Boxabl 10-K 1 Apr 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 29, 2024
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	000-56579
Entity Registrant Name	BOXABL Inc.
Entity Central Index Key	0001816937
Entity Tax Identification Number	85-2511929
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	5345 E. N. Belt Road
Entity Address, City or Town	North Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89115
City Area Code	(702)
Local Phone Number	500-9000
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	$ 861,010,546
Entity Common Stock, Shares Outstanding		3,000,000,000
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	3501
Auditor Name	dbbmckennon
Auditor Location	San Diego, California
Non Voting Series A-3 Preferred Stock 0.00001 Par Value [Member]
Title of 12(g) Security	Non-Voting Series A-3 Preferred Stock, $0.00001 par value
Non Voting Series A-2 Preferred Stock 0.00001 Par Value [Member]
Title of 12(g) Security	Non-Voting Series A-2 Preferred Stock, $0.00001 par value
Non Voting Series A-1 Preferred Stock 0.00001 Par Value [Member]
Title of 12(g) Security	Non-Voting Series A-1 Preferred Stock, $0.00001 par value
Non Voting Series A Preferred Stock 0.00001 Par Value [Member]
Title of 12(g) Security	Non-Voting Series A Preferred Stock, $0.00001 par value
Common Stock 0.00001 Par Value [Member]
Title of 12(g) Security	Common Stock, $0.00001 par value

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 18,574,000	$ 9,025,000
Short-term investments	27,685,000	74,385,000
Accounts receivable	26,000
Inventory	18,694,000	8,243,000
Other current assets	676,000	502,000
Total current assets	65,655,000	92,155,000
Property, equipment and other assets:
Long-term investments	2,777,000	1,461,000
Restricted cash	3,758,000
Property and equipment, net	10,766,000	7,738,000
Intangible assets, net	369,000
Right of use assets	13,238,000	3,686,000
Deposits on equipment	9,822,000	3,902,000
Deposits	1,140,000	1,140,000
Total property, equipment, and other assets	41,870,000	17,927,000
Total assets	107,525,000	110,082,000
Current liabilities:
Accounts payable	2,349,000	1,282,000
Customer deposits	3,987,000	4,257,000
Deferred revenue	2,684,000	1,505,000
Lease liability- current	3,182,000	1,000,000
Subscription liability	451,000
Accrued expenses and other current liabilities	1,864,000	1,127,000
Total current liabilities	14,517,000	9,171,000
Long-term liabilities:
Lease liability - long-term	10,661,000	3,091,000
Total liabilities	25,178,000	12,262,000
Commitments and contingencies -- See note 11
Stockholders’ equity:
Common Stock $0.00001 par, 6.6 billion shares authorized, 3.00 and 3.00 billion shares issued and outstanding as of December 31, 2023 and December 2022, respectively	300,000	300,000
Additional paid-in capital	11,818,000	3,089,000
Accumulated deficit	(667,486,000)	(627,960,000)
Total stockholders’ equity	82,347,000	97,820,000
Total liabilities and stockholders’ equity	107,525,000	110,082,000
Series A Preferred Stock [Member]
Stockholders’ equity:
Preferred Stock, value	2,671,000	2,671,000
Series A-1 Preferred Stock [Member]
Stockholders’ equity:
Preferred Stock, value	630,251,000	630,251,000
Series A-2 Preferred Stock [Member]
Stockholders’ equity:
Preferred Stock, value	100,773,000	89,469,000
Series A-3 Preferred Stock [Member]
Stockholders’ equity:
Preferred Stock, value	$ 4,020,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, shares authorized	13,400,000,000
Preferred stock, shares issued	1,227,102,000
Preferred stock, shares outstanding	1,227,102,000
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	6,600,000,000	6,600,000,000
Common stock, shares issued	3,000,000,000	3,000,000,000
Common stock, share outstanding	3,000,000,000	3,000,000,000
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	250,000,000	250,000,000
Preferred stock, shares issued	194,422,511	194,422,511
Preferred stock, shares outstanding	194,422,511	194,422,511
Series A-1 Preferred Stock [Member]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	1,100,000,000	1,100,000,000
Preferred stock, shares issued	850,380,223	850,380,223
Preferred stock, shares outstanding	850,380,223	850,380,223
Series A-2 Preferred Stock [Member]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	2,050,000,000	2,050,000,000
Preferred stock, shares issued	173,955,898	120,868,572
Preferred stock, shares outstanding	173,955,898	120,868,572
Series A-3 Preferred Stock [Member]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	8,750,000,000	8,750,000,000
Preferred stock, shares issued	8,343,400	0
Preferred stock, shares outstanding	8,343,400	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 344	$ 10,868
Cost of goods sold	10,556	23,668
Gross loss	10,212	12,800
Operating expenses:
General and administrative	14,855	10,391
Sales and marketing	8,401	6,523
Research and development	8,292	3,377
Total operating expenses	31,548	20,291
Loss from operations	41,760	33,091
Other expense/(income):
Interest income	(3,119)	(530)
Other income	(107)	(48)
Loss on disposal of assets	992
Extinguishment of debt		578,971
Forgiveness of Debt		911
Total expense/income:	(2,234)	579,304
Provision for income taxes
Net loss Attributed to Common Stockholders	$ 39,526	$ 612,395
Weighted average common shares outstanding -
Weighted average common shares outstanding - basic	3,000,000	3,000,000
Weighted average common shares outstanding - diluted	3,000,000	3,000,000
Net loss per common share - basic	$ 0	$ 0
Net loss per common share - diluted	$ 0	$ 0

Consolidated Statements of Chan

Consolidated Statements of Changes to Stockholders' Equity (Deficit) - USD ($)	Series A-3 Preferred Stock [Member] Preferred Stock [Member]	Series A-2 Preferred Stock [Member] Preferred Stock [Member]	Series A-1 Preferred Stock [Member] Preferred Stock [Member]	Series A Preferred Stock [Member] Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021			$ 4,499	$ 2,589	$ 300	$ 1,379	$ (15,565)	$ (6,798)
Balance, shares at Dec. 31, 2021			68,097	188,509	3,000,000
Issuance of Series A Preferred Stock				$ 83,000				83,000
Issuance of Series A Preferred Stock, shares				5,914
Issuance of Series A-1 Preferred Stock			$ 593,000					593,000
Issuance of Series A-1 Preferred Stock, shares			742
Conversion of convertible notes			$ 625,233,000					625,233,000
Conversion of convertible notes, shares			781,541
Issuance of Series A-2 Preferred Stock		$ 94,968,000						94,968,000
Issuance of Series A-2 Preferred Stock, shares		120,869
Offering Costs		$ (5,499,000)	(74,000)	(1,000)				(5,574,000)
Stock based compensation						1,710,000		1,710,000
Net Loss							(612,395,000)	(612,395,000)
Balance at Dec. 31, 2022		$ 89,469,000	$ 630,251,000	$ 2,671,000	$ 300,000	3,089,000	(627,960,000)	97,820,000
Balance, shares at Dec. 31, 2022		120,869	850,380	194,423	3,000,000
Issuance of Series A-2 Preferred Stock		$ 12,024,000						12,024,000
Issuance of Series A-2 Preferred Stock, shares	8,343	15,587
Offering Costs	$ (163,000)	$ (995,000)						(1,158,000)
Stock based compensation						8,729,000		8,729,000
Net Loss							(39,526,000)	(39,526,000)
Issuance of Series A-3 Preferred Stock	4,184,000							4,184,000
Common Control Transaction		30,000,000						30,000,000
Common Control Transaction, shares		37,500
Deemed Dividend		(29,725,000)						(29,725,000)
Balance at Dec. 31, 2023	$ 4,020,000	$ 100,773,000	$ 630,251,000	$ 2,671,000	$ 300,000	$ 11,818,000	$ (667,486,000)	$ 82,347,000
Balance, shares at Dec. 31, 2023	8,343,000	173,956,000	850,380,000	194,423,000	3,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash Flows From Operating Activities:
Net loss	$ (39,526,000)	$ (612,395,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Forgiveness of PPP loan		49
Depreciation and amortization	2,375,000	1,200,000
Stock based compensation expense	8,729,000	1,710,000
Extinguishment of debt		578,971,000
Net gains on investments	(3,119,000)	(448,000)
Loss on disposal of Assets	992,000
Changes in Operating Assets and Liabilities:
Accounts receivable	(26,000)	489,000
Inventories	(10,451,000)	536,000
Other current assets	(173,000)	(3,327,000)
Accounts payable	1,067,000	(110,000)
Deferred revenue	1,179,000	(3,962,000)
Customer deposits	(270,000)	2,429,000
Accrued Expenses and other current liabilities	736,000	798,000
Right of use assets/Liabilities	199,000	(29,000)
Accrued interest on convertible notes		911,000
Net cash used in operating activities	(38,288,000)	(33,276,000)
Cash Flows From Investing Activities:
Purchase of property and equipment and deposits	(12,366,000)	(6,996,000)
Deposits		(615,000)
Purchase of intangible assets	(45,000)
Purchase of investments	(44,969,000)	(94,584,000)
Sale of investments	93,472,000	19,186,000
Net cash provided by (used in) investing activities	36,092,000	(83,009,000)
Cash Flows From Financing Activities:
Proceeds from convertible promissory notes payable		14,405,000
Offering costs		(5,561,000)
Proceeds from sale of preferred stock	15,052,000	95,050,000
Subscription liability	451,000
Net cash provided by financing activities	15,503,000	103,894,000
Change in cash, cash equivalents, and restricted cash	13,307,000	(12,391,000)
Cash and cash equivalents, beginning of year	9,025,000	21,416,000
Cash, cash equivalents, and restricted cash end of year	22,332,000	9,025,000
Supplemental disclosures of cash flow information:
Cash paid for interest
Cash paid for income taxes
Non-cash investing and financing activities:
Deposits in Escrow		61,000
Purchase of equipment in accounts payable		155,000
Acquisition of patents with Series A-2	272,000
Deemed dividend	(29,725,000)
Conversion of notes payable and accrued interest to preferred stock		$ 46,858,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure [Table]
Net Income (Loss) Attributable to Parent	$ (39,526)	$ (612,395)

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

INCORPORATION AND NATURE OF OPE

INCORPORATION AND NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
INCORPORATION AND NATURE OF OPERATIONS	NOTE 1- INCORPORATION AND NATURE OF OPERATIONS BOXABL Inc., is a Nevada (“C”) corporation originally organized as a Nevada limited liability company, on December 2, 2017. The corporation converted from a Nevada limited liability company to a Nevada corporation on June 16, 2020. The consolidated audited financial statements of BOXABL Inc., (which may be referred to as the “Company”, “BOXABL”, “we”, “us” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s headquarters are in Las Vegas, Nevada. BOXABL Inc., is building a new type of home using modern manufacturing processes. Its product results in sustainable high quality residential buildings at lower cost, benefiting from mass production practices, resolving the problems of labor shortages, and reducing the carbon footprint by using less building material. The Company has also developed patented shipping technology, allowing it to serve large geographic areas from one factory.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying audited consolidated financial statements of the Company are expressed in US dollars, with amounts rounded to the nearest Thousandth (‘000’) as indicated by K. The Company’s fiscal year end is December 31. The Company is an “emerging growth company,” as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as modified by the Jumpstart Our Business Start-ups Act of 2012 (the “JOBS Act”). Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Exchange Act for complying with new or revised accounting standards applicable to public companies. An emerging growth company may delay the adoption of certain accounting standards until those standards would otherwise apply to non-public companies. The Company has elected to take advantage of this extended transition period and as a result, the Company may not adopt new or revised accounting standards on effective dates as they are applicable to public companies. Principles of Consolidation The consolidated financial statements presented include the accounts of the Company and its consolidated subsidiaries. Intercompany balances and transactions between consolidated entities have been eliminated. On June 15, 2023, the Company completed an all-stock statutory merger with 500 Group, an entity previously owned by the Company’s founder and CEO, Paolo Tiramani. The consolidated financial statements include the accounts of 500 Group from June 15, 2023. See Note 6 – Intangible Assets. Prior Period Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. The Company reclassified deposits on inventory, prepaid expenses, and deposits in escrow as other current assets within the consolidated balance sheet and statement of cash flows. - The Company recorded an additional 2,057 1,646 Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures in the consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates. These estimates form the basis for judgements the Company makes about the carrying values of its assets and liabilities, which are not readily apparent from other sources. These estimates are based on information available as of the date of the consolidated financial statements, including historical information and various other assumptions that the Company believes are reasonable under the circumstances. Actual results could differ materially from these estimates. Risks and Uncertainties The Company’s business and operations are sensitive to general business and economic conditions in the US and worldwide along with local, state, and federal governmental policy decisions. A host of factors beyond the Company’s control could cause fluctuations in these conditions. Adverse conditions may include recession, downturn or otherwise, government policies. These adverse conditions could affect the Company’s financial condition, results of its operations and cash flows. Management’s Plan The Company incurred a net loss of $ 39,526 612,395 The continuing viability of the Company and its ability to continue as a going concern is dependent on the Company being successful in its continued efforts in growing its revenue and/or accessing additional sources of capital. Management’s plan to address this need includes, (a) continued exercise of tight controls to conserve cash, (b) accelerating sales of Casitas to generate revenue, and (c) obtaining additional equity financing. The Company anticipates current capital on hand and expected future funding will be sufficient to fund the Company’s operations in excess of twelve months. There are no assurances that our plans will be successful. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: ● Level 1 – Valuations based on quoted prices for identical assets and liabilities in active markets. Level 1 assets consist of investments. ● Level 2 – Valuations based on observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. ● Level 3 – Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. The Company valued its employee stock options (NQSO’s and ISO’s) and stock grants (RSU’s) at grant date fair value using a Level 3 mark. See Note 9 – Stockholders Equity (Deficit): Stock Based Compensation. Cash and Cash Equivalents The Company classifies all highly liquid instruments with an original maturity of three months or less as cash equivalents. Due to the maturity of cash equivalents, the carrying amounts of these instruments approximate their fair values. Restricted Cash and Deposits On June 1, 2023, the Company was required to obtain a letter of credit to make a Security Deposit related to the expansion of premises of $ 3,714 3,758 0 Marketable Debt Securities The Company generally invests its excess cash into Marketable debt securities, which consist of short-term and long-term investments in US treasury bills and notes that are classified as held-to-maturity. Short-Term Investments in U.S. Treasury Notes, Held-to-Maturity Short-term investments in U.S. treasury notes include U.S Treasury notes with maturities of less than 12 months. The realized and unrealized gains and losses on short-term investments in US treasury notes are determined using the specific identification method. If a US treasury note has an unrealized loss and we either intend to sell the security or it is more likely than not that we will be required to sell the security before its anticipated recovery, we will record an impairment charge to investment and other income (expense), net for the entire amount of the unrealized loss and adjust the amortized cost basis of the security. Long-Term Investments in U.S. Treasury Notes, Held-to-Maturity Long-term investments in U.S. treasury notes include U.S Treasury notes with maturities of 12 months or more. The realized and unrealized gains and losses on long-term investments in US treasury notes are determined using the specific identification method. If a US treasury note has an unrealized loss and we either intend to sell the security or it is more likely than not that we will be required to sell the security before its anticipated recovery, we will record an impairment charge to investment and other income (expense), net for the entire amount of the unrealized loss and adjust the amortized cost basis of the security. Accounts Receivable Accounts receivable are recorded at the net realizable value. The Company estimates credit losses on receivables based on its expected losses, including the Company’s historical experience of actual losses. Receivables are considered uncollectable and written-off when it is probable that all contractual payments due will not be collected in accordance with the terms of the agreement. For the period ending December 31, 2023 and 2022, bad debt expense was $ 23 0 Inventory Inventory consists of raw materials, in-bound freight and duties, work in progress, and finished goods. Inventories available for sale are valued at the lower of cost or net realized value. Cost is determined using the weighted average method. This valuation requires us to make judgments, based on currently available information, about the likely method of disposition, such as through sales to individual customers, bulk sales, and the expected recoverable values for each disposition category. On a periodic basis, the Company performs a physical count of its inventory and records an Inventory Valuation Allowance for inventory that has become obsolete or inventory that has a cost basis in excess of the expected net realizable value. Damaged and obsolete inventory are valued based on management’s best estimate and any difference charged to expense. The inventory valuation allowance, representing a write-down of inventory, was $ 1,424 891 Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Expenditures for maintenance, repairs, and minor improvements are charged to expense as incurred. When property and equipment are 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 our consolidated statement of operations. Major improvements with economic lives greater than one year are capitalized. Depreciation is computed using the straight-line method over the following estimated useful lives: SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT Software, computers and other peripheral equipment 3 Furniture and fixtures 7 Machinery and equipment 5 15 Tenant improvements 2 5 Vehicles 5 Casita fixed assets 25 The Company reviews the carrying values of its long-lived assets for possible impairment annually, or more frequently whenever events or changes in circumstances, such as discontinuance or technological obsolescence, indicate that the carrying amount of the assets may not be recoverable. As a result of the Company’s physical count of inventory, we identified machinery and equipment that was damaged or obsolete which generated an impairment. Disposal of asset charges were $ 992 0 Intangible Assets The Company evaluates its intangible assets for impairment annually, or more frequently whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company utilizes a qualitative assessment to evaluate whether it is more likely than not that the fair value of an intangible asset is less than its carrying value, and if so, the Company will perform a quantitative test. An impairment loss is recognized if the carrying value exceeds the fair value. The Company did no Revenue Revenue is measured based on the amount of consideration that we expect to receive, reduced by allowance for estimated returns, chargebacks, promotional discounts, markdowns, and rebates based on Management’s estimates and the Company’s historical experience. Revenue also excludes any amounts collected on behalf of third parties, including sales and indirect taxes. In arrangements where we have multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price. We generally determine stand-alone selling prices based on the prices charged to customers. The Company determines revenue recognition through the following steps in accordance with ASC Topic 606, Revenue from Contracts with Customers: - Identification of a contract with a customer. - Identification of the performance obligations in the contract. - Determination of the transaction price. - The customer has the ability and intent to pay the contractual amount. - Allocation of the transaction price to the performance obligations in the contract. - Recognition of revenue when or as the performance obligations are satisfied. Revenues are recognized when performance obligations are satisfied through the transfer of “Boxes,” services or parts to the Company’s customers. Generally, control transfers upon shipment of the Casita to the customer and considers the transfer of legal title and risk and rewards of ownership to the Customer. Occasionally, performance obligations for the Company may also include the delivery, installation and other services. The Company records a liability for customer deposits received prior to delivery of the Casita or fulfilment of the service. The liability is relieved, with revenue being recognized once the performance obligations to the customer are satisfied. Non-Committed Customer Deposits The Company collects customer deposits to reserve for the purchase of a Casita. The Company has received $ 3,987 4,257 8,500 7,700 The Company held deposits ranging between $ 100 5,000 8,500 Cost of Goods Sold Cost of goods sold consists primarily of the cost of products used in the production of the Company’s finished products, inbound and outbound shipping costs, the related labor, and overhead charges associated with that production. On a periodic basis, the Company performs a physical count of its inventory and records an Inventory Valuation Allowance for inventory that has become obsolete or inventory that has a cost basis in excess of the expected net realizable value. Damaged and obsolete inventory are valued based on management’s best estimate and any difference charged to expense. Advertising and Promotion The Company incurs third party advertising costs as well as payroll-related costs for its marketing personnel engaged in promotional activities. Advertising and promotion costs to market our products and services are expensed as incurred. Certain Marketing costs related to the issuance of the Company’s securities are accounted for as a reduction to the proceeds from the equity offering, and not included in sales and marketing expense. Advertising and promotion expense for the years ended December 31, 2023 and 2022 amounted to approximately $ 1,936 and $ 5,446 , respectively, which was included in sales and marketing expense, on the Company’s consolidated statement of operations. The Marketing Costs accounted for as a reduction to the proceeds of the equity offering were $ 125 Research and Development Research and development costs consisting of design, materials, and consultants related to prototype and process improvements and developments are expensed as incurred. Total research and development costs increased by $ 4,915 Warranty Provision The Company offers its customers warranties on products sold for a period of up to 10 570 570 Concentration of Credit Risk Cash and Cash Equivalents: Financial instruments that potentially expose the Company to a concentration of credit risk consist primarily of cash and cash equivalents. Cash and cash equivalents are maintained at high quality financial institutions. During the years ended December 31, 2023 and 2022, the Company’s deposits exceeded the Federal Deposit Insurance Corporation (FDIC) limit. The Company has not experienced any losses with respect to its cash balances. Based upon assessment of the financial condition of these institutions, management considers that the risk of loss of any uninsured balances do not have a significant impact on the Company’s operations. Inventory: The Company imports certain materials from overseas vendors. Consequently, the Company’s ability to purchase and the costs of its products are subject to political, social, and economic situations, both in the United States and abroad. The loss of one or more vendors should not have a material impact on the Company’s operations as replacement vendors or substitute components can be identified. Customers: During 2023 and 2022, revenues from four customers were approximately 83 95 100 100 Income Taxes The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes. ASC 740 requires a company to use the asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Basic and Diluted Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period, excluding shares subject to redemption or forfeiture. Diluted net loss per share reflects the actual weighted average of common shares issued and outstanding during the period plus potential common shares. Stock options and convertible instruments are considered potential common shares and are included in the calculation of diluted net loss per share when their effect is dilutive. As all potentially dilutive securities are anti-dilutive as of December 31, 2023 and 2022, diluted net loss per share is the same as basic net loss per share for each year. SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES OUTSTANDING 2023 2022 As of December 31, (In Thousands) 2023 2022 Series A Preferred Stock 194,423 194,423 Series A-1 Preferred Stock 850,380 850,380 Series A-2 Preferred Stock 173,956 120,869 Series A-3 Preferred Stock 8,343 - Restricted Stock Units 60,500 61,288 Stock Options 55,236 17,857 Stock Warrants 10,460 - Potentially Dilutive Shares 1,353,298 1,244,817 Stock-Based Compensation The Company applies ASC 718 for its Stock-Based Compensation. Compensation for all stock-based awards, including stock options and restricted stock, are measured at fair value on the date of grant and recognized over the associated vesting periods. The fair value of stock options is estimated on the date of grant using a Black-Scholes model. The fair value of restricted stock awards is estimated on the date of the grant based on the fair value of the Company’s underlying common stock. For stock options and restricted stock awards subject to a three-year vesting period, the Company recognizes compensation expense over the associated service periods. Determining the grant date fair value of options using the Black-Scholes option-pricing model requires management to make assumptions and judgments. These estimates involve inherent uncertainties and, if different assumptions had been used, stock-based compensation expense could have been materially different from the amounts recorded. Leases The Company leases some items of property, plant and equipment, including manufacturing and office space. On the lease commencement date, a lease is classified as a finance lease or an operating lease based on the classification criteria of the lease guidance under U.S. GAAP. As of January 1, 2022, the Company adopted Financial Accounting Standard Board (“FASB”) ASC Topic 842 Leases (“ASC 842”) and applied the lease classification criteria contained therein for any new leases. Upon adoption of ASC 842, the Company recorded right-of-use (“ROU”) assets for all of its leased assets classified as operating leases. The Company has no finance leases. The ROU assets were computed as the present value of future minimum lease payments, including additional payments resulting from a change in an index such as a consumer price index or an interest rate, plus any prepaid lease payments minus any lease incentives received. Contingencies The Company is involved in lawsuits, claims, and proceedings, including those identified below, which arise in the ordinary course of business. In accordance with the FASB ASC Topic 450 Contingencies, the Company will make a provision for a liability when it is both probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company believes it has adequate provisions for any such matters. The Company reviews these provisions in conjunction with any related provisions on assets related to the claims at least quarterly and adjusts these provisions to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other pertinent information related to the case. Should developments in any of these matters outlined below cause a change in the Company’s determination as to an unfavorable outcome and result in the need to recognize a material provision, or, should any of these matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on the Company’s results of operations, cash flows, and financial position in the period or periods in which such a change in determination, settlement or judgment occurs. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU 2023-09”) amending existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company is currently evaluating this ASU to determine its impact on the Company’s income tax disclosures. In November 2023, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU 2023-07”) amending existing segment disclosure guidance, primarily requiring quarterly disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”), requiring disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU should be applied on a retroactive basis, to all prior periods presented in the financial statements. The Company is currently evaluating this ASU to determine the impact on the Company’s Segment disclosures. In October 2023, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU 2023-06”) amending the disclosure or presentation requirements for a variety of Topics. Many of the amendments align the requirements in the Codification with the SEC’s regulations. The ASU is effective on the date on which the SEC removes the related disclosure from Regulation S-X or Regulation S-K, with early adoption prohibited. The Company is currently evaluating this ASU on the Company’s disclosures. In March 2023, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU 2023-01”) amending guidance for lessees that are party to a lease between entities under common control. The ASU is effective for annual reporting periods beginning after December 15, 2023, with early adoption permitted. It must be applied on a prospective basis. The Company is currently evaluating this ASU to determine its impact on the Company’s lease and related party disclosures. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances. Management does not believe that any other recently issued, but not yet effective, accounting standards have a material effect on the accompanying consolidated financial statements.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2023
Investments, All Other Investments [Abstract]
INVESTMENTS	NOTE 3 – INVESTMENTS As of December 31, 2023, and 2022, investments in securities consists of US Treasury Notes carried at cost, consisting of the following: SCHEDULE OF INVESTMENT IN SECURITIES 2023 2022 December 31, (In Thousands) 2023 2022 Investments in short-term U.S. Treasury Notes $ 27,685 $ 74,385 Investments in long-term U.S. Treasury Notes 2,777 1,461 Total investments in U.S. Treasury Notes $ 30,462 $ 75,846 The Long-Term Investments include maturities extending beyond 12 months. The cost basis of investments held is determined by the Company using the specific identification method. Gains and losses on sale of investments, interest and unrealized gains are all reported within Interest Income on the Statement of Operations.

INVENTORY, NET

INVENTORY, NET	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
INVENTORY, NET	NOTE 4 – INVENTORY, NET As of December 31, 2023 and 2022, inventory consists of the following: SCHEDULE OF INVENTORY 2023 2022 December 31, (In Thousands) 2023 2022 Raw material $ 3,346 $ 4,550 Inventory in-transit 273 - Work-in progress 255 183 Finished goods 14,820 3,510 Total inventory $ 18,694 $ 8,243 Inventories are written down for any obsolescence or when the net realizable value considering future events and conditions is less than the carrying value. For the years ended December 31, 2023, and 2022, the Company recorded $ 721 K and $ 2,266 K related to obsolete and damaged inventory in cost of goods sold on the consolidated statements of operations.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	NOTE 5 – PROPERTY AND EQUIPMENT, NET The Company’s property and equipment consists of the following amounts for the years ended December 31, 2023 and 2022: SCHEDULE OF PROPERTY AND EQUIPMENT 2023 2022 December 31, (In Thousands) 2023 2022 Software, computers and other peripheral equipment $ 266 $ 619 Furniture and fixtures 182 164 Machinery and equipment 8,754 5,327 Tenant improvements 2,397 1,930 Vehicles 726 682 Casita fixed assets 825 512 Construction in-progress 690 - Property and equipment, gross 13,840 9,234 Less: Accumulated depreciation (3,074 ) (1,496 ) Property, plant and equipment - net $ 10,766 $ 7,738 Depreciation During the years ended December 31, 2023 and 2022, the Company recognized $ 1,937 1,200 Deposits on Equipment As of December 31, 2023 and 2022, the Company paid $ 9,822 3,901 3,273 6,239 Disposal of Equipment During the year ended December 31, 2023, and 2022 the Company disposed $ 992 0 1,698 Construction In-Progress The Company recorded $ 690 0

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 6 – INTANGIBLE ASSETS On June 15, 2023, the Company engaged in an all-stock statutory merger with 500 Group, Inc., a Nevada corporation (“500 Group”) and its subsidiary Build IP. The Company exchanged 37,500 30,000 0.80 272 29,725 1 Intellectual Property The Company recorded intellectual property of $ 272 398 K and $ 0 , respectively. The Company also recorded amortization expense related to these patents of $ 50 K. The useful life of the patents is either the stated expiration date, or 14 years, whichever is more easily determined.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
DEBT	NOTE 7 – DEBT PPP Loan In March 2021, the Company obtained a PPP loan in the amount of $ 49 Convertible Notes Payable On November 17, 2020, the Company commenced an offering of convertible promissory notes pursuant to Rule 506(c) Regulation D, seeking to raise up to $ 50,000 10.0 March 31, 2023 As of April 1, 2022, the gross amount of the convertible promissory note was $ 44,852 2,058 On April 1, 2022, in connection with the Company’s launch of their Regulation A offering, all convertible promissory notes were converted into 781,541 50 90 5,884 360 12 911 578,971 Due to the delays in the launch of the Company’s Regulation A offering whereby management increased the per share offering price during that time, management determined that the conversion price of the convertible notes would be modified to a conversion price which closely resembled management’s estimate of the fair value of the security at the time when the convertible notes were issued. Initial conversion rates: SCHEDULE OF INITIAL CONVERSION RATES Convertible Category Convert Rate Price Per Share Category Criteria 10% Discount Note 90 % $ 0.07 $ 0 - $99,999 Principal 20% Discount Note 80 % 0.06 $ 100,000 - $999,999 Principal 30% Discount Note 70 % 0.06 $ 1,000,000+ Principal 25% Discount Note 75 % 0.06 Original Terms - General 50% Discount Note 50 % 0.04 Original Terms - Strategic The Company’s outstanding Convertible Note balance was $ 0 0

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASES	NOTE 8 – LEASES Leases with an initial term of less than 12 months are not recorded on the consolidated balance sheets. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Most leases include one or more options to renew, with renewal terms that can extend the lease term. The Company has determined that it was reasonably certain that the renewal options would be exercised based on previous history and knowledge, current understanding of future business needs and the level of investment in leasehold improvements, among other considerations. The incremental borrowing rate used in the calculation of the lease liability is based on the rate available to the Company. The depreciable life of assets and leasehold improvements are limited by the expected lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Certain subsidiaries of the Company rent or sublease certain office space to/from other subsidiaries of the Company. Maturities of lease liabilities for operating leases as of December 31, 2023, were as follows: SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES (In Thousands) Period ending December 31, Fiscal Year 2024 $ 3,854 2025 3,997 2026 3,839 2027 2,102 2028 1,509 Thereafter 258 Total lease payments $ 15,559 Less: Imputed interest (1,716 ) Total lease liability $ 13,843 As of December 31, 2023, the weighted average remaining lease term was 3.8 4 A lease liability was also recorded at the same time. No ROU asset is recorded for leases with a lease term, including any reasonably assured renewal terms, of 12 months or less. Upon adoption of ASC 842, the Company also recorded lease liabilities computed as the present value of future minimum lease payments, including reductions from any landlord incentives, plus any additional direct costs from executing the leases. Lease liabilities are amortized using the effective interest method using a discount rate of 4 During the years ended December 31, 2023, and 2022, rent expenses totaled $ 3,859 1,196 Sublease Pursuant to an agreement dated April 12, 2023, but effective as of January 1, 2023, the Company has leased to Supercar System four support squares located in the Company’s main property located at 5435 E. N. Belt Road, Las Vegas, Nevada for $ 7

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS SCHEDULE OF RELATED PARTY TRANSACTIONS IN FINANCIAL STATEMENTS 2023 2022 December 31, 2023 2022 Consolidated Statement of Operations Rental income $ 89 $ 64 Royalty expense - 110 Professional fees 93 210 Consolidated Balance Sheets Accounts payable - 60 Preferred Stock 1,719 1,719 Acquisition of patents 272 - The Company had the following transactions with related parties: (1) The Company has a contract with the majority shareholder and CEO to share certain costs related to office space, support staff, and consultancy services. (2) The Company entered into an exclusive license agreement with Build IP LLC, an entity controlled by the Company’s majority shareholder and CEO. Under the terms of the agreement, Build IP LLC agreed to license its structure, transport, and trademark patents to the Company in exchange for a quarterly royalty payment of 1 See Note 6 – Intangible Assets. (3) The Company incurred professional expenses related to a former member of the Board of Directors for providing consulting services. (4) As of December 31, 2023 and 2022, the Company had 26,726 427 5,884 372 12,834 920 See Note 10 – Stockholders Equity (Deficit). At times, the Company utilizes credit cards for operational purchases. The credit card was initially established by creating a business account under the Company’s Chief Executive Officer credit umbrella for which the structure remains. All amounts on the Company’s credit cards are guaranteed by the Chief Executive Officer. The balance on the credit card was approximately $ 125,000 88,000

STOCKHOLDERS_ EQUITY (DEFICIT)

STOCKHOLDERS’ EQUITY (DEFICIT)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY (DEFICIT)	NOTE 10 – STOCKHOLDERS’ EQUITY (DEFICIT) Preferred and Common Stock The Company was converted to a C-Corporation in the state of Nevada on June 16, 2020. In conjunction with the conversion, the Company authorized the issuance of 4.25 0.00001 750 0.00001 On February 24, 2021, the Company filed an amendment to the articles of incorporation which increased the number of authorized preferred shares to 850 202,517 647,483 On November 19, 2021, the Board of Directors approved a 10-for-1 stock split 6.6 0.00001 250 0.00001 1.1 0.00001 2.05 0.00001 900 0.00001 On September 1, 2023, the Company filed an amendment to the articles of incorporation which authorized the issuance of 8.75 0.00001 1.25 Preferred Stock Liquidation Preferences The following table summarizes the liquidation preferences as of December 31, 2023 in order of liquidation: SUMMARY OF LIQUIDATION PREFERENCES (In Thousands) Shares Authorized Shares Issued and Outstanding Liquidation Preference Balance Series A-3 Preferred Stock 8,750,000 8,343 $ 6,675 Series A-2 Preferred Stock 2,050,000 173,956 139,165 Series A-1 Preferred Stock 1,100,000 850,380 67,180 Series A Preferred Stock 250,000 194,423 3,305 Non-classified Preferred Stock 1,250,000 - - Total Series A Preferred Stock 13,400,000 1,227,102 $ 216,325 The Series A Preferred Stock has the following features: Holders of Series A Preferred Stock do not have voting rights Shares of Series A preferred stock are convertible to common stock on a one for one basis upon the Company’s IPO or upon a Regulation A capital raise The Series A-1 Preferred Stock has the following preferences: Holders of Series A-1 Preferred Stock do not have voting rights Shares of Series A-1 Preferred Stock are convertible to common stock on a one for one basis upon the Company’s IPO or upon a Regulation A capital raise The Series A-2 Preferred Stock has the following preferences: Holders of Series A-2 Preferred Stock do not have voting rights Shares of Series A-2 Preferred Stock are convertible to common stock on a one for one basis upon the Company’s IPO or upon a Regulation A capital raise The Series A-3 Preferred Stock has the following preferences: Holders of Series A-3 Preferred Stock do not have voting rights . Shares of Series A-3 Preferred Stock are convertible to common stock on a one for one basis upon the Company’s IPO or upon a Regulation A capital raise . In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, payment shall be made to the holders of Series A-3 Preferred Stock before payment is made to any holders of common stock. The “Series A Original Issue Price” shall mean $ 0.017 0.079 0.80 0.80 Sales of Preferred Stock During the year ended December 31, 2023, the Company issued 15,587 12,024 8,343 4,184 During the year ended December 31, 2022, the Company issued 120,869 94,968 5,914 83 1,930 27 742 598 Warrants In connection with the issuance of certain A-3 shares, the Company issued 10,461 0.80 Offering Costs The Company incurred offering costs of $ 1,159 5,574 Subscription Liability As of December 31, 2023, the Company had $ 451 Stock-based Compensation Stock Options: In 2021, the Company’s board of directors authorized the 2021 Stock Option Plan which allows for the issuance of options to purchase up to 150,000 K shares of the Company’s common stock. During the years ended December 31, 2023 and 2022, the Company had stock options granted of 1,357 K and 17,430 K shares of common stock, respectively, of which 0 939 , respectively, vested immediately upon issuance. The remainder generally vest over 36 months of service. The fair values of options granted was approximately $ 611 K and $ 6,037 K, respectively, in the years ended December 31, 2023 and 2022. The options expire 10 years from date of issuance. On July 12, 2022, 18 10 A summary of stock option activity for the years ended December 31, 2023 and 2022 is as follows: SUMMARY OF STOCK OPTIONS ACTIVITY Weighted Average (In Thousands except for per share price) Stock Options Exercise Price per Share Term (in years) Outstanding as of December 31, 2021 53,116 $ 0.07 9.9 Granted 17,430 0.57 Exercised - - Forfeited/cancelled (9,258 ) (0.15 ) Outstanding as of December 31, 2022 61,288 $ 0.13 8.4 Granted 1,357 0.70 Exercised - - Forfeited/cancelled (7,409 ) (0.37 ) Outstanding as of December 31, 2023 55,236 $ 0.13 7.9 Exercisable as of December 31, 2023 27,730 0.09 7.8 During the years ended December 31, 2023 and 2022, the Company valued the options using the Black-Scholes pricing model on the date of grant using the following assumptions: SCHEDULE OF OPTIONS VALUATION ASSUMPTIONS December 31, 2023 2022 Expected life (years) (1) 5 6.5 5 6.5 Risk-free interest rate (2) 3.75 % 2.00 % Expected volatility (3) 48.40 % 41.66 % Annual dividend yield 0.00 % 0.00 % Weighted average fair value of options granted $ 0.80 $ 0.80 (1) The expected life of employee stock options was estimated using the “simplified method,” as the Company has no historical information to develop reasonable expectations about future exercise patterns and employment duration for its stock option grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. (2) Based on US Treasury constant maturity interest rate whose term is consistent with expected life of the stock options. (3) Based on historical experience over a term consistent with the expected life of the stock options. (4) Share-based compensation expense is not adjusted for estimated forfeitures, but instead adjusted upon an actual forfeiture of a stock option. Amounts recorded for forfeited or expired unexercised options are accounted for in the year of forfeiture. Restricted Stock Units (“RSU”s): As part of the 2021 Stock Option Plan, the Company issued RSUs to certain employees of the Company. RSUs represent a right to receive a single common share that is both non-transferable and forfeitable until certain conditions are satisfied. RSU awards generally vest over a 3-year service period A summary of RSU activity for the years ended December 31, 2023 and 2022 is as follows: SUMMARY OF RSU ACTIVITY (In Thousands) RSUs Outstanding as of December 31, 2021 17,857 Granted - Exercised - Forfeited/cancelled - Outstanding as of December 31, 2022 17,857 Granted 54,357 Exercised - Forfeited/cancelled (11,714 ) Outstanding as of December 31, 2023 60,500 Exercisable as of December 31, 2023 286 During the years ended December 31, 2023 and 2022, the Company granted 54,357 0 During the year ended December 31, 2023 and 2022, the Company recognized $ 8,729 1,710 916 821 3,930 889 2,157 0 1,726 0 The expected life of employee stock options was estimated using the “simplified method,” as the Company has no historical information to develop reasonable expectations about future exercise patterns and employment duration for its stock option grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. The expected life of awards that vest immediately use the contractual maturity since they are vested when issued. For stock price volatility, the Company uses public company compatibles as a basis for its expected volatility to calculate the fair value of option grants. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option at the grant-date. The Company recognizes stock option forfeitures as they occur as there is insufficient historical data to accurately determine future forfeiture rates. Future stock based compensation expense related to these options and RSUs as of December 31, 2023, to be recognized is approximately $ 30.9 2.78

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 11 – COMMITMENTS AND CONTINGENCIES In the course of business, the Company is party to various legal proceedings and claims from time to time. A liability will be accrued when a loss is both probable and can be reasonably estimated. Management believes that the probability of a material loss is remote. However, litigation is inherently uncertain, and it is not possible to predict the ultimate disposition of these proceedings. There are no legal proceedings, which the Company believes will have a material adverse effect on the Company’s financial position. The Company is currently reviewing the following matters with legal counsel and has not yet determined the range of potential losses: Arizona Department of Housing Settlement On January 23, 2023, the Office of Administration of the Arizona Department of Housing brought an administrative complaint against the Company, alleging that the Company did not comply with certain requirements prior to shipping housing units into Arizona, and seeking penalties up to suspension or revocation of its license, an administrative penalty, or probation. On February 9, 2023, the Company filed its verified Answer, explaining inter alia that BOXABL had acted in good faith and in accordance with its reasonable interpretation of the Department’s instructions regarding the shipments into Arizona, and that shipments were only made after requesting and obtaining the Department’s written consent and authorization in November 2022. This administrative complaint was resolved by settlement agreement on April 21, 2023. The Company paid an administrative penalty to Arizona Department of Housing in the amount of $ 48 As part of the settlement with the state of Arizona, related to the delivery of Casita units prior to receiving certification from the state, the Company paid $ 48 In connection with the Casita’s delivered in Arizona, the Company entered a settlement with a customer related to the costs of reconstruction of the Casita units. Under the terms of the settlement agreement, the customer has agreed to pay the first $ 1,000 90 1,000 50 570 10 In December 2023, the Company received certification from ICC Evaluation Service related to the structural panels of the Casitas, which assist with procuring “plan approval” from various state regulatory agencies. Claims filed by the Company on its former employees (i) The Company is addressing a situation where a former employee violated their confidentiality agreement post-termination. Quantifying the resulting harm is complex and ongoing. Legal action has been initiated in Nevada State Court against the former employee, with efforts underway to fulfill court requirements for service. The Company’s claim is straightforward, and it anticipates a judgment in its favor, likely resulting in compensation below $ 250,000 . (ii) The Company is addressing a situation involving a former employee who breached agreements. Assessing the exact impact of this breach is ongoing. Legal proceedings have been initiated in Nevada, then moved to federal court. The former employee, represented by counsel, filed motions. Discovery is currently paused. The Company’s claim is straightforward, with no counterclaims. It anticipates a favorable judgment, likely resulting in compensation below a certain threshold. (iii) The Company uncovered potential misconduct by a former employee related to a stock scheme, the impact of which is challenging to measure. Promptly upon discovery, the Company engaged external legal and consulting resources for an internal investigation and reported the matter to the FBI. Legal action was initiated in New York and later transferred to Nevada, but serving the former employee has proven difficult. Alternate service methods are being pursued. The Company’s claim is one-sided, without counterclaims. It expects a favorable judgment, likely resulting in compensation below a certain threshold, though investigations into damages continue. Claims filed by a form er (i) The Company Claim filed by the Company based on Business Disparagement and Defamation An internet blogger who posted defamatory information regarding the Company. The harm suffered as a result of this Internet Blogger’s actions is difficult to quantify, and has not yet been fully quantified. The company filed a legal action against the Internet Blogger in Nevada State Court. The Internet Blogger has not appeared and we recently filed a motion for default judgment against him seeking $ 50 K Claim filed against the Company by former COO The Company’s former Chief Operating Officer, terminated for cause after seven months of employment, filed a civil complaint in Nevada alleging various claims against the Company and its directors. The amount sought by the former employee is unspecified. The defendants (Company’s Directors at the time) filed motions to dismiss certain claims, which were partially granted. The Company denied the allegations and filed a counterclaim alleging fraud and breach of contract. Damages are still being investigated. The case is in the discovery phase, and the former employee’s deposition revealed potential evidence tampering, prompting the Company to prepare a motion. No trial date is set, and the Company anticipates a favorable outcome. Claim filed by Leader Capital High Quality Income Fund against the Company Leader Capital is a shareholder of Company and has filed suit against Company and its transfer agent, Transfer Online, Inc. claiming Breach of Duty to Register a Transfer of a Security, Conversion, Breach of Fiduciary Duty, Intentional Interference with Prospective Economic Advantage. Plaintiff in said action seeks relief and monetary damages including compensatory damages, treble damages, punitive damages, attorney’s fees and costs. The Company has agreed to provide a defense to Transfer Online and we have been engaged in defending the lawsuit. The discovery phase has not yet commenced, and it is difficult to quantify the potential for liability at this early stage of the litigation. The Company doesn’t believe this will have a materially adverse effect on the Company’s financial position.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 12 – INCOME TAXES The Company has not recorded any income tax expense for the years ended December 31, 2023, and 2022. Deferred Tax Assets and Liabilities D SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES Year Ended December 31, (In Thousands) 2023 Deferred Tax Assets: Federal & State NOL Carryforward $ 13,238 Research & Other Credits 576 Capitalized R&D 2,051 Accruals, Reserve and Other 386 Lease Liability 2,907 Stock Based Compensation 1,716 Total Gross DTA 20,874 Less: Val. Allowance (17,653 ) Total Deferred Tax Assets 3,221 Deferred Tax Liabilities: Fixed Assets (441 ) ROU Assets (2,780 ) Total Gross DTL (3,221 ) Net Deferred Tax Assets - A valuation allowance is required to be established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain. A full review of all positive and negative evidence needs to be considered. The Company has established a full valuation allowance against the net deferred tax assets as of December 31, 2023 due to historical losses and uncertainty surrounding the use of such assets. The valuation allowance increased by $ 8,200 As of December 31, 2023 and 2022, the Company evaluated its net deferred tax asset of $ 0 9,454 9,454 6,838 17,653 9,454 Net Operating Loss and Tax Credit Carryforwards As of December 31, 2023, the Company has net operating loss carryforwards for federal income tax purposes of approximately $ 63,000 The Company has research credit carryforwards for federal income tax purposes of approximately $ 719.8 Utilization of some of the federal net operating loss and credit carryforwards may be subject to annual limitations due to the “change in ownership” provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of net operating losses and credits before utilization. The Company has not performed a Section 382 study as of December 31, 2023. Unrecognized Tax Benefits The Company recognizes a tax benefit from uncertain tax positions when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Due to the existence of the full valuation allowance, future changes in unrecognized tax benefits will not impact the Company’s effective tax rate. The Company does not foresee material changes to its liability for uncertain tax benefits within the next 12 months. The Company files tax returns in the U.S. The Company is not currently under examination in any jurisdictions and all its tax years remain effectively open to examination due to net operating loss carryforwards. During the years ended December 31, 2023 and 2022, no

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 13 – SUBSEQUENT EVENTS The Company has evaluated subsequent events through April 1, 2024, the issuance date of these consolidated financial statements. Financing Agreement In February 2024, we entered into an agreement with Slice by FNBO to provide financing of Accessory Dwelling Units (ADUs). Restricted Stock Units Subsequent to December 31, 2023, the Company forfeited 3,571 2,435 Automation On March 13, 2024, the Company formalized a notice to Brave Control Solutions Inc. (“Brave”), the primary vendor for new automation equipment as Brave is in breach of Contract for failing to timely manufacture and deliver the equipment specified in the Contracts. We understand that several of the delays were the result of Brave’s failure to pay its vendors and suppliers. The Company has demanded Brave to immediately accelerate its work and processes and complete its performance under the Contracts as soon as possible. While this delays the rollout of the new Casita Generation 2 production, the Company continues to produce Casita Generation 1 units.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying audited consolidated financial statements of the Company are expressed in US dollars, with amounts rounded to the nearest Thousandth (‘000’) as indicated by K. The Company’s fiscal year end is December 31. The Company is an “emerging growth company,” as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as modified by the Jumpstart Our Business Start-ups Act of 2012 (the “JOBS Act”). Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Exchange Act for complying with new or revised accounting standards applicable to public companies. An emerging growth company may delay the adoption of certain accounting standards until those standards would otherwise apply to non-public companies. The Company has elected to take advantage of this extended transition period and as a result, the Company may not adopt new or revised accounting standards on effective dates as they are applicable to public companies.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements presented include the accounts of the Company and its consolidated subsidiaries. Intercompany balances and transactions between consolidated entities have been eliminated. On June 15, 2023, the Company completed an all-stock statutory merger with 500 Group, an entity previously owned by the Company’s founder and CEO, Paolo Tiramani. The consolidated financial statements include the accounts of 500 Group from June 15, 2023. See Note 6 – Intangible Assets.
Prior Period Reclassifications	Prior Period Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. The Company reclassified deposits on inventory, prepaid expenses, and deposits in escrow as other current assets within the consolidated balance sheet and statement of cash flows. - The Company recorded an additional 2,057 1,646
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures in the consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates. These estimates form the basis for judgements the Company makes about the carrying values of its assets and liabilities, which are not readily apparent from other sources. These estimates are based on information available as of the date of the consolidated financial statements, including historical information and various other assumptions that the Company believes are reasonable under the circumstances. Actual results could differ materially from these estimates.
Risks and Uncertainties	Risks and Uncertainties The Company’s business and operations are sensitive to general business and economic conditions in the US and worldwide along with local, state, and federal governmental policy decisions. A host of factors beyond the Company’s control could cause fluctuations in these conditions. Adverse conditions may include recession, downturn or otherwise, government policies. These adverse conditions could affect the Company’s financial condition, results of its operations and cash flows.
Management’s Plan	Management’s Plan The Company incurred a net loss of $ 39,526 612,395 The continuing viability of the Company and its ability to continue as a going concern is dependent on the Company being successful in its continued efforts in growing its revenue and/or accessing additional sources of capital. Management’s plan to address this need includes, (a) continued exercise of tight controls to conserve cash, (b) accelerating sales of Casitas to generate revenue, and (c) obtaining additional equity financing. The Company anticipates current capital on hand and expected future funding will be sufficient to fund the Company’s operations in excess of twelve months. There are no assurances that our plans will be successful.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: ● Level 1 – Valuations based on quoted prices for identical assets and liabilities in active markets. Level 1 assets consist of investments. ● Level 2 – Valuations based on observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. ● Level 3 – Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. The Company valued its employee stock options (NQSO’s and ISO’s) and stock grants (RSU’s) at grant date fair value using a Level 3 mark. See Note 9 – Stockholders Equity (Deficit): Stock Based Compensation.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company classifies all highly liquid instruments with an original maturity of three months or less as cash equivalents. Due to the maturity of cash equivalents, the carrying amounts of these instruments approximate their fair values.
Restricted Cash and Deposits	Restricted Cash and Deposits On June 1, 2023, the Company was required to obtain a letter of credit to make a Security Deposit related to the expansion of premises of $ 3,714 3,758 0
Marketable Debt Securities	Marketable Debt Securities The Company generally invests its excess cash into Marketable debt securities, which consist of short-term and long-term investments in US treasury bills and notes that are classified as held-to-maturity.
Short-Term Investments in U.S. Treasury Notes, Held-to-Maturity	Short-Term Investments in U.S. Treasury Notes, Held-to-Maturity Short-term investments in U.S. treasury notes include U.S Treasury notes with maturities of less than 12 months. The realized and unrealized gains and losses on short-term investments in US treasury notes are determined using the specific identification method. If a US treasury note has an unrealized loss and we either intend to sell the security or it is more likely than not that we will be required to sell the security before its anticipated recovery, we will record an impairment charge to investment and other income (expense), net for the entire amount of the unrealized loss and adjust the amortized cost basis of the security.
Long-Term Investments in U.S. Treasury Notes, Held-to-Maturity	Long-Term Investments in U.S. Treasury Notes, Held-to-Maturity Long-term investments in U.S. treasury notes include U.S Treasury notes with maturities of 12 months or more. The realized and unrealized gains and losses on long-term investments in US treasury notes are determined using the specific identification method. If a US treasury note has an unrealized loss and we either intend to sell the security or it is more likely than not that we will be required to sell the security before its anticipated recovery, we will record an impairment charge to investment and other income (expense), net for the entire amount of the unrealized loss and adjust the amortized cost basis of the security.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded at the net realizable value. The Company estimates credit losses on receivables based on its expected losses, including the Company’s historical experience of actual losses. Receivables are considered uncollectable and written-off when it is probable that all contractual payments due will not be collected in accordance with the terms of the agreement. For the period ending December 31, 2023 and 2022, bad debt expense was $ 23 0
Inventory	Inventory Inventory consists of raw materials, in-bound freight and duties, work in progress, and finished goods. Inventories available for sale are valued at the lower of cost or net realized value. Cost is determined using the weighted average method. This valuation requires us to make judgments, based on currently available information, about the likely method of disposition, such as through sales to individual customers, bulk sales, and the expected recoverable values for each disposition category. On a periodic basis, the Company performs a physical count of its inventory and records an Inventory Valuation Allowance for inventory that has become obsolete or inventory that has a cost basis in excess of the expected net realizable value. Damaged and obsolete inventory are valued based on management’s best estimate and any difference charged to expense. The inventory valuation allowance, representing a write-down of inventory, was $ 1,424 891
Property and Equipment	Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Expenditures for maintenance, repairs, and minor improvements are charged to expense as incurred. When property and equipment are 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 our consolidated statement of operations. Major improvements with economic lives greater than one year are capitalized. Depreciation is computed using the straight-line method over the following estimated useful lives: SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT Software, computers and other peripheral equipment 3 Furniture and fixtures 7 Machinery and equipment 5 15 Tenant improvements 2 5 Vehicles 5 Casita fixed assets 25 The Company reviews the carrying values of its long-lived assets for possible impairment annually, or more frequently whenever events or changes in circumstances, such as discontinuance or technological obsolescence, indicate that the carrying amount of the assets may not be recoverable. As a result of the Company’s physical count of inventory, we identified machinery and equipment that was damaged or obsolete which generated an impairment. Disposal of asset charges were $ 992 0
Intangible Assets	Intangible Assets The Company evaluates its intangible assets for impairment annually, or more frequently whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company utilizes a qualitative assessment to evaluate whether it is more likely than not that the fair value of an intangible asset is less than its carrying value, and if so, the Company will perform a quantitative test. An impairment loss is recognized if the carrying value exceeds the fair value. The Company did no
Revenue	Revenue Revenue is measured based on the amount of consideration that we expect to receive, reduced by allowance for estimated returns, chargebacks, promotional discounts, markdowns, and rebates based on Management’s estimates and the Company’s historical experience. Revenue also excludes any amounts collected on behalf of third parties, including sales and indirect taxes. In arrangements where we have multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price. We generally determine stand-alone selling prices based on the prices charged to customers. The Company determines revenue recognition through the following steps in accordance with ASC Topic 606, Revenue from Contracts with Customers: - Identification of a contract with a customer. - Identification of the performance obligations in the contract. - Determination of the transaction price. - The customer has the ability and intent to pay the contractual amount. - Allocation of the transaction price to the performance obligations in the contract. - Recognition of revenue when or as the performance obligations are satisfied. Revenues are recognized when performance obligations are satisfied through the transfer of “Boxes,” services or parts to the Company’s customers. Generally, control transfers upon shipment of the Casita to the customer and considers the transfer of legal title and risk and rewards of ownership to the Customer. Occasionally, performance obligations for the Company may also include the delivery, installation and other services. The Company records a liability for customer deposits received prior to delivery of the Casita or fulfilment of the service. The liability is relieved, with revenue being recognized once the performance obligations to the customer are satisfied.
Non-Committed Customer Deposits	Non-Committed Customer Deposits The Company collects customer deposits to reserve for the purchase of a Casita. The Company has received $ 3,987 4,257 8,500 7,700 The Company held deposits ranging between $ 100 5,000 8,500
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold consists primarily of the cost of products used in the production of the Company’s finished products, inbound and outbound shipping costs, the related labor, and overhead charges associated with that production. On a periodic basis, the Company performs a physical count of its inventory and records an Inventory Valuation Allowance for inventory that has become obsolete or inventory that has a cost basis in excess of the expected net realizable value. Damaged and obsolete inventory are valued based on management’s best estimate and any difference charged to expense.
Advertising and Promotion	Advertising and Promotion The Company incurs third party advertising costs as well as payroll-related costs for its marketing personnel engaged in promotional activities. Advertising and promotion costs to market our products and services are expensed as incurred. Certain Marketing costs related to the issuance of the Company’s securities are accounted for as a reduction to the proceeds from the equity offering, and not included in sales and marketing expense. Advertising and promotion expense for the years ended December 31, 2023 and 2022 amounted to approximately $ 1,936 and $ 5,446 , respectively, which was included in sales and marketing expense, on the Company’s consolidated statement of operations. The Marketing Costs accounted for as a reduction to the proceeds of the equity offering were $ 125
Research and Development	Research and Development Research and development costs consisting of design, materials, and consultants related to prototype and process improvements and developments are expensed as incurred. Total research and development costs increased by $ 4,915
Warranty Provision	Warranty Provision The Company offers its customers warranties on products sold for a period of up to 10 570 570
Concentration of Credit Risk	Concentration of Credit Risk Cash and Cash Equivalents: Financial instruments that potentially expose the Company to a concentration of credit risk consist primarily of cash and cash equivalents. Cash and cash equivalents are maintained at high quality financial institutions. During the years ended December 31, 2023 and 2022, the Company’s deposits exceeded the Federal Deposit Insurance Corporation (FDIC) limit. The Company has not experienced any losses with respect to its cash balances. Based upon assessment of the financial condition of these institutions, management considers that the risk of loss of any uninsured balances do not have a significant impact on the Company’s operations. Inventory: The Company imports certain materials from overseas vendors. Consequently, the Company’s ability to purchase and the costs of its products are subject to political, social, and economic situations, both in the United States and abroad. The loss of one or more vendors should not have a material impact on the Company’s operations as replacement vendors or substitute components can be identified. Customers: During 2023 and 2022, revenues from four customers were approximately 83 95 100 100
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes. ASC 740 requires a company to use the asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Basic and Diluted Net Loss per Share	Basic and Diluted Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period, excluding shares subject to redemption or forfeiture. Diluted net loss per share reflects the actual weighted average of common shares issued and outstanding during the period plus potential common shares. Stock options and convertible instruments are considered potential common shares and are included in the calculation of diluted net loss per share when their effect is dilutive. As all potentially dilutive securities are anti-dilutive as of December 31, 2023 and 2022, diluted net loss per share is the same as basic net loss per share for each year. SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES OUTSTANDING 2023 2022 As of December 31, (In Thousands) 2023 2022 Series A Preferred Stock 194,423 194,423 Series A-1 Preferred Stock 850,380 850,380 Series A-2 Preferred Stock 173,956 120,869 Series A-3 Preferred Stock 8,343 - Restricted Stock Units 60,500 61,288 Stock Options 55,236 17,857 Stock Warrants 10,460 - Potentially Dilutive Shares 1,353,298 1,244,817
Stock-Based Compensation	Stock-Based Compensation The Company applies ASC 718 for its Stock-Based Compensation. Compensation for all stock-based awards, including stock options and restricted stock, are measured at fair value on the date of grant and recognized over the associated vesting periods. The fair value of stock options is estimated on the date of grant using a Black-Scholes model. The fair value of restricted stock awards is estimated on the date of the grant based on the fair value of the Company’s underlying common stock. For stock options and restricted stock awards subject to a three-year vesting period, the Company recognizes compensation expense over the associated service periods. Determining the grant date fair value of options using the Black-Scholes option-pricing model requires management to make assumptions and judgments. These estimates involve inherent uncertainties and, if different assumptions had been used, stock-based compensation expense could have been materially different from the amounts recorded.
Leases	Leases The Company leases some items of property, plant and equipment, including manufacturing and office space. On the lease commencement date, a lease is classified as a finance lease or an operating lease based on the classification criteria of the lease guidance under U.S. GAAP. As of January 1, 2022, the Company adopted Financial Accounting Standard Board (“FASB”) ASC Topic 842 Leases (“ASC 842”) and applied the lease classification criteria contained therein for any new leases. Upon adoption of ASC 842, the Company recorded right-of-use (“ROU”) assets for all of its leased assets classified as operating leases. The Company has no finance leases. The ROU assets were computed as the present value of future minimum lease payments, including additional payments resulting from a change in an index such as a consumer price index or an interest rate, plus any prepaid lease payments minus any lease incentives received.
Contingencies	Contingencies The Company is involved in lawsuits, claims, and proceedings, including those identified below, which arise in the ordinary course of business. In accordance with the FASB ASC Topic 450 Contingencies, the Company will make a provision for a liability when it is both probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company believes it has adequate provisions for any such matters. The Company reviews these provisions in conjunction with any related provisions on assets related to the claims at least quarterly and adjusts these provisions to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other pertinent information related to the case. Should developments in any of these matters outlined below cause a change in the Company’s determination as to an unfavorable outcome and result in the need to recognize a material provision, or, should any of these matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on the Company’s results of operations, cash flows, and financial position in the period or periods in which such a change in determination, settlement or judgment occurs.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU 2023-09”) amending existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company is currently evaluating this ASU to determine its impact on the Company’s income tax disclosures. In November 2023, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU 2023-07”) amending existing segment disclosure guidance, primarily requiring quarterly disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”), requiring disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU should be applied on a retroactive basis, to all prior periods presented in the financial statements. The Company is currently evaluating this ASU to determine the impact on the Company’s Segment disclosures. In October 2023, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU 2023-06”) amending the disclosure or presentation requirements for a variety of Topics. Many of the amendments align the requirements in the Codification with the SEC’s regulations. The ASU is effective on the date on which the SEC removes the related disclosure from Regulation S-X or Regulation S-K, with early adoption prohibited. The Company is currently evaluating this ASU on the Company’s disclosures. In March 2023, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU 2023-01”) amending guidance for lessees that are party to a lease between entities under common control. The ASU is effective for annual reporting periods beginning after December 15, 2023, with early adoption permitted. It must be applied on a prospective basis. The Company is currently evaluating this ASU to determine its impact on the Company’s lease and related party disclosures. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances. Management does not believe that any other recently issued, but not yet effective, accounting standards have a material effect on the accompanying consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT	SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT Software, computers and other peripheral equipment 3 Furniture and fixtures 7 Machinery and equipment 5 15 Tenant improvements 2 5 Vehicles 5 Casita fixed assets 25
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES OUTSTANDING	SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES OUTSTANDING 2023 2022 As of December 31, (In Thousands) 2023 2022 Series A Preferred Stock 194,423 194,423 Series A-1 Preferred Stock 850,380 850,380 Series A-2 Preferred Stock 173,956 120,869 Series A-3 Preferred Stock 8,343 - Restricted Stock Units 60,500 61,288 Stock Options 55,236 17,857 Stock Warrants 10,460 - Potentially Dilutive Shares 1,353,298 1,244,817

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, All Other Investments [Abstract]
SCHEDULE OF INVESTMENT IN SECURITIES	As of December 31, 2023, and 2022, investments in securities consists of US Treasury Notes carried at cost, consisting of the following: SCHEDULE OF INVESTMENT IN SECURITIES 2023 2022 December 31, (In Thousands) 2023 2022 Investments in short-term U.S. Treasury Notes $ 27,685 $ 74,385 Investments in long-term U.S. Treasury Notes 2,777 1,461 Total investments in U.S. Treasury Notes $ 30,462 $ 75,846

INVENTORY, NET (Tables)

INVENTORY, NET (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
SCHEDULE OF INVENTORY	As of December 31, 2023 and 2022, inventory consists of the following: SCHEDULE OF INVENTORY 2023 2022 December 31, (In Thousands) 2023 2022 Raw material $ 3,346 $ 4,550 Inventory in-transit 273 - Work-in progress 255 183 Finished goods 14,820 3,510 Total inventory $ 18,694 $ 8,243

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	The Company’s property and equipment consists of the following amounts for the years ended December 31, 2023 and 2022: SCHEDULE OF PROPERTY AND EQUIPMENT 2023 2022 December 31, (In Thousands) 2023 2022 Software, computers and other peripheral equipment $ 266 $ 619 Furniture and fixtures 182 164 Machinery and equipment 8,754 5,327 Tenant improvements 2,397 1,930 Vehicles 726 682 Casita fixed assets 825 512 Construction in-progress 690 - Property and equipment, gross 13,840 9,234 Less: Accumulated depreciation (3,074 ) (1,496 ) Property, plant and equipment - net $ 10,766 $ 7,738

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
SCHEDULE OF INITIAL CONVERSION RATES	SCHEDULE OF INITIAL CONVERSION RATES Convertible Category Convert Rate Price Per Share Category Criteria 10% Discount Note 90 % $ 0.07 $ 0 - $99,999 Principal 20% Discount Note 80 % 0.06 $ 100,000 - $999,999 Principal 30% Discount Note 70 % 0.06 $ 1,000,000+ Principal 25% Discount Note 75 % 0.06 Original Terms - General 50% Discount Note 50 % 0.04 Original Terms - Strategic

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES	Maturities of lease liabilities for operating leases as of December 31, 2023, were as follows: SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES (In Thousands) Period ending December 31, Fiscal Year 2024 $ 3,854 2025 3,997 2026 3,839 2027 2,102 2028 1,509 Thereafter 258 Total lease payments $ 15,559 Less: Imputed interest (1,716 ) Total lease liability $ 13,843
Contractual Obligation, Fiscal Year Maturity [Table Text Block]

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
SCHEDULE OF RELATED PARTY TRANSACTIONS IN FINANCIAL STATEMENTS	SCHEDULE OF RELATED PARTY TRANSACTIONS IN FINANCIAL STATEMENTS 2023 2022 December 31, 2023 2022 Consolidated Statement of Operations Rental income $ 89 $ 64 Royalty expense - 110 Professional fees 93 210 Consolidated Balance Sheets Accounts payable - 60 Preferred Stock 1,719 1,719 Acquisition of patents 272 -

STOCKHOLDERS_ EQUITY (DEFICIT)

STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
SUMMARY OF LIQUIDATION PREFERENCES	The following table summarizes the liquidation preferences as of December 31, 2023 in order of liquidation: SUMMARY OF LIQUIDATION PREFERENCES (In Thousands) Shares Authorized Shares Issued and Outstanding Liquidation Preference Balance Series A-3 Preferred Stock 8,750,000 8,343 $ 6,675 Series A-2 Preferred Stock 2,050,000 173,956 139,165 Series A-1 Preferred Stock 1,100,000 850,380 67,180 Series A Preferred Stock 250,000 194,423 3,305 Non-classified Preferred Stock 1,250,000 - - Total Series A Preferred Stock 13,400,000 1,227,102 $ 216,325
SUMMARY OF STOCK OPTIONS ACTIVITY	A summary of stock option activity for the years ended December 31, 2023 and 2022 is as follows: SUMMARY OF STOCK OPTIONS ACTIVITY Weighted Average (In Thousands except for per share price) Stock Options Exercise Price per Share Term (in years) Outstanding as of December 31, 2021 53,116 $ 0.07 9.9 Granted 17,430 0.57 Exercised - - Forfeited/cancelled (9,258 ) (0.15 ) Outstanding as of December 31, 2022 61,288 $ 0.13 8.4 Granted 1,357 0.70 Exercised - - Forfeited/cancelled (7,409 ) (0.37 ) Outstanding as of December 31, 2023 55,236 $ 0.13 7.9 Exercisable as of December 31, 2023 27,730 0.09 7.8
SCHEDULE OF OPTIONS VALUATION ASSUMPTIONS	During the years ended December 31, 2023 and 2022, the Company valued the options using the Black-Scholes pricing model on the date of grant using the following assumptions: SCHEDULE OF OPTIONS VALUATION ASSUMPTIONS December 31, 2023 2022 Expected life (years) (1) 5 6.5 5 6.5 Risk-free interest rate (2) 3.75 % 2.00 % Expected volatility (3) 48.40 % 41.66 % Annual dividend yield 0.00 % 0.00 % Weighted average fair value of options granted $ 0.80 $ 0.80 (1) The expected life of employee stock options was estimated using the “simplified method,” as the Company has no historical information to develop reasonable expectations about future exercise patterns and employment duration for its stock option grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. (2) Based on US Treasury constant maturity interest rate whose term is consistent with expected life of the stock options. (3) Based on historical experience over a term consistent with the expected life of the stock options. (4) Share-based compensation expense is not adjusted for estimated forfeitures, but instead adjusted upon an actual forfeiture of a stock option. Amounts recorded for forfeited or expired unexercised options are accounted for in the year of forfeiture.
SUMMARY OF RSU ACTIVITY	A summary of RSU activity for the years ended December 31, 2023 and 2022 is as follows: SUMMARY OF RSU ACTIVITY (In Thousands) RSUs Outstanding as of December 31, 2021 17,857 Granted - Exercised - Forfeited/cancelled - Outstanding as of December 31, 2022 17,857 Granted 54,357 Exercised - Forfeited/cancelled (11,714 ) Outstanding as of December 31, 2023 60,500 Exercisable as of December 31, 2023 286

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES	SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES Year Ended December 31, (In Thousands) 2023 Deferred Tax Assets: Federal & State NOL Carryforward $ 13,238 Research & Other Credits 576 Capitalized R&D 2,051 Accruals, Reserve and Other 386 Lease Liability 2,907 Stock Based Compensation 1,716 Total Gross DTA 20,874 Less: Val. Allowance (17,653 ) Total Deferred Tax Assets 3,221 Deferred Tax Liabilities: Fixed Assets (441 ) ROU Assets (2,780 ) Total Gross DTL (3,221 ) Net Deferred Tax Assets -

SCHEDULE OF ESTIMATED USEFUL LI

SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT (Details)	Dec. 31, 2023
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	3 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	7 years
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	5 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	15 years
Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	2 years
Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	5 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	5 years
Casita Fixed Assets [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	25 years

SCHEDULE OF POTENTIALLY DILUTIV

SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES OUTSTANDING (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Potentially Dilutive Shares	1,353,298	1,244,817
Equity Option [Member]
Potentially Dilutive Shares	55,236	17,857
Restricted Stock Units (RSUs) [Member]
Potentially Dilutive Shares	60,500	61,288
Series A Preferred Stock [Member]
Potentially Dilutive Shares	194,423	194,423
Series A-1 Preferred Stock [Member]
Potentially Dilutive Shares	850,380	850,380
Series A-2 Preferred Stock [Member]
Potentially Dilutive Shares	173,956	120,869
Series A-3 Preferred Stock [Member]
Potentially Dilutive Shares	8,343
Stock Warrants [Member]
Potentially Dilutive Shares	10,460

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) shares in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Integer Customer shares	Dec. 31, 2022 USD ($) Integer	Jun. 01, 2023 USD ($)
Extinguishment debt expense		$ 578,971,000
Net income loss	39,526,000	612,395,000
Security deposit			$ 3,714,000
Restricted cash	3,758,000
Bad debt expense	23,000	0
Inventory write down	1,424,000	891,000
Loss on disposal of Assets	992,000
Impairment of intangible assets	0	0
Customer deposits	$ 3,987,000	$ 4,257,000
Number of casita units | Integer		7,700
Number of customers | Customer	8,500
Proceeds of the equity offering	$ 125,000
Increase in research and development costs	$ 4,915,000
Warranty on products, term	10 years
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Four Customers [Member]
Accounts receivable	83%
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member]
Accounts receivable		95%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member]
Accounts receivable	100%	100%
Accrued Liabilities [Member]
Warranty reserve	$ 570,000	$ 570,000
Selling and Marketing Expense [Member]
Advertising and promotion expense	1,936,000	$ 5,446,000
Minimum [Member]
Deposits	100
Maximum [Member]
Deposits	$ 5,000
Member Units [Member]
Number of casita units | Integer	8,500
Revision of Prior Period, Reclassification, Adjustment [Member] | Series A-1 Preferred Stock [Member]
Additional Series A-1 preferred stock, shares | shares	2,057
Extinguishment debt expense	$ 1,646,000

SCHEDULE OF INVESTMENT IN SECUR

SCHEDULE OF INVESTMENT IN SECURITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Investments in short-term U.S. Treasury Notes	$ 27,685	$ 74,385
Investments in long-term U.S. Treasury Notes	2,777	1,461
Total investments in U.S. Treasury Notes	$ 30,462	$ 75,846

SCHEDULE OF INVENTORY (Details)

SCHEDULE OF INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw material	$ 3,346	$ 4,550
Inventory in-transit	273
Work-in progress	255	183
Finished goods	14,820	3,510
Total inventory	$ 18,694	$ 8,243

INVENTORY, NET (Details Narrati

INVENTORY, NET (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cost of Sales [Member]
[custom:ObsoleteAndDamagedInventories]	$ 721	$ 2,266

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 13,840	$ 9,234
Less: Accumulated depreciation	(3,074)	(1,496)
Property, plant and equipment - net	10,766	7,738
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	266	619
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	182	164
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,754	5,327
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,397	1,930
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	726	682
Casita Fixed Assets [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	825	512
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 690

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 1,937,000	$ 1,200,000
Loss on disposal of Assets	992,000
Construction in progress	690,000	0
Equipment [Member]
Property, Plant and Equipment [Line Items]
Deposits on equipment	9,822,000	3,901,000
Purchase commitments	3,273,000	6,239,000
Loss on disposal of Assets	992,000
Property and equipment disposed	$ 1,698,000

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($) $ / shares in Units, shares in Thousands		12 Months Ended
	Jun. 15, 2023	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Transaction value		$ (1,158,000)	$ (5,574,000)
Intangible assets	$ 272,000
Deemed dividend	$ 29,725,000
Intellectual Property [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net		398,000	$ 0
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets		$ 50,000
Finite-Lived Intangible Asset, Useful Life		14 years
500 Group [Member]
Finite-Lived Intangible Assets [Line Items]
Royalty fee percentage	1%
500 Group [Member] | Intellectual Property [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 272,000
Series A Two Preferred Stock [Member]
Finite-Lived Intangible Assets [Line Items]
Number of shares exchanges	37,500
Transaction value	$ 30,000,000
Shares issued price per share	$ 0.80

SCHEDULE OF INITIAL CONVERSION

SCHEDULE OF INITIAL CONVERSION RATES (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares
10% Discount Note [Member]
Short-Term Debt [Line Items]
Conversion rate	90%
Conversion price	$ 0.07
Debt conversion description	0 - $99,999 Principal
20% Discount Note [Member]
Short-Term Debt [Line Items]
Conversion rate	80%
Conversion price	$ 0.06
Debt conversion description	100,000 - $999,999 Principal
30% Discount Note [Member]
Short-Term Debt [Line Items]
Conversion rate	70%
Conversion price	$ 0.06
Debt conversion description	1,000,000+ Principal
25% Discount Note [Member]
Short-Term Debt [Line Items]
Conversion rate	75%
Conversion price	$ 0.06
Debt conversion description	Original Terms - General
50% Discount Note [Member]
Short-Term Debt [Line Items]
Conversion rate	50%
Conversion price	$ 0.04
Debt conversion description	Original Terms - Strategic

DEBT (Details Narrative)

DEBT (Details Narrative) - USD ($) shares in Thousands			12 Months Ended
	Apr. 01, 2022	Nov. 17, 2020	Dec. 31, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
PPP loan forgiven				$ 49,000
Convertible note payable			$ 0	0
Extinguishment of debt loss				578,971,000
Related Party [Member]
Short-Term Debt [Line Items]
Accrued interest	$ 12,000
debt instrument face value	$ 360,000
Series A-1 Preferred Stock [Member] | Related Party [Member]
Short-Term Debt [Line Items]
Converted shares	5,884
Convertible Promissory Notes [Member]
Short-Term Debt [Line Items]
Convertible note payable	$ 44,852,000	$ 50,000,000
Debt instrument interest rate		10%
Debt instrument maturity date		Mar. 31, 2023
Accrued interest	$ 2,058,000
Interest expense				911,000
Extinguishment of debt loss				$ 578,971,000
Convertible Promissory Notes [Member] | Minimum [Member]
Short-Term Debt [Line Items]
Conversion price range, percentage	50%
Convertible Promissory Notes [Member] | Maximum [Member]
Short-Term Debt [Line Items]
Conversion price range, percentage	90%
Convertible Promissory Notes [Member] | Series A-1 Preferred Stock [Member]
Short-Term Debt [Line Items]
Converted shares	781,541

SCHEDULE OF MATURITIES OF OPERA

SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 3,854
2025	3,997
2026	3,839
2027	2,102
2028	1,509
Thereafter	258
Total lease payments	15,559
Less: Imputed interest	(1,716)
Total lease liability	$ 13,843

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Weighted average remaining lease term		3 years 9 months 18 days
Weighted average incremental borrowing rate		4%
Rent expenses		$ 3,859	$ 1,196
Supercar System [Member]
Defined Benefit Plan Disclosure [Line Items]
Rent expenses	$ 7

SCHEDULE OF RELATED PARTY TRANS

SCHEDULE OF RELATED PARTY TRANSACTIONS IN FINANCIAL STATEMENTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Accounts payable	$ 2,349,000	$ 1,282,000
Related Party [Member]
Related Party Transaction [Line Items]
Rental income	89	64
Royalty expense		110
Professional fees	93	210
Accounts payable		60
Preferred stock	1,719	1,719
Acquisition of patents	$ 272

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)		12 Months Ended
	Jun. 15, 2023	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Preferred stock, shares outstanding		1,227,102,000
Line of credit		$ 125,000,000	$ 88,000,000
Related Party [Member]
Related Party Transaction [Line Items]
Preferred stock, initial cost		$ 1,719	$ 1,719
Stock options granted, shares		12,834,000	12,834,000
Stock options granted, value		$ 920,000	$ 920,000
Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Preferred stock, shares outstanding		194,422,511	194,422,511
Preferred stock, initial cost		$ 2,671,000	$ 2,671,000
Series A Preferred Stock [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Preferred stock, shares outstanding		26,726,000	26,726,000
Preferred stock, initial cost		$ 427,000	$ 427,000
Series A-1 Preferred Stock [Member]
Related Party Transaction [Line Items]
Preferred stock, shares outstanding		850,380,223	850,380,223
Preferred stock, initial cost		$ 630,251,000	$ 630,251,000
Series A-1 Preferred Stock [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Preferred stock, shares outstanding		5,884,000	5,884,000
Preferred stock, initial cost			$ 372
500 Group [Member]
Related Party Transaction [Line Items]
Royalty fee percentage	1%

SUMMARY OF LIQUIDATION PREFEREN

SUMMARY OF LIQUIDATION PREFERENCES (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Nov. 19, 2021	Feb. 24, 2021	Jun. 16, 2020
Class of Stock [Line Items]
Preferred stock, shares authorized	13,400,000,000				750,000,000
Preferred stock, shares outstanding	1,227,102,000
Preferred stock, shares issued	1,227,102,000
Preferred stock, liquidation preference shares	216,325,000
Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized	1,250,000,000		900,000,000	850,000,000
Preferred stock, shares outstanding
Preferred stock, shares issued
Preferred stock, liquidation preference shares
Series A-3 Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized	8,750,000,000	8,750,000,000
Preferred stock, shares outstanding	8,343,400	0
Preferred stock, shares issued	8,343,400	0
Preferred stock, liquidation preference shares	6,675,000
Series A-2 Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized	2,050,000,000	2,050,000,000	2,050,000,000
Preferred stock, shares outstanding	173,955,898	120,868,572
Preferred stock, shares issued	173,955,898	120,868,572
Preferred stock, liquidation preference shares	139,165,000
Series A-1 Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized	1,100,000,000	1,100,000,000	1,100,000,000	647,483,000
Preferred stock, shares outstanding	850,380,223	850,380,223
Preferred stock, shares issued	850,380,223	850,380,223
Preferred stock, liquidation preference shares	67,180,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized	250,000,000	250,000,000	250,000,000	202,517,000
Preferred stock, shares outstanding	194,422,511	194,422,511
Preferred stock, shares issued	194,422,511	194,422,511
Preferred stock, liquidation preference shares	3,305,000

SUMMARY OF STOCK OPTIONS ACTIVI

SUMMARY OF STOCK OPTIONS ACTIVITY (Details) - Equity Option [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Offsetting Assets [Line Items]
Stock Options, Outstanding	61,288	53,116
Weighted Average Exercise Price, Outstanding	$ 0.13	$ 0.07
Remaining Contractual Term (in years), Outstanding	7 years 10 months 24 days	8 years 4 months 24 days	9 years 10 months 24 days
Stock Options, Granted	1,357	17,430
Weighted Average Exercise Price, Granted	$ 0.70	$ 0.57
Stock Options, Exercised
Weighted Average Exercise Price, Exercised
Stock Options, Forfeited/cancelled	(7,409)	(9,258)
Weighted Average Exercise Price, Forfeited	$ (0.37)	$ (0.15)
Stock Options, Outstanding	55,236	61,288	53,116
Weighted Average Exercise Price, Outstanding	$ 0.13	$ 0.13	$ 0.07
Options, Exercisable	27,730
Weighted Average Exercise Price, Outstanding	$ 0.09
Remaining Contractual Term (in years), Outstanding	7 years 9 months 18 days

SCHEDULE OF OPTIONS VALUATION A

SCHEDULE OF OPTIONS VALUATION ASSUMPTIONS (Details) - $ / shares		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	[1]	3.75%	2%
Expected volatility	[2]	48.40%	41.66%
Expected dividend yield		0%	0%
Minimum [Member]
Expected term (in years)	[3]	5 years	5 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 0.80	$ 0.80
Maximum [Member]
Expected term (in years)	[3]	6 years 6 months	6 years 6 months
[1]Based on US Treasury constant maturity interest rate whose term is consistent with expected life of the stock options.[2]Based on historical experience over a term consistent with the expected life of the stock options.[3]The expected life of employee stock options was estimated using the “simplified method,” as the Company has no historical information to develop reasonable expectations about future exercise patterns and employment duration for its stock option grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant.

SUMMARY OF RSU ACTIVITY (Detail

SUMMARY OF RSU ACTIVITY (Details) - Restricted Stock Units (RSUs) [Member] - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSU's, Outstanding	17,857	17,857
RSU's, Granted	54,357
RSU's, Exercised
RSU's, Forfeited/cancelled	(11,714)
RSU's, Outstanding	60,500	17,857

STOCKHOLDERS_ EQUITY (DEFICIT_2

STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($)			12 Months Ended
	Jul. 12, 2022	Nov. 19, 2021	Dec. 31, 2023	Dec. 31, 2022	Sep. 01, 2023	Dec. 31, 2021	Feb. 24, 2021	Jun. 16, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized		6,600,000,000	6,600,000,000	6,600,000,000				4,250,000,000
Common stock, par value		$ 0.00001	$ 0.00001	$ 0.00001				$ 0.00001
Preferred stock, shares authorized			13,400,000,000					750,000,000
Preferred stock, par value								$ 0.00001
Stock split description		10-for-1 stock split
Offering costs			$ 1,159,000	$ 5,574,000
Subscription liability			451,000
Share based compensation			8,729,000	1,710,000
Stock Option And RSU [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share based compensation			8,729,000	1,710,000
Stock Option And RSU [Member] | Cost of Sales [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share based compensation			916,000	821,000
Stock Option And RSU [Member] | General and Administrative Expense [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share based compensation			3,930,000	889,000
Stock Option And RSU [Member] | Selling and Marketing Expense [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share based compensation			2,157,000	0
Stock Option And RSU [Member] | Research and Development Expense [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share based compensation			$ 1,726,000	$ 0
Equity Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Vesting period			2 years 9 months 10 days
Future share based compensation			$ 30,900,000
Restricted Stock Units (RSUs) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Vesting period			vest over a 3-year service period
Restricted stock units, granted			54,357,000	0
2021 Stock Option Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized						150,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross			1,357,000	17,430,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number			0	939
Vesting period			36 months
Stock granted			$ 611,000	$ 6,037,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period			10 years
Related Party [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock granted			$ 920,000	$ 920,000
Shares granted			12,834,000	12,834,000
Related Party [Member] | 2021 Stock Option Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock granted	$ 10
Shares granted	18,000
Series A Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized		250,000,000	250,000,000	250,000,000			202,517,000
Preferred stock, par value		$ 0.00001	$ 0.00001	$ 0.00001
Preferred stock, voting rights			Holders of Series A Preferred Stock do not have voting rights
Preferred stock, conversion terms			Shares of Series A preferred stock are convertible to common stock on a one for one basis upon the Company’s IPO or upon a Regulation A capital raise
Shares original issue price			$ 0.017
Number of preferred stock issued				5,914,000
Proceeds from issuance of preferred stock				$ 83,000
Series A Preferred Stock [Member] | Related Party [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of preferred stock issued				1,930,000
Cost of preferred stock issued				$ 27,000
Series A-1 Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized		1,100,000,000	1,100,000,000	1,100,000,000			647,483,000
Preferred stock, par value		$ 0.00001	$ 0.00001	$ 0.00001
Preferred stock, voting rights			Holders of Series A-1 Preferred Stock do not have voting rights
Preferred stock, conversion terms			Shares of Series A-1 Preferred Stock are convertible to common stock on a one for one basis upon the Company’s IPO or upon a Regulation A capital raise
Shares original issue price			$ 0.079
Number of preferred stock issued				742,000
Proceeds from issuance of preferred stock				$ 598,000
Series A-2 Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized		2,050,000,000	2,050,000,000	2,050,000,000
Preferred stock, par value		$ 0.00001	$ 0.00001	$ 0.00001
Preferred stock, voting rights			Holders of Series A-2 Preferred Stock do not have voting rights
Preferred stock, conversion terms			Shares of Series A-2 Preferred Stock are convertible to common stock on a one for one basis upon the Company’s IPO or upon a Regulation A capital raise
Shares original issue price			$ 0.80
Number of preferred stock issued			15,587,000	120,869,000
Proceeds from issuance of preferred stock			$ 12,024,000	$ 94,968,000
Series A Three Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized					8,750,000,000
Preferred stock, par value					$ 0.00001
Preferred stock, shares authorized unclassified					1,250,000,000
Series A-3 Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized			8,750,000,000	8,750,000,000
Preferred stock, par value			$ 0.00001	$ 0.00001
Preferred stock, voting rights			Holders of Series A-3 Preferred Stock do not have voting rights
Preferred stock, conversion terms			Shares of Series A-3 Preferred Stock are convertible to common stock on a one for one basis upon the Company’s IPO or upon a Regulation A capital raise
Shares original issue price			$ 0.80
Number of preferred stock issued			8,343,000
Proceeds from issuance of preferred stock			$ 4,184,000
Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized		900,000,000	1,250,000,000				850,000,000
Preferred stock, par value		$ 0.00001
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant issued			10,461,000
Exercise price			$ 0.80

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) $ in Thousands		12 Months Ended
	Apr. 26, 2023	Dec. 31, 2023	Dec. 31, 2022
Damages sought value		$ 50
Warranty term		10 years
share based compensation		$ 8,729	$ 1,710
Former Employee [Member]
share based compensation		250,000
Settlement Agreement [Member] | Customer [Member]
Payment		$ 1,000
Payment percentage		90%
Damages sought value		$ 1,000
Payment percentage		50%
Warranty accrual		$ 570
Warranty term		10 years
Casita [Member]
Litigation paid	$ 48

SCHEDULE OF DEFERRED TAX ASSETS

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal & State NOL Carryforward	$ 13,238
Research & Other Credits	576
Capitalized R&D	2,051
Accruals, Reserve and Other	386
Lease Liability	2,907
Stock Based Compensation	1,716
Total Gross DTA	20,874
Less:  Val. Allowance	(17,653)	$ (9,454)
Total Deferred Tax Assets	3,221
Fixed Assets	(441)
ROU Assets	(2,780)
Total Gross DTL	(3,221)
Net Deferred Tax Assets		$ 9,454

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Increase in valuation allowance	$ 8,200,000	$ 8,200,000
Net deferred tax asset		9,454,000
Net deferred tax asset decreased	9,454,000
Net deferred tax asset increased	6,838,000
Deferred tax assets valuation allowance	17,653,000	9,454,000
Net operating loss carryforward	63,000,000
Research credit carryforward	719,800
Unrecognized tax benefits, interest or penalties	$ 0	$ 0

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - shares shares in Thousands		3 Months Ended
	Apr. 01, 2024	Mar. 31, 2024
Subsequent Event [Line Items]
Shares forfeited		3,571
Number of stock options	2,435