Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 09, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | REFLECT SCIENTIFIC INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 84,989,086 | |
Amendment Flag | false | |
Entity Central Index Key | 0001103090 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-31377 | |
Entity Incorporation, State or Country Code | UT | |
Entity Tax Identification Number | 87-0642556 | |
Entity Address, Address Line One | 1266 South 1380 West, | |
Entity Address, City or Town | Orem | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84058 | |
City Area Code | (801) | |
Local Phone Number | 226-4100 | |
Title of 12(b) Security | None | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 1,247,754 | $ 1,473,924 |
Accounts receivable, net | 531,054 | 178,649 |
Inventories, net | 863,155 | 624,486 |
Prepaid expenses and other current assets | 3,100 | 28,306 |
Total Current Assets | 2,645,063 | 2,305,365 |
Operating lease right-of-use assets | 82,742 | 110,483 |
Goodwill | 60,000 | 60,000 |
Other long-term assets | 3,100 | 3,100 |
TOTAL ASSETS | 2,790,905 | 2,478,948 |
Current Liabilities | ||
Accounts payable and accrued expenses | 112,350 | 66,837 |
Customer deposits | 114,071 | 118,566 |
Current portion of operating lease liabilities | 59,638 | 56,446 |
Total Current Liabilities | 286,059 | 241,849 |
Operating lease liabilities, net of current portion | 26,760 | 57,393 |
TOTAL LIABILITIES | 312,819 | 299,242 |
Stockholders' Equity | ||
Preferred Stock, $0.01 par value, 5,000,000 shares authorized; none issued and outstanding | ||
Common shares, $0.01 par value, 100,000,000 shares authorized; 84,989,086 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 849,890 | 849,890 |
Additional paid-in capital | 20,240,681 | 20,226,931 |
Accumulated deficit | (18,612,485) | (18,897,115) |
TOTAL STOCKHOLDERS’ EQUITY | 2,478,086 | 2,179,706 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 2,790,905 | $ 2,478,948 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 84,989,086 | 84,989,086 |
Common stock, shares outstanding | 84,989,086 | 84,989,086 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues | $ 555,615 | $ 707,133 | $ 1,309,191 | $ 1,269,495 |
Cost of goods sold | 195,821 | 235,179 | 430,110 | 378,974 |
Gross profit | 359,794 | 471,954 | 879,081 | 890,521 |
Operating Expenses | ||||
Salaries and wages | 159,565 | 146,116 | 329,844 | 282,720 |
General and administrative | 103,775 | 135,601 | 220,953 | 272,364 |
Research and development | 18,329 | 19,456 | 43,654 | 28,153 |
Total Operating Expenses | 281,669 | 301,173 | 594,451 | 583,237 |
INCOME FROM OPERATIONS | 78,125 | 170,781 | 284,630 | 307,284 |
Other Income | ||||
Gain on forgiveness of debt | 111,265 | |||
Total Other Income | 111,265 | |||
NET INCOME BEFORE INCOME TAXES | 78,125 | 170,781 | 284,630 | 418,549 |
INCOME TAX BENEFIT (EXPENSE) | ||||
NET INCOME | $ 78,125 | $ 170,781 | $ 284,630 | $ 418,549 |
Earnings per common share | ||||
Basic (in Dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Diluted (in Dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares outstanding | ||||
Basic (in Shares) | 84,989,086 | 84,739,086 | 84,989,086 | 84,739,086 |
Diluted (in Shares) | 85,739,086 | 84,739,086 | 85,739,086 | 84,739,086 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) | Common Shares | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2020 | $ 847,390 | $ 20,201,931 | $ (19,836,180) | $ 1,213,141 |
Balance (in Shares) at Dec. 31, 2020 | 84,739,086 | |||
Net income | 247,768 | 247,768 | ||
Balance at Mar. 31, 2021 | $ 847,390 | 20,201,931 | (19,588,412) | 1,460,909 |
Balance (in Shares) at Mar. 31, 2021 | 84,739,086 | |||
Net income | 170,781 | 170,781 | ||
Balance at Jun. 30, 2021 | $ 847,390 | 20,201,931 | (19,417,631) | 1,631,690 |
Balance (in Shares) at Jun. 30, 2021 | 84,739,086 | |||
Balance at Dec. 31, 2021 | $ 849,890 | 20,226,931 | (18,897,115) | 2,179,706 |
Balance (in Shares) at Dec. 31, 2021 | 84,989,086 | |||
Stock-based compensation | 12,844 | 12,844 | ||
Net income | 206,505 | 206,505 | ||
Balance at Mar. 31, 2022 | $ 849,890 | 20,239,775 | (18,690,610) | 2,399,055 |
Balance (in Shares) at Mar. 31, 2022 | 84,989,086 | |||
Stock-based compensation | 906 | 906 | ||
Net income | 78,125 | 78,125 | ||
Balance at Jun. 30, 2022 | $ 849,890 | $ 20,240,681 | $ (18,612,485) | $ 2,478,086 |
Balance (in Shares) at Jun. 30, 2022 | 84,989,086 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 284,630 | $ 418,549 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Stock-based compensation | 13,750 | |
Gain on forgiveness of debt | (111,265) | |
Amortization of right-of-use assets | 27,741 | 30,115 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (355,405) | 136,428 |
Inventories | (238,669) | (85,475) |
Prepaid expenses and other current assets | 28,206 | (27,845) |
Accounts payable and accrued expenses | 45,513 | (10,442) |
Customer deposits | (4,495) | 93,337 |
Operating lease liabilities | (27,441) | (28,237) |
Net cash (used in) provided by operating activities | (226,170) | 415,165 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net cash provided by investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net cash provided by financing activities | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (226,170) | 415,165 |
CASH AND CASH EQUIVALENTS | ||
Beginning of the period | 1,473,924 | 642,542 |
End of the period | 1,247,754 | 1,057,707 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for interest | ||
Cash paid for income taxes |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | NOTE 1—BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Reflect Scientific, Inc. (the “Company,” “we,” “us,” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q of Regulation S-X. They do not include all information and footnotes required by GAAP for complete financial statements. The December 31, 2021 consolidated balance sheet data was derived from audited financial statements but do not include all disclosures required by GAAP. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the consolidated financial statements for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 31, 2022. The interim unaudited condensed consolidated financial statements should be read in conjunction with those consolidated financial statements included in the Form 10-K. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, consisting solely of normal recurring adjustments, have been made. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 2—RECENT ACCOUNTING PRONOUNCEMENTS The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. ASU 2016-13 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2019. This pronouncement was amended under ASU 2019-10 to allow an extension on the adoption date for entities that qualify as a small reporting company. The Company has elected this extension and the effective date for the Company to adopt this standard will be for fiscal years beginning after December 15, 2022. The Company has not completed its assessment of the standard but does not expect the adoption to have a material impact on our condensed consolidated financial statements. In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU amends ASC 805 to require acquiring entities to apply ASC 606 to recognize and measure contract assets and contract liabilities in business combinations. The ASU is effective for public entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This ASU should be applied prospectively to acquisitions occurring on or after the effective date of December 15, 2022, and early adoption is permitted. The Company has not completed its assessment of the standard but does not expect the adoption to have a material impact on our condensed consolidated financial statements. |
Disaggregation of Revenues
Disaggregation of Revenues | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
DISAGGREGATION OF REVENUES | NOTE 3—DISAGGREGATION OF REVENUES Our revenue is disaggregated based on product category and geographical region. We recognize revenue from the sale of scientific equipment for the life sciences and manufacturing industries. Our products range from non-mechanical Cyrometrix freezers, chillers, and original equipment manufacturer (“OEM”) value-added products and components for the life sciences industry. The Company’s revenues for the three and six months ended June 30, 2022 and 2021 are disaggregated as follows: Three Months Ended June 30, 2022 United States International Total Revenues Freezers and chillers $ 309,704 $ - $ 309,704 OEM and other 195,604 50,307 245,911 Total Revenues $ 505,308 $ 50,307 $ 555,615 Three Months Ended June 30, 2021 United States International Total Revenues Freezers and chillers $ 197,402 $ 295,991 $ 493,393 OEM and other 159,453 54,287 213,740 Total Revenues $ 356,855 $ 350,278 $ 707,133 Six Months Ended June 30, 2022 United States International Total Revenues Freezers and chillers $ 658,162 $ 153,236 $ 811,398 OEM and other 368,047 129,746 497,793 Total Revenues $ 1,026,209 $ 282,982 $ 1,309,191 Six Months Ended June 30, 2021 United States International Total Revenues Freezers and chillers $ 271,098 $ 556,124 $ 827,222 OEM and other 329,350 112,923 442,273 Total Revenues $ 600,448 $ 669,047 $ 1,269,495 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 4—INVENTORIES Inventories at June 30, 2022 and December 31, 2021 consisted of the following: June 30, December 31, Finished goods $ 280,470 $ 342,835 Raw materials 688,729 387,695 Total inventories 969,199 730,530 Less reserve for obsolescence (106,044 ) (106,044 ) Total inventories, net $ 863,155 $ 624,486 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of Leases [Abstract] | |
LEASES | NOTE 5—LEASES The following was included in our condensed consolidated balance sheet at June 30, 2022 and December 31, 2021: June 30, December 31, Operating lease right-of-use assets $ 82,742 $ 110,483 Lease liabilities, current portion 59,638 56,446 Lease liabilities, long-term 26,760 57,393 Total operating lease liabilities $ 86,398 $ 113,839 Weighted-average remaining lease term (months) 17 23 Weighted average discount rate 5.25% 5.25% Total lease expense for the three and six months ended June 30, 2022 and 2021 is as follows: Three Months Ended June 30, 2022 2021 Operating lease expense $ 15,216 $ 15,216 Variable lease expense 1,395 1,887 Total lease expense $ 16,611 $ 17,103 Six Months Ended June 30, 2022 2021 Operating lease expense $ 30,432 $ 30,432 Variable lease expense 3,788 3,774 Total lease expense $ 34,220 $ 34,206 As of June 30, 2022, maturities of operating lease liabilities were as follows: Year Ending December 31, Amount 2022 – remaining $ 30,958 2023 58,920 Total 89,878 Less: imputed interest (3,480 ) Total operating lease liabilities $ 86,398 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 6—STOCKHOLDERS’ EQUITY Common Stock As of June 30, 2022, the Company was authorized to issue 100,000,000 common shares. As of June 30, 2022 and December 31, 2021, the Company had 84,989,086 common shares issued and outstanding. Restricted Stock Awards On December 28, 2021, the Company granted 1,000,000 shares of restricted common stock to its patent attorney. The restricted stock vest over three years, with 250,000 shares vesting immediately on the grant date and 250,000 shares vesting on the next three anniversary dates. Below is a table summarizing the changes in restricted stock awards outstanding during the six months ended June 30, 2022: Restricted Stock Awards Weighted-Average Exercise Price Outstanding at December 31, 2021 750,000 $ 0.11 Granted - - Vested - - Forfeited - - Outstanding at June 30, 2022 750,000 $ 0.11 Stock-based compensation expense of $906 and $12,844 was recorded during the three and six months ended June 30, 2022, respectively. Stock-based compensation expense was $nil during the three and six months ended June 30, 2021. As of June 30, 2022, the remaining unrecognized stock-based compensation expense related to non-vested restricted stock awards is $68,750 and is expected to be recognized over 2.50 years. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 7—EARNINGS PER SHARE The computation of weighted average shares outstanding and the basic and diluted earnings per share for the three and six months ended June 30, 2022 and 2021 consisted of the following: Three Months Ended June 30, 2022 2021 Net income $ 78,125 $ 170,781 Weighted average shares outstanding 84,989,086 84,739,086 Basic earnings per share $ 0.00 $ 0.00 Weighted average shares outstanding 84,989,086 84,739,086 Effect on dilutive stock awards 750,000 - Total potential shares outstanding 85,739,086 84,739,086 Diluted earnings per share $ 0.00 $ 0.00 Six Months Ended June 30, 2022 2021 Net income $ 284,630 $ 418,549 Weighted average shares outstanding 84,989,086 84,739,086 Basic earnings per share $ 0.00 $ 0.00 Weighted average shares outstanding 84,989,086 84,739,086 Effect on dilutive stock awards 750,000 - Total potential shares outstanding 85,739,086 84,739,086 Diluted earnings per share $ 0.00 $ 0.00 For the three and six months ended June 30, 2022 there were 750,000 potentially dilutive shares that needed to be considered as common share equivalents. |
Disaggregation of Revenues (Tab
Disaggregation of Revenues (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenues | Three Months Ended June 30, 2022 United States International Total Revenues Freezers and chillers $ 309,704 $ - $ 309,704 OEM and other 195,604 50,307 245,911 Total Revenues $ 505,308 $ 50,307 $ 555,615 Three Months Ended June 30, 2021 United States International Total Revenues Freezers and chillers $ 197,402 $ 295,991 $ 493,393 OEM and other 159,453 54,287 213,740 Total Revenues $ 356,855 $ 350,278 $ 707,133 Six Months Ended June 30, 2022 United States International Total Revenues Freezers and chillers $ 658,162 $ 153,236 $ 811,398 OEM and other 368,047 129,746 497,793 Total Revenues $ 1,026,209 $ 282,982 $ 1,309,191 Six Months Ended June 30, 2021 United States International Total Revenues Freezers and chillers $ 271,098 $ 556,124 $ 827,222 OEM and other 329,350 112,923 442,273 Total Revenues $ 600,448 $ 669,047 $ 1,269,495 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | June 30, December 31, Finished goods $ 280,470 $ 342,835 Raw materials 688,729 387,695 Total inventories 969,199 730,530 Less reserve for obsolescence (106,044 ) (106,044 ) Total inventories, net $ 863,155 $ 624,486 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of Leases [Abstract] | |
condensed consolidated balance sheet | June 30, December 31, Operating lease right-of-use assets $ 82,742 $ 110,483 Lease liabilities, current portion 59,638 56,446 Lease liabilities, long-term 26,760 57,393 Total operating lease liabilities $ 86,398 $ 113,839 Weighted-average remaining lease term (months) 17 23 Weighted average discount rate 5.25% 5.25% |
Schedule of total lease expense | Three Months Ended June 30, 2022 2021 Operating lease expense $ 15,216 $ 15,216 Variable lease expense 1,395 1,887 Total lease expense $ 16,611 $ 17,103 Six Months Ended June 30, 2022 2021 Operating lease expense $ 30,432 $ 30,432 Variable lease expense 3,788 3,774 Total lease expense $ 34,220 $ 34,206 |
Schedule of operating lease liabilities | Year Ending December 31, Amount 2022 – remaining $ 30,958 2023 58,920 Total 89,878 Less: imputed interest (3,480 ) Total operating lease liabilities $ 86,398 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of changes in restricted stock awards outstanding | Restricted Stock Awards Weighted-Average Exercise Price Outstanding at December 31, 2021 750,000 $ 0.11 Granted - - Vested - - Forfeited - - Outstanding at June 30, 2022 750,000 $ 0.11 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of weighted average shares outstanding and the basic and diluted earnings per share | Three Months Ended June 30, 2022 2021 Net income $ 78,125 $ 170,781 Weighted average shares outstanding 84,989,086 84,739,086 Basic earnings per share $ 0.00 $ 0.00 Weighted average shares outstanding 84,989,086 84,739,086 Effect on dilutive stock awards 750,000 - Total potential shares outstanding 85,739,086 84,739,086 Diluted earnings per share $ 0.00 $ 0.00 Six Months Ended June 30, 2022 2021 Net income $ 284,630 $ 418,549 Weighted average shares outstanding 84,989,086 84,739,086 Basic earnings per share $ 0.00 $ 0.00 Weighted average shares outstanding 84,989,086 84,739,086 Effect on dilutive stock awards 750,000 - Total potential shares outstanding 85,739,086 84,739,086 Diluted earnings per share $ 0.00 $ 0.00 |
Disaggregation of Revenues (Det
Disaggregation of Revenues (Details) - Schedule of revenues - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Freezers and chillers | $ 309,704 | $ 493,393 | $ 811,398 | $ 827,222 |
OEM and other | 245,911 | 213,740 | 497,793 | 442,273 |
Total Revenues | 555,615 | 707,133 | 1,309,191 | 1,269,495 |
United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Freezers and chillers | 309,704 | 197,402 | 658,162 | 271,098 |
OEM and other | 195,604 | 159,453 | 368,047 | 329,350 |
Total Revenues | 505,308 | 356,855 | 1,026,209 | 600,448 |
International [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Freezers and chillers | 295,991 | 153,236 | 556,124 | |
OEM and other | 50,307 | 54,287 | 129,746 | 112,923 |
Total Revenues | $ 50,307 | $ 350,278 | $ 282,982 | $ 669,047 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Inventories [Abstract] | ||
Finished goods | $ 280,470 | $ 342,835 |
Raw materials | 688,729 | 387,695 |
Total inventories | 969,199 | 730,530 |
Less reserve for obsolescence | (106,044) | (106,044) |
Total inventories, net | $ 863,155 | $ 624,486 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of condensed consolidated balance sheet - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of condensed consolidated balance sheet [Abstract] | ||
Operating lease right-of-use assets | $ 82,742 | $ 110,483 |
Lease liabilities, current portion | 59,638 | 56,446 |
Lease liabilities, long-term | 26,760 | 57,393 |
Total operating lease liabilities | $ 86,398 | $ 113,839 |
Weighted-average remaining lease term (months) | 17 months | 23 months |
Weighted average discount rate | 5.25% | 5.25% |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of total lease expense - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of total lease expense [Abstract] | ||||
Operating lease expense | $ 15,216 | $ 15,216 | $ 30,432 | $ 30,432 |
Variable lease expense | 1,395 | 1,887 | 3,788 | 3,774 |
Total lease expense | $ 16,611 | $ 17,103 | $ 34,220 | $ 34,206 |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of operating lease liabilities - Operating Lease Liabilities [Member] | Jun. 30, 2022 USD ($) |
Leases (Details) - Schedule of operating lease liabilities [Line Items] | |
2022 – remaining | $ 30,958 |
2023 | 58,920 |
Total | 89,878 |
Less: imputed interest | (3,480) |
Total operating lease liabilities | $ 86,398 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Dec. 28, 2021 | Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Stockholders' Equity (Details) [Line Items] | ||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | |
Common stock, shares issued | 84,989,086 | 84,989,086 | 84,989,086 | |
Common stock, shares outstanding | 84,989,086 | 84,989,086 | 84,989,086 | |
Restricted common stock, shares (in Dollars) | $ 1,000,000 | |||
Vesting term | 3 years | |||
Restricted stock, vest shares | 250,000 | |||
Stock based compensation expense (in Dollars) | $ 906 | $ 12,844 | ||
Non-vested restricted stock awards (in Dollars) | $ 68,750 | |||
Non vested restricted stock awards period | 2 years 6 months | |||
Restricted Stock Awards [Member] | ||||
Stockholders' Equity (Details) [Line Items] | ||||
Vesting term | 3 years | |||
Restricted stock, vest shares | 250,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Schedule of changes in restricted stock awards outstanding | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Schedule of changes in restricted stock awards outstanding [Abstract] | |
Restricted Stock Awards Outstanding, Beginning | shares | 750,000 |
Weighted-Average Exercise Price Outstanding, Beginning | $ / shares | $ 0.11 |
Restricted Stock Awards, Granted | shares | |
Weighted-Average Exercise Price, Granted | $ / shares | |
Restricted Stock Awards, Vested | shares | |
Weighted-Average Exercise Price, Vested | $ / shares | |
Restricted Stock Awards, Forfeited | shares | |
Weighted-Average Exercise Price, Forfeited | $ / shares | |
Restricted Stock Awards Outstanding, Ending | shares | 750,000 |
Weighted-Average Exercise Price Outstanding, Ending | $ / shares | $ 0.11 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive shares | 750,000 | 750,000 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of weighted average shares outstanding and the basic and diluted earnings per share - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of weighted average shares outstanding and the basic and diluted earnings per share [Abstract] | ||||
Net income (in Dollars) | $ 78,125 | $ 170,781 | $ 284,630 | $ 418,549 |
Weighted average shares outstanding | 84,989,086 | 84,739,086 | 84,989,086 | 84,739,086 |
Effect on dilutive stock awards (in Dollars) | $ 750,000 | $ 750,000 | ||
Total potential shares outstanding | 85,739,086 | 84,739,086 | 85,739,086 | 84,739,086 |
Diluted earnings per share (in Dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Basic earnings per share (in Dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |