SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
|
SCHEDULE OF CONSOLIDATED STATEMENTS OF CASH FLOWS |
SCHEDULE
OF CONSOLIDATED STATEMENTS OF CASH FLOWS
| |
2022 | | |
2021 | |
| |
Year Ended | |
| |
December 31, | |
| |
2022 | | |
2021 | |
| |
| | |
| |
Cash and cash equivalents | |
$ | 2,847,871 | | |
$ | 3,171,301 | |
Restricted cash | |
| 1,000,000 | | |
| - | |
Cash and cash equivalents and restricted cash | |
$ | 3,847,871 | | |
$ | 3,171,301 | |
|
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED INCOME PER COMMON SHARE |
The
following table sets forth the computation of basic and diluted Income per Share:
SCHEDULE
OF COMPUTATION OF BASIC AND DILUTED INCOME PER COMMON SHARE
| |
2022 | | |
2021 | |
| |
Year Ended | |
| |
December 31, | |
| |
2022 | | |
2021 | |
| |
| | |
| |
Numerator: | |
| | | |
| | |
| |
| | | |
| | |
Net income (loss) | |
$ | (14,253,483 | ) | |
$ | 5,144,490 | |
Preferred stock dividends | |
| (652,827 | ) | |
| (652,834 | ) |
Numerator for basic and diluted EPS - income (loss) available to common shareholders | |
$ | (14,906,310 | ) | |
$ | 4,491,656 | |
| |
| | | |
| | |
Denominator: | |
| | | |
| | |
Denominator for basic EPS - Weighted average shares | |
| 3,377,676 | | |
| 3,178,215 | |
Dilutive effect of options | |
| - | | |
| 86,590 | |
Denominator for diluted EPS - Adjusted weighted average shares | |
| 3,377,676 | | |
| 3,264,805 | |
| |
| | | |
| | |
Basic income (loss) per common share | |
$ | (4.41 | ) | |
$ | 1.41 | |
Diluted income (loss) per common share | |
$ | (4.41 | ) | |
$ | 1.38 | |
|
SCHEDULE OF INTANGIBLE ASSETS |
The
following table provides a summary of the Intangible Assets and Liabilities:
For
the Years Ended December 31, 2022 and 2021
SCHEDULE OF INTANGIBLE ASSETS
| |
| | |
Accumulated Amortization / Addition to Revenue
Through | | |
Accumulated Amortization / Addition to Revenue | | |
Accumulated Amortization / Addition to Revenue | | |
Impairment on Intangible | | |
Net Book | |
| |
Cost | | |
12/31/20 | | |
2021 | | |
2022 | | |
2022 | | |
Value | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Asset Intangibles - PWTS | |
$ | 237,471 | | |
$ | 72,043 | | |
$ | 9,652 | | |
$ | 9,654 | | |
$ | - | | |
$ | 146,122 | |
Asset Intangibles - PWRS | |
$ | 4,713,548 | | |
$ | 1,526,663 | | |
$ | 227,488 | | |
$ | 227,488 | | |
$ | - | | |
$ | 2,731,909 | |
Asset Intangibles - Canndescent | |
$ | 807,976 | | |
$ | - | | |
$ | 162,593 | | |
$ | 134,662 | | |
$ | 510,721 | | |
$ | - | |
Asset Intangibles Total | |
$ | 5,758,995 | | |
$ | 1,598,706 | | |
$ | 399,733 | | |
$ | 371,804 | | |
$ | 510,721 | | |
$ | 2,878,031 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liability Intangible - Canndescent | |
$ | (178,651 | ) | |
$ | - | | |
$ | (35,951 | ) | |
$ | (29,776 | ) | |
$ | (112,924 | ) | |
$ | - | |
|
SCHEDULE OF FUTURE AMORTIZATION OF INTANGIBLE ASSETS |
The
following table provides a summary of the current estimate of future amortization of Intangible Assets:
SCHEDULE OF FUTURE AMORTIZATION OF INTANGIBLE ASSETS
| |
| | |
2023 | |
$ | 227,488 | |
2024 | |
$ | 227,488 | |
2025 | |
$ | 227,488 | |
2026 | |
$ | 227,488 | |
2027 | |
$ | 227,488 | |
Thereafter | |
| 1,594,469 | |
Total | |
$ | 2,731,909 | |
|