SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF CONSOLIDATED STATEMENTS OF CASH FLOW |
SCHEDULE
OF CONSOLIDATED STATEMENTS OF CASH FLOW
| |
December
31, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Cash
and cash equivalents | |
$ | 2,202,632 | | |
$ | 2,847,871 | |
Restricted
cash | |
| 1,902,252 | | |
| 1,000,000 | |
Cash
and cash equivalents and restricted cash | |
$ | 4,104,884 | | |
$ | 3,847,871 | |
|
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
| |
2023 | | |
2022 | |
| |
Years
Ended December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Numerator: | |
| | | |
| | |
| |
| | | |
| | |
Net
loss | |
$ | (14,365,513 | ) | |
$ | (14,253,483 | ) |
Preferred
Stock Dividends | |
| (652,829 | ) | |
| (652,827 | ) |
Numerator
for basic and diluted EPS - loss available to common shareholders | |
$ | (15,018,342 | ) | |
$ | (14,906,310 | ) |
| |
| | | |
| | |
Denominator: | |
| | | |
| | |
Denominator
for basic EPS - Weighted average shares | |
| 3,389,661 | | |
| 3,377,676 | |
Denominator
for dilutive EPS - Adjusted weighted average shares | |
| 3,389,661 | | |
| 3,377,676 | |
| |
| | | |
| | |
Basic
loss per common share | |
$ | (4.43 | ) | |
$ | (4.41 | ) |
Dilutive
loss per common share | |
$ | (4.43 | ) | |
$ | (4.41 | ) |
|
SCHEDULE OF INTANGIBLE ASSETS |
The
following table provides a summary of the Intangible Assets:
SCHEDULE OF INTANGIBLE ASSETS
| |
For the Years Ended December 31, | |
| |
| | |
| | |
| |
| |
Cost | | |
Accumulated Amortization Through 12/31/22 | | |
Accumulated Amortization 2023 | | |
Net Book Value | |
| |
| | |
| | |
| | |
| |
Asset Intangibles - PWRS | |
$ | 4,713,548 | | |
$ | 1,981,639 | | |
$ | 227,488 | | |
$ | 2,504,421 | |
|
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
| |
| | |
2024 | |
$ | 227,488 | |
2025 | |
$ | 227,488 | |
2026 | |
$ | 227,488 | |
2027 | |
$ | 227,488 | |
2028 | |
$ | 227,488 | |
Thereafter | |
| 1,366,981 | |
Total | |
$ | 2,504,421 | |
|