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Assets Held for Sale
3 Months Ended
Mar. 31, 2023
Assets Held For Sale [Abstract]  
ASSETS HELD FOR SALE
11. ASSETS HELD FOR SALE

 

The Company acquired real estate assets to be held for sale to finance their water projects, by issuing 630 shares of Series T preferred stock for a fair value of $630,000, in conjunction with common stock purchase warrants, through an asset purchase agreement. The assets held for sale consisted of residential property, plus eight (8) lots of undeveloped land. The real property has been listed actively on the market to be sold. Based on the offers received and the market conditions, the Company adjusted the fair value and recognized a loss on impairment of the residential property in the amount of $230,000. As of March 31, 2023, the carrying value of the property is $400,000.