 | |
Common stock issued for litigation settlement | 42,018 | |
Gain on forgiveness of debt | (8,000) | (184,775) |
Fair value of warrants issued for financing costs | 1,992,474 | |
Operating lease expense | 108,462 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (632,211) | (59,908) |
Prepaid expenses and other assets | (485,840) | 759,039 |
Accounts payable | 3,303,094 | 612,045 |
Accrued expenses | 889,561 | 555,727 |
Customer deposit - related party | (150,000) | 150,000 |
Operating lease liability | (101,339) | |
Net cash provided by (used in) operating activities | (2,501,609) | 536,723 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (47,051) | |
Net cash used in investing activities | (47,051) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of common stock | 50,000 | 275,000 |
Proceeds from exercise of stock options | 95,324 | |
Proceeds from advance from related parties | 503,766 | 250,000 |
Repayment of advance from related parties | (603,766) | (150,000) |
Proceeds from convertible note payable | 2,500,000 | |
Proceeds from notes payable, net | 6,900,000 | 342,675 |
Repayment of notes payable | (809,519) | (15,486) |
Repayment of finance lease obligations | (4,271,107) | (2,422,451) |
Payment of deferred offering costs | (35,000) | |
Net cash provided by (used in) financing activities | 4,329,698 | (1,720,262) |
NET INCREASE (DECREASE) IN CASH | 1,781,038 | (1,183,539) |
CASH, BEGINNING OF YEAR | 72,890 | 1,256,429 |
CASH, END OF YEAR | 1,853,928 | 72,890 |
CASH PAID FOR: | ||
Interest | 157,809 | 185,224 |
Income taxes | ||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Payment of accounts payable/accrued expenses with common stock | 1,145,768 | |
Finance lease obligations | $ 5,907,439 | $ 3,705,417 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1 - Organization and Basis of Presentation Organization and Line of Business EVmo, Inc. (the “Company”) was incorporated on June 21, 2016 Delaware Basis of Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP). Risk and Uncertainties On January 30, 2020, the World Health Organization declared the outbreak of the coronavirus disease (COVID-19) a “Public Health Emergency of International Concern,” and on March 11, 2020, it characterized the outbreak as a “pandemic.” In response, numerous states and cities ordered their residents to cease traveling to non-essential jobs and to curtail all unnecessary travel, and similar restrictions were recommended by the federal government. Beginning in the first quarter of 2020, which saw the initial rapid spread of COVID-19, rideshare companies were severely and negatively impacted, as demand plummeted. Consequently, the Company experienced a decline in revenue during the first half of 2020, which had a negative impact on our cash flows, but we then saw a positive upward movement in revenue during the second half of 2020, which continued through fiscal 2021. This was consistent with the experience of the TNCs whose drivers we service. According to Bloomberg Second Measure, Uber and Lyft sales were up 104% and 84% year-over-year, respectively, in February 2022 from one year earlier, even in spite of the Delta and Omicron variants that resulted in spikes of infections through periods of 2021. Given the current prevalence of FDA-approved eligible vaccines across most age groups, the marked decrease in the number of COVID-19 infections, hospitalizations and deaths in the first quarter of 2022, and the resulting easement of pandemic restrictions in our active markets, we are optimistic that COVID-19 will not have a material impact on our operations in the current fiscal year. However, certain factors- including, for example, a new, more aggressive and deadly variant that is resistant to the vaccines- could reverse the positive trends of recent months and alter our prediction. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned operating subsidiaries, Distinct Cars, LLC and RideShare Car Rentals, LLC. All significant intercompany transactions and balances have been eliminated. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and 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. It is possible that accounting estimates and assumptions may be material to the Company due to the levels of subjectivity and judgment involved. Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 Cash Equivalents For the purpose of the statement of cash flows, cash equivalents include time deposits, certificate of deposits, and all highly liquid debt instruments with original maturities of three months or less. Property and Equipment and Rental Vehicles Property and Equipment and Rental Vehicles are stated at cost. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and betterments are capitalized. When equipment is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of equipment and rental vehicles is provided using the straight-line method for substantially all assets with estimated lives as follows: Schedule of Estimated Lives of Equipment Computer equipment 5 Officer furniture 7 Leasehold improvements 15 years or term of lease whichever is less Vehicles 5 Long-Lived Assets The Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment Revenue Recognition The Company recognizes all of its material revenue from renting its fleet of cars to TNC drivers. Revenue is recognized generally on a weekly basis based on the rental agreements. The Company recognizes revenue in accordance with FASB ASC 606, Revenue From Contracts with Customers Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 Stock-Based Compensation The Company records stock-based compensation in accordance with FASB ASC Topic 718, Compensation – Stock Compensation 3,918,750 766,750 1,631,250 2,540,000 Basic and Diluted Earnings Per Share Earnings per share is calculated in accordance with ASC Topic 260, Earnings Per Share 0.000001 4,685,500 4,171,250 750,000 Advertising Costs The Company expenses the cost of advertising as incurred. Advertising costs for the years ended December 31, 2021 and 2020 were $ 283,181 490,403 Fair Value Measurements The Company applies the provisions of ASC 820-10, “Fair Value Measurements and Disclosures.” ● Level 1 inputs to the valuation methodology are quoted, unadjusted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, as well as other than quoted prices for identical assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. For certain financial instruments, the carrying amounts reported in the balance sheets for cash and current liabilities, including convertible notes payable, each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. At December 31, 2021 and 2020, the Company did not identify any liabilities that are required to be presented on the balance sheet at fair value. Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income Taxes 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. Derivatives and Hedging Derivatives and Hedging—Contracts in Entity’s Own Equity Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 3 – Property and Equipment At December 31, 2021 and 2020 equipment consisted of the following: Schedule of Property and Equipment 2021 2020 Computer equipment $ 6,046 $ 6,046 Office furniture 17,401 - Leasehold improvement 29,650 - 53,097 6,046 Less accumulated depreciation (7,496 ) (4,138 ) Equipment, net $ 45,601 $ 1,908 Depreciation expense for equipment for the years ended December 31, 2021 and 2020 was $ 3,358 1,487 |
Rental Vehicles
Rental Vehicles | 12 Months Ended |
Dec. 31, 2021 | |
Rental Vehicles | |
Rental Vehicles | Note 4 – Rental Vehicles At December 31, 2021 and 2020 all of the Company’s rental vehicles consisted of the following: Schedule of Rental Vehicles 2021 2020 Rental vehicles $ 13,514,619 $ 9,067,885 13,514,619 9,067,885 Less accumulated depreciation (4,627,300 ) (2,871,452 ) Rental vehicles, net $ 8,887,319 $ 6,196,433 The Company’s rental vehicles are depreciated over their estimated useful life of five years 2,121,370 and $ 1,434,896 respectively. A majority of the rental vehicles are leased with terms are generally for 12 to 36 months and the Company has the right to purchase the vehicles at the end of the lease terms. Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note 5 – Notes Payable Notes payable at December 31, 2021 and 2020 consisted of the following: Schedule of Notes Payable 2021 2020 $ - $ 304,667 Notes payable to individual investors; accrue interest at 8 principal payments equal to 1/12 of original balance plus interest due quarterly August 9, 2020 March 26, 2021 $ - $ 304,667 Note payable to the Small Business Administration. The note bears interest at 3.75 requires monthly payments of $731 after 24 months from funding due 30 years from the date of issuance - 149,414 Note payable issued under the Paycheck Protection Program of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act in the amount of $ 192,775 The loan has terms of 24 months 1 8,000 184,775 - 8,000 Notes payable to a finance company, default interest at 14 10,000 40,000 December 15, 2021 - 355,438 Notes payable to a finance company, interest at LIBOR plus 10 0.4166 7,500,000 - Total notes payable 7,500,000 817,519 Unamortized debt discount (1,246,566 ) (1,973 ) Notes payable, net discount 6,253,434 815,546 Less current portion (156,225 ) (666,132 ) Long-term portion $ 6,097,209 $ 149,414 (A) On July 9, 2021 (the “Closing Date”), the Company entered into a Term Loan, Guarantee and Security Agreement (the “Term Loan Agreement”) with EICF Agent LLC (“EICF”), as agent for the lenders, and Energy Impact Credit Fund I, LP, as lender (the “Lender”), providing for a secured term loan facility in an aggregate principal amount of up to $ 15.0 7.5 7.5 July 9, 2026 10.0 1.5 0.000001 2.10 450,000 900,000 0.93 Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 In connection with the Company’s entry into the Term Loan Agreement, the Company entered into an exchange agreement, dated as of July 8, 2021 (the “Exchange Agreement”), with the holder (the “Holder”) of the Company’s 12.5 In connection with the issuance of this note payable, the Company also issued a warrant to purchase 450,000 2.10 778,697 600,000 1,378,697 A rollforward of notes payable from December 31, 2019 to December 31, 2021 is below: Schedule of Outstanding Notes Payable Notes payable, December 31, 2019 $ 287,378 Issued for cash 342,675 Lease obligation converted to note payable 355,438 Forgiveness of note payable (184,775 ) Repayments (15,486 ) Amortization of debt discounts 30,316 Notes payable, December 31, 2020 815,546 Issued for cash 7,500,000 Payment of cost associated with issuance of note payable (600,000 ) Debt discount related to notes payable (778,697 ) Forgiveness of note payable (8,000 ) Repayments (809,519 ) Amortization of debt discounts 134,104 Notes payable, December 31, 2021 $ 6,253,434 Future payments under note payable obligations are as follows: Schedule of Future Payments Under Note Payable Obligations Years ending December 31, 2022 $ 156,225 2023 374,940 2024 374,940 2025 374,940 2026 6,218,955 Thereafter Notes payable $ 7,500,000 Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2021 | |
Convertible Notes | |
Convertible Notes | Note 6 – Convertible Notes On January 8, 2021, the Company, issued a stand-alone $ 500,000 6 January 6, 2022 0.50 30,000 1,000,000 On April 12, 2021, the Company, entered into a securities purchase agreement with a certain investor in connection with the issuance, as of that same date, of a 12.5 2,250,000 250,000 10 3.00 January 12, 2022 187,500 3.00 93,750 th 623,373 five years .089 0 190 2,250,000 1,761,866 488,134 810,633 1,298,767 230,375 A roll forward of convertible notes from December 31, 2020 to December 31, 2021 is below: Schedule of Convertible Notes Convertible notes, December 31, 2020 $ - Issued for cash 2,500,000 Issued for original issue discount 250,000 Debt discount related to convertible notes (1,578,767 ) Conversion to common stock (500,000 ) Conversion to preferred stock (2,250,000 ) Amortization of debt discounts 1,578,767 Convertible notes, December 31, 2021 $ - Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 |
Financing Lease Obligations
Financing Lease Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Financing Lease Obligations | |
Financing Lease Obligations | Note 7 – Financing Lease Obligations Lease obligations at December 31, 2021 and 2020 consisted of the following: Schedule of Lease Obligations 2021 2020 Lease obligations $ 3,989,210 $ 2,352,878 Less current portion (1,810,374 ) (1,426,425 ) Long-term portion $ 2,178,836 $ 926,453 A rollforward of lease obligations from December 31, 2019 to December 31, 2021 is below: Schedule of Outstanding Lease Obligations Lease obligations, December 31, 2019 $ 2,400,565 New lease obligations 3,705,417 Disposal of leased vehicles (975,215 ) Lease obligation converted to note payable (355,438 ) Payments on lease obligations (2,422,451 ) Lease obligations, December 31, 2020 2,352,878 New lease obligations 5,907,439 Payments on lease obligations (4,271,107 ) Lease obligations, December 31, 2021 $ 3,989,210 Future payments under lease obligations are as follows: Schedule of Future Lease Obligations Years Ending December 31, 2022 $ 1,907,658 2023 1,434,106 2024 790,349 Total payments 4,132,113 Amount representing interest (142,903 ) Lease obligation, net $ 3,989,210 |
Operating Lease Obligations
Operating Lease Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Operating Lease Obligations | |
Operating Lease Obligations | Note 8 – Operating Lease Obligations The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate. The Company leases its corporate office space under an operating lease that expires in 2023. The Company accounts for this lease under the provisions of ASC 842 Leases. Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 The table below presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets as of December 31, 2021: Schedule of Operating Lease Obligations December 31, Classification on Balance Sheet 2021 Assets Operating lease assets Operating lease right of use assets $ 149,759 Total lease assets $ 149,759 Liabilities Current liabilities Operating lease liability Current operating lease liability $ 143,894 Noncurrent liabilities Operating lease liability Long-term operating lease liability 12,988 Total lease liability $ 156,882 Lease obligations at December 31, 2021 consisted of the following: Schedule of Lease Obligation Maturity Years Ending December 31, 2022 $ 157,800 2023 13,150 Total payments 170,950 Less: imputed interest (14,068 ) Total obligation 156,882 Less: current portion (143,894 ) Non-current capital leases obligations $ 12,988 The lease expense for the years ended December 31, 2021 was $ 138,623 131,500 1.0 15 |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 9 – Stockholders’ Equity The Company has authorized 100,000,000 90,000,000 0.000001 10,000,000 0.000001 Series B Preferred Stock Pursuant to the Exchange Agreement (see Note 5), the Holder agreed to exchange the Prior Notes for 230,375 0.000001 93,750 3.00 Shares of the Series B Preferred Stock is convertible at any time at the option of the holder thereof into shares of Common Stock at an initial conversion price of $ 3.00 Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 The Series B Preferred Stock is subject to mandatory redemption in full at a redemption price initially equal to $ 10.00 10 If, at any time while the Series B Preferred Stock is outstanding, the Company completes any single public offering or private placement of its equity, equity-linked or debt securities (each, a “Future Transaction”), the holders of the Series B Preferred Stock may, in their sole discretion, elect to apply all, or any portion, of the then outstanding Preferred Stock and any accrued but unpaid dividends, as purchase consideration for such Future Transaction. The conversion price applicable to such conversion shall equal seventy percent ( 70 Common Stock During the year ended December 31, 2021, the Company: ● issued 100,0000 0.50 50,000 ● issued 333,250 95,324 ● issued 1,273,050 1,348,525 ● issued 600 ● issued 1,000,000 500,000 ● issued an aggregate of 256,250 1,145,768 ● issued 825,000 3,240,600 3,240,600 During the year ended December 31, 2020, the Company sold an aggregate of 2,553,571 275,000 125,000 25,000 Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 Stock Options The following is a summary of stock option activity: Summary of Stock Option Activity Weighted Weighted Average Average Remaining Aggregate Options Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, December 31, 2019 300,000 $ 8.00 1.00 $ - Granted 4,040,000 1.62 Forfeited (1,800,000 ) 4.67 Exercised - Outstanding, December 31, 2020 2,540,000 $ 0.22 4.52 $ 1,074,245 Granted 310,000 0.85 Forfeited (401,475 ) 0.22 Exercised (1,681,775 ) 0.230 Outstanding, December 31, 2021 766,750 $ 0.44 3.71 $ 162,791 Exercisable, December 31, 2021 503,250 $ 0.53 3.76 $ 98,937 The exercise price for options outstanding and exercisable at December 31, 2021: Schedule of Options Outstanding by Exercise Price Range Outstanding Exercisable Number of Exercise Number of Exercise Options Price Options Price 20,000 $ 0.210 20,000 $ 0.210 516,750 0.215 310,125 0.215 15,000 0.220 5,000 0.220 155,000 0.530 108,125 0.530 20,000 0.940 20,000 0.940 20,000 2.120 20,000 2.120 20,000 3.800 20,000 3.800 766,750 503,250 For options granted during the year ended December 31, 2021 where the exercise price equaled the stock price at the date of the grant, the weighted-average fair value of such options was $ 0.82 0.85 For options granted during the year ended December 31, 2020 where the exercise price equaled the stock price at the date of the grant, the weighted-average fair value of such options was $ 0.211 0.215 1.11 4.00 Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 The fair value of the stock options is being amortized to stock option expense over the vesting period. The Company recorded stock option expense of $ 391,661 739,973 63,112 The assumptions used during the year ended December 31, 2021 and 2020 in calculating the fair value of options granted using the Black-Scholes option-pricing model for options granted are as follows: Schedule of Fair Value of Options Granted Assumptions 2021 2020 Risk-free interest rate 0.33 0.99 % 0.28 1.59 % Expected life of the options 5.0 5.0 Expected volatility 180 195 % 195 212 % Expected dividend yield 0 % 0 % Warrants The following is a summary of warrant activity: Summary of Warrant Activity Weighted Weighted Average Average Remaining Aggregate Warrants Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, December 31, 2019 1,631,250 $ 4.08 3.38 $ Granted - Forfeited - Exercised - Outstanding, December 31, 2020 1,631,250 $ 4.08 2.38 $ - Granted 2,287,500 2.01 Forfeited - Exercised - Outstanding, December 31, 2021 3,918,750 $ 2.87 3.17 $ - Exercisable, December 31, 2021 3,918,750 $ 2.87 3.17 $ - The exercise price for warrants outstanding at December 31, 2021: Schedule of Warrants Outstanding by Exercise Price Range Outstanding and Exercisable Number of Exercise Warrants Price 900,000 $ 0.93 450,000 2.10 937,500 3.00 1,500,000 4.00 131,250 5.00 3,918,750 Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 In connection with a convertible note discussed in Note 6, the Company has issued an aggregate of 937,500 warrants. The fair value of the warrants was determined to be $ 1,823,926 , using a Black-Scholes model, and has been recorded as financing costs in the accompanying statements of operations for the year ended December 31, 2021. The Company used the following assumptions in determining the fair value: Schedule of Fair Value of Options Granted Assumptions Risk-free interest rate 0.76 1.25 % Expected life of the options 5 Expected volatility 180 190 % Expected dividend yield 0 % In connection with a note payable discussed in Note 5, the Company has issued an aggregate of 900,000 791,921 Schedule of Fair Value of Options Granted Assumptions Risk-free interest rate 1.08 % Expected life of the options 5 Expected volatility 190 % Expected dividend yield 0 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10 – Related Party Transactions During the year December 31, 2020, the Company expensed $ 2,321,186 related to insuring the Company fleet of vehicles from a brokerage firm whose owner was a 5 265,257 was owed to this insurance brokerage and is included in accounts payable in the accompanying consolidated balance sheets. The Company’s Executive Chairman and former CEO have made advances the Company. During the year ended December 31, 2021, the Company’s Executive Chairman loaned the Company $ 503,767 503,767 100,000 100,000 During the year ended December 31, 2020, the Company expensed $ 32,173 324,920 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11 – Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A full valuation allowance is established against all net deferred tax assets as of December 31, 2021 and 2020 based on estimates of recoverability. While the Company has optimistic plans for its business strategy, it determined that such a valuation allowance was necessary given the current and expected near term losses and the uncertainty with respect to its ability to generate sufficient profits from its business model. Because of the impacts of the valuation allowance, there was no income tax expense or benefit for the years ended December 31, 2021 and 2020. Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 Schedule of Reconciliation Between Effective and Statutory Income Tax Rates 2021 2020 Amount Percent Amount Percent Federal statutory rates $ (3,146,825 ) 21.0 % $ (735,436 ) 21.0 % State income taxes (1,048,941 ) 7.0 % (245,145 ) 7.0 % Permanent differences 1,842,891 -12.3 % 335,916 -9.6 % Valuation allowance against net deferred tax assets 2,352,875 -15.7 % 644,665 -18.4 % Effective rate $ - 0.0 % $ - 0.0 % At December 31, 2021 and 2020, the significant components of the deferred tax assets are summarized below: Schedule of Significant Components of Deferred Tax Assets 2021 2020 Deferred income tax asset Net operation loss carryforwards 5,262,153 3,173,878 Accrued expenses 314,805 50,205 Total deferred income tax asset 5,576,958 3,224,084 Less: valuation allowance (5,576,958 ) (3,224,084 ) Total deferred income tax asset $ - $ - The valuation allowance increased by $ 2,352,875 644,655 The Company has recorded as of December 31, 2021 and 2020 a valuation allowance of $ 5,576,958 3,224,084 The Company conducts an analysis of its tax positions and has concluded that it has no The Company has net operating loss carry-forwards of approximately $ 18,800,000 2031 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 12 – Contingencies Legal Proceedings From time to time, the Company may become involved in lawsuits and other legal proceedings that arise in the course of business. Litigation is subject to inherent uncertainties, and it is not possible to predict the outcome of litigation with a specific degree of confidence. The Company is currently not aware of any legal proceedings or potential claims against it whose outcome would be likely, individually or in the aggregate, to have a material adverse effect on the Company’s business, financial condition, operating results, or cash flows, other than those described below. Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 Anthony Davis v. YayYo, Inc., and Ramy El-Batrawi; Robert Vanech v. YayYo, Inc., and Ramy El-Batrawi Plaintiff Anthony Davis filed a complaint on March 5, 2020, in the Los Angeles Superior Court that alleges that he was hired by the Company as its CEO and as a director in or about December 2016. Mr. Davis’s employment with the Company ended after several months when his contract was not renewed. As part of his compensation, Mr. Davis alleges that he expected to receive stock options in the Company. In his pleadings, Mr. Davis admits that he resigned from his executive officer and director positions, but asserts that he did not receive certain compensation in the form of stock options (he has also included a claim for wage and hour violations). The Company denies liability and has asserted that it has paid Mr. Davis all material amounts due to him under his employment agreement, while also asserting that Mr. Davis failed to exercise his stock options before they expired on December 31, 2018. The Company filed a demurrer to the first amended complaint, which the Superior Court granted in part and denied in part on September 8, 2021. Plaintiff Davis since filed a second amended complaint, to which the Company filed an answer. Plaintiff Vanech was hired on the same date as Davis, in December 2016 and his employment with the company was similarly short-lived. He too claims that he was provided his stock options, although, like Davis, Vanech admits that he did not ever exercise the options. Vanech’ s complaint was filed in December 2021. The Company’s position as to both lawsuits is that Davis’ and Vanech’ s claims entirely lack merit, and the Company intends to defend against the lawsuits vigorously. Ivan Rung v. YayYo, Inc., Ramy El-Batrawi, et al., 20STCV27876 and Michael Vanbecelaere v. YayYo, Inc., Ramy El-Batrawi, et al., 20STCV28066 (Vanbecelaere)(hereafter the “State Cases”) On July 22 and July 23, 2020, respectively, two actions were filed in the Los Angeles Superior Court. The complaints underlying the State Cases differ only by a few words and some random punctuation marks, and are therefore virtually identical. Plaintiffs Ivan Rung and Michael Vanbecelaere each claimed to have purchased the Common Stock as part of the Company’s initial public offering (the “IPO”); they purport to bring a securities class action on behalf of all purchasers of the Common Stock pursuant to the registration statement and prospectus filed with the SEC and distributed in connection with the Company’s IPO, which was launched on November 14, 2019. The State Case complaints allege misrepresentations and material omissions in the SEC filings in violation of Sections 11 and 15 of the Securities Act of 1933, as amended (the “Securities Act”). The Company has and continues to vigorously deny any and all liability and asserts that the State Cases are baseless. It is the Company’s firm position that it accurately and completely disclosed all material facts and circumstances in its SEC filings relating to the IPO, and subsequently in its periodic SEC reports, including those that were potentially adverse to the Company’s operations and business prospects. The State Cases litigation is presently stayed pending the outcome of the federal securities case discussed below (Hamlin v. YayYo, Inc.), as to which, as noted below, the parties have announced a “settlement in principle”, which is subject to court approval in the district court. The Company anticipates filing motions to dismiss the purported class actions in Rung on the basis of the approval of the federal settlement which the district court has preliminarily approved (see Hamlin case below). Jason Hamlin v. YayYo, Inc., Ramy El-Batrawi, et al., 20-cv-8235 (SVW) and William Koch v. YayYo, Inc., Ramy El-Batrawi, et al., 20-cv-8591 (SVW)(now consolidated as “In re YayYo Securities Litigation”) These two actions were filed on September 9, 2020 and September 18, 2020, respectively, in the United States District Court for the Central District of California. Plaintiffs Jason Hamlin and William Koch each claim to have purchased the Common Stock as part of the IPO and, like the plaintiffs in the State Cases, purport to bring a securities class action pursuant to Sections 11 and 15 of the Securities Act, as well as and Section 17(a) and 10(b)(5) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) on behalf of all purchasers of the Common Stock in the IPO. The first amended complaint, like the State Cases, alleges false statements and material omissions of material fact in connection with the SEC filings distributed in connection with the IPO. The defendants include directors of the Company and the underwriters of the IPO, WestPark Capital, Inc. (“WestPark”) and Aegis Capital Corp. The federal court has consolidated the two matters for all practical purposes. As with the State Cases, the Company denies liability and asserts that it accurately and completely disclosed all material facts and circumstances in its SEC filings, and that the complaint’s alleged violations of securities laws are baseless. Please see Note 13- Subsequent Events for a description of a provisional settlement of this litigation, which should, if approved by the district court, end all securities class action litigation. Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 Zada v. EVMO, Inc and Rami El-Batrawi, Los Angeles Superior Court No. 21STCV43510 On November 29, 2021, a complaint was filed by Norman Zada, a Company shareholder, against EVmo and El-Batrawi alleging breach of contract and fraud in connection with the plaintiff’s purchase of 20,000 shares of Common Stock in February 2018 that the plaintiff claims he did not receive for over three years. By the time the plaintiff was able to acquire the 20,000 shares, the value of the stock had dropped to $ 1.90 per share. By virtue of the allegedly late delivery of shares, the plaintiff alleges damages of approximately $ 94,420 . Other allegations of wrongdoing on Mr. El-Batrawi’s behalf are included in the complaint but add nothing of a material nature to the legal dispute. Both El-Batrawi and EVmo presently intend to file demurrers to the Complaint and if necessary vigorously defendant the lawsuit on the merits. Konop v. El-Batrawi, et al., 1:20-cv-1379- MN (Filed in Del. District Court) On October 12, 2020 a complaint was filed in Delaware District Court, which has since been transferred to the U.S. District Court for the Central District of California, and assigned as a related case to the judge in the pending federal securities action described immediately above. This case is a purported shareholder derivative action, in which the Company is a nominal defendant, alleging that the Company’s executive officers and directors at the time of its IPO made false and misleading statements relating to the Company’s business, operations, and future prospects and that the directors breached their fiduciary duties in doing so. The Company believes that the allegations of the complaint are spurious and has moved in federal district court to dismiss the action pursuant to Federal Rules 23.1 and 12(b)(6) – failure to make a demand on the board of directors for corporate action before filing the lawsuit. If the company’s motion to dismiss is denied, it intends to vigorously defend the litigation. |
Settlements
Settlements | 12 Months Ended |
Dec. 31, 2021 | |
Settlements | |
Settlements | Note 13 – Settlements FirstFire Settlement On February 11, 2021, the Company, entered into a settlement agreement and mutual release (the “Settlement Agreement”) with FirstFire Global Opportunities Fund, LLC, a Delaware limited liability company (“FirstFire”), relating to a pending action in the U.S. District Court in the Southern District of New York, FirstFire Global Opportunities Fund, LLC v. WestPark Capital, Inc. et. al., No. 1:20-cv-03327-LLS. The other parties to the Settlement Agreement are the Company’s co-defendants in the litigation, WestPark, Mr. Richard A. Rappaport and Mr. Ramy El-Batrawi, former chief executive officer of the Company. This litigation was commenced by FirstFire in April 2020 and subsequently amended in December 2020. FirstFire was a subscriber to the Company’s initial public offering of Common Stock, in November 2019 (the “IPO”). It alleged in the litigation that the Company and the other named defendants had, in connection with the IPO and the registration statement on Form S-1 filed thereto, committed violations of Sections 11, 12(a) and 15 of the Securities Act of 1933, as amended (the “Securities Act”), Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated under the Exchange Act. Each of the Company, WestPark, Mr. Rappaport and Mr. El-Batrawi vigorously denied and disputed these allegations. In consideration of the releases, covenants, terms and conditions set forth in the Settlement Agreement, FirstFire agreed to dismiss the litigation with prejudice, to not file any further litigation relating to the IPO, and to waive and relinquish any and all claims on shares of Common Stock other than as specified in the Settlement Agreement. The Company agreed to sell to FirstFire one hundred fifty thousand ( 150,000 0.066667 10,000 Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 Social Reality Settlement On February 19, 2021, the Company entered into a confidential settlement agreement and mutual release with SRAX, Inc., a Delaware corporation formerly known as Social Reality, Inc. (“SRAX”), relating to an action brought by SRAX against the Company in Los Angeles Superior Court on or around February 11, 2020. A description of this litigation has been included by the Company in its prior filings. The Company and SRAX mutually agreed to keep the material terms of this settlement confidential, subject to disclosure as required by applicable law or regulation. In Re YayYo Securities Litigation settlement The parties to the federal court litigation announced on October 21, 2021 that they had reached a settlement, which if approved by the district court, should remove any further obstacle for national exchange listing and/or corporate name/symbol change sought by corporation. The settlement agreement received preliminary approval by the district court on January 13, 2022, allowing the notice of the proposed settlement to be distributed to all class members, who unless they object or drop out, will be bound by the multi-million dollar settlement. The Company’s portion of the settlement was $ 1 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14 – Subsequent Events Subsequent to December 31, 2021, the Company: ● issued 27,400,000 13,700,000 ● issued 6,310,000 220,850 9,525 In addition, after the public offering and conversion of most of the Series B Preferred Stock, the two warrants issued to Energy Impact Credit Fund I, LP in 2021 for 450,000 900,000 450,000 711,656 1.33 900,000 1,174,311 0.71 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned operating subsidiaries, Distinct Cars, LLC and RideShare Car Rentals, LLC. All significant intercompany transactions and balances have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and 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. It is possible that accounting estimates and assumptions may be material to the Company due to the levels of subjectivity and judgment involved. Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 |
Cash Equivalents | Cash Equivalents For the purpose of the statement of cash flows, cash equivalents include time deposits, certificate of deposits, and all highly liquid debt instruments with original maturities of three months or less. |
Property and Equipment and Rental Vehicles | Property and Equipment and Rental Vehicles Property and Equipment and Rental Vehicles are stated at cost. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and betterments are capitalized. When equipment is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of equipment and rental vehicles is provided using the straight-line method for substantially all assets with estimated lives as follows: Schedule of Estimated Lives of Equipment Computer equipment 5 Officer furniture 7 Leasehold improvements 15 years or term of lease whichever is less Vehicles 5 |
Long-Lived Assets | Long-Lived Assets The Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment |
Revenue Recognition | Revenue Recognition The Company recognizes all of its material revenue from renting its fleet of cars to TNC drivers. Revenue is recognized generally on a weekly basis based on the rental agreements. The Company recognizes revenue in accordance with FASB ASC 606, Revenue From Contracts with Customers |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 |
Stock-Based Compensation | Stock-Based Compensation The Company records stock-based compensation in accordance with FASB ASC Topic 718, Compensation – Stock Compensation 3,918,750 766,750 1,631,250 2,540,000 |
Basic and Diluted Earnings Per Share | Basic and Diluted Earnings Per Share Earnings per share is calculated in accordance with ASC Topic 260, Earnings Per Share 0.000001 4,685,500 4,171,250 750,000 |
Advertising Costs | Advertising Costs The Company expenses the cost of advertising as incurred. Advertising costs for the years ended December 31, 2021 and 2020 were $ 283,181 490,403 |
Fair Value Measurements | Fair Value Measurements The Company applies the provisions of ASC 820-10, “Fair Value Measurements and Disclosures.” ● Level 1 inputs to the valuation methodology are quoted, unadjusted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, as well as other than quoted prices for identical assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. For certain financial instruments, the carrying amounts reported in the balance sheets for cash and current liabilities, including convertible notes payable, each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. At December 31, 2021 and 2020, the Company did not identify any liabilities that are required to be presented on the balance sheet at fair value. Notes to Consolidated Financial Statements For Year Ended December 31, 2021 and 2020 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income Taxes 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. Derivatives and Hedging Derivatives and Hedging—Contracts in Entity’s Own Equity Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Lives of Equipment | Schedule of Estimated Lives of Equipment Computer equipment 5 Officer furniture 7 Leasehold improvements 15 years or term of lease whichever is less Vehicles 5 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | At December 31, 2021 and 2020 equipment consisted of the following: Schedule of Property and Equipment 2021 2020 Computer equipment $ 6,046 $ 6,046 Office furniture 17,401 - Leasehold improvement 29,650 - 53,097 6,046 Less accumulated depreciation (7,496 ) (4,138 ) Equipment, net $ 45,601 $ 1,908 |
Rental Vehicles (Tables)
Rental Vehicles (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Rental Vehicles | |
Schedule of Rental Vehicles | At December 31, 2021 and 2020 all of the Company’s rental vehicles consisted of the following: Schedule of Rental Vehicles 2021 2020 Rental vehicles $ 13,514,619 $ 9,067,885 13,514,619 9,067,885 Less accumulated depreciation (4,627,300 ) (2,871,452 ) Rental vehicles, net $ 8,887,319 $ 6,196,433 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | Notes payable at December 31, 2021 and 2020 consisted of the following: Schedule of Notes Payable 2021 2020 $ - $ 304,667 Notes payable to individual investors; accrue interest at 8 principal payments equal to 1/12 of original balance plus interest due quarterly August 9, 2020 March 26, 2021 $ - $ 304,667 Note payable to the Small Business Administration. The note bears interest at 3.75 requires monthly payments of $731 after 24 months from funding due 30 years from the date of issuance - 149,414 Note payable issued under the Paycheck Protection Program of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act in the amount of $ 192,775 The loan has terms of 24 months 1 8,000 184,775 - 8,000 Notes payable to a finance company, default interest at 14 10,000 40,000 December 15, 2021 - 355,438 Notes payable to a finance company, interest at LIBOR plus 10 0.4166 7,500,000 - Total notes payable 7,500,000 817,519 Unamortized debt discount (1,246,566 ) (1,973 ) Notes payable, net discount 6,253,434 815,546 Less current portion (156,225 ) (666,132 ) Long-term portion $ 6,097,209 $ 149,414 (A) On July 9, 2021 (the “Closing Date”), the Company entered into a Term Loan, Guarantee and Security Agreement (the “Term Loan Agreement”) with EICF Agent LLC (“EICF”), as agent for the lenders, and Energy Impact Credit Fund I, LP, as lender (the “Lender”), providing for a secured term loan facility in an aggregate principal amount of up to $ 15.0 7.5 7.5 July 9, 2026 10.0 1.5 0.000001 2.10 450,000 900,000 0.93 |
Schedule of Outstanding Notes Payable | A rollforward of notes payable from December 31, 2019 to December 31, 2021 is below: Schedule of Outstanding Notes Payable Notes payable, December 31, 2019 $ 287,378 Issued for cash 342,675 Lease obligation converted to note payable 355,438 Forgiveness of note payable (184,775 ) Repayments (15,486 ) Amortization of debt discounts 30,316 Notes payable, December 31, 2020 815,546 Issued for cash 7,500,000 Payment of cost associated with issuance of note payable (600,000 ) Debt discount related to notes payable (778,697 ) Forgiveness of note payable (8,000 ) Repayments (809,519 ) Amortization of debt discounts 134,104 Notes payable, December 31, 2021 $ 6,253,434 |
Schedule of Future Payments Under Note Payable Obligations | Future payments under note payable obligations are as follows: Schedule of Future Payments Under Note Payable Obligations Years ending December 31, 2022 $ 156,225 2023 374,940 2024 374,940 2025 374,940 2026 6,218,955 Thereafter Notes payable $ 7,500,000 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Convertible Notes | |
Schedule of Convertible Notes | A roll forward of convertible notes from December 31, 2020 to December 31, 2021 is below: Schedule of Convertible Notes Convertible notes, December 31, 2020 $ - Issued for cash 2,500,000 Issued for original issue discount 250,000 Debt discount related to convertible notes (1,578,767 ) Conversion to common stock (500,000 ) Conversion to preferred stock (2,250,000 ) Amortization of debt discounts 1,578,767 Convertible notes, December 31, 2021 $ - |
Financing Lease Obligations (Ta
Financing Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financing Lease Obligations | |
Schedule of Lease Obligations | Lease obligations at December 31, 2021 and 2020 consisted of the following: Schedule of Lease Obligations 2021 2020 Lease obligations $ 3,989,210 $ 2,352,878 Less current portion (1,810,374 ) (1,426,425 ) Long-term portion $ 2,178,836 $ 926,453 |
Schedule of Outstanding Lease Obligations | A rollforward of lease obligations from December 31, 2019 to December 31, 2021 is below: Schedule of Outstanding Lease Obligations Lease obligations, December 31, 2019 $ 2,400,565 New lease obligations 3,705,417 Disposal of leased vehicles (975,215 ) Lease obligation converted to note payable (355,438 ) Payments on lease obligations (2,422,451 ) Lease obligations, December 31, 2020 2,352,878 New lease obligations 5,907,439 Payments on lease obligations (4,271,107 ) Lease obligations, December 31, 2021 $ 3,989,210 |
Schedule of Future Lease Obligations | Future payments under lease obligations are as follows: Schedule of Future Lease Obligations Years Ending December 31, 2022 $ 1,907,658 2023 1,434,106 2024 790,349 Total payments 4,132,113 Amount representing interest (142,903 ) Lease obligation, net $ 3,989,210 |
Operating Lease Obligations (Ta
Operating Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Operating Lease Obligations | |
Schedule of Operating Lease Obligations | The table below presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets as of December 31, 2021: Schedule of Operating Lease Obligations December 31, Classification on Balance Sheet 2021 Assets Operating lease assets Operating lease right of use assets $ 149,759 Total lease assets $ 149,759 Liabilities Current liabilities Operating lease liability Current operating lease liability $ 143,894 Noncurrent liabilities Operating lease liability Long-term operating lease liability 12,988 Total lease liability $ 156,882 |
Schedule of Lease Obligation Maturity | Lease obligations at December 31, 2021 consisted of the following: Schedule of Lease Obligation Maturity Years Ending December 31, 2022 $ 157,800 2023 13,150 Total payments 170,950 Less: imputed interest (14,068 ) Total obligation 156,882 Less: current portion (143,894 ) Non-current capital leases obligations $ 12,988 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Short-term Debt [Line Items] | |
Summary of Stock Option Activity | The following is a summary of stock option activity: Summary of Stock Option Activity Weighted Weighted Average Average Remaining Aggregate Options Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, December 31, 2019 300,000 $ 8.00 1.00 $ - Granted 4,040,000 1.62 Forfeited (1,800,000 ) 4.67 Exercised - Outstanding, December 31, 2020 2,540,000 $ 0.22 4.52 $ 1,074,245 Granted 310,000 0.85 Forfeited (401,475 ) 0.22 Exercised (1,681,775 ) 0.230 Outstanding, December 31, 2021 766,750 $ 0.44 3.71 $ 162,791 Exercisable, December 31, 2021 503,250 $ 0.53 3.76 $ 98,937 |
Schedule of Options Outstanding by Exercise Price Range | The exercise price for options outstanding and exercisable at December 31, 2021: Schedule of Options Outstanding by Exercise Price Range Outstanding Exercisable Number of Exercise Number of Exercise Options Price Options Price 20,000 $ 0.210 20,000 $ 0.210 516,750 0.215 310,125 0.215 15,000 0.220 5,000 0.220 155,000 0.530 108,125 0.530 20,000 0.940 20,000 0.940 20,000 2.120 20,000 2.120 20,000 3.800 20,000 3.800 766,750 503,250 |
Schedule of Fair Value of Options Granted Assumptions | The assumptions used during the year ended December 31, 2021 and 2020 in calculating the fair value of options granted using the Black-Scholes option-pricing model for options granted are as follows: Schedule of Fair Value of Options Granted Assumptions 2021 2020 Risk-free interest rate 0.33 0.99 % 0.28 1.59 % Expected life of the options 5.0 5.0 Expected volatility 180 195 % 195 212 % Expected dividend yield 0 % 0 % |
Summary of Warrant Activity | The following is a summary of warrant activity: Summary of Warrant Activity Weighted Weighted Average Average Remaining Aggregate Warrants Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, December 31, 2019 1,631,250 $ 4.08 3.38 $ Granted - Forfeited - Exercised - Outstanding, December 31, 2020 1,631,250 $ 4.08 2.38 $ - Granted 2,287,500 2.01 Forfeited - Exercised - Outstanding, December 31, 2021 3,918,750 $ 2.87 3.17 $ - Exercisable, December 31, 2021 3,918,750 $ 2.87 3.17 $ - |
Schedule of Warrants Outstanding by Exercise Price Range | The exercise price for warrants outstanding at December 31, 2021: Schedule of Warrants Outstanding by Exercise Price Range Outstanding and Exercisable Number of Exercise Warrants Price 900,000 $ 0.93 450,000 2.10 937,500 3.00 1,500,000 4.00 131,250 5.00 3,918,750 |
Convertible Notes Payable [Member] | |
Short-term Debt [Line Items] | |
Schedule of Fair Value of Options Granted Assumptions | Schedule of Fair Value of Options Granted Assumptions Risk-free interest rate 0.76 1.25 % Expected life of the options 5 Expected volatility 180 190 % Expected dividend yield 0 % |
Loans Payable [Member] | |
Short-term Debt [Line Items] | |
Schedule of Fair Value of Options Granted Assumptions | Schedule of Fair Value of Options Granted Assumptions Risk-free interest rate 1.08 % Expected life of the options 5 Expected volatility 190 % Expected dividend yield 0 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation Between Effective and Statutory Income Tax Rates | Schedule of Reconciliation Between Effective and Statutory Income Tax Rates 2021 2020 Amount Percent Amount Percent Federal statutory rates $ (3,146,825 ) 21.0 % $ (735,436 ) 21.0 % State income taxes (1,048,941 ) 7.0 % (245,145 ) 7.0 % Permanent differences 1,842,891 -12.3 % 335,916 -9.6 % Valuation allowance against net deferred tax assets 2,352,875 -15.7 % 644,665 -18.4 % Effective rate $ - 0.0 % $ - 0.0 % |
Schedule of Significant Components of Deferred Tax Assets | At December 31, 2021 and 2020, the significant components of the deferred tax assets are summarized below: Schedule of Significant Components of Deferred Tax Assets 2021 2020 Deferred income tax asset Net operation loss carryforwards 5,262,153 3,173,878 Accrued expenses 314,805 50,205 Total deferred income tax asset 5,576,958 3,224,084 Less: valuation allowance (5,576,958 ) (3,224,084 ) Total deferred income tax asset $ - $ - |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Entity Incorporation, Date of Incorporation | Jun. 21, 2016 |
Entity Incorporation, State or Country Code | DE |
Schedule of Estimated Lives of
Schedule of Estimated Lives of Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 5 years |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 5 years |
Officer Furniture [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 7 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated use of lives, description | 15 years or term of lease whichever is less |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 5 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax examination, description | tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 3,918,750 | 1,631,250 | 1,631,250 |
Common Stock, Par Value | $ 0.000001 | $ 0.000001 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,685,500 | 4,171,250 | |
Advertising costs | $ 283,181 | $ 490,403 | |
Convertible Notes Payable [Member] | |||
Debt Conversion, Converted Instrument, Shares Issued | 750,000 | ||
Warrants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 3,918,750 | 1,631,250 | |
Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 766,750 | 2,540,000 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | $ 53,097 | $ 6,046 |
Less accumulated depreciation | (7,496) | (4,138) |
Equipment, net | 45,601 | 1,908 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | 6,046 | 6,046 |
Officer Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | 17,401 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, gross | $ 29,650 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 3,358 | $ 1,487 |
Schedule of Rental Vehicles (De
Schedule of Rental Vehicles (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Rental Vehicles, gross | $ 13,514,619 | $ 9,067,885 |
Less accumulated depreciation | (4,627,300) | (2,871,452) |
Rental Vehicles, net | 8,887,319 | 6,196,433 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental Vehicles, gross | $ 13,514,619 | $ 9,067,885 |
Rental Vehicles (Details Narrat
Rental Vehicles (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Lessee, Finance Lease, Term of Contract | 12 months | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Lessee, Finance Lease, Term of Contract | 36 months | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Depreciation | $ 2,121,370 | $ 1,434,896 |
Schedule of Notes Payable (Deta
Schedule of Notes Payable (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | ||||
Total notes payable | $ 7,500,000 | $ 817,519 | ||
Unamortized debt discount | (1,246,566) | (1,973) | ||
Notes payable, net discount | 6,253,434 | 815,546 | $ 287,378 | |
Less current portion | (156,225) | (666,132) | ||
Long-term portion | 6,097,209 | 149,414 | ||
Notes Payable One [Member] | ||||
Short-term Debt [Line Items] | ||||
Total notes payable | 304,667 | |||
Notes Payable Two [Member] | ||||
Short-term Debt [Line Items] | ||||
Total notes payable | 149,414 | |||
Notes Payable Three [Member] | ||||
Short-term Debt [Line Items] | ||||
Total notes payable | 8,000 | |||
Notes Payable Four [Member] | ||||
Short-term Debt [Line Items] | ||||
Total notes payable | 355,438 | |||
Notes Payable Five [Member] | ||||
Short-term Debt [Line Items] | ||||
Total notes payable | [1] | $ 7,500,000 | ||
[1] | On July 9, 2021 (the “Closing Date”), the Company entered into a Term Loan, Guarantee and Security Agreement (the “Term Loan Agreement”) with EICF Agent LLC (“EICF”), as agent for the lenders, and Energy Impact Credit Fund I, LP, as lender (the “Lender”), providing for a secured term loan facility in an aggregate principal amount of up to $ 15.0 7.5 7.5 July 9, 2026 10.0 1.5 0.000001 2.10 450,000 900,000 0.93 |
Schedule of Notes Payable (De_2
Schedule of Notes Payable (Details) (Parenthetical) - USD ($) | Jul. 09, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 31, 2021 |
Debt Instrument [Line Items] | ||||
Note payable issued | $ 6,900,000 | $ 342,675 | ||
Debt forgiven amount | $ 8,000 | $ 184,775 | ||
Common Stock, Par or Stated Value Per Share | $ 0.000001 | $ 0.000001 | ||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 10.00% | |||
CARESACT [Member] | ||||
Debt Instrument [Line Items] | ||||
Note payable issued | $ 192,775 | |||
Unsecured Note Payable To Individual Investors [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate | 8.00% | |||
Debt instrument payment terms | principal payments equal to 1/12 of original balance plus interest due quarterly | |||
Unsecured Note Payable To Individual Investors [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument maturity date | Aug. 9, 2020 | |||
Unsecured Note Payable To Individual Investors [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument maturity date | Mar. 26, 2021 | |||
Note payable to the Small Business Administration [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate | 3.75% | |||
Note Payable to Small Business Administration [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument payment terms | requires monthly payments of $731 after 24 months from funding | |||
Debt instrument maturity date, description | due 30 years from the date of issuance | |||
Paycheck Protection Program [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate | 1.00% | |||
Debt instrument payment terms | The loan has terms of 24 months | |||
Debt forgiven amount | $ 8,000 | $ 184,775 | ||
Notes Payable to Finance Company [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate | 14.00% | |||
Debt instrument maturity date | Dec. 15, 2021 | |||
Debt instrument percentage | 0.4166% | |||
Notes Payable to Finance Company [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt monthly principal payments | $ 10,000 | |||
Notes Payable to Finance Company [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt monthly principal payments | $ 40,000 | |||
Term Loan Agreement [Member] | Energy Impact Credit Fund I L P [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument maturity date | Jul. 9, 2026 | |||
Debt Instrument, Face Amount | $ 15,000,000 | |||
Warrants to purchase of common stock shares | 900,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.10 | |||
Warrant subject to vesting shares of common stock exercisable | 450,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.93 | |||
Term Loan Agreement [Member] | Energy Impact Credit Fund I L P [Member] | Closing Date Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 7,500,000 | |||
Term Loan Agreement [Member] | Energy Impact Credit Fund I L P [Member] | Delayed Draw Term Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 7,500,000 | |||
Term Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Energy Impact Credit Fund I L P [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 10.00% | |||
Term Loan Agreement [Member] | Maximum [Member] | Energy Impact Credit Fund I L P [Member] | ||||
Debt Instrument [Line Items] | ||||
Warrants to purchase of common stock shares | 1,500,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.000001 |
Schedule of Outstanding Notes P
Schedule of Outstanding Notes Payable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Notes payable beginning balance | $ 815,546 | $ 287,378 |
Issued for cash | 6,900,000 | 342,675 |
Lease obligation converted to note payable | 355,438 | |
Forgiveness of note payable | (8,000) | (184,775) |
Repayments | (809,519) | (15,486) |
Amortization of debt discounts | 134,104 | 30,316 |
Issued for cash | 7,500,000 | |
Payment of cost associated with issuance of note payable | (600,000) | |
Debt discount related to notes payable | (778,697) | |
Notes payable ending balance | $ 6,253,434 | $ 815,546 |
Schedule of Future Payments Und
Schedule of Future Payments Under Note Payable Obligations (Details) | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 156,225 |
2023 | 374,940 |
2024 | 374,940 |
2025 | 374,940 |
2026 | 6,218,955 |
Notes payable | $ 7,500,000 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Fair Value Adjustment of Warrants | $ 1,992,474 | |
Amortized note payable discount | $ 1,712,871 | $ 30,316 |
Exchange Agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Interest Rate, Stated Percentage | 12.50% | |
Term Loan Agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Vesting of stock | 450,000 | |
Warrants exercise price per share | $ 2.10 | |
Fair Value Adjustment of Warrants | $ 778,697 | |
Common Stocks, Including Additional Paid in Capital, Net of Discount | 600,000 | |
Amortized note payable discount | $ 1,378,697 |
Schedule of Convertible Notes (
Schedule of Convertible Notes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Amortization of debt discounts | $ 1,712,871 | $ 30,316 |
Convertible Note Payable [Member] | ||
Short-term Debt [Line Items] | ||
Convertible notes, beginning balance | ||
Issued for cash | 2,500,000 | |
Issued for original issue discount | 250,000 | |
Debt discount related to convertible notes | (1,578,767) | |
Conversion to Common Stock | (500,000) | |
Conversion to preferred stock | (2,250,000) | |
Amortization of debt discounts | 1,578,767 | |
Convertible notes, ending balance |
Convertible Notes (Details Narr
Convertible Notes (Details Narrative) - USD ($) | Apr. 12, 2021 | Feb. 12, 2021 | Jan. 08, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2021 | Dec. 31, 2019 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 3,918,750 | 1,631,250 | 1,631,250 | ||||
Fair Value Adjustment of Warrants | $ 1,992,474 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | |||||
Series B Preferred Stock [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Preferred stock, shares redemption | 230,550 | 230,550 | 230,375 | ||||
Convertible Note Payable [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,000,000 | ||||||
Mr. John Gray [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Convertible Notes Payable | $ 500,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||
Debt Instrument, Maturity Date | Jan. 6, 2022 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 0.50 | ||||||
Debt Instrument, Unamortized Discount | $ 30,000 | ||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,000,000 | ||||||
Investors [Member] | Securities Purchase Agreement [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Convertible Notes Payable | $ 2,250,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||
Debt Instrument, Maturity Date | Jan. 12, 2022 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 3 | ||||||
Debt Instrument, Unamortized Discount | $ 250,000 | ||||||
Discount convertible promissory note percentage | 12.50% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 187,500 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3 | ||||||
Additional warrant issued | 93,750 | ||||||
Fair Value Adjustment of Warrants | $ 623,373 | ||||||
Warrants and Rights Outstanding, Term | 5 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.089% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 190.00% | ||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 810,633 | ||||||
Investors [Member] | Securities Purchase Agreement [Member] | Convertible Note Payable [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Convertible Notes Payable | 1,761,866 | ||||||
Investors [Member] | Securities Purchase Agreement [Member] | Warrant [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Convertible Notes Payable | 488,134 | ||||||
Investors [Member] | Securities Purchase Agreement [Member] | Convertible note and Warrant [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Debt Instrument, Unamortized Discount | $ 1,298,767 |
Schedule of Lease Obligations (
Schedule of Lease Obligations (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Lease Obligations | |||
Lease obligations | $ 3,989,210 | $ 2,352,878 | $ 2,400,565 |
Less current portion | (1,810,374) | (1,426,425) | |
Long-term portion | $ 2,178,836 | $ 926,453 |
Schedule of Outstanding Lease O
Schedule of Outstanding Lease Obligations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Lease Obligations | ||
Lease obligations, beginning balance | $ 2,352,878 | $ 2,400,565 |
New lease obligations | 5,907,439 | 3,705,417 |
Disposal of leased vehicles | (975,215) | |
Lease obligation converted to note payable | (355,438) | |
Payments on lease obligations | (4,271,107) | (2,422,451) |
Lease obligations, ending balance | $ 3,989,210 | $ 2,352,878 |
Schedule of Future Lease Obliga
Schedule of Future Lease Obligations (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Lease Obligations | |||
2022 | $ 1,907,658 | ||
2023 | 1,434,106 | ||
2024 | 790,349 | ||
Total payments | 4,132,113 | ||
Amount representing interest | (142,903) | ||
Lease obligation, net | $ 3,989,210 | $ 2,352,878 | $ 2,400,565 |
Schedule of Operating Lease Obl
Schedule of Operating Lease Obligations (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Lease Obligations | ||
Operating lease assets | $ 149,759 | |
Total lease assets | 149,759 | |
Operating lease liability, Current | 143,894 | |
Operating lease liability, Noncurrent | 12,988 | |
Total lease liability | $ 156,882 |
Schedule of Lease Obligation Ma
Schedule of Lease Obligation Maturity (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Lease Obligations | ||
2022 | $ 157,800 | |
2023 | 13,150 | |
Total payments | 170,950 | |
Less: imputed interest | (14,068) | |
Total obligation | 156,882 | |
Less: current portion | (143,894) | |
Non-current capital leases obligations | $ 12,988 |
Operating Lease Obligations (De
Operating Lease Obligations (Details Narrative) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Operating Lease Obligations | |
Operating Lease, Expense | $ 138,623 |
Operating Lease, Cost | $ 131,500 |
Operating Lease, Weighted Average Remaining Lease Term | 1 year |
Operating Lease, Weighted Average Discount Rate, Percent | 15.00% |
Summary of Stock Option Activit
Summary of Stock Option Activity (Details) - Equity Option [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Offsetting Assets [Line Items] | ||
Number of Shares Options Outstanding, Beginning Balance | 2,540,000 | 300,000 |
Weighted Average Exercise Price Outstanding, Beginning Balance | $ 0.22 | $ 8 |
Weighted Average Remaining Contractual Life Outstanding, Beginning | 4 years 6 months 7 days | 1 year |
Aggregate Intrinsic Value Outstanding, Beginning Balance | $ 1,074,245 | |
Number of Options, Granted | 310,000 | 4,040,000 |
Weighted Average Exercise Price, Granted | $ 0.85 | $ 1.62 |
Number of Options, Forfeited | (401,475) | (1,800,000) |
Weighted Average Exercise Price, Forfeited | $ 0.22 | $ 4.67 |
Number of Options, Exercised | (1,681,775) | |
Weighted Average Exercise Price, Exercised | $ 0.230 | |
Number of Shares Options Outstanding, Ending Balance | 766,750 | 2,540,000 |
Weighted Average Exercise Price Outstanding, Ending Balance | $ 0.44 | $ 0.22 |
Weighted Average Remaining Contractual Life Outstanding, Ending | 3 years 8 months 15 days | |
Aggregate Intrinsic Value Outstanding, Ending Balance | $ 162,791 | $ 1,074,245 |
Number of Shares Options, Exercisable | 503,250 | |
Weighted Average Exercise Price, Exercisable Ending Balance | $ 0.53 | |
Weighted Average Remaining Contractual Life, Exercisable | 3 years 9 months 3 days | |
Aggregate Intrinsic Value Outstanding, Exercisable Ending | $ 98,937 |
Schedule of Options Outstanding
Schedule of Options Outstanding by Exercise Price Range (Details) | Dec. 31, 2021$ / sharesshares |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options Outstanding | 766,750 |
Number of Options Exercisable | 503,250 |
Exercise Price Range One [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options Outstanding | 20,000 |
Exercise Price Outstanding | $ / shares | $ 0.210 |
Number of Options Exercisable | 20,000 |
Exercise Price Exercisable | $ / shares | $ 0.210 |
Exercise Price Range Two [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options Outstanding | 516,750 |
Exercise Price Outstanding | $ / shares | $ 0.215 |
Number of Options Exercisable | 310,125 |
Exercise Price Exercisable | $ / shares | $ 0.215 |
Exercise Price Range Three [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options Outstanding | 15,000 |
Exercise Price Outstanding | $ / shares | $ 0.220 |
Number of Options Exercisable | 5,000 |
Exercise Price Exercisable | $ / shares | $ 0.220 |
Exercise Price Range Four [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options Outstanding | 155,000 |
Exercise Price Outstanding | $ / shares | $ 0.530 |
Number of Options Exercisable | 108,125 |
Exercise Price Exercisable | $ / shares | $ 0.530 |
Exercise Price Range Five [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options Outstanding | 20,000 |
Exercise Price Outstanding | $ / shares | $ 0.940 |
Number of Options Exercisable | 20,000 |
Exercise Price Exercisable | $ / shares | $ 0.940 |
Exercise Price Range Six [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options Outstanding | 20,000 |
Exercise Price Outstanding | $ / shares | $ 2.120 |
Number of Options Exercisable | 20,000 |
Exercise Price Exercisable | $ / shares | $ 2.120 |
Exercise Price Range Seven [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options Outstanding | 20,000 |
Exercise Price Outstanding | $ / shares | $ 3.800 |
Number of Options Exercisable | 20,000 |
Exercise Price Exercisable | $ / shares | $ 3.800 |
Schedule of Fair Value of Optio
Schedule of Fair Value of Options Granted Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Risk-free interest rate | 0.33% | 0.28% |
Risk-free interest rate | 0.99% | 1.59% |
Expected life of the options | 5 years | 5 years |
Expected volatility | 180.00% | 195.00% |
Expected volatility | 195.00% | 212.00% |
Expected dividend yield | 0.00% | 0.00% |
Convertible Notes Payable [Member] | ||
Short-term Debt [Line Items] | ||
Risk-free interest rate | 0.76% | |
Risk-free interest rate | 1.25% | |
Expected life of the options | 5 years | |
Expected volatility | 180.00% | |
Expected volatility | 190.00% | |
Expected dividend yield | 0.00% | |
Loans Payable [Member] | ||
Short-term Debt [Line Items] | ||
Expected life of the options | 5 years | |
Expected volatility | 190.00% | |
Expected dividend yield | 0.00% | |
Risk-free interest rate | 1.08% |
Summary of Warrant Activity (De
Summary of Warrant Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||
Number of Shares, Warrants Outstanding Beginning | 1,631,250 | 1,631,250 |
Weighted Average Exercise Price, Warrants Outstanding Beginning | $ 4.08 | $ 4.08 |
Weighted Average Remaining Contractual Life, Warrants Outstanding Beginning | 2 years 4 months 17 days | 3 years 4 months 17 days |
Aggregate Intrinsic Value, Warrants Outstanding Beginning | ||
Number of Shares, Warrants Granted | 2,287,500 | |
Number of Shares, Warrants Forfeited | ||
Number of Shares, Warrants Exercised | ||
Weighted Average Exercise Price, Warrants Granted | $ 2.01 | |
Number of Shares, Warrants Outstanding Ending | 3,918,750 | 1,631,250 |
Weighted Average Exercise Price, Warrants Outstanding Ending | $ 2.87 | $ 4.08 |
Weighted Average Remaining Contractual Life, Warrants Outstanding Ending | 3 years 2 months 1 day | |
Aggregate Intrinsic Value, Warrants Outstanding Ending | ||
Number of Shares, Warrants Exercisable Ending | 3,918,750 | |
Weighted Average Exercise Price, Per Share Exercisable | $ 2.87 | |
Weighted Average Remaining Contractual Life, Warrants Exercisable | 3 years 2 months 1 day | |
Aggregate Intrinsic Value, Exercisable |
Schedule of Warrants Outstandin
Schedule of Warrants Outstanding by Exercise Price Range (Details) | Dec. 31, 2021$ / sharesshares |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Warrants Outstanding and Exercisable | 3,918,750 |
Exercise Price Range One [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Warrants Outstanding and Exercisable | 900,000 |
Exercise Price Outstanding and Exercisable | $ / shares | $ 0.93 |
Exercise Price Range Two [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Warrants Outstanding and Exercisable | 450,000 |
Exercise Price Outstanding and Exercisable | $ / shares | $ 2.10 |
Exercise Price Range Three [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Warrants Outstanding and Exercisable | 937,500 |
Exercise Price Outstanding and Exercisable | $ / shares | $ 3 |
Exercise Price Range Four [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Warrants Outstanding and Exercisable | 1,500,000 |
Exercise Price Outstanding and Exercisable | $ / shares | $ 4 |
Exercise Price Range Five [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Warrants Outstanding and Exercisable | 131,250 |
Exercise Price Outstanding and Exercisable | $ / shares | $ 5 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2021 | |
Class of Stock [Line Items] | |||
Capital stock shares authorized | 100,000,000 | ||
Common stock shares authorized | 90,000,000 | 90,000,000 | |
Common stock, par value | $ 0.000001 | $ 0.000001 | |
Preferred stock shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, par value | $ 0.000001 | $ 0.000001 | |
Conversion price percentage | 70.00% | ||
Stock Issued During Period, Value, New Issues | $ 50,000 | $ 275,000 | |
Number of shares issued for options exercised, value | $ 95,324 | ||
Weighted average fair value of options | $ 0.82 | $ 0.211 | |
Weighted average exercise price | $ 0.85 | $ 0.215 | |
Stock or Unit Option Plan Expense | $ 391,661 | $ 739,973 | |
Unamortized Stock Option Expense | 63,112 | ||
Fair value warrants | $ 1,992,474 | ||
Convertible Notes Payable [Member] | |||
Class of Stock [Line Items] | |||
Issued an aggregate warrants | 937,500 | ||
Fair value warrants | $ 1,823,926 | ||
Loans Payable [Member] | |||
Class of Stock [Line Items] | |||
Issued an aggregate warrants | 900,000 | ||
Fair value warrants | $ 791,921 | ||
Minimum [Member] | |||
Class of Stock [Line Items] | |||
Weighted average fair value of options | $ 1.11 | ||
Weighted average exercise price | $ 4 | ||
Acuitas Group Holdings, LLC [Member] | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 825,000 | ||
Stock Issued During Period, Value, New Issues | $ 3,240,600 | ||
Payment of Financing and Stock Issuance Costs | $ 3,240,600 | ||
Legal Settlements [Member] | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 256,250 | ||
Stock Issued During Period, Value, New Issues | $ 1,145,768 | ||
Convertible Note Payable [Member] | |||
Class of Stock [Line Items] | |||
Debt conversion, converted instrument, shares issued | 1,000,000 | ||
Debt conversion shares issued, value | $ 500,000 | ||
Stock Options [Member] | |||
Class of Stock [Line Items] | |||
Number of shares issued for options exercised | 333,250 | ||
Number of shares issued for options exercised, value | $ 95,324 | ||
Issuance of common stock for cashless exercise of stock options, shares | 1,273,050 | ||
Issuance of common stock for cashless exercise of stock options | $ 1,348,525 | ||
Board of Director [Member] | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 100 | ||
Shares issued price per share | $ 0.50 | ||
Stock Issued During Period, Value, New Issues | $ 50,000 | ||
Investors [Member] | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 600 | ||
Three Investors [Member] | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 125,000 | ||
Stock Issued During Period, Value, New Issues | $ 275,000 | ||
Common stock aggregate shares | 2,553,571 | ||
Board of Directors Chairman [Member] | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Value, New Issues | $ 25,000 | ||
Series B Convertible Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, shares redemption | 230,375 | ||
Series B Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, shares redemption | 230,550 | 230,550 | 230,375 |
Preferred stock, par value | $ 0.000001 | $ 0.000001 | |
Warrant grants right to purchase | 93,750 | ||
Common stock exercise price | $ 3 | ||
Common Stock, Convertible, Conversion Price, Increase | $ 3 | ||
Preferred stock, redemption price per share | $ 10 | $ 10 | |
Proceeds from Financing Activities | $ 10,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Ownership percentage | 5.00% | |
Proceeds from Related Party Debt | $ 503,766 | $ 250,000 |
Repayments of Related Party Debt | 603,766 | 150,000 |
Accounts Payable, Current | 3,784,315 | 1,157,299 |
Chief Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | 32,173 | |
Accounts Payable, Current | 324,920 | |
Insurance Brokerage Firm [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Expenses from Transactions with Related Party | 2,321,186 | |
Accounts Payable, Related Parties | 265,257 | |
Executive Chairman [Member] | ||
Related Party Transaction [Line Items] | ||
Proceeds from Related Party Debt | 503,767 | |
Repayments of Related Party Debt | 503,767 | |
Former CEO [Member] | ||
Related Party Transaction [Line Items] | ||
Repayments of Related Party Debt | $ 100,000 | |
Due to Related Parties | $ 100,000 |
Schedule of Reconciliation Betw
Schedule of Reconciliation Between Effective and Statutory Income Tax Rates (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rates, amount | $ (3,146,825) | $ (735,436) |
Federal statutory rates, percentage | 21.00% | 21.00% |
State income taxes, amount | $ (1,048,941) | $ (245,145) |
State income taxes, percentage | 7.00% | 7.00% |
Permanent differences, amount | $ 1,842,891 | $ 335,916 |
Permanent differences, percentage | (12.30%) | (9.60%) |
Valuation allowance against net deferred tax assets, amount | $ 2,352,875 | $ 644,665 |
Valuation allowance against net deferred tax assets, percentage | (15.70%) | (18.40%) |
Effective rate, amount | ||
Effective rate, percentage | 0.00% | 0.00% |
Schedule of Significant Compone
Schedule of Significant Components of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operation loss carryforwards | $ 5,262,153 | $ 3,173,878 |
Accrued expenses | 314,805 | 50,205 |
Total deferred income tax asset | 5,576,958 | 3,224,084 |
Less: valuation allowance | (5,576,958) | (3,224,084) |
Total deferred income tax asset |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 2,352,875 | $ 644,655 |
Deferred Tax Assets, Valuation Allowance | 5,576,958 | 3,224,084 |
Unrecognized Tax Benefits | 0 | $ 0 |
Operating Loss Carryforwards | $ 18,800,000 | |
Operating Loss Carryforwards Expiration Year | 2031 |
Contingencies (Details Narrativ
Contingencies (Details Narrative) - ElBatrawis [Member] | 1 Months Ended |
Nov. 29, 2021USD ($)$ / sharesshares | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Stock Issued During Period, Shares, Purchase of Assets | 20,000 |
[custom:PlaintiffAcquireShares] | 20,000 |
[custom:PlaintiffStockDropped] | $ / shares | $ 1.90 |
Loss Contingency, Damages Paid, Value | $ | $ 94,420 |
Settlements (Details Narrative)
Settlements (Details Narrative) - Settlement Agreement [Member] - USD ($) | Jan. 13, 2022 | Feb. 11, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Settlement | $ 1,000,000 | |
FirstFire Global Opportunities Fund, LLC [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Number of shares sold | 150,000 | |
Sale of stock price per share | $ 0.066667 | |
Aggregate amount | $ 10,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) | Jan. 02, 2022 | Jan. 01, 2022 |
Subsequent Event [Line Items] | ||
Common stock shares issued | 27,400,000 | |
Proceeds from Issuance of Common Stock | $ 13,700,000 | |
Conversion of shares | 6,310,000 | |
Warrant exercise price | 450,000 | |
Common stock warrants | 900,000 | |
Warrant One [Member] | ||
Subsequent Event [Line Items] | ||
Warrant exercise price | 450,000 | |
Warrant adjusted exercise price | 711,656 | |
Stock Option, Exercise Price | $ 1.33 | |
Warrant Two [Member] | ||
Subsequent Event [Line Items] | ||
Warrant exercise price | 900,000 | |
Warrant adjusted exercise price | 1,174,311 | |
Stock Option, Exercise Price | $ 0.71 | |
Series B Preferred Stock [Member] | ||
Subsequent Event [Line Items] | ||
Conversion of shares | 220,850 | |
Remaining outstanding shares | 9,525 |