Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 24, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40623 | |
Entity Registrant Name | FORZA X1, INC. | |
Entity Central Index Key | 0001901305 | |
Entity Tax Identification Number | 87-3159685 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 3101 S. US-1 | |
Entity Address, City or Town | Ft. Pierce | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 34982 | |
City Area Code | (772) | |
Local Phone Number | 429-2525 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | FRZA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,000,000 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 258,391 | $ 1,803,285 |
Inventories | 16,831 | |
Prepaid expenses and other current assets | 33,271 | 88,477 |
Total Current Assets | 308,493 | 1,891,762 |
Deferred offering costs | 247,129 | 105,500 |
Property and equipment, net | 378,382 | 235,565 |
Total Assets | 934,004 | 2,232,827 |
Current Liabilities: | ||
Accounts payable | 5,442 | 13,333 |
Accrued liabilities | 41,524 | 35,128 |
Due to Parent | 11,164 | 641,917 |
Total Current Liabilities | 58,130 | 690,378 |
Total Liabilities | 58,130 | 690,378 |
Stockholder’s Equity: | ||
Common stock: 25,000,000 authorized; $0.001 par value; 7,000,000 shares issued and outstanding | 7,000 | 7,000 |
Additional paid-in capital | 2,493,000 | 1,993,000 |
Accumulated deficit | (1,624,126) | (457,551) |
Total Stockholder’s Equity | 875,874 | 1,542,449 |
Total Liabilities and Stockholder’s Equity | $ 934,004 | $ 2,232,827 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 7,000,000 | 7,000,000 |
Common stock, shares outstanding | 7,000,000 | 7,000,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Successor [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Net sales | ||||
Cost of products sold | 13,012 | 24,090 | ||
Gross (loss) profit | (13,012) | (24,090) | ||
Operating expenses: | ||||
Selling, general and administrative | 63,941 | 141,806 | ||
Salaries and wages | 296,863 | 479,149 | ||
Research and development | 218,769 | 434,439 | ||
Professional fees | 16,532 | 35,610 | ||
Depreciation | 11,335 | 19,072 | ||
Total operating expenses | 607,440 | 1,110,076 | ||
Loss from operations | (620,452) | (1,134,166) | ||
Other (expense) income: | ||||
Interest expense | (257) | (858) | ||
Interest income | 8 | 31 | ||
Gain from insurance recovery | ||||
Loss on disposal of asset | (31,582) | (31,582) | ||
Total other expenses | (31,831) | (32,409) | ||
Net loss | $ (652,283) | $ (1,166,575) | ||
Basic and diluted loss per common share | $ (0.09) | $ (0.17) | ||
Weighted average common shares outstanding basic and diluted | 7,000,000 | 7,000,000 | ||
Predecessor [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Net sales | ||||
Cost of products sold | ||||
Gross (loss) profit | ||||
Operating expenses: | ||||
Selling, general and administrative | 17,550 | 35,100 | ||
Salaries and wages | ||||
Research and development | ||||
Professional fees | ||||
Depreciation | ||||
Total operating expenses | 17,550 | 35,100 | ||
Loss from operations | (17,550) | (35,100) | ||
Other (expense) income: | ||||
Interest expense | (3,555) | (5,197) | ||
Interest income | ||||
Gain from insurance recovery | 130,000 | 130,000 | ||
Loss on disposal of asset | (190,252) | (190,252) | ||
Total other expenses | (63,807) | (65,449) | ||
Net loss | $ (81,357) | $ (100,549) | ||
Basic and diluted loss per common share | $ (0.01) | $ (0.01) | ||
Weighted average common shares outstanding basic and diluted | 7,000,000 | 7,000,000 |
Condensed Statements of Stockho
Condensed Statements of Stockholder's Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Successor Beginning balance, value at Dec. 31, 2020 | ||||
Beginning Balance, Shares at Dec. 31, 2020 | ||||
Net loss | (19,192) | (19,192) | ||
Successor Ending balance, value at Mar. 31, 2021 | (19,192) | (19,192) | ||
Ending balance, Shares at Mar. 31, 2021 | ||||
Net loss | (81,357) | (81,357) | ||
Successor Ending balance, value at Jun. 30, 2021 | (100,549) | (100,549) | ||
Ending balance, Shares at Jun. 30, 2021 | ||||
Successor Beginning balance, value at Dec. 31, 2021 | $ 7,000 | 1,993,000 | (457,551) | 1,542,449 |
Beginning Balance, Shares at Dec. 31, 2021 | 7,000,000 | |||
Net loss | (514,292) | (514,292) | ||
Successor Ending balance, value at Mar. 31, 2022 | $ 7,000 | 1,993,000 | (971,843) | 1,028,157 |
Ending balance, Shares at Mar. 31, 2022 | 7,000,000 | |||
Capital contributions from parent | 500,000 | 500,000 | ||
Net loss | (652,283) | (652,283) | ||
Successor Ending balance, value at Jun. 30, 2022 | $ 7,000 | $ 2,493,000 | $ (1,624,126) | $ 875,874 |
Ending balance, Shares at Jun. 30, 2022 | 7,000,000 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Successor [Member] | ||
Cash Flows From Operating Activities | ||
Net loss | $ (1,166,575) | |
Adjustments to reconcile net loss: | ||
Depreciation | 14,267 | |
Loss on disposal of assets | 31,582 | |
Inventories | (16,831) | |
Prepaid expenses and other current assets | 55,206 | |
Accounts payable | (7,891) | |
Accrued liabilities | 6,396 | |
Net cash used in operating activities | (1,083,846) | |
Cash Flows From Investing Activities | ||
Insurance proceeds | ||
Purchase of property and equipment | (188,666) | |
Net cash used in investing activities | (188,666) | |
Cash Flows From Financing Activities | ||
Deferred offering costs | (141,629) | |
Capital contributions from parent | 500,000 | |
Repayments of advances from parent | (750,596) | |
Advances from parent | 119,843 | |
Net cash (used in) provided by financing activities | (272,382) | |
Net change in cash and cash equivalents | (1,544,894) | |
Cash and cash equivalents at beginning of period | 1,803,285 | |
Cash and cash equivalents at end of period | $ 258,391 | |
Predecessor [Member] | ||
Cash Flows From Operating Activities | ||
Net loss | $ (100,549) | |
Adjustments to reconcile net loss: | ||
Depreciation | ||
Loss on disposal of assets | 190,252 | |
Inventories | ||
Prepaid expenses and other current assets | ||
Accounts payable | ||
Accrued liabilities | ||
Net cash used in operating activities | 89,703 | |
Cash Flows From Investing Activities | ||
Insurance proceeds | 130,000 | |
Purchase of property and equipment | (422,123) | |
Net cash used in investing activities | (292,123) | |
Cash Flows From Financing Activities | ||
Deferred offering costs | ||
Capital contributions from parent | ||
Repayments of advances from parent | 0 | |
Advances from parent | 202,420 | |
Net cash (used in) provided by financing activities | 202,420 | |
Net change in cash and cash equivalents | 0 | |
Cash and cash equivalents at beginning of period | ||
Cash and cash equivalents at end of period |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Organization Forza X1, Inc. was initially incorporated as Electra Power Sports, Inc. on October 15, 2021, but subsequently changed its name to Forza X1, Inc. on October 29, 2021. The Company’s parent company was incorporated in the State of Florida as Twin Vee Catamarans, Inc. on December 1, 2009, and reincorporated in Delaware on April 7, 2021, as Twin Vee PowerCats Co. Prior to October 15, 2021, Twin Vee PowerCats, Co. dedicated resources to designing and building prototype electric boats. These resources and expenditures were segregated in Twin Vee PowerCats, Co’s financial statements and have been carved out and included as the predecessor herein for the period January 1, 2021 through June 30, 2021. The accompanying financial statements include the historical accounts of Forza X1, Inc. and its predecessor, the carve-out of the electric segment business of Twin Vee PowerCats, Co. (“Twin Vee” or the “Parent”). Forza is in the business of design and development of electric boats. Forza has a December 31 st Forza succeeded to substantially all of the business of the electric segment of Twin Vee and Forza’s own operations before the succession, October 15, 2021, were non-existent. Accordingly, the carve-out financial statements of the electric segment of Twin Vee are included as Predecessor herein. Management has reached this conclusion based upon an evaluation of the requirements and the facts and circumstances, including the historical life of the electric segment, the historical level of operations of the electric segment, and the fact that the Company’s operations, prior to the succession were non-existent. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP ”) for interim financial statements and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of June 30, 2022 and the results of operations and cash flows for the periods presented. The results of operations for the six months ended June 30, 2022 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes thereto for the year ended December 31, 2021 included in the Company’s Prospectus on Form 424(b)(4) filed with the SEC on April 20, 2022. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States “U.S. GAAP” required management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Included in those estimates are assumptions about useful life of fixed assets. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities of three months or less at the time of the purchase. On June 30, 2022 and December 31, 2021, the Company had cash and cash equivalents of $ 258,391 1,803,285 Concentrations of Credit and Business Risk The Company minimizes the concentration of credit risk associated with its cash by maintaining its cash with high quality federally insured financial institutions. However, cash balances in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limit of $ 250,000 0 1,492,019 Inventories Inventories are valued at the lower of cost and net realizable value, with cost determined using the average cost method. Net realizable value is defined as sales price less cost of completion, disposable and transportation and a normal profit margin. Production costs, consisting of labor and overhead, are applied to ending finished goods inventories at a rate based on estimated production capacity. Excess production costs are charged to cost of products sold. Provisions have been made to reduce excess or obsolete inventories to their net realizable value. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 2. Property and Equipment At June 30, 2022 and December 31, 2021, property and equipment consisted of the following: Schedule of property and equipment June 30, December 31, 2022 2021 Building - construction in progress — 53,250 Equipment 41,742 — Computer hardware and software 18,495 8,998 Prototype 142,525 142,525 Molds and fixtures 193,095 34,000 395,857 238,773 Less accumulated depreciation (17,475 ) (3,208 ) $ 378,382 $ 235,565 Depreciation expense of property and equipment of $ 19,072 0 |
Related Party Transaction
Related Party Transaction | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | 3. Related Party Transaction As of June 30, 2022 and December 31, 2021, the Company had $ 11,164 641,917 2,500,000 Associated with amounts advanced and due to Parent, for the six months ended June 30, 2022 and 2021 (Predecessor), we recorded interest expense of $ 858 5,196 6 For the six months ended June 30, 2022 and 2021 (Predecessor), the Company recorded management fees of $ 30,000 The agreement provides for a monthly $5,000 management fee associated with the use of shared management resources, has a term of one year and will expire on September 30, 2022. For the six months ended June 30, 2022 and 2021 (Predecessor) the Company recorded rent expense of $ 5,100 The Company incurred $850 per month for rent expense for approximately 1,000 square feet. During the six months ended June 30, 2022 and 2021 (Predecessor), the Company repaid advancements from its Parent of $ 750,596 0 500,000 |
Liquidity
Liquidity | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | 4. Liquidity With the completion of our IPO, in August 2022, we now have cash and cash equivalents of approximately $ 14,500,000 1,166,575 100,549 The Company has no current source of revenue and may seek additional equity and/or debt financing. A successful transition to attaining profitable operations is dependent upon achieving a level of positive cash flows adequate to support the Company’s cost structure. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Covid-19 The COVID-19 outbreak in the United States has caused business disruptions through mandated and voluntary closings of multiple industries. While disruption is currently expected to be temporary, there is considerable uncertainty regarding the duration of the closings. The extent to which COVID-19 impacts future results, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and the actions to contain it or treat its impact, among others. At this time, the Company cannot estimate with meaningful precision the potential impact to its financial and operational results. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 6. Subsequent Events The Company has evaluated all event or transactions that occurred after June 30,2022 through August 19, 2022, which is the date that the condensed financial statements were available to be issued. During this period, there were no material subsequent events requiring recognition or disclosure. On July 22, 2022, the Company filed an amendment to its certificate of incorporation affecting a 1.076923077 On July 28,2022, the Company announced its intent to purchase land and develop a production facility in McDowell County, North Carolina. On August 11, 2022, the Company, consummated its initial public offering (the “IPO”) of 3,000,000 5.00 15,000,000 450,500 The Company currently anticipates using the net proceeds from the IPO, together with its existing resources, as follows: (i) for the acquisition of property and the development of a manufacturing plant, infrastructure, equipment to build, design and manufacture its new line of electric boats; (ii) for ramp up of production and inventory; and (iii) for working capital. After the closing of the IPO, the Company granted under its 2022 Stock Incentive Plan stock options to purchase 400,000 400,000 5,500 5,500 5,500 5.00 |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization | Organization Forza X1, Inc. was initially incorporated as Electra Power Sports, Inc. on October 15, 2021, but subsequently changed its name to Forza X1, Inc. on October 29, 2021. The Company’s parent company was incorporated in the State of Florida as Twin Vee Catamarans, Inc. on December 1, 2009, and reincorporated in Delaware on April 7, 2021, as Twin Vee PowerCats Co. Prior to October 15, 2021, Twin Vee PowerCats, Co. dedicated resources to designing and building prototype electric boats. These resources and expenditures were segregated in Twin Vee PowerCats, Co’s financial statements and have been carved out and included as the predecessor herein for the period January 1, 2021 through June 30, 2021. The accompanying financial statements include the historical accounts of Forza X1, Inc. and its predecessor, the carve-out of the electric segment business of Twin Vee PowerCats, Co. (“Twin Vee” or the “Parent”). Forza is in the business of design and development of electric boats. Forza has a December 31 st Forza succeeded to substantially all of the business of the electric segment of Twin Vee and Forza’s own operations before the succession, October 15, 2021, were non-existent. Accordingly, the carve-out financial statements of the electric segment of Twin Vee are included as Predecessor herein. Management has reached this conclusion based upon an evaluation of the requirements and the facts and circumstances, including the historical life of the electric segment, the historical level of operations of the electric segment, and the fact that the Company’s operations, prior to the succession were non-existent. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP ”) for interim financial statements and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of June 30, 2022 and the results of operations and cash flows for the periods presented. The results of operations for the six months ended June 30, 2022 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes thereto for the year ended December 31, 2021 included in the Company’s Prospectus on Form 424(b)(4) filed with the SEC on April 20, 2022. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States “U.S. GAAP” required management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Included in those estimates are assumptions about useful life of fixed assets. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities of three months or less at the time of the purchase. On June 30, 2022 and December 31, 2021, the Company had cash and cash equivalents of $ 258,391 1,803,285 |
Concentrations of Credit and Business Risk | Concentrations of Credit and Business Risk The Company minimizes the concentration of credit risk associated with its cash by maintaining its cash with high quality federally insured financial institutions. However, cash balances in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limit of $ 250,000 0 1,492,019 |
Inventories | Inventories Inventories are valued at the lower of cost and net realizable value, with cost determined using the average cost method. Net realizable value is defined as sales price less cost of completion, disposable and transportation and a normal profit margin. Production costs, consisting of labor and overhead, are applied to ending finished goods inventories at a rate based on estimated production capacity. Excess production costs are charged to cost of products sold. Provisions have been made to reduce excess or obsolete inventories to their net realizable value. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Schedule of property and equipment June 30, December 31, 2022 2021 Building - construction in progress — 53,250 Equipment 41,742 — Computer hardware and software 18,495 8,998 Prototype 142,525 142,525 Molds and fixtures 193,095 34,000 395,857 238,773 Less accumulated depreciation (17,475 ) (3,208 ) $ 378,382 $ 235,565 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Cash and Cash Equivalents | $ 258,391 | $ 1,803,285 |
FDIC insured limit | 250,000 | |
FDIC excess amount | $ 0 | $ 1,492,019 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 395,857 | $ 238,773 |
Less: accumulated depreciation | (17,475) | (3,208) |
Property and equipment, net | 378,382 | 235,565 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 53,250 | |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 41,742 | |
Computer Hardware And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 18,495 | 8,998 |
Prototype [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 142,525 | 142,525 |
Molds And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 193,095 | $ 34,000 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Successor [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Depreciation expense | $ 19,072 | |
Predecessor [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Depreciation expense | $ 0 |
Related Party Transaction (Deta
Related Party Transaction (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Due to parrent | $ 11,164 | $ 641,917 | |
Successor [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Related party cost | 2,500,000 | ||
Interest expense | $ 858 | ||
Interest rate | 6% | ||
Management fees | $ 30,000 | ||
Management fees description | The agreement provides for a monthly $5,000 management fee associated with the use of shared management resources, has a term of one year and will expire on September 30, 2022. | ||
Rent expense | $ 5,100 | ||
Rent expense description | The Company incurred $850 per month for rent expense for approximately 1,000 square feet. | ||
Repayments of advances from parent | $ 750,596 | ||
Capital contributions from parent | $ 500,000 | ||
Predecessor [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Interest expense | $ 5,196 | ||
Interest rate | 6% | ||
Management fees | $ 30,000 | ||
Rent expense | 5,100 | ||
Repayments of advances from parent | 0 | ||
Capital contributions from parent |
Liquidity (Details Narrative)
Liquidity (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Aug. 19, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Cash and cash equivalents | $ 14,500,000 | ||||
Successor [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Net loss | $ 652,283 | $ 1,166,575 | |||
Predecessor [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Net loss | $ 81,357 | $ 100,549 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) | 1 Months Ended | |
Aug. 11, 2022 | Jul. 22, 2022 | |
Subsequent Event [Line Items] | ||
Stock split | 1.076923077 | |
N 2022 Stock Incentive Plan [Member] | ||
Subsequent Event [Line Items] | ||
Exercise price | $ 5 | |
N 2022 Stock Incentive Plan [Member] | Joseph Visconti [Member] | ||
Subsequent Event [Line Items] | ||
Stock options to purchase | 400,000 | |
N 2022 Stock Incentive Plan [Member] | Jim Leffew [Member] | ||
Subsequent Event [Line Items] | ||
Stock options to purchase | 400,000 | |
N 2022 Stock Incentive Plan [Member] | Neil Ross [Member] | ||
Subsequent Event [Line Items] | ||
Stock options to purchase | 5,500 | |
N 2022 Stock Incentive Plan [Member] | Kevin Schuyler [Member] | ||
Subsequent Event [Line Items] | ||
Stock options to purchase | 5,500 | |
N 2022 Stock Incentive Plan [Member] | Marcia Kull [Member] | ||
Subsequent Event [Line Items] | ||
Stock options to purchase | 5,500 | |
IPO [Member] | ||
Subsequent Event [Line Items] | ||
Number of stock issued in IPO | 3,000,000 | |
Share price | $ 5 | |
Proceeds from Initial Public Offering | $ 15,000,000 | |
Additional shares | 450,500 |