Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Jul. 13, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | U.S. Lighting Group, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 97,848,735 | |
Amendment Flag | false | |
Entity Central Index Key | 0001536394 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-55689 | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 46-3556776 | |
Entity Address, Address Line One | 1148 East 222nd Street | |
Entity Address, City or Town | Euclid | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44117 | |
City Area Code | (216) | |
Local Phone Number | 896-7000 | |
Title of 12(b) Security | None | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash | $ 404,000 | $ 286,000 |
Prepaid expenses and other current assets | 154,000 | 157,000 |
Investment in trading securities | 817,000 | 1,647,000 |
Total Current Assets | 1,375,000 | 2,090,000 |
Property and equipment, net | 927,000 | 945,000 |
Total Assets | 2,302,000 | 3,035,000 |
Current Liabilities: | ||
Accounts payable | 17,000 | 34,000 |
Accrued expenses | 8,000 | 17,000 |
Customer advance payments | 5,000 | 10,000 |
Accrued payroll to a former officer | 536,000 | 536,000 |
Convertible notes payable | 60,000 | |
Loan payable– current portion | 133,000 | 82,000 |
Loans payable, related party | 99,000 | 407,000 |
Total Current Liabilities | 798,000 | 1,146,000 |
Loans payable, net of current portion | 335,000 | 344,000 |
Total Liabilities | 1,133,000 | 1,490,000 |
Commitments and Contingencies | ||
Shareholders’ Equity: | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized; 97,848,735 shares issued and outstanding | 10,000 | 10,000 |
Additional paid-in-capital | 17,791,000 | 17,791,000 |
Accumulated deficit | (16,632,000) | (16,256,000) |
Total Shareholders’ Equity | 1,169,000 | 1,545,000 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 2,302,000 | $ 3,035,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 97,848,735 | 97,848,735 |
Common stock, shares outstanding | 97,848,735 | 97,848,735 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Sales | $ 76,000 | $ 2,000 |
Cost of goods sold | 68,000 | |
Gross profit | 8,000 | 2,000 |
Operating expenses: | ||
Selling, general and administrative expenses | 266,000 | 217,000 |
Product development costs | 33,000 | |
Total operating expenses | 266,000 | 250,000 |
Loss from operations | (258,000) | (248,000) |
Other income (expense): | ||
Other income, net | 15,000 | |
Unrealized loss | (157,000) | |
Realized gain | 31,000 | |
Interest income | 2,000 | |
Interest expense | (5,000) | (12,000) |
Interest expense, related party | (4,000) | (35,000) |
Total other expense | (118,000) | (47,000) |
Net loss from Continuing operations | (376,000) | (295,000) |
Net income from discontinued operations | 147,000 | |
Net loss | $ (376,000) | $ (148,000) |
Basic loss per share from continuing operations (in Dollars per share) | $ 0 | $ 0 |
Basic income per share from discontinued operations (in Dollars per share) | 0 | |
Basic loss per share (in Dollars per share) | 0 | 0 |
Diluted income per share from discontinued operations (in Dollars per share) | $ 0 | |
Weighted average common shares outstanding, basic (in Shares) | 97,848,735 | 96,454,679 |
Weighted average common shares outstanding, diluted (in Shares) | 97,848,735 | 96,701,035 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders’ Equity (Deficit) (Unaudited) - USD ($) | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2020 | $ 10,000 | $ 17,435,000 | $ (19,309,000) | $ (1,864,000) | |
Balance (in Shares) at Dec. 31, 2020 | 95,970,735 | ||||
Proceeds from sale of common stock | 150,000 | 150,000 | |||
Proceeds from sale of common stock (in Shares) | 1,005,000 | ||||
Net Loss | (148,000) | (148,000) | |||
Balance at Mar. 31, 2021 | $ 10,000 | 17,585,000 | (19,457,000) | (1,862,000) | |
Balance (in Shares) at Mar. 31, 2021 | 96,975,735 | ||||
Balance at Dec. 31, 2021 | $ 10,000 | 17,791,000 | (16,256,000) | 1,545,000 | |
Balance (in Shares) at Dec. 31, 2021 | 97,848,735 | ||||
Net Loss | (376,000) | (376,000) | |||
Balance at Mar. 31, 2022 | $ 10,000 | $ 17,791,000 | $ (16,632,000) | $ 1,169,000 | |
Balance (in Shares) at Mar. 31, 2022 | 97,848,735 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities | ||
Net loss | $ (376,000) | $ (148,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Income from discontinued operations | (147,000) | |
Depreciation | 19,000 | 46,000 |
Realized Gain from investments | (31,000) | |
Unrealized Gain from investments | 157,000 | |
Changes in Assets and Liabilities: | ||
Accounts receivable | 501,000 | |
Prepaid expenses and other | 3,000 | |
Accounts payable | (17,000) | (21,000) |
Customer advanced payments | (5,000) | |
Accruals | (11,000) | 2,000 |
Accrued interest on related party loans | 4,000 | 36,000 |
Accrued payroll to a former officer | 39,000 | |
Operating cashflow from discontinued operations | (31,000) | |
Net cash (used in) provided by operating activities | (257,000) | 277,000 |
Cash Flows from Investing Activities: | ||
Purchase of property and equipment | (1,000) | (55,000) |
Proceeds trading securities | 704,000 | |
Investing cashflow from discontinued operations | (86,000) | |
Net cash used in investing activities | 703,000 | (141,000) |
Cash Flows from Financing Activities: | ||
Proceeds from sale of common stock | 150,000 | |
Proceeds from loans payable | 40,000 | |
Payment of loans payable | (16,000) | (13,000) |
Payments on notes payable related party | (312,000) | (351,000) |
Financing cashflow from discontinued operations | 39,000 | |
Net cash provided by (used in) financing activities | (328,000) | (135,000) |
Net change in cash | 118,000 | 1,000 |
Cash beginning of period | 286,000 | 108,000 |
Cash end of period | 404,000 | 109,000 |
Supplemental Cash Flow Information: | ||
Interest paid | $ 317,000 | 18,000 |
Taxes paid | ||
Non-cash Financing Activities: | ||
Offset accounts receivable, related party with notes payable, related party | $ 30,000 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2022 | |
Organization [Abstract] | |
ORGANIZATION | NOTE 1 – ORGANIZATION US Lighting Group, Inc. (the “Company”) was founded in 2013 in accordance with the laws of Wyoming and is located in Euclid, Ohio. On January 11, 2021, the Company created a new wholly owned subsidiary called Cortes Campers, LLC, domiciled in Wyoming. Cortes Campers, LLC was created to market tow behind travel trailers for the recreational vehicle market. The division was in the early stage of revenue generation as of the date of this report. The first camper was delivered on February 19, 2022. The Company created a new wholly owned subsidiary called Fusion X Marine, LLC on April 12, 2021, domiciled in Wyoming, to sell boats and other related products to the recreational marine market. The subsidiary has had no sales as of the date of this report. On January 12, 2022, the Company created Futuro Houses, LLC, a new wholly owned subsidiary to manufacture and sell fiberglass houses. As of March 31, 2022, Futuro House, LLC had no revenues. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of and for the three month period ending March 31, 2022 and not necessarily indicative of the results to be expected for the full year ending December 31, 2022. These unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles 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. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. Cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There was $222,000 and $205,000 of cash equivalents as of the three months ended March 31, 2022 and the year ended December 31, 2021, respectively, held in the Company’s investment account. Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries Intellitronix Corp., Cortes Campers, LLC, Fusion X Marine, LLC and Futuro Houses, LLC. All intercompany transactions and balances have been eliminated in consolidation. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standard Update (“ASU”) No. 2014-09. This standard provides authoritative guidance clarifying the principles for recognizing revenue and developing a common revenue standard for U.S. generally accepted accounting principles. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in the exchange for those goods or services. Under this guidance, revenue is recognized when control of promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company reviews its sales transactions to identify contractual rights, performance obligations, and transaction prices, including the allocation of prices to separate performance obligations, if applicable. Revenue and costs of sales are recognized once products are delivered to the customer’s control and performance obligations are satisfied. Recently Accounting Pronouncements The Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Liquidity
Liquidity | 3 Months Ended |
Mar. 31, 2022 | |
Liquidity [Abstract] | |
LIQUIDITY | NOTE 3 - LIQUIDITY The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. During the three months ended March 31, 2022, the Company realized a net loss of $376,000 and cash used by operating activities was $257,000, compared to cash provided by operating activities of $277,000 in the prior period. Based on current projections, we believe our available cash on-hand, our current efforts to market and sell our products, and our ability to significantly reduce expenses, will provide sufficient cash resources to satisfy our operational needs, for at least one year from the date these financial statements are issued. At March 31, 2022, the Company had cash on hand in the amount of $404,000. Management estimates that the current cash funds and liquid investments of $817,000 will be sufficient to continue operations through March 31, 2023. |
Sale of Assets _ Discontinued O
Sale of Assets / Discontinued Operations | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
SALE OF ASSETS / DISCONTINUED OPERATIONS | NOTE 4 – SALE OF ASSETS / DISCONTINUED OPERATIONS On May 14, 2021, the Company and Intellitronix Corporation entered into an Asset Purchase Agreement with Ohio INTX Cooperative, a State of Ohio cooperative association, to sell selected assets of Intellitronix Corporation. The Asset Purchase Agreement and related sale was finalized on May 14, 2021, with a sale price of $4,520,000. Intellitronix Corporation remains a wholly-owned subsidiary of the Company. The Company provided a parental guarantee for a period up to statutory limitations on the performance of Intellitronix Corporation’s duties and obligations under the Asset Purchase Agreement. After the sale of Intellitronix Corporation’s assets to Ohio INTX Cooperative, the Company redirected its operational activity towards the Recreational Vehicle (RV) market In accordance with the provisions of ASC 205-20, we have not included the results of operations from discontinued operations in the results of continuing operations in the consolidated statements of operations. The results of operations from discontinued operations for the three months ended March 31, 2022, and 2021, have been reflected as discontinued operations in the unaudited consolidated statements of operations and consist of the following. Three Months ended 2022 2021 Sales from discontinued operations $ — $ 942,000 Cost of goods sold of discontinued operations — 406,000 Gross profit of discontinued operations — 536,000 Operating expenses of discontinued operations: Selling, general and administrative expenses — 345,000 Product development costs — 51,000 Total operating expenses of discontinued operations — 396,000 Operating income from discontinued operations — 140,000 Other income (expense) of discontinued operations: Gain on extinguishment of debt — 9,000 Other income — 15,000 Interest expense — (17,000 ) Total other income — 7,000 Net Income from discontinued operations $ — $ 147,000 |
Investment in Trading Securitie
Investment in Trading Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT IN TRADING SECURITIES | NOTE 5 – INVESTMENT IN TRADING SECURITIES On May 17, 2020, the Company purchased $3,800,000 of various mutual fund assets from Ameriprise Investments. This investment meets the criteria of level one inputs for which quoted market prices are available in active markets for identical assets or liabilities as of the reporting date. As of March 31, 2022, these assets have a reported market value of $817,000. The Company has adjusted the reported amounts for these investments to market value resulting in a realized gain and unrealized loss of $31,000 and ($157,000), respectively. The source of the $3,800,000 that the Company used to purchase various mutual fund assets from Ameriprise Investments was from the sale of certain assets of Intellitronix Corporation that was consummated on May 14, 2021. The Company purchased the in order to provide shareholders of the Company with a reasonable rate of return while deciding how to deploy these funds towards its planned business operations. However, as a result of this purchase by the Company of The Company does not intend to be an investment company and does not intend to be engaged in the business of investing, reinvesting, owning, holding or trading in securities. As such, the Company intends to rely on Rule 3a-2 under the Investment Company Act, which provides an exclusion from the definition of “investment company” for issuers meeting certain criteria. The Company will endeavor to ensure that it is compliant with the conditions for relying on this rule, within the time period permitted by Rule 3a-2. In an effort to comply with this exclusion, the Company intends to liquidate securities in Ameriprise Investments soon as is reasonably possible until the Company no longer owns securities having a value exceeding 40% of the value of such the Company’s total assets on an unconsolidated basis. Such course of action has been approved and authorized by the Company’s Board of Directors by unanimous written consent on August 17, 2021. As of March 31, 2022, the account had $222,000 of cash and $817,000 of securities. As of March 31, 2022, the Company owned securities that comprised 35% of the value of the Company’s total assets on a consolidated basis. As of December 31, 2021, the account had $205,000 of cash and $1,647,000 of securities. As of December 31, 2021, the Company owned securities that comprised 54% of the value of the Company’s total assets on a consolidated basis. The Company has not been consistent in achieving its goal of maintaining investments at under 40% of total assets in 2021. In the second quarter of 2021 the Company was over 40%, in the third quarter of 2021 the Company was under 40% and in the fourth quarter of 2021 the Company was again over 40%. The Company is working on remedying this issue and will comply with registering under The Investment Company Act of 1940, if required. As of March 31, 2022, the Company qualified for a one-year registration exclusion under rule 3a-2 of the Investment Company Act of 1940. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 6 – PROPERTY AND EQUIPMENT Property and equipment for continuing operations consist of the following at March 31, 2022 and December 31, 2021: March 31, December 31, Building and improvements $ 664,000 $ 664,000 Land 96,000 96,000 Vehicles 319,000 319,000 Office equipment 24,000 24,000 Furniture and fixtures 5,000 5,000 Total property and equipment cost 1,109,000 1,108,000 Less: accumulated depreciation and amortization (182,000 ) (163,000 ) Property and equipment, net $ 927,000 $ 945,000 Depreciation expense for the three months ended March 31, 2022, and 2021 was $19,000 and $46,000, respectively. |
Accrued Payroll to Officer
Accrued Payroll to Officer | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
ACCRUED PAYROLL TO OFFICER | NOTE 7 – ACCRUED PAYROLL TO OFFICER Beginning in January 2018, the Company’s former President and CEO voluntarily elected to defer payment of his employment compensation. The balance of the compensation owed to the Company’s former President and CEO was $536,000 and $536,000 as of March 31, 2022 and December 31, 2021, respectively. Deferral of wages was halted on August 9, 2021, when the Company’s former President and CEO resigned. Please see Note 14 for a more complete discussion. |
Loans Payable to Related Partie
Loans Payable to Related Parties | 3 Months Ended |
Mar. 31, 2022 | |
Loans Payable to Related Parties [Abstract] | |
LOANS PAYABLE TO RELATED PARTIES | NOTE 8 – LOANS PAYABLE TO RELATED PARTIES Loans payable to related parties consists of the following at March 31, 2022 and December 31, 2021: March 31, December 31, Loan payable to officers/shareholders (a) $ 99,000 $ 407,000 Loans payable to related parties, current portion (99,000 ) (407,000 ) Loans payable to related parties, net of current portion $ — $ — a. On December 1, 2016, the Company acquired Intellitronix Corporation from the Company’s former President and majority shareholder. The Company agreed to pay $4,000,000 in exchange for all the shares of Intellitronix Corporation. The sixty-month loan matured in December 2021, required monthly payments of $74,000, carried an interest rate of 6.25%, and was secured by the assets of Intellitronix Corporation. The loan balance on December 31, 2021, consisting only of accrued interest, was $407,000. During the three months ended March 31, 2022, the Company made interest payments of $312,000, leaving a balance outstanding of accrued interest only of $99,000 at March 31, 2022. This accrued interest at March 31, 2022 was not paid at the request of the loan holder who considers it now a demand loan with no maturity date. |
Loans Payable
Loans Payable | 3 Months Ended |
Mar. 31, 2022 | |
Loans Payable [Abstract] | |
LOANS PAYABLE | NOTE 9 – LOANS PAYABLE Loans payable for continuing operations consisted of the following as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, PayPal Working Capital Loan, net of discount (a) $ 18,000 $ 18,000 PayPal Working Capital Loan, net of discount (b) 7,000 7,000 Secured promissory note (c) 262,000 263,000 Vehicle loans (d) 123,000 127,000 Equipment loan (e) — 11,000 Convertible Notes (f) 58,000 — Total loans payable 468,000 426,000 Loans payable, current portion (133,000 ) (344,000 ) Loans payable, net of current portion $ 335,000 $ 82,000 a. On August 12, 2019, the Company entered into a PayPal Working Capital loan. The principal amount of the loan was for $216,000. The Company received net proceeds of $200,000, net of loan fees of $16,000. The loan matures in November 2022 and requires a $1,600 monthly payment. The loan balance on March 31, 2022 was $18,000. b. On November 25, 2019, the Company entered into a PayPal Working Capital loan. The principal amount of the loan was for $66,000. The Company received net proceeds of $50,000, net of loan fees of $16,000. The loan matures in December 2022 and requires a $600 monthly payment. The loan balance on March 31, 2022, was $7,000. c. On August 26, 2020, the Company entered into a loan agreement with Apex Commercial Capital Corp. in the principal amount of $266,000 with interest at 9.49% per annum and due on September 10, 2030. The loan requires one hundred nineteen (119) monthly payments of $2,322, with a final balloon payment on the one hundred twentieth (120) month, or September 10, 2030, of $224,835. The loan is guaranteed by the Company and the Company’s former Chief Executive Officer and secured by the Company’s real estate. The loan balance on December 31, 2021, was $263,000. During the three months ended March 31, 2022, the Company made principal payments of $1,000, leaving a total of $262,000 owed at March 31, 2022. d. The Company purchases vehicles for employees, and research and development activities. Generally, vehicles are sold or traded in at the end of the vehicle loan period. The aggregate vehicle loan balance on three vehicles was $105,000 at December 31, 2020, with an original loan period of 72 to 144 months, and interest rates of zero percent to 10.99%. During the year ended December 31, 2021, the Company purchased a vehicle for $40,000, with a 72 month loan term, and an interest rate of 4.15%, and made total principal payments of $18,000 on its vehicle loans, leaving an aggregate loan balance on three vehicles of $127,000 at December 31, 2021. During the three months ended March 31, 2022, the Company made principal payments of $4,000, leaving a total of $123,000 owed at March 31, 2022. e. On August 3, 2020, the Company entered into a $18,000 term loan with Leaf Capital related to the purchase of production equipment. The loan requires monthly payments over the term of 36 months, has an interest rate of 8.48% per annum, and is secured by the production equipment. The loan balance on December 31, 2021, was $11,000. During the three months ended March 31, 2022, the Company made principal payments of $11,000, leaving a total of $0 owed at March 31, 2022. f. The Company issued convertible secured debentures (“Convertible Notes”) to accredited investors from December 2019 through June 2020, with interest at 10% per annum, a term of eighteen months, and secured by all of the assets of the Company and its subsidiaries. The Convertible Notes provide a conversion right, in which the principal amount of the Convertible Notes, together with any accrued but unpaid interest, could be converted into the Company’s common stock at a conversion price at $0.25 per share. The Convertible Notes balance on December 31, 2021, including accrued interest of $10,000, was $60,000. As of June 4, 2021, the remaining Convertible Note was no longer convertible into shares of common stock since the conversion rights expired on June 4, 2021, and the Convertible Notes stopped accruing interest on its maturity date on June 5, 2021. The Convertible Notes have been reclassed from Convertible Note to Loans Payable on the balance sheet. The following sets forth the loan payments, including interest, for the years ended December 31: 2022 $ 124,000 2023 $ 54,000 2024 $ 50,000 2025 $ 50,000 2026 $ 46,000 Thereafter $ 144,000 Total $ 468,000 |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2022 | |
Legal Proceedings [Abstract] | |
LEGAL PROCEEDINGS | NOTE 10 – LEGAL PROCEEDINGS On June 8, 2021, Paul Spivak, former Chief Executive Officer of the Company was arrested for conspiracy to commit securities fraud. Upon his arrest, the Company learned that on June 7, 2021, a Criminal Complaint was filed against Mr. Spivak in the United States District Court for the Northern District of Ohio. On October 8, 2021, a superseding indictment was unsealed that included additional securities fraud related charges against Mr. Spivak and Olga Smirnova (Secretary and Director, wife of Mr. Spivak), amongst others. The Company has been advised that Mr. Spivak and Ms. Smirnova pleaded not guilty to the charges. Both have advised that they intend to deny the charges and intend to vehemently defend themselves against these charges. The Company has not been named in the superseding indictment and is unable to know the eventual outcome, timing and course of actions of this matter. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of and for the three month period ending March 31, 2022 and not necessarily indicative of the results to be expected for the full year ending December 31, 2022. These unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles 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. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. |
Concentrations of Credit Risk | Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. |
Cash equivalents | Cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There was $222,000 and $205,000 of cash equivalents as of the three months ended March 31, 2022 and the year ended December 31, 2021, respectively, held in the Company’s investment account. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries Intellitronix Corp., Cortes Campers, LLC, Fusion X Marine, LLC and Futuro Houses, LLC. All intercompany transactions and balances have been eliminated in consolidation. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with Accounting Standard Update (“ASU”) No. 2014-09. This standard provides authoritative guidance clarifying the principles for recognizing revenue and developing a common revenue standard for U.S. generally accepted accounting principles. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in the exchange for those goods or services. Under this guidance, revenue is recognized when control of promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company reviews its sales transactions to identify contractual rights, performance obligations, and transaction prices, including the allocation of prices to separate performance obligations, if applicable. Revenue and costs of sales are recognized once products are delivered to the customer’s control and performance obligations are satisfied. |
Recently Accounting Pronouncements | Recently Accounting Pronouncements The Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Sale of Assets _ Discontinued_2
Sale of Assets / Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Schedule of operations from discontinued operations | Three Months ended 2022 2021 Sales from discontinued operations $ — $ 942,000 Cost of goods sold of discontinued operations — 406,000 Gross profit of discontinued operations — 536,000 Operating expenses of discontinued operations: Selling, general and administrative expenses — 345,000 Product development costs — 51,000 Total operating expenses of discontinued operations — 396,000 Operating income from discontinued operations — 140,000 Other income (expense) of discontinued operations: Gain on extinguishment of debt — 9,000 Other income — 15,000 Interest expense — (17,000 ) Total other income — 7,000 Net Income from discontinued operations $ — $ 147,000 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | March 31, December 31, Building and improvements $ 664,000 $ 664,000 Land 96,000 96,000 Vehicles 319,000 319,000 Office equipment 24,000 24,000 Furniture and fixtures 5,000 5,000 Total property and equipment cost 1,109,000 1,108,000 Less: accumulated depreciation and amortization (182,000 ) (163,000 ) Property and equipment, net $ 927,000 $ 945,000 |
Loans Payable to Related Part_2
Loans Payable to Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Loans Payable to Related Parties Table [Abstract] | |
Schedule of loans payable to related parties | March 31, December 31, Loan payable to officers/shareholders (a) $ 99,000 $ 407,000 Loans payable to related parties, current portion (99,000 ) (407,000 ) Loans payable to related parties, net of current portion $ — $ — a. On December 1, 2016, the Company acquired Intellitronix Corporation from the Company’s former President and majority shareholder. The Company agreed to pay $4,000,000 in exchange for all the shares of Intellitronix Corporation. The sixty-month loan matured in December 2021, required monthly payments of $74,000, carried an interest rate of 6.25%, and was secured by the assets of Intellitronix Corporation. The loan balance on December 31, 2021, consisting only of accrued interest, was $407,000. During the three months ended March 31, 2022, the Company made interest payments of $312,000, leaving a balance outstanding of accrued interest only of $99,000 at March 31, 2022. This accrued interest at March 31, 2022 was not paid at the request of the loan holder who considers it now a demand loan with no maturity date. |
Loans Payable (Tables)
Loans Payable (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Loans Payable [Abstract] | |
Schedule of loans payable for continuing operations | March 31, 2022 December 31, PayPal Working Capital Loan, net of discount (a) $ 18,000 $ 18,000 PayPal Working Capital Loan, net of discount (b) 7,000 7,000 Secured promissory note (c) 262,000 263,000 Vehicle loans (d) 123,000 127,000 Equipment loan (e) — 11,000 Convertible Notes (f) 58,000 — Total loans payable 468,000 426,000 Loans payable, current portion (133,000 ) (344,000 ) Loans payable, net of current portion $ 335,000 $ 82,000 a. On August 12, 2019, the Company entered into a PayPal Working Capital loan. The principal amount of the loan was for $216,000. The Company received net proceeds of $200,000, net of loan fees of $16,000. The loan matures in November 2022 and requires a $1,600 monthly payment. The loan balance on March 31, 2022 was $18,000. b. On November 25, 2019, the Company entered into a PayPal Working Capital loan. The principal amount of the loan was for $66,000. The Company received net proceeds of $50,000, net of loan fees of $16,000. The loan matures in December 2022 and requires a $600 monthly payment. The loan balance on March 31, 2022, was $7,000. c. On August 26, 2020, the Company entered into a loan agreement with Apex Commercial Capital Corp. in the principal amount of $266,000 with interest at 9.49% per annum and due on September 10, 2030. The loan requires one hundred nineteen (119) monthly payments of $2,322, with a final balloon payment on the one hundred twentieth (120) month, or September 10, 2030, of $224,835. The loan is guaranteed by the Company and the Company’s former Chief Executive Officer and secured by the Company’s real estate. The loan balance on December 31, 2021, was $263,000. During the three months ended March 31, 2022, the Company made principal payments of $1,000, leaving a total of $262,000 owed at March 31, 2022. d. The Company purchases vehicles for employees, and research and development activities. Generally, vehicles are sold or traded in at the end of the vehicle loan period. The aggregate vehicle loan balance on three vehicles was $105,000 at December 31, 2020, with an original loan period of 72 to 144 months, and interest rates of zero percent to 10.99%. During the year ended December 31, 2021, the Company purchased a vehicle for $40,000, with a 72 month loan term, and an interest rate of 4.15%, and made total principal payments of $18,000 on its vehicle loans, leaving an aggregate loan balance on three vehicles of $127,000 at December 31, 2021. During the three months ended March 31, 2022, the Company made principal payments of $4,000, leaving a total of $123,000 owed at March 31, 2022. e. On August 3, 2020, the Company entered into a $18,000 term loan with Leaf Capital related to the purchase of production equipment. The loan requires monthly payments over the term of 36 months, has an interest rate of 8.48% per annum, and is secured by the production equipment. The loan balance on December 31, 2021, was $11,000. During the three months ended March 31, 2022, the Company made principal payments of $11,000, leaving a total of $0 owed at March 31, 2022. f. The Company issued convertible secured debentures (“Convertible Notes”) to accredited investors from December 2019 through June 2020, with interest at 10% per annum, a term of eighteen months, and secured by all of the assets of the Company and its subsidiaries. The Convertible Notes provide a conversion right, in which the principal amount of the Convertible Notes, together with any accrued but unpaid interest, could be converted into the Company’s common stock at a conversion price at $0.25 per share. The Convertible Notes balance on December 31, 2021, including accrued interest of $10,000, was $60,000. As of June 4, 2021, the remaining Convertible Note was no longer convertible into shares of common stock since the conversion rights expired on June 4, 2021, and the Convertible Notes stopped accruing interest on its maturity date on June 5, 2021. The Convertible Notes have been reclassed from Convertible Note to Loans Payable on the balance sheet. |
Schedule of sets forth the loan payments | 2022 $ 124,000 2023 $ 54,000 2024 $ 50,000 2025 $ 50,000 2026 $ 46,000 Thereafter $ 144,000 Total $ 468,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Cash Equivalents [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Cash equivalents | $ 222,000 | $ 205,000 |
Liquidity (Details)
Liquidity (Details) | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Liquidity [Abstract] | |
Realized a net loss | $ 376,000 |
Cash used in operating activities | 257,000 |
Cash provided by operating activities | 277,000 |
Cash on hand | 404,000 |
Current cash funds and liquid investments | $ 817,000 |
Sale of Assets _ Discontinued_3
Sale of Assets / Discontinued Operations (Details) | May 14, 2021 USD ($) |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Asset purchase agreement | $ 4,520,000 |
Sale of Assets _ Discontinued_4
Sale of Assets / Discontinued Operations (Details) - Schedule of operations from discontinued operations - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of operations from discontinued operations [Abstract] | ||
Sales from discontinued operations | $ 942,000 | |
Cost of goods sold of discontinued operations | 406,000 | |
Gross profit of discontinued operations | 536,000 | |
Operating expenses of discontinued operations: | ||
Selling, general and administrative expenses | 345,000 | |
Product development costs | 51,000 | |
Total operating expenses of discontinued operations | 396,000 | |
Operating income from discontinued operations | 140,000 | |
Other income (expense) of discontinued operations: | ||
Gain on extinguishment of debt | 9,000 | |
Other income | 15,000 | |
Interest expense | (17,000) | |
Total other income | 7,000 | |
Net Income from discontinued operations | $ 147,000 |
Investment in Trading Securit_2
Investment in Trading Securities (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
May 14, 2021 | May 17, 2020 | Mar. 31, 2022 | Dec. 31, 2021 | |
Investment in Trading Securities (Details) [Line Items] | ||||
Securities exceeding, percentage | 40% | |||
Cash | $ 222,000 | |||
Securities | $ 817,000 | |||
Securities owned, percentage | 35% | |||
Investments percentage | 40% | |||
Ameriprise Investments [Member] | ||||
Investment in Trading Securities (Details) [Line Items] | ||||
Purchased of mutual fund assets | $ 3,800,000 | $ 3,800,000 | ||
Market value | $ 817,000 | |||
Realized gain | 31,000 | |||
Unrealized gain loss | $ (157,000) | |||
Ameriprise Financial [Member] | ||||
Investment in Trading Securities (Details) [Line Items] | ||||
Cash | $ 205,000 | |||
Securities | $ 1,647,000 | |||
Securities owned, percentage | 54% | |||
Second quarter [Member] | ||||
Investment in Trading Securities (Details) [Line Items] | ||||
Investments percentage | 40% | |||
Third quarter [Member] | ||||
Investment in Trading Securities (Details) [Line Items] | ||||
Investments percentage | 40% | |||
Fourth quarter [Member] | ||||
Investment in Trading Securities (Details) [Line Items] | ||||
Investments percentage | 40% |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 19,000 | $ 46,000 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of property and equipment - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment cost | $ 1,109,000 | $ 1,108,000 |
Less: accumulated depreciation and amortization | (182,000) | (163,000) |
Property and equipment, net | 927,000 | 945,000 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 664,000 | 664,000 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 96,000 | 96,000 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 319,000 | 319,000 |
Office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 24,000 | 24,000 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 5,000 | $ 5,000 |
Accrued Payroll to Officer (Det
Accrued Payroll to Officer (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Payables and Accruals [Abstract] | ||
Accrued payroll to officer | $ 536,000 | $ 536,000 |
Loans Payable to Related Part_3
Loans Payable to Related Parties (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 01, 2016 | Mar. 31, 2022 | Dec. 31, 2016 | Dec. 31, 2021 | |
Loans Payable to Related Parties (Details) [Line Items] | ||||
Accrued interest | $ 99,000 | $ 407,000 | ||
Interest payments | $ 312,000 | |||
Loan payable to officers/shareholders [Member] | ||||
Loans Payable to Related Parties (Details) [Line Items] | ||||
Periodic payment | $ 4,000,000 | |||
Maturity date, description | The sixty-month loan matured in December 2021, required monthly payments of $74,000, carried an interest rate of 6.25%, and was secured by the assets of Intellitronix Corporation. |
Loans Payable to Related Part_4
Loans Payable to Related Parties (Details) - Schedule of loans payable to related parties - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of loans payable to related parties [Abstract] | |||
Loan payable to officers/shareholders | [1] | $ 99,000 | $ 407,000 |
Loans payable to related parties, current portion | (99,000) | (407,000) | |
Loans payable to related parties, net of current portion | |||
[1] On December 1, 2016, the Company acquired Intellitronix Corporation from the Company’s former President and majority shareholder. The Company agreed to pay $4,000,000 in exchange for all the shares of Intellitronix Corporation. The sixty-month loan matured in December 2021, required monthly payments of $74,000, carried an interest rate of 6.25%, and was secured by the assets of Intellitronix Corporation. The loan balance on December 31, 2021, consisting only of accrued interest, was $407,000. During the three months ended March 31, 2022, the Company made interest payments of $312,000, leaving a balance outstanding of accrued interest only of $99,000 at March 31, 2022. This accrued interest at March 31, 2022 was not paid at the request of the loan holder who considers it now a demand loan with no maturity date. |
Loans Payable (Details)
Loans Payable (Details) - USD ($) | 3 Months Ended | 7 Months Ended | 12 Months Ended | |||||
Jun. 04, 2021 | Aug. 26, 2020 | Aug. 03, 2020 | Nov. 25, 2019 | Aug. 12, 2019 | Mar. 31, 2022 | Jun. 30, 2020 | Dec. 31, 2021 | |
Loans Payable (Details) [Line Items] | ||||||||
Total owned amount | $ 262,000 | |||||||
Interest rate | 10% | |||||||
Conversion price (in Dollars per share) | $ 0.25 | |||||||
Accrued interest | $ 60,000 | |||||||
Conversion rights expired date | Jun. 04, 2021 | |||||||
Accruing interest maturity date | Jun. 05, 2021 | |||||||
PayPal Working Capital loan [Member] | ||||||||
Loans Payable (Details) [Line Items] | ||||||||
Principal amount of loan | $ 216,000 | |||||||
Net proceeds | 200,000 | |||||||
Net of loan fees | 16,000 | |||||||
Loan matures monthly payment | $ 1,600 | |||||||
Loan balance | $ 18,000 | |||||||
PayPal Working Capital loan one [Member] | ||||||||
Loans Payable (Details) [Line Items] | ||||||||
Principal amount of loan | $ 66,000 | |||||||
Net proceeds | 50,000 | |||||||
Net of loan fees | 16,000 | |||||||
Loan matures monthly payment | $ 600 | |||||||
Loan balance | 7,000 | |||||||
Apex Commercial Capital Corp. [Member] | ||||||||
Loans Payable (Details) [Line Items] | ||||||||
Loan term amount | $ 266,000 | |||||||
Interest rate | 9.49% | |||||||
Loans payable, description | The loan requires one hundred nineteen (119) monthly payments of $2,322, with a final balloon payment on the one hundred twentieth (120) month, or September 10, 2030, of $224,835. | |||||||
Loan balance | 263,000 | |||||||
Principal payments | $ 1,000 | |||||||
Vehicle loans [Member] | ||||||||
Loans Payable (Details) [Line Items] | ||||||||
Loans payable, description | The aggregate vehicle loan balance on three vehicles was $105,000 at December 31, 2020, with an original loan period of 72 to 144 months, and interest rates of zero percent to 10.99%. During the year ended December 31, 2021, the Company purchased a vehicle for $40,000, with a 72 month loan term, and an interest rate of 4.15%, and made total principal payments of $18,000 on its vehicle loans, leaving an aggregate loan balance on three vehicles of $127,000 at December 31, 2021. | |||||||
Equipment [Member] | ||||||||
Loans Payable (Details) [Line Items] | ||||||||
Loan balance | 11,000 | |||||||
Loan term amount | $ 18,000 | |||||||
Principal payments | $ 11,000 | |||||||
Total owned amount | 0 | |||||||
Loan term | 36 months | |||||||
Interest rate | 8.48% | |||||||
Convertible Notes [Member] | ||||||||
Loans Payable (Details) [Line Items] | ||||||||
Accrued interest | $ 10,000 | |||||||
Research and Development Expense [Member] | ||||||||
Loans Payable (Details) [Line Items] | ||||||||
Principal payments | 4,000 | |||||||
Total owned amount | $ 123,000 |
Loans Payable (Details) - Sched
Loans Payable (Details) - Schedule of loans payable for continuing operations - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | |
Loans Payable (Details) - Schedule of loans payable for continuing operations [Line Items] | |||
Total loans payable | $ 468,000 | $ 426,000 | |
Loans payable, current portion | (133,000) | (344,000) | |
Loans payable, net of current portion | 335,000 | 82,000 | |
PayPal Working Capital Loan, net of discount [Member] | |||
Loans Payable (Details) - Schedule of loans payable for continuing operations [Line Items] | |||
Total loans payable | [1] | 18,000 | 18,000 |
PayPal Working Capital Loan, net of discount one [Member] | |||
Loans Payable (Details) - Schedule of loans payable for continuing operations [Line Items] | |||
Total loans payable | [2] | 7,000 | 7,000 |
Secured promissory note [Member] | |||
Loans Payable (Details) - Schedule of loans payable for continuing operations [Line Items] | |||
Total loans payable | [3] | 262,000 | 263,000 |
Vehicle loans [Member] | |||
Loans Payable (Details) - Schedule of loans payable for continuing operations [Line Items] | |||
Total loans payable | [4] | 123,000 | 127,000 |
Equipment loan [Member] | |||
Loans Payable (Details) - Schedule of loans payable for continuing operations [Line Items] | |||
Total loans payable | [5] | 11,000 | |
Convertible Notes [Member] | |||
Loans Payable (Details) - Schedule of loans payable for continuing operations [Line Items] | |||
Total loans payable | [6] | $ 58,000 | |
[1]On August 12, 2019, the Company entered into a PayPal Working Capital loan. The principal amount of the loan was for $216,000. The Company received net proceeds of $200,000, net of loan fees of $16,000. The loan matures in November 2022 and requires a $1,600 monthly payment. The loan balance on March 31, 2022 was $18,000.[2]On November 25, 2019, the Company entered into a PayPal Working Capital loan. The principal amount of the loan was for $66,000. The Company received net proceeds of $50,000, net of loan fees of $16,000. The loan matures in December 2022 and requires a $600 monthly payment. The loan balance on March 31, 2022, was $7,000.[3] On August 26, 2020, the Company entered into a loan agreement with Apex Commercial Capital Corp. in the principal amount of $266,000 with interest at 9.49% per annum and due on September 10, 2030. The loan requires one hundred nineteen (119) monthly payments of $2,322, with a final balloon payment on the one hundred twentieth (120) month, or September 10, 2030, of $224,835. The loan is guaranteed by the Company and the Company’s former Chief Executive Officer and secured by the Company’s real estate. The loan balance on December 31, 2021, was $263,000. During the three months ended March 31, 2022, the Company made principal payments of $1,000, leaving a total of $262,000 owed at March 31, 2022. The Company purchases vehicles for employees, and research and development activities. Generally, vehicles are sold or traded in at the end of the vehicle loan period. The aggregate vehicle loan balance on three vehicles was $105,000 at December 31, 2020, with an original loan period of 72 to 144 months, and interest rates of zero percent to 10.99%. During the year ended December 31, 2021, the Company purchased a vehicle for $40,000, with a 72 month loan term, and an interest rate of 4.15%, and made total principal payments of $18,000 on its vehicle loans, leaving an aggregate loan balance on three vehicles of $127,000 at December 31, 2021. During the three months ended March 31, 2022, the Company made principal payments of $4,000, leaving a total of $123,000 owed at March 31, 2022. On August 3, 2020, the Company entered into a $18,000 term loan with Leaf Capital related to the purchase of production equipment. The loan requires monthly payments over the term of 36 months, has an interest rate of 8.48% per annum, and is secured by the production equipment. The loan balance on December 31, 2021, was $11,000. During the three months ended March 31, 2022, the Company made principal payments of $11,000, leaving a total of $0 owed at March 31, 2022. |
Loans Payable (Details) - Sch_2
Loans Payable (Details) - Schedule of sets forth the loan payments | Mar. 31, 2022 USD ($) |
Schedule of sets forth the loan payments [Abstract] | |
2022 | $ 124,000 |
2023 | 54,000 |
2024 | 50,000 |
2025 | 50,000 |
2026 | 46,000 |
Thereafter | 144,000 |
Total | $ 468,000 |