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BASA Basanite

Cover

Cover - shares9 Months Ended
Sep. 30, 2021Nov. 15, 2021
Cover [Abstract]
Document Type10-Q
Amendment Flagfalse
Document Quarterly Reporttrue
Document Transition Reportfalse
Document Period End DateSep. 30,
2021
Document Fiscal Period FocusQ3
Document Fiscal Year Focus2021
Current Fiscal Year End Date--12-31
Entity File Number000-53574
Entity Registrant NameBasanite, Inc.
Entity Central Index Key0001448705
Entity Tax Identification Number20-4959207
Entity Incorporation, State or Country CodeNV
Entity Address, Address Line One2041 NW 15th Avenue
Entity Address, City or TownPompano Beach
Entity Address, State or ProvinceFL
Entity Address, Postal Zip Code33069
City Area Code(954)
Local Phone Number532-4653
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryNon-accelerated Filer
Entity Small Businesstrue
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding248,520,598

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)Sep. 30, 2021Dec. 31, 2020
CURRENT ASSETS
Cash $ 1,308,227 $ 259,505
Accounts receivable, net35,963 1,907
Inventory654,128 446,575
Prepaid expenses76,546 40,283
Deposits and other current assets266,199 75,995
TOTAL CURRENT ASSETS2,341,063 824,265
Lease right-of-use asset816,703 1,004,167
Fixed assets, net2,611,376 1,020,035
Total long term assets3,428,079 2,024,202
TOTAL ASSETS5,769,142 2,848,467
CURRENT LIABILITIES
Accounts payable150,184 249,353
Accrued expenses210,413 197,350
Accrued legal liability165,000 809,127
Notes payable478,704 128,021
Notes payable – related party300,000 0
Notes payable - convertible, net0 10,000
Notes payable - convertible - related party, net1,689,746 1,025,000
Subscription liability 40,000
Lease liability - current portion308,697 267,289
TOTAL CURRENT LIABILITIES3,302,744 2,726,140
Lease liability - net of current portion587,972 826,388
TOTAL LIABILITIES3,890,716 3,552,528
STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued and outstanding
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 248,520,598 and 224,836,785 shares issued and outstanding, respectively as of September 30, 2021, and December 31, 2020248,522 224,838
Additional paid-in capital41,936,255 28,714,488
Accumulated deficit(40,306,351)(29,643,387)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)1,878,426 (704,061)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 5,769,142 $ 2,848,467

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / sharesSep. 30, 2021Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized5,000,000 5,000,000
Preferred stock, shares issued0 0
Preferred stock, shares outstanding0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized1,000,000,000 1,000,000,000
Common stock, shares issued248,520,598 224,836,785
Common stock, shares outstanding248,520,598 224,836,785

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Revenue
Products Sales - rebar $ 155,477 $ 2,408 $ 175,162 $ 4,626
Total Cost of goods sold176,994 919 194,687 3,065
Gross (loss) profit(21,517)1,489 (19,525)1,561
OPERATING EXPENSES
Professional fees382,233 127,294 575,320 290,168
Payroll, taxes and benefits301,732 107,284 856,530 507,170
Consulting173,050 71,260 403,675 170,198
General and administrative775,941 402,217 2,309,878 903,279
Total operating expenses1,632,956 708,055 4,145,403 1,870,815
NET LOSS FROM OPERATIONS(1,654,473)(706,566)(4,164,928)(1,869,254)
OTHER INCOME (EXPENSE)
Gain on settlement of legal contingency94,127 40,838 438,649 40,838
Miscellaneous income 70,817
Gain on settlement of payable8,131 292,112 8,131 292,112
Loss on extinguishment of debt (63,914)(6,743,015)(62,934)
Loan forgiveness 124,143
Interest expense(120,070)(550,094)(325,944)(801,925)
Total other expense(17,812)(281,058)(6,498,036)(461,092)
NET LOSS $ (1,672,285) $ (987,624) $ (10,662,964) $ (2,330,346)
Net loss per share - basic and diluted $ (0.007) $ (0.005) $ (0.046) $ (0.011)
Weighted average number of shares outstanding - basic and diluted238,136,804 213,142,631 233,829,833 207,868,768

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY (DEFICIT) (UNAUDITED) - USD ($)Preferred Stock [Member]Common Stock [Member]Additional Paid-in Capital [Member]Retained Earnings [Member]Total
Beginning balance, value at Dec. 31, 2019 $ 200,736 $ 24,216,042 $ (25,444,056) $ (1,027,278)
Beginning balance, Shares at Dec. 31, 2019 200,735,730
Net loss (561,305)(561,305)
Ending balance, value at Mar. 31, 2020 $ 200,736 24,216,042 (26,005,361)(1,588,583)
Ending balance, Shares at Mar. 31, 2020 200,735,730
Beginning balance, value at Dec. 31, 2019 $ 200,736 24,216,042 (25,444,056)(1,027,278)
Beginning balance, Shares at Dec. 31, 2019 200,735,730
Ending balance, value at Sep. 30, 2020 $ 214,404 26,674,521 (27,774,402)(885,477)
Ending balance, Shares at Sep. 30, 2020 214,403,145
Beginning balance, value at Mar. 31, 2020 $ 200,736 24,216,042 (26,005,361)(1,588,583)
Beginning balance, Shares at Mar. 31, 2020 200,735,730
Stock issued for cash $ 6,041 610,626 616,667
Stock issued for cash, shares6,040,614
Return of shares issued as loan committee fee $ (1,300)(128,700) (130,000)
Return of shares issued as loan committee fee, Shares(1,300,000)
Conversion of convertible debt and debt discount $ 3,125 761,932 765,057
Conversion of convertible debt and debt discount, shares3,125,201
Net loss (781,417)(781,417)
Ending balance, value at Jun. 30, 2020 $ 208,602 25,459,900 (26,786,778)(1,118,276)
Ending balance, Shares at Jun. 30, 2020 208,601,545
Warrants exercised for cash $ 500 37,000 37,500
Warrants exercised for cash, Shares500,000
Stock issued for cash $ 163 29,837 30,000
Stock issued for cash, shares163,043
Conversion of convertible debt and debt discount $ 5,139 1,147,784 1,152,923
Conversion of convertible debt and debt discount, shares5,138,557
Net loss (987,624)(987,624)
Ending balance, value at Sep. 30, 2020 $ 214,404 26,674,521 (27,774,402)(885,477)
Ending balance, Shares at Sep. 30, 2020 214,403,145
Beginning balance, value at Dec. 31, 2020 $ 224,838 28,714,488 (29,643,387)(704,061)
Beginning balance, Shares at Dec. 31, 2020 224,836,785
Warrants exercised for cash $ 1,000 122,500 123,500
Warrants exercised for cash, Shares1,000,000
Stock-based compensation $ 600 173,400 174,000
Stock-based compensation, shares600,000
Stock issued for cash $ 450 89,550 90,000
Stock issued for cash, shares450,000
Warrants issued 3,686,123 3,686,123
Net loss (4,672,205)(4,672,205)
Ending balance, value at Mar. 31, 2021 $ 226,888 32,786,061 (34,315,592)(1,302,643)
Ending balance, Shares at Mar. 31, 2021 226,886,785
Beginning balance, value at Dec. 31, 2020 $ 224,838 28,714,488 (29,643,387)(704,061)
Beginning balance, Shares at Dec. 31, 2020 224,836,785
Ending balance, value at Sep. 30, 2021 $ 248,522 41,936,255 (40,306,351)1,878,426
Ending balance, Shares at Sep. 30, 2021 248,520,598
Beginning balance, value at Mar. 31, 2021 $ 226,888 32,786,061 (34,315,592)(1,302,643)
Beginning balance, Shares at Mar. 31, 2021 226,886,785
Stock-based compensation $ 900 554,625 555,525
Stock-based compensation, shares900,000
Stock issued for cash $ 735 241,041 241,776
Stock issued for cash, shares735,669
Warrants issued 3,362,091 3,362,091
Net loss (4,318,474)(4,318,474)
Ending balance, value at Jun. 30, 2021 $ 228,523 36,943,818 (38,634,066)(1,461,725)
Ending balance, Shares at Jun. 30, 2021 228,522,454
Stock-based compensation $ 600 288,950 289,550
Stock-based compensation, shares600,000
Stock issued for cash $ 19,399 4,703,487 4,722,886
Stock issued for cash, shares19,398,144
Net loss (1,672,285)(1,672,285)
Ending balance, value at Sep. 30, 2021 $ 248,522 $ 41,936,255 $ (40,306,351) $ 1,878,426
Ending balance, Shares at Sep. 30, 2021 248,520,598

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)9 Months Ended
Sep. 30, 2021Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (10,662,964) $ (2,330,346)
Adjustments to reconcile net loss to net cash used in operating activities:
Lease right-of-use asset amortization187,464 160,856
Depreciation96,355 85,875
Amortization of debt discount 674,202
Gain on settlement of legal contingency(438,649)(40,838)
Gain on settlement payable(8,131)
Loss on extinguishment of debt6,743,015 62,934
Loan forgiveness(124,143)
Stock-based compensation1,019,075 78,590
Changes in operating assets and liabilities:
Prepaid expenses(36,263)(14,499)
Inventory(207,553)(46,173)
Accounts receivable(34,056)
Other current assets(9,004)4,955
Accounts payable and accrued expenses(167,424)(174,174)
Subscription liability(40,000)90,000
Lease liability(197,008)(164,310)
Net cash used in operating activities(3,879,286)(1,612,928)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment(1,687,696)(115,956)
Deposits on machinery and equipment(181,200)
Net cash used in investing activities(1,868,896)(115,956)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock5,054,662 684,167
Proceeds from warrants exercised for cash123,500
Repayment of convertible notes payable and convertible notes payable related party(35,000)(348,000)
Proceeds from notes payable and notes payable related party1,491,194 166,727
Proceeds from convertible notes payable and convertible notes payable related party579,741 1,720,000
Repayment of notes payable and notes payable related party(417,193)(47,250)
Net cash provided by financing activities6,796,904 2,175,644
NET INCREASE IN CASH1,048,722 446,760
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD259,505 129,152
CASH AND CASH EQUIVALENTS AT END OF PERIOD1,308,227 575,912
Supplemental cash flow information:
Cash paid for interest 34,747
Forgiveness of Paycheck Protection Program loan and accrued interest124,143
Supplemental disclosure of non-cash investing and financing activities:
Conversion of notes payable into common stock1,487,386 150,000
Return of loan commitment shares (130,000)
Issuance of warrants for services143,595
Recording of debt discount on convertible notes 685,000
Conversion of convertible notes payable into common stock 961,373
Conversion of note payable in exchange for cash $ 300,000

ORGANIZATION, NATURE OF BUSINES

ORGANIZATION, NATURE OF BUSINESS AND GOING CONCERN9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION, NATURE OF BUSINESS AND GOING CONCERNNOTE 1 – ORGANIZATION, NATURE OF BUSINESS AND GOING CONCERN (A) Description of Business Basanite, Inc., a Nevada corporation
(the “Company”, “Basanite”, “we”, “us”, “our” or similar terminology), through
our wholly owned subsidiary, Basanite Industries, LLC, a Delaware limited liability company (“BI”), manufactures a range of
“green” (environmentally friendly), sustainable, non-corrosive, lightweight, composite products used in concrete reinforcement
by the construction industry. Our core product is BasaFlex™, a basalt fiber reinforced polymer reinforcing bar (“rebar”)
which we believe is a stronger, lighter, sustainable, non-conductive and corrosion-proof alternative to traditional steel. Our two other main product
lines are BasaMix™, which are fine denier basalt fibers available in various chopped sizes, and BasaMesh™, a line of Basalt
Geogrid Mesh Rolls, intended to replace welded wire mesh (made of steel) and other fiber reinforced polymer (“FRB”) grids
and mesh. BasaMix™ is designed
to help absorb the stresses associated with early-aged plastic shrinkage and settlement cracking in concrete, as well as providing an
increased toughness for enhanced reinforcement in Slab-on-Grade ("SOG”) and precast elements. BasaMix™ also serves in
a “system approach” for optimum performance of a concrete element when used in conjunction with our BasaFlex™ rebar. BasaMesh™ is designed
for secondary and temperature shrinkage reinforcement. BasaMesh™ can also work in conjunction with the BasaFlex™ rebar or
BasaMix™ for a total reinforcement program. Each of our products is specifically
designed to extend the lifecycle of concrete products by eliminating “concrete spalling.” Spalling results from the steel
reinforcing materials embedded within the concrete member rusting (contrary to popular belief, concrete is porous and water can permeate
into concrete). Rusting leads to the steel expanding and eventually causing the surrounding concrete to delaminate, crack, or even break
off, resulting in potential structural failure. We believe that each Basanite product addresses this important need along with other key
requirements in today’s construction market. We believe that the following
attributes of BasaFlex™ provide it with a competitive advantage in the marketplace:
· BasaFlex™ never corrodes
· BasaFlex™ is sustainable:
· BasaFlex™ is “green”: BasaFlex™
· BasaFlex™ has a lower in-place cost (B) Liquidity and Management Plans
· an accumulated deficit of $ 40,306,351 29,643,387
· a working capital deficiency of $ 961,681 1,901,875
· cash used in operations of $ 3,879,286 2,799,499 Losses have principally occurred
as a result of the substantial resources required for product research and development and for marketing of the Company’s products;
including the general and administrative expenses associated with the organization. While we have generated relatively
little revenue to date, we continue to receive inquiries from a range of customers for our products, indicating what we believe is a significant
level of market interest for BasaFlex™. Based on our current limited manufacturing capacity there is no guarantee that orders will
actually be received. We have historically satisfied
our working capital requirements through the sale of restricted common stock and the issuance of warrants and promissory notes. Until
we are able to internally generate meaningful revenue and positive cash flow, we will attempt to fund working capital requirements through
third party financing, including through potential private or public offerings of our securities as well as bridge or other loan arrangements.
However, a number of factors continue to hinder the Company’s ability to attract new capital investment. We cannot provide any assurances
that the required capital will be obtained at all, or that the terms of such required capital may be acceptable to us. If we are unable
to obtain adequate financing, we may reduce our operating activities to reduce our cash use until sufficient funding is secured. If we
are unable to secure funding when needed, our results of operations may suffer, and our business may fail. These conditions raise substantial
doubt about the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include
any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications
of liabilities that may result from the outcome of these uncertainties. At September 30, 2021, the
Company had cash of $ 1,308,227 259,505

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESNOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (A) Use of Estimates in Financial Statements The presentation of financial
statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Stock-based
compensation and stock awards related to convertible debt instruments are recognized based on the fair value of the awards granted. The
fair value of each award or conversion feature is typically estimated on the grant date using the Black-Scholes pricing model. The Black-Scholes
pricing model requires the input of highly subjective assumptions, including the fair value of the underlying common stock, the expected
term of the option, the expected volatility of the price of our common stock, risk-free interest rates and the expected dividend yield
of our common stock. The assumptions used to determine the fair value of the stock awards represent management’s best estimates.
These estimates involve inherent (B) Principles of Consolidation The condensed consolidated financial
statements include the accounts of Basanite, Inc. and its wholly owned subsidiaries, Basanite Industries, LLC and Basalt America, LLC.
All intercompany balances have been eliminated in consolidation. The Company’s operations are conducted primarily through Basanite
Industries, LLC. Basalt America, LLC is currently inactive. (C) Cash The Company considers all highly
liquid temporary cash instruments with an original maturity of three months or less to be cash equivalents. The Company places its cash,
cash equivalents and restricted cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit
Insurance Company “("FDIC") up to $ 250,000 (D) Inventories The Company’s inventories
consist of raw materials, work in process and finished goods, both purchased and manufactured. Inventories are stated at lower of cost
or net realizable value. Cost is determined on the first-in, first-out basis. Raw materials inventory The Company’s inventory
at September 30, 2021 and December 31, 2020 was comprised of:
Schedule of Inventory
September 30, December 31,
(Unaudited)
Finished goods $ 515,077 $ 305,550
Work in process 47,233 35,286
Raw materials 91,818 105,739
Total inventory $ 654,128 $ 446,575 (E) Fixed assets Fixed assets consist of the
following:
Schedule of Fixed Assets
September 30, December 31,
(Unaudited)
Computer equipment $ 117,141 $ 15,780
Machinery 686,237 667,536
Leasehold improvements 163,882 161,579
Office furniture and equipment 71,292 71,292
Land improvements 7,270 7,270
Website development 2,500 2,500
Construction in process 1,800,281 234,950
2,848,603 1,160,907
Accumulated depreciation (237,227 ) (140,872 )
$ 2,611,376 $ 1,020,035 Depreciation expense for the
three and nine months ended September 30, 2021 was $ 32,430 96,355 30,102 85,875 (F) Deposits and other current assets The Company’s deposits
and other current assets consist of the deposits made on equipment, security deposits, utility deposits and other receivables. The deposits
are reclassified as part of the fixed asset cost when received and placed into service. (G) Loss Per Share The basic loss per share is
calculated by dividing the Company's net loss available to common shareholders by the weighted average number of common shares during
the period. The diluted loss per share is calculated by dividing the Company's net loss by the diluted weighted average number of shares
outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted
for any potentially dilutive debt or equity. The following are potentially
dilutive shares not included in the loss per share computation:
Schedule of Dilutive Shares Not Included in Loss Per Share Computation
September 30, December 31,
(Unaudited)
Options 4,727,778 4,542,500
Warrants 117,691,666 38,920,378
Convertible securities 182,403,859 112,233,406
Total 304,823,303 155,696,284 (H) Stock-Based Compensation The Company recognizes compensation
costs to employees under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)
Topic 718, Compensation – Stock Compensation. Under FASB ASC Topic 718, companies are required to measure the compensation costs
of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the
period during which employees are required to provide services. Share based compensation arrangements include stock options, restricted
share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured
on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the
grant. The Company entered into a
consulting agreement with Bridgeview Capital on July 9, 2020, for strategic planning and financial markets services in exchange for
shares of restricted common stock as compensation. The term of the agreement is
for six months with the option for renewal quarterly. Upon execution of the agreement, 600,000 0.29 350,000 350,000 0.35 122,500 The Company entered into a
consulting agreement with Seth Shaw on October 13, 2020, for strategic planning and financial markets services in exchange for shares
of restricted common stock. The term of the agreement is for six months with the option for renewal quarterly. Upon execution of the
agreement, no shares were due to be issued. If the Company agrees to renew each quarter, 250,000
250,000
0.35
87,500 The Company entered into a renewed
consulting agreement with Frederick Berndt on September 3, 2021, for strategic planning and financial markets services in exchange for shares of restricted common
stock and cash compensation of $ 12,500 250,000 250,000 0.256 64,045 Upon execution of the renewed
agreement, 275,000
0.29 79,550 (I) Revenue Recognition We recognize revenue when control
of the promised goods or services is transferred to
The Company’s customers in an amount that reflects the consideration we expected
to be entitled to in exchange for those goods or
services. The timing of revenue recognition largely is dependent on shipping terms. Revenue is recorded at the time
of shipment
for terms designated free on board (“FOB”)
shipping point. For sales transactions designated FOB destination, revenue is recorded when the product is delivered to the customer’s delivery site. All revenues recognized
are net of trade allowances, cash discounts,
and sales returns. Trade allowances are based on the estimated obligations. Adjustments to earnings resulting
from revisions to estimates on discounts and returns have
been immaterial for each of the reported periods. Shipping and handling
amounts billed to a customer as part of a sales transaction are included in revenues, and the
related costs are included in cost of goods sold. Shipping and handling is treated as a fulfillment activity, rather than a promised
service, and therefore is not considered a separate performance obligation.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS9 Months Ended
Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTSNOTE 3 – RECENT
ACCOUNTING PRONOUNCEMENTS In August 2020, the FASB issued
ASU No. 2020-06, Debt – Debt with Conversion and other Options (Subtopic 70-20) and Derivatives and Hedging – Contracts in
Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s instruments by
removing major separation models required under current accounting principles generally accepted in the United States of America (“U.S.
GAAP”). ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope
exceptions and also simplifies the diluted earnings per share calculation in certain areas. The standard is effective for public business
entities, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years and interim periods within
those fiscal years beginning after December 15, 2021. The Company early adopted this standard on January 1, 2021. By no longer recording
embedded conversion features separately from the convertible debt instrument, and instead as a single liability, the Company’s financial
statements reflect a more simplified view of convertible debt instruments and cash interest expense that is believed to be more relevant
than an imputed interest expense that results from the separation of conversion features previously required by U.S. GAAP. The adoption
of this standard had no material effect on the Company's condensed consolidated financial statements as of September 30, 2021.

OPERATING LEASE

OPERATING LEASE9 Months Ended
Sep. 30, 2021
Leases [Abstract]
OPERATING LEASENOTE 4 – OPERATING LEASE On January 18, 2019, the Company
entered into an agreement to lease approximately 25,470 square feet of office and manufacturing space in Pompano Beach, Florida through
March 2024. On March 25, 2019, the Company entered into an amendment to the agreement to increase the square footage of leased premises
to 36,900 square feet, increasing the Company’s base rent obligation to be approximately $ 33,825 The right-of-use asset is composed
of the sum of all remaining lease payments plus any initial direct costs and is amortized over the life of the expected lease term. For
the expected term of the lease, the Company used the initial term of the five-year lease. If the Company does elect to exercise its option
to extend the lease for another five years, which election will be treated as a lease modification and the lease will be reviewed for remeasurement. The future minimum lease payments
to be made under the operating lease as of September 30, 2021, are as follows:
Schedule of Maturity of Operating Lease Liability
2021 $ 104,520
2022 427,484
2023 440,308
2024 110,888
Total minimum lease payments 1,083,196
Discount (186,527 )
Operating lease liability $ 896,669 Operating lease liabilities
are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of
lease payments, the Company used the incremental borrowing rate based on the information available at the lease commencement date. As
of September 30, 2020, the weighted-average remaining lease term is 3.5 15.0 107,117 106,920 321,153 322,103

NOTES PAYABLE _ CONVERTIBLE

NOTES PAYABLE – CONVERTIBLE9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]
NOTES PAYABLE – CONVERTIBLENOTE 5 – NOTES PAYABLE – CONVERTIBLE Convertible Notes payable, net of the related debt
discounts, totaled $ 0 10,000 On
August 3, 2020, the Company issued an unsecured convertible promissory note to an investor in exchange for $ 10,000 18 6 500,000 0.01 10,000 1,007 Interest expense for the Company’s convertible notes payable for
the three and nine months ended September 30, 2021, was $ 0 161 184,182 460,787 Accrued interest for the Company’s
convertible notes payable on September 30, 2021, and December 31, 2020 was $ 0 760

NOTES PAYABLE _ CONVERTIBLE _ R

NOTES PAYABLE – CONVERTIBLE – RELATED PARTY9 Months Ended
Sep. 30, 2021
Notes Payable Convertible Related Party
NOTES PAYABLE – CONVERTIBLE – RELATED PARTYNOTE 6 – NOTES PAYABLE – CONVERTIBLE – RELATED
PARTY Convertible Notes
payable – related party, net of the related debt discounts, totaled
1,689,746 1,025,000 On
August 3, 2020, the Company issued a secured convertible promissory note to certain investors in exchange for $ 1,000,000 20 6 0.275 This note contains a negative covenant that requires the Company to obtain
consent prior to incurring any additional equity or debt investments and is secured by all of the assets of the Company. The Richard
A. LoRicco Sr. and Lucille M. LoRicco Irrevocable Insurance Trust DTD 4/28/95, Louis Demaio as Trustee (the “Trust”) is
the holder of $ 750,000 Ronald J. LoRicco Sr. does not have voting or investment control of or power over
the Trust but is an anticipated, partial beneficiary of the Trust. On February 12, 2021, the Company
exchanged the original debt for a newly issued amended and restated secured convertible promissory note with a new principal balance
of $ 1,610,005 20 3 1,000,000
110,005 15,000,000 0.20 3,686,136
On May 12, 2021, the Company
extended the debt for a newly issued amended and restated secured convertible promissory note with a new principal balance of $ 1,689,746 20 9 1,610,005
79,742
7,500,000 5 0.35 1,874,705
0.275 Interest expense for the Company’s convertible notes payable –
related parties for the three and nine months ended September 30, 2021, was $ 88,244 239,766 71,803 314,582 Accrued interest for the Company’s
convertible notes payable – related parties on September 30, 2021, and December 31, 2020, was $134,292 $86,574

NOTES PAYABLE

NOTES PAYABLE9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]
NOTES PAYABLENOTE 7 – NOTES PAYABLE Notes payable totaled $ 478,704 128,021 9.67 17,957 On February 25, 2021, the Company
entered a promissory note agreement with its bank for $ 165,747 1.0 On April 2, 2021, the Company
issued a promissory note with an investor in exchange for $ 200,000 18 1 2,000,000 0.20 5 On April 9, 2021, the Company
issued a promissory note with an investor in exchange for $ 50,000 18 1 500,000 0.20 5 On April 16, 2021, the Company
issued a promissory note with an investor in exchange for $ 25,000 18 1 250,000 0.25 5 On April 16, 2021, the Company
issued a promissory note with an investor in exchange for $ 20,000
18 1
200,000
0.25 5
Interest expense for the Company’s
notes payable for the three and nine months ended September 30, 2021, was $ 23,666 53,784 1,405
6,110
Accrued interest for the Company’s
notes payable on September 30, 2021, and December 31, 2020, was $ 27,760
0

NOTES PAYABLE - RELATED PARTY

NOTES PAYABLE - RELATED PARTY9 Months Ended
Sep. 30, 2021
Notes Payable - Related Party
NOTES PAYABLE - RELATED PARTYNOTE 8 – NOTES PAYABLE - RELATED PARTY Related party
notes payable totaled $ 300,000 0 On July 7, 2021, the Company
issued a promissory note with an entity managed by Ronald J. LoRicco, Sr., a member of our Board of Directors, in exchange for $ 50,000 10 July 23, 2021 On July 7, 2021, the Company issued a promissory note with Michael V. Barbera, our Chairman of the Board, in exchange for $ 50,000 10 July 23, 2021 On July 15, 2021, the Company
issued a promissory note with David Anderson, our Chief Operating Officer, in exchange for $ 20,000 10 July 23, 2021 On July 26, 2021, the Company issued a promissory
note with David Anderson, our Chief Operating Officer, in exchange for $ 30,500 10 August 2, 2021 On July 27, 2021, the Company issued a promissory
note with Simon Kay, our Interim Acting Chief Executive Officer and Principal Financial Officer, in exchange for $ 10,000 10 August 3, 2021 On August 6, 2021, the Company issued a promissory note with an entity managed by Ronald J. LoRicco, Sr., a member of our Board of Directors, in exchange for $ 100,000 10 August 24, 2021 Interest expense for the Company’s
notes payable – related party for the three and nine months ended September 30, 2021, was $ 16,635 27,648 0 2,455 Accrued interest for the Company’s
notes payable - related party on September 30, 2021, and December 31, 2020, was $ 27,648 0

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES9 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIESNOTE 9 –
COMMITMENTS AND CONTINGENCIES On October 28 , 500,000 Supplier Agreement -- MEP Consulting Engineers, Inc. On July 23, 2020, the Company entered into an Exclusive Supplier Agreement
with MEP Consulting Engineers, Inc. (“MEP”) of Miami, Florida. MEP engaged the Company as its sole and exclusive supplier
and producer of basalt fiber reinforced polymer (“BFRP”) rebar, with the intent of developing a proprietary rebar to be named
“Hurricane Bar.” The agreement also provides MEP with exclusive distribution rights to the Company’s BasaFlex™
BFRP rebar and other Company products in Miami-Dade County. The agreement is targeting substantial
volumes of South Florida construction projects in the works, which is expected to generate material revenues over the 5 5,000,000
5
tion
shall automatically expire after the end of the option period. An extension period is available through specific clauses in the agreement. The Company did produce
product under this contract for the period ending September 30, 2021. The Company generated $ 31,141 Supplier Agreement -- CR Business Consultants, Inc On October 22, 2020, the Company entered into an Exclusive Supplier
Agreement with CR Business Consultants, Inc. (“CRBC”). CRBC agreed to utilize the Company as its exclusive supplier for all
Company products, and the Company has granted CRBC exclusive distribution rights of the Company’s products in the Republic of Costa
Rica and the Republic of Panama. Furthermore, CRBC has key relationships that could be a source of additional customers for the Company
in other territories with no geographic restrictions. The agreement is targeting
multiple large projects in Costa Rica, to include the rebuilding of the Port of Limon, which Basanite has been specified. The
recognized construction projects are expected to produce material revenues over the 5 5,000,000 5 The Company has not generated
revenue under this contract for the period ending September 30, 2021.

STOCKHOLDERS_ DEFICIT

STOCKHOLDERS’ DEFICIT9 Months Ended
Sep. 30, 2021
Equity [Abstract]
STOCKHOLDERS’ DEFICITNOTE 10 – STOCKHOLDERS’ DEFICIT On July 9, 2021, 600,000 210,000 On August 17, 2021, the Company
conducted the closing of a private placement offering to accredited investors of the Company’s units at a price of $0.275 per unit,
with each unit consisting of: (i) one share of the Company’s common stock, (ii) a five-year, immediately exercisable
warrant (“Warrant A”) to purchase one share of common stock at an exercise price of $0.33 per share (“Exercise Price”)
and (iii) an additional five-year, immediately exercisable warrant to purchase one share of common stock at the Exercise Price
(“Warrant B”). The Warrant A and Warrant B are identical, except that the Warrant B has a call feature in favor of the Company,
as defined in the offering agreements. In connection with the closing, the
Company entered into definitive securities purchase agreements with 19 accredited investors and issued an aggregate of 19,398,144 shares
of common stock, Warrant A to purchase up to an aggregate of 19,398,144 shares of common stock, and Warrant B to purchase up to an aggregate
of 19,398,144 shares of Common Stock (for an aggregate of 38,796,288 Warrant Shares), for aggregate gross proceeds to the Company of
approximately $5,334,490. The Company expensed a total of $611,603 in related costs to the offering which has been capitalized and offset
to the gross proceeds recorded in additional paid in capital. The Company
sold 19,398,144 20,583,813 4,722,886 5,054,662 163,043 6,203,657 30,000 646,667

OPTIONS AND WARRANTS

OPTIONS AND WARRANTS9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
OPTIONS AND WARRANTSNOTE 11 – OPTIONS AND WARRANTS Stock Options: The following table summarizes
all option grants outstanding to consultants, directors and employees as of September 30, 2021, and December 31, 2020 and the related
changes during these periods are presented below.
Schedule of Summary of Options and Warrants Assumptions to Estimate Fair Value of Options Granted
September 30, December 31,
Options outstanding and exercisable 4,227,778 4,542,500
Weighted-average exercise price $ 0.33 $ 0.41
Aggregate intrinsic value $ 98,556 $ 118,148
Weighted-average remaining contractual term (years) 2.00 3.86 The Company chose the “straight-line”
attribution method for allocating compensation costs of each stock option over the requisite service period using the Black-Scholes Option
Pricing Model to calculate the grant date fair value. During the three months ended September
30, 2021, 500,000 1,592,500 1,277,778 Stock Warrants: The following table summarizes all warrant grants outstanding to consultants,
directors and employees as well as investors as of September 30, 2021, and December 31, 2020 and the related changes during these periods
are presented below.
Schedule of Summary of Options and Warrants Assumptions to Estimate Fair Value of Options Granted
September 30, December 31,
Warrants outstanding and exercisable 117,691,666 38,920,378
Weighted-average exercise price $ 0.28 $ 0.28
Aggregate intrinsic value $ 5,176,833 $ 2,785,075
Weighted-average remaining contractual term (years) 4.03 3.37 During the three months ended
September 30, 2021, 39,071,288 1,000,000 During the three months ended
September 30, 2021 and 2020, total stock-based compensation expense amounted to $ 327,431 78,590 983,803 78,590 As of September 30, 2021, $ 43,682

RELATED PARTIES

RELATED PARTIES9 Months Ended
Sep. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTIESNOTE 12 – RELATED PARTIES In
addition to those transactions discussed in Notes 6 and 8, the Company had no further related party transactions.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTSNOTE 13 – SUBSEQUENT EVENTS The Company has evaluated subsequent
events through the filing of this Quarterly Report on Form 10-Q, and determined that there have been no events that have occurred that
would require adjustments to our disclosures in the consolidated financial statements as of September 30, 2021 contained herein.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]
Use of Estimates in Financial Statements(A) Use of Estimates in Financial Statements The presentation of financial
statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Stock-based
compensation and stock awards related to convertible debt instruments are recognized based on the fair value of the awards granted. The
fair value of each award or conversion feature is typically estimated on the grant date using the Black-Scholes pricing model. The Black-Scholes
pricing model requires the input of highly subjective assumptions, including the fair value of the underlying common stock, the expected
term of the option, the expected volatility of the price of our common stock, risk-free interest rates and the expected dividend yield
of our common stock. The assumptions used to determine the fair value of the stock awards represent management’s best estimates.
These estimates involve inherent
Principles of Consolidation(B) Principles of Consolidation The condensed consolidated financial
statements include the accounts of Basanite, Inc. and its wholly owned subsidiaries, Basanite Industries, LLC and Basalt America, LLC.
All intercompany balances have been eliminated in consolidation. The Company’s operations are conducted primarily through Basanite
Industries, LLC. Basalt America, LLC is currently inactive.
Cash(C) Cash The Company considers all highly
liquid temporary cash instruments with an original maturity of three months or less to be cash equivalents. The Company places its cash,
cash equivalents and restricted cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit
Insurance Company “("FDIC") up to $ 250,000
Inventories(D) Inventories The Company’s inventories
consist of raw materials, work in process and finished goods, both purchased and manufactured. Inventories are stated at lower of cost
or net realizable value. Cost is determined on the first-in, first-out basis. Raw materials inventory The Company’s inventory
at September 30, 2021 and December 31, 2020 was comprised of:
Schedule of Inventory
September 30, December 31,
(Unaudited)
Finished goods $ 515,077 $ 305,550
Work in process 47,233 35,286
Raw materials 91,818 105,739
Total inventory $ 654,128 $ 446,575
Fixed assets(E) Fixed assets Fixed assets consist of the
following:
Schedule of Fixed Assets
September 30, December 31,
(Unaudited)
Computer equipment $ 117,141 $ 15,780
Machinery 686,237 667,536
Leasehold improvements 163,882 161,579
Office furniture and equipment 71,292 71,292
Land improvements 7,270 7,270
Website development 2,500 2,500
Construction in process 1,800,281 234,950
2,848,603 1,160,907
Accumulated depreciation (237,227 ) (140,872 )
$ 2,611,376 $ 1,020,035 Depreciation expense for the
three and nine months ended September 30, 2021 was $ 32,430 96,355 30,102 85,875
Deposits and other current assets(F) Deposits and other current assets The Company’s deposits
and other current assets consist of the deposits made on equipment, security deposits, utility deposits and other receivables. The deposits
are reclassified as part of the fixed asset cost when received and placed into service.
Loss Per Share(G) Loss Per Share The basic loss per share is
calculated by dividing the Company's net loss available to common shareholders by the weighted average number of common shares during
the period. The diluted loss per share is calculated by dividing the Company's net loss by the diluted weighted average number of shares
outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted
for any potentially dilutive debt or equity. The following are potentially
dilutive shares not included in the loss per share computation:
Schedule of Dilutive Shares Not Included in Loss Per Share Computation
September 30, December 31,
(Unaudited)
Options 4,727,778 4,542,500
Warrants 117,691,666 38,920,378
Convertible securities 182,403,859 112,233,406
Total 304,823,303 155,696,284
Stock-Based Compensation(H) Stock-Based Compensation The Company recognizes compensation
costs to employees under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)
Topic 718, Compensation – Stock Compensation. Under FASB ASC Topic 718, companies are required to measure the compensation costs
of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the
period during which employees are required to provide services. Share based compensation arrangements include stock options, restricted
share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured
on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the
grant. The Company entered into a
consulting agreement with Bridgeview Capital on July 9, 2020, for strategic planning and financial markets services in exchange for
shares of restricted common stock as compensation. The term of the agreement is
for six months with the option for renewal quarterly. Upon execution of the agreement, 600,000 0.29 350,000 350,000 0.35 122,500 The Company entered into a
consulting agreement with Seth Shaw on October 13, 2020, for strategic planning and financial markets services in exchange for shares
of restricted common stock. The term of the agreement is for six months with the option for renewal quarterly. Upon execution of the
agreement, no shares were due to be issued. If the Company agrees to renew each quarter, 250,000
250,000
0.35
87,500 The Company entered into a renewed
consulting agreement with Frederick Berndt on September 3, 2021, for strategic planning and financial markets services in exchange for shares of restricted common
stock and cash compensation of $ 12,500 250,000 250,000 0.256 64,045 Upon execution of the renewed
agreement, 275,000
0.29 79,550
Revenue Recognition(I) Revenue Recognition We recognize revenue when control
of the promised goods or services is transferred to
The Company’s customers in an amount that reflects the consideration we expected
to be entitled to in exchange for those goods or
services. The timing of revenue recognition largely is dependent on shipping terms. Revenue is recorded at the time
of shipment
for terms designated free on board (“FOB”)
shipping point. For sales transactions designated FOB destination, revenue is recorded when the product is delivered to the customer’s delivery site. All revenues recognized
are net of trade allowances, cash discounts,
and sales returns. Trade allowances are based on the estimated obligations. Adjustments to earnings resulting
from revisions to estimates on discounts and returns have
been immaterial for each of the reported periods. Shipping and handling
amounts billed to a customer as part of a sales transaction are included in revenues, and the
related costs are included in cost of goods sold. Shipping and handling is treated as a fulfillment activity, rather than a promised
service, and therefore is not considered a separate performance obligation.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of InventorySchedule of Inventory
September 30, December 31,
(Unaudited)
Finished goods $ 515,077 $ 305,550
Work in process 47,233 35,286
Raw materials 91,818 105,739
Total inventory $ 654,128 $ 446,575
Schedule of Fixed AssetsSchedule of Fixed Assets
September 30, December 31,
(Unaudited)
Computer equipment $ 117,141 $ 15,780
Machinery 686,237 667,536
Leasehold improvements 163,882 161,579
Office furniture and equipment 71,292 71,292
Land improvements 7,270 7,270
Website development 2,500 2,500
Construction in process 1,800,281 234,950
2,848,603 1,160,907
Accumulated depreciation (237,227 ) (140,872 )
$ 2,611,376 $ 1,020,035
Schedule of Dilutive Shares Not Included in Loss Per Share ComputationSchedule of Dilutive Shares Not Included in Loss Per Share Computation
September 30, December 31,
(Unaudited)
Options 4,727,778 4,542,500
Warrants 117,691,666 38,920,378
Convertible securities 182,403,859 112,233,406
Total 304,823,303 155,696,284

OPERATING LEASE (Tables)

OPERATING LEASE (Tables)9 Months Ended
Sep. 30, 2021
Leases [Abstract]
Schedule of Maturity of Operating Lease LiabilitySchedule of Maturity of Operating Lease Liability
2021 $ 104,520
2022 427,484
2023 440,308
2024 110,888
Total minimum lease payments 1,083,196
Discount (186,527 )
Operating lease liability $ 896,669

OPTIONS AND WARRANTS (Tables)

OPTIONS AND WARRANTS (Tables)9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Summary of Options and Warrants Assumptions to Estimate Fair Value of Options GrantedSchedule of Summary of Options and Warrants Assumptions to Estimate Fair Value of Options Granted
September 30, December 31,
Options outstanding and exercisable 4,227,778 4,542,500
Weighted-average exercise price $ 0.33 $ 0.41
Aggregate intrinsic value $ 98,556 $ 118,148
Weighted-average remaining contractual term (years) 2.00 3.86
Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Summary of Options and Warrants Assumptions to Estimate Fair Value of Options GrantedSchedule of Summary of Options and Warrants Assumptions to Estimate Fair Value of Options Granted
September 30, December 31,
Warrants outstanding and exercisable 117,691,666 38,920,378
Weighted-average exercise price $ 0.28 $ 0.28
Aggregate intrinsic value $ 5,176,833 $ 2,785,075
Weighted-average remaining contractual term (years) 4.03 3.37

ORGANIZATION, NATURE OF BUSIN_2

ORGANIZATION, NATURE OF BUSINESS AND GOING CONCERN (Details Narrative) - USD ($)9 Months Ended12 Months Ended
Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit $ 40,306,351 $ 29,643,387
Working capital deficiency961,681 1,901,875
Net cash used in operations3,879,286 $ 1,612,928 2,799,499
Cash $ 1,308,227 $ 259,505

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Inventory) (Details) - USD ($)Sep. 30, 2021Dec. 31, 2020
Accounting Policies [Abstract]
Finished goods $ 515,077 $ 305,550
Work in process47,233 35,286
Raw materials91,818 105,739
Total inventory $ 654,128 $ 446,575

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fixed assets) (Details) - USD ($)Sep. 30, 2021Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total fixed assets $ 2,848,603 $ 1,160,907
Accumulated depreciation(237,227)(140,872)
Total fixed assets, net2,611,376 1,020,035
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets117,141 15,780
Machinery [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets686,237 667,536
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets163,882 161,579
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets71,292 71,292
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets7,270 7,270
Website Development [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets2,500 2,500
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets $ 1,800,281 $ 234,950

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Dilutive Shares Not Included in Loss Per Share Computation) (Details) - shares9 Months Ended12 Months Ended
Sep. 30, 2021Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in loss per share computation304,823,303 155,696,284
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in loss per share computation4,727,778 4,542,500
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in loss per share computation117,691,666 38,920,378
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares not included in loss per share computation182,403,859 112,233,406

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)Jul. 09, 2021May 12, 2021Jan. 09, 2021Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Oct. 13, 2020Jul. 09, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Federal Deposit Insurance Company $ 250,000 $ 250,000
Depreciation expense32,430 $ 30,102 96,355 $ 85,875
Cash compensation $ 12,500 12,500
warrant $ 79,550
Consulting Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares due250,000 250,000 600,000
Fair falue of shares $ 0.35 $ 0.29
Shares to be issued350,000
Restricted common shares issued350,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures $ 122,500
Consulting Agreement 1 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair falue of shares $ 0.256 $ 0.35
Restricted common shares issued250,000 250,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures $ 64,045 $ 87,500
Options [Member] | Chairman [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number275,000 275,000
Share Price $ 0.29 $ 0.29

OPERATING LEASE (Schedule of Fu

OPERATING LEASE (Schedule of Future Minimum Lease Payments under Operating Lease) (Details)Sep. 30, 2021USD ($)
Leases [Abstract]
2021 $ 104,520
2022427,484
2023440,308
2024110,888
    Total minimum lease payments1,083,196
Discount(186,527)
    Operating lease liability $ 896,669

OPERATING LEASE (Details Narrat

OPERATING LEASE (Details Narrative) - USD ($)1 Months Ended3 Months Ended9 Months Ended
Mar. 25, 2019Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Leases [Abstract]
Base rent obligation $ 33,825
Lease term3 years 6 months3 years 6 months
Weighted average discount rate15.00%15.00%
Operating lease rent expense $ 107,117 $ 106,920 $ 321,153 $ 322,103

NOTES PAYABLE _ CONVERTIBLE (De

NOTES PAYABLE – CONVERTIBLE (Details Narrative) - USD ($)Aug. 03, 2020Feb. 16, 2021Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Short-term Debt [Line Items]
Note payable - convertible $ 0 $ 0 $ 10,000
Proceeds from convertible debt579,741 $ 1,720,000
Repayments of convertible debt35,000 348,000
Convertible Notes Payable 1 [Member]
Short-term Debt [Line Items]
Interest expense0 $ 184,182 161 460,787
Convertible Notes Payable [Member]
Short-term Debt [Line Items]
Interest expense88,244 $ 71,803 239,766 $ 314,582
Accrued interest $ 0 $ 0 $ 760
Unsecured Convertible Promissory Note With Investor [Member]
Short-term Debt [Line Items]
Amount of debt conversion $ 10,000
Interest rate18.00%
Debt Instrument, Term6 months
Proceeds from convertible debt $ 500,000
Conversion price $ 0.01
Repayments of convertible debt $ 10,000
Accrued interest paid $ 1,007

NOTES PAYABLE _ CONVERTIBLE __2

NOTES PAYABLE – CONVERTIBLE – RELATED PARTY (Details Narrative) - USD ($)May 12, 2021Feb. 12, 2021Aug. 03, 2020Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Aug. 17, 2021Dec. 31, 2020
Short-term Debt [Line Items]
Notes payable - convertible - related party $ 1,689,746 $ 1,689,746 $ 1,025,000
Repayments of Convertible Debt35,000 $ 348,000
Gain (Loss) on Extinguishment of Debt $ (63,914)(6,743,015)(62,934)
Price per share $ 0.275
Convertible Notes Payable [Member]
Short-term Debt [Line Items]
Interest expense88,244 $ 71,803 239,766 $ 314,582
Accrued interest0 0 760
Convertible Promissory Note Investors [Member]
Short-term Debt [Line Items]
Amount of debt conversion $ 1,000,000
Interest rate20.00%20.00%20.00%
Debt Instrument, Term9 months3 months6 months
Conversion price $ 0.275
Debt principal amount $ 1,689,746 $ 1,610,005 $ 750,000
Repayments of Convertible Debt1,610,005 1,000,000
Accrued interest paid $ 79,742 $ 110,005
Debt Conversion, Converted Instrument, Warrants or Options Issued7,500,000 15,000,000
Extinguishment of Debt, Gain (Loss), Net of Tax $ 3,686,136
Warrants term5 years
Class of Warrant or Right, Exercise Price of Warrants or Rights $ 0.35
Gain (Loss) on Extinguishment of Debt $ 1,874,705
Convertible Notes Payable Related Party [Member]
Short-term Debt [Line Items]
Accrued interest $ 134,292 $ 134,292 $ 86,574

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)Jul. 09, 2021Apr. 09, 2021Apr. 02, 2021Apr. 16, 2021Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Mar. 30, 2021Feb. 25, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Notes Payable $ 478,704 $ 478,704 $ 128,021
Notes Payables [Member]
Debt Instrument [Line Items]
Interest Expense, Debt23,666 $ 1,405 53,784 $ 6,110
Accrued interest27,760 27,760 $ 0
Financing Arrangements [Member]
Debt Instrument [Line Items]
Notes Payable $ 17,957 $ 17,957
Interest rate9.67%
Promissory Note Agreement 1 [Member]
Debt Instrument [Line Items]
Interest rate1.00%
Debt principal amount $ 165,747
Promissory Note [Member]
Debt Instrument [Line Items]
Interest rate18.00%18.00%18.00%
Debt principal amount $ 50,000 $ 200,000 $ 25,000
Debt Instrument, Term1 year1 year1 year
Common stock warrants issued600,000 500,000 2,000,000 250,000
Warrants exercise price $ 0.20 $ 0.25
Warrant expire term5 years5 years
Promissory Note 0 [Member]
Debt Instrument [Line Items]
Warrants exercise price $ 0.20
Warrant expire term5 years
Promissory Note 1 [Member]
Debt Instrument [Line Items]
Interest rate18.00%
Debt principal amount $ 20,000
Debt Instrument, Term1 year
Common stock warrants issued200,000

NOTES PAYABLE - RELATED PARTY (

NOTES PAYABLE - RELATED PARTY (Details Narrative) - USD ($)Aug. 06, 2021Jul. 15, 2021Jul. 07, 2021Jul. 27, 2021Jul. 26, 2021Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Apr. 16, 2021Apr. 09, 2021Apr. 02, 2021Dec. 31, 2020
Offsetting Assets [Line Items]
Notes payable - related party $ 300,000 $ 300,000 $ 0
Interest Expense, Related Party16,635 $ 0 27,648 $ 2,455
Notes Payables Related Party [Member]
Offsetting Assets [Line Items]
Accrued interest $ 27,648 $ 27,648 $ 0
Promissory Note [Member]
Offsetting Assets [Line Items]
Debt Instrument, Face Amount $ 25,000 $ 50,000 $ 200,000
Debt Instrument, Interest Rate, Stated Percentage18.00%18.00%18.00%
Promissory Note [Member] | Ronald J Lo Ricco [Member]
Offsetting Assets [Line Items]
Debt Instrument, Face Amount $ 100,000 $ 50,000
Debt Instrument, Interest Rate, Stated Percentage10.00%10.00%
Maturity dateAug. 24,
2021
Jul. 23,
2021
Promissory Note [Member] | Michael V Barbera [Member]
Offsetting Assets [Line Items]
Debt Instrument, Face Amount $ 50,000
Debt Instrument, Interest Rate, Stated Percentage10.00%
Maturity dateJul. 23,
2021
Promissory Note [Member] | David Anderson [Member]
Offsetting Assets [Line Items]
Debt Instrument, Face Amount $ 20,000 $ 30,500
Debt Instrument, Interest Rate, Stated Percentage10.00%10.00%
Maturity dateJul. 23,
2021
Aug. 2,
2021
Promissory Note [Member] | Simon Kay [Member]
Offsetting Assets [Line Items]
Debt Instrument, Face Amount $ 10,000
Debt Instrument, Interest Rate, Stated Percentage10.00%
Maturity dateAug. 3,
2021

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)1 Months Ended3 Months Ended9 Months Ended
Oct. 22, 2020Jul. 23, 2020Sep. 30, 2021Sep. 30, 2021Oct. 28, 2021
Product Liability Contingency [Line Items]
settlement500,000
Options to purchase restricted common shares39,071,288 39,071,288
Rebar [Member]
Product Liability Contingency [Line Items]
Revenue $ 31,141 $ 31,141
Agreement With M E P [Member]
Product Liability Contingency [Line Items]
Agreement period5 years
Options to purchase restricted common shares5,000,000
Options to purchase restricted common shares, period5 years
Agreement With C R B C [Member]
Product Liability Contingency [Line Items]
Agreement period5 years
Options to purchase restricted common shares5,000,000
Options to purchase restricted common shares, period5 years

STOCKHOLDERS_ DEFICIT (Details

STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($)Jul. 09, 2021Apr. 09, 2021Apr. 02, 2021Apr. 16, 2021Oct. 16, 2020Sep. 30, 2021Jun. 30, 2021Mar. 31, 2021Sep. 30, 2020Jun. 30, 2020Sep. 30, 2021Sep. 30, 2020
Offsetting Assets [Line Items]
Gain (Loss) on Extinguishment of Debt $ (63,914) $ (6,743,015) $ (62,934)
[custom:DefinitiveSecuritiesPurchaseAgreementsDescription]the
Company entered into definitive securities purchase agreements with 19 accredited investors and issued an aggregate of 19,398,144 shares
of common stock, Warrant A to purchase up to an aggregate of 19,398,144 shares of common stock, and Warrant B to purchase up to an aggregate
of 19,398,144 shares of Common Stock (for an aggregate of 38,796,288 Warrant Shares), for aggregate gross proceeds to the Company of
approximately $5,334,490. The Company expensed a total of $611,603 in related costs to the offering which has been capitalized and offset
to the gross proceeds recorded in additional paid in capital.
Stock Issued During Period, Value, New Issues $ 4,722,886 $ 241,776 $ 90,000 $ 30,000 $ 616,667
Investor [Member] | Restricted Common Stock [Member]
Offsetting Assets [Line Items]
Stock Issued During Period, Shares, New Issues19,398,144 163,043 20,583,813 6,203,657
Stock Issued During Period, Value, New Issues $ 4,722,886 $ 30,000 $ 5,054,662 $ 646,667
Promissory Note [Member]
Offsetting Assets [Line Items]
Gain (Loss) on Extinguishment of Debt $ 210,000
Promissory Note [Member]
Offsetting Assets [Line Items]
Common stock warrants issued600,000 500,000 2,000,000 250,000

OPTIONS AND WARRANTS (Summary o

OPTIONS AND WARRANTS (Summary of Options and Warrants Grants to Consultants, Directors and Employees) (Details) - USD ($)9 Months Ended12 Months Ended
Sep. 30, 2021Dec. 31, 2020
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and Warrants outstanding and exercisable4,227,778 4,542,500
Weighted-average exercise price $ 0.33 $ 0.41
Aggregate intrinsic value $ 98,556 $ 118,148
Weighted-average remaining contractual term (years)2 years3 years 10 months 9 days
Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and Warrants outstanding and exercisable117,691,666 38,920,378
Weighted-average exercise price $ 0.28 $ 0.28
Aggregate intrinsic value $ 5,176,833 $ 2,785,075
Weighted-average remaining contractual term (years)4 years 10 days3 years 4 months 13 days

OPTIONS AND WARRANTS (Details N

OPTIONS AND WARRANTS (Details Narrative) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period500,000
Option cancelled1,592,500
Option granted1,277,778
Class of Warrant or Right, Number of Securities Called by Warrants or Rights39,071,288 39,071,288
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised1,000,000
Share-based Payment Arrangement, Expense $ 327,431 $ 78,590 $ 983,803 $ 78,590
Stock issued $ 43,682