Cover
Cover | 6 Months Ended |
Jun. 30, 2022 | |
Entity Addresses [Line Items] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | Bright Green Corporation |
Entity Central Index Key | 0001886799 |
Entity Tax Identification Number | 83-4600841 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 1033 George Hanosh Boulevard |
Entity Address, City or Town | Grants |
Entity Address, State or Province | NM |
Entity Address, Postal Zip Code | 87020 |
City Area Code | (833) |
Local Phone Number | 658-1799 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 1033 George Hanosh Boulevard |
Entity Address, City or Town | Grants |
Entity Address, State or Province | NM |
Entity Address, Postal Zip Code | 87020 |
City Area Code | (833) |
Local Phone Number | 658-1799 |
Contact Personnel Name | Terry Rafih |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | |||
Cash | $ 178,973 | $ 1,282,565 | $ 102,263 |
Prepaid expenses and other assets | 105,526 | 168,226 | 19,073 |
Total current assets | 284,499 | 1,450,791 | 121,336 |
Property, plant, and equipment (Note 6) | 9,556,615 | 7,328,764 | 7,777,830 |
Intangible assets (Note 7) | 1,000 | 1,000 | 1,000 |
Total assets | 9,842,114 | 8,780,555 | 7,900,166 |
Current liabilities | |||
Accounts payable | 1,402,885 | 149,935 | 180,338 |
Accrued liabilities | 100,840 | 18,027 | 116,330 |
Due to related party (Note 10) | 392,194 | ||
Total current liabilities | 1,895,919 | 167,962 | 296,668 |
Long-term liabilities | |||
Due to related party (Note 10) | 392,194 | 382,600 | |
Related party line of credit (Note 8) | 2,004,767 | ||
Total long-term liabilities | 2,004,767 | 392,194 | |
Total liabilities | 3,900,686 | 560,156 | 679,268 |
STOCKHOLDERS’ EQUITY | |||
Common stock; $.0001 par value; 200,000,000 stock authorized; 159,818,490 and 157,544,500 stock issued and outstanding at June 30, 2022 and December 31, 2021, respectively (Note 9) | 15,981 | 15,754 | 15,605 |
Common stock to be issued (Note 8) | 138,000 | ||
Additional paid-in capital (Note 9) | 32,246,630 | 14,618,389 | 10,990,538 |
Accumulated deficit | (26,321,183) | (6,413,744) | (3,923,245) |
Total stockholders’ equity | 5,941,428 | 8,220,399 | 7,220,898 |
Total liabilities and stockholders’ equity | $ 9,842,114 | $ 8,780,555 | $ 7,900,166 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock, shares issued | 159,818,490 | 157,544,500 | 156,046,000 |
Common stock, shares outstanding | 159,818,490 | 157,544,500 | 156,046,000 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | ||
Expenses | ||
General and administrative expenses | 1,738,716 | 2,111,084 |
Depreciation | 751,783 | 837,858 |
Write down of assets | 103,837 | |
Total operating expenses | 2,490,499 | 3,052,779 |
Loss before income taxes | (2,490,499) | (3,052,779) |
Income tax expense | ||
Net loss and comprehensive loss | $ (2,490,499) | $ (3,052,779) |
Weighted average common shares outstanding - basic and diluted | 156,800,164 | 135,156,900 |
Net loss per common share - basic and diluted | $ (0.02) | $ (0.02) |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Common Stock To Be Issued [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 12,420 | $ 9,344,721 | $ (870,466) | $ 8,486,675 | |
Beginning balance, shares at Dec. 31, 2019 | 124,199,000 | ||||
Common stock issued upon merger (Note 5 and 8) | $ 100 | 103,737 | 103,837 | ||
Common stock issued upon merger (Note 5 and 8), Shares | 1,000,000 | ||||
Common stock issued for services (Note 9) | $ 2,079 | 1,432,086 | 1,434,165 | ||
Common stock issued for services (Note 9), shares | 20,785,000 | ||||
Common stock issued for licenses acquisition (Note 5 and 8) | $ 1,000 | 1,000 | |||
Common stock issued for licenses acquisition (Note 5 and 8), Shares | 10,000,000 | ||||
Common stock issued for property acquisition (Note 6 and 8) | $ 1 | 14,999 | 15,000 | ||
Common stock issued for property acquisition (Note 6 and 8), Shares | 9,500 | ||||
Common stock issued for cash (Note 9) | $ 5 | 94,995 | 95,000 | ||
Common stock issued for cash (Note 9), shares | 52,500 | ||||
Common stock to be issued (Note 9) | 138,000 | 138,000 | |||
Net loss | (3,052,779) | (3,052,779) | |||
Ending balance, value at Dec. 31, 2020 | $ 15,605 | 138,000 | 10,990,538 | (3,923,245) | 7,220,898 |
Ending balance, shares at Dec. 31, 2020 | 156,046,000 | ||||
Common stock issued for services (Note 9) | $ 6 | 129,994 | 130,000 | ||
Common stock issued for services (Note 9), shares | 65,000 | ||||
Common stock to be issued (Note 9) | 200,000 | 200,000 | |||
Net loss | (941,012) | (941,012) | |||
Common stock issued for cash to be received (Note 9) | $ 1 | 19,999 | 20,000 | ||
Common stock issued for cash, received in shares | 10,000 | ||||
Common stock issued for cash, received in 2021 (Note 9) | $ 79 | 1,579,920 | 1,579,999 | ||
Common stock issued for cash, received in 2021 (Note 9), shares | 790,000 | ||||
Common stock issued for cash, received in 2020 (Note 9) | $ 7 | (138,000) | 137,993 | ||
Common stock issued for cash, received in 2020 (Note 9), shares | 69,000 | ||||
Ending balance, value at Jun. 30, 2021 | $ 15,698 | 200,000 | 12,858,444 | (4,864,257) | 8,209,885 |
Ending balance, shares at Jun. 30, 2021 | 156,980,000 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 15,605 | 138,000 | 10,990,538 | (3,923,245) | 7,220,898 |
Beginning balance, shares at Dec. 31, 2020 | 156,046,000 | ||||
Common stock issued for services (Note 9) | $ 12 | 359,988 | 360,000 | ||
Common stock issued for services (Note 9), shares | 125,000 | ||||
Common stock issued for cash (Note 9) | $ 137 | (138,000) | 3,267,863 | 3,130,000 | |
Common stock issued for cash (Note 9), shares | 1,373,500 | ||||
Net loss | (2,490,499) | (2,490,499) | |||
Ending balance, value at Dec. 31, 2021 | $ 15,754 | 14,618,389 | (6,413,744) | 8,220,399 | |
Ending balance, shares at Dec. 31, 2021 | 157,544,500 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 15,638 | 11,658,504 | (4,432,786) | 7,241,356 | |
Beginning balance, shares at Mar. 31, 2021 | 156,380,000 | ||||
Common stock issued for services (Note 9) | $ 2 | 29,998 | 30,000 | ||
Common stock issued for services (Note 9), shares | 15,000 | ||||
Common stock issued for cash (Note 9) | $ 57 | 1,149,943 | 1,150,000 | ||
Common stock issued for cash (Note 9), shares | 575,000 | ||||
Common stock to be issued (Note 9) | 200,000 | 200,000 | |||
Net loss | (431,471) | (431,471) | |||
Common stock issued for cash to be received (Note 9) | $ 1 | 19,999 | 20,000 | ||
Common stock issued for cash, received in shares | 10,000 | ||||
Ending balance, value at Jun. 30, 2021 | $ 15,698 | 200,000 | 12,858,444 | (4,864,257) | 8,209,885 |
Ending balance, shares at Jun. 30, 2021 | 156,980,000 | ||||
Beginning balance, value at Dec. 31, 2021 | $ 15,754 | 14,618,389 | (6,413,744) | 8,220,399 | |
Beginning balance, shares at Dec. 31, 2021 | 157,544,500 | ||||
Common stock issued for services (Note 9) | $ 207 | 14,595,713 | 14,595,920 | ||
Common stock issued for services (Note 9), shares | 2,074,490 | ||||
Common stock issued for cash (Note 9) | $ 31 | 3,049,969 | 3,050,000 | ||
Common stock issued for cash (Note 9), shares | 312,500 | ||||
Net loss | (19,907,439) | (19,907,439) | |||
Common stock cancelled that was issued for services (Note 9) | $ (11) | (17,441) | (17,452) | ||
Common stock cancelled that was issued for services (Note 9), shares | (113,000) | ||||
Ending balance, value at Jun. 30, 2022 | $ 15,981 | 2,246,630 | (26,321,183) | 5,941,428 | |
Ending balance, shares at Jun. 30, 2022 | 159,818,490 | ||||
Beginning balance, value at Mar. 31, 2022 | $ 15,755 | 14,668,388 | (7,140,090) | 7,544,053 | |
Beginning balance, shares at Mar. 31, 2022 | 157,557,000 | ||||
Common stock issued for services (Note 9) | $ 207 | 14,595,713 | 14,595,920 | ||
Common stock issued for services (Note 9), shares | 2,074,490 | ||||
Common stock issued for cash (Note 9) | $ 30 | 2,999,970 | 3,000,000 | ||
Common stock issued for cash (Note 9), shares | 300,000 | ||||
Net loss | (19,181,093) | (19,181,093) | |||
Common stock cancelled that was issued for services (Note 9) | $ (11) | (17,441) | (17,452) | ||
Common stock cancelled that was issued for services (Note 9), shares | (113,000) | ||||
Ending balance, value at Jun. 30, 2022 | $ 15,981 | $ 2,246,630 | $ (26,321,183) | $ 5,941,428 | |
Ending balance, shares at Jun. 30, 2022 | 159,818,490 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss | $ (19,907,439) | $ (941,012) | $ (2,490,499) | $ (3,052,779) |
Adjustments to reconcile net cash used in operating activities: | ||||
Depreciation | 386,468 | 372,802 | 751,783 | 837,858 |
Stock-based compensation | 14,578,468 | 130,000 | 360,000 | 1,434,165 |
Write down of assets | 103,837 | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other assets | 62,700 | 11,070 | (149,153) | 39,276 |
Accounts payable | 1,252,950 | (81,929) | (30,403) | 97,592 |
Accrued liabilities | 87,580 | 5,525 | (98,303) | 26,714 |
Net cash used in operating activities | (3,539,273) | (503,544) | (1,656,575) | (513,337) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchase of property, plant, and equipment | (2,614,319) | (302,717) | ||
Net cash used in investing activities | (2,614,319) | (302,717) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from due to related party | 11,299 | 122,514 | 382,600 | |
Proceeds from related party line of credit | 2,000,000 | |||
Payments to related party | (112,920) | |||
Proceeds from sale of stock | 3,050,000 | 1,779,999 | 3,130,000 | 233,000 |
Net cash provided by financing activities | 5,050,000 | 1,791,298 | 3,139,594 | 615,600 |
NET (DECREASE) INCREASE IN CASH | (1,103,592) | 1,287,754 | 1,180,302 | 102,263 |
CASH, BEGINNING OF PERIOD | 1,282,565 | 102,263 | 102,263 | |
CASH, END OF PERIOD | 178,973 | 1,390,017 | 1,282,565 | 102,263 |
CASH PAID FOR | ||||
Interest | 1,568 | |||
Taxes | ||||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||
Common stock issued for intangible assets | 1,000 | |||
Common stock issued for merger agreements | 103,837 | |||
Common stock issued for acquisition of assets | $ 15,000 |
Description of Business and Org
Description of Business and Organization | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Description of Business and Organization | 1. Description of Business and Organization Bright Green Corporation (Company) was incorporated on April 16, 2019 , under the Delaware General Corporation Law. The Company is located in Grants, New Mexico. The Company holds the land, greenhouse and patents required in the growth, production, and research of medicinal plants. On May 28, 2019, the Company entered into a merger agreement with Bright Green Grow Innovation, LLC (“BGGI”) (Note 5). On October 30, 2020, Grants Greenhouse Growers, Inc., a New Mexico corporation, merged with the Company (Note 5). On November 10, 2020, Naseeb, Inc., a New Mexico corporation, merged with the Company (Note 5). On March 29, 2022, the Company filed a registration statement pursuant to the Securities Act of 1933, as amended (the “Securities Act”) on Form S-1 with the Securities and Exchange Commission (“SEC”), which was declared effective May 13, 2022, (as amended, the “Registration Statement”), in connection with the direct listing of the Company’s common stock with the Capital Market of the Nasdaq Stock Market LLC (“Nasdaq”). On May 17, 2022, the Company’s common stock commenced trading on Nasdaq under the symbol “BGXX.” The Company is a start-up company at June 30, 2022 and has no The Company’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of respiratory illness caused by COVID-19. The Company cannot accurately predict the impact COVID-19 will have on its operations and the ability of others to meet their obligations with the Company, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect the Company’s operations and ability to finance its operations. BRIGHT GREEN CORPORATION Notes to the Condensed Financial Statements (Unaudited) For the Three Months and Six Months Ended June 30, 2022 and 2021 (Expressed in United States Dollars) | 1. Description of Business and Organization Bright Green Corporation (Company) was incorporated on April 16, 2019 On May 28, 2019, the Company entered into a merger agreement with Bright Green Grow Innovations, LLC (“BGG”) (Note 5). On October 30, 2020, Grants Greenhouse Growers, Inc. (GGGI), a New Mexico corporation, merged with the Company (Note 5). On November 10, 2020, Naseeb, Inc. (Naseeb), a New Mexico corporation, merged with the Company (Note 5). The Company is a start-up company at December 31, 2021 and 2020 and has no The Company’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of respiratory illness caused by COVID-19. The Company cannot accurately predict the impact COVID-19 will have on its operations and the ability of others to meet their obligations with the Company, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect the Company’s operations and ability to finance its operations. |
Liquidity and Basis of Presenta
Liquidity and Basis of Presentation | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Liquidity and Basis of Presentation | 2. Liquidity and Basis of Presentation The accompanying unaudited condensed financial statements have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the SEC instructions to Form 10-Q and Article 8 of SEC Regulation S-X. The information furnished herein reflects all adjustments, consisting only of normal recurring adjustments, which in the opinion of management, are necessary to fairly state the Company’s financial position, the results of its operations, and cash flows for the periods presented. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with U.S. GAAP were omitted pursuant to such rules and regula tions. The financial information contained in this report should be read in conjunction with the financial information and notes thereto for the fiscal years ended December 31, 2021 and 2020 filed as a part of the Registration Statement. The results of operations for the six months ended June 30, 2022 are not necessarily indicative of the results for the year ending December 31, 2022. As of June 30, 2022, the Company had cash of $ 178,973 1,282,565 1,103,592 3,050,000 2,000,000 5,941,428 8,220,399 The Company is in its initial stages to start building facilities to grow, research and distribute medical plants. The Company has incurred recurring losses from operations, and as at June 30, 2022, had an accumulated deficit of $ 26,321,183 6,413,744 1,611,420 1,282,829 3,050,000 5,000,000 2,000,000 1,000,000 The Company does not have any short or long-term contractual purchases with suppliers for future purchases, capital expenditure commitments that cannot be cancelled with minimal fees, non-cancelable operating leases, or any commitment or contingency that would hinder management’s ability to scale down operations and management expenses until funding is raised. BRIGHT GREEN CORPORATION Notes to the Condensed Financial Statements (Unaudited) For the Three Months and Six Months Ended June 30, 2022 and 2021 (Expressed in United States Dollars) 2. Liquidity and Basis of Presentation (continued) A. Restatement of Previously Issued Financial Statements The Company has restated its unaudited condensed financial statements as of and for the three months and six months ended June 30, 2022 to correct an error related to the recording of the fair value of shares issued as shared based compensation in June 2022 (the “Restatement”), which resulted in the Company’s general and administrative expenses for the three months and six months ended June 30, 2022 being understated by $ 6,297,960 6,297,960 6,297,960 The impact of the restatement on the Company’s financial statements is reflected in the following table: Schedule of Restatement of Financial Statements Condensed Balance Sheet at June 30, 2022 (unaudited) As Reported Adjustment As Restated Additional Paid in Capital 25,948,670 6,297,960 32,246,630 Accumulated deficit (20,023,223 ) (6,297,960 ) (26,321,183 ) Condensed Statement of Operations and Comprehensive Loss for the three months ended June 30, 2022 (unaudited) As Reported Adjustment As Restated General and administrative expenses 12,688,471 6,297,960 18,986,431 Total operating expenses 12,883,133 6,297,960 19,181,093 Loss before income taxes (12,883,133 ) (6,297,960 ) (19,181,093 ) Net loss and comprehensive loss (12,883,133 ) (6,297,960 ) (19,181,093 ) Weighted average common shares outstanding – basic and diluted 159,575,995 (674,781 ) 158,901,214 Net loss per common share – basic and diluted (0.08 ) (0.04 ) (0.12 ) Condensed Statement of Operations and Comprehensive Loss for the six months ended June 30, 2022 (unaudited) As Reported Adjustment As Restated General and administrative expenses 13,223,011 6,297,960 19,520,971 Total operating expenses 13,609,479 6,297,960 19,907,439 Loss before income taxes (13,609,479 ) (6,297,960 ) (19,907,439 ) Net loss and comprehensive loss (13,609,479 ) (6,297,960 ) (19,907,439 ) Weighted average common shares outstanding – basic and diluted 158,571,176 (339,253 ) 158,231,923 Net loss per common share – basic and diluted (0.09 ) (0.04 ) (0.13 ) Condensed Statement of Changes in Stockholders’ Equity for the three months ended June 30, 2022 (unaudited) As Reported Adjustment As Restated Common stock issued for services 8,297,753 6,297,960 14,595,713 Net loss for the three months ended June 30, 2022 (12,883,133 ) (6,297,960 ) (19,181,093 ) Condensed Statement of Changes in Stockholders’ Equity for the six months ended June 30, 2022 (unaudited) As Reported Adjustment As Restated Common stock issued for services 8,297,753 6,297,960 14,595,713 Net loss for the six months ended June 30, 2022 (13,609,479 ) (6,297,960 ) (19,907,439 ) Condensed Statement of Cash Flows for the six months ended June 30, 2022 (unaudited) As Reported Adjustment As Restated Net loss (13,609,479 ) (6,297,960 ) (19,907,439 ) Stock-based compensation 8,280,508 6,297,960 14,578,468 BRIGHT GREEN CORPORATION Notes to the Condensed Financial Statements (Unaudited) For the Three Months and Six Months Ended June 30, 2022 and 2021 (Expressed in United States Dollars) | 2. Liquidity and Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP). These financial statements are expressed in United States dollars which is the functional currency of the Company. As of December 31, 2021, the Company had cash of $ 1,282,565 102,263 1,180,302 3,130,000 8,220,399 7,220,898 BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 2. Liquidity and Basis of Presentation (continued) The Company is in its initial stages to start building facilities to grow, research and distribute medical plants. The Company has incurred recurring losses from operations, and as at December 31, 2021, had an accumulated deficit of $ 6,413,744 3,923,245 1,282,829 175,332 3,130,000 50,000 The Company does not have any short or long-term contractual purchases with suppliers for future purchases, capital expenditure commitments that cannot be cancelled with minimal fees, non-cancelable operating leases, or any commitment or contingency that would hinder management’s ability to scale down operations and management expenses until funding is raised. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies A. Basis of Measurement The condensed financial statements of the Company have been prepared on an historical cost basis except as indicated otherwise. B. Property, Plant, Equipment Property is stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and betterments are capitalized. When property is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property, except land, which is not depreciated, is provided using the declining balance method, or straight-line method, with estimated lives as follows: Summary of Estimated Useful Life Building and improvement - declining balance method 10 Fixtures - straight-line method 3 C. Long-lived Assets The Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. ASC Topic 360 requires that long-lived assets be reviewed annually for impairment whenever events or changes in circumstances indicate that the assets’ carrying amounts may not be recoverable; it further requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair values are reduced for the cost of disposal. D. Intangible Assets The Company’s intangible assets consist of certain licenses (Note 5) which will be amortized over the term of each license. The intangible assets with finite useful lives are reviewed for impairment when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the long-lived assets. E. Fair Value of Financial Instruments For certain carrying amounts of the Company’s financial instruments, including cash, other asset, accounts payable, accrued liabilities, and due to related party, the carrying amounts approximate their fair values due to their short-term maturities. BRIGHT GREEN CORPORATION Notes to the Condensed Financial Statements (Unaudited) For the Three Months and Six Months Ended June 30, 2022 and 2021 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) E. Fair Value of Financial Instruments (continued) FASB ASC Topic 820, Fair Value Measurements and Disclosures, requires disclosure of the fair value of financial instruments held by the Company. FASB ASC Topic 825, Financial Instruments, defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization, low risk of counterparty default and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: Level 1 Level 2 Level 3 The Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic 480, Distinguishing Liabilities from Equity, and FASB ASC Topic 815, Derivatives and Hedging. F. Advertising Costs Advertising costs are charged to operations when incurred. Advertising costs totaled $ 35,857 nil G. Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. ASC 740 requires a company to use the asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all of the deferred tax assets will not be realized. BRIGHT GREEN CORPORATION Notes to the Condensed Financial Statements (Unaudited) For the Three Months and Six Months Ended June 30, 2022 and 2021 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) G. Income Taxes (continued) Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented. H. Basic and Diluted Earnings (Loss) per share Basic earnings (loss) per share is calculated using the weighted average number of common shares outstanding during the period. The dilutive effect on earnings per share is calculated, presuming the exercise of outstanding options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. I. Segment Reporting ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”, establishes standards for how public business enterprises report information about operating segments in the Company’s condensed financial statements. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. Significantly all of the assets of the Company are located in the United States of America and the Company is a start-up company as at June 30, 2022 and 2021 and has no BRIGHT GREEN CORPORATION Notes to the Condensed Financial Statements (Unaudited) For the Three Months and Six Months Ended June 30, 2022 and 2021 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) J. Use of Estimates The preparation of the condensed financial statements in conformity with U.S. GAAP 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 condensed financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. This applies in particular to valuation allowance for deferred tax assets and assignment of the useful lives of property and equipment. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. K. Stock-based Compensation The Company accounts for stock-based payments in accordance with the provision of ASC 718, which requires that all stock-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations and comprehensive loss based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to stock-based awards is recognized over the requisite service period, which is generally the vesting period. The Company accounts for stock-based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the guidelines in ASC 505-50. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services. L. Standards, Amendments, and Interpretations Adopted In April 2021, The FASB issued ASU 2021-04 to codify the final consensus reached by the Emerging Issues Task Force (EITF) on how an issuer should account for modifications made to equity-classified written call options (hereafter referred to as a warrant to purchase the issuer’s common stock). The guidance in the ASU requires the issuer to treat a modification of an equity-classified warrant that does not cause the warrant to become liability-classified as an exchange of the original warrant for a new warrant. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the warrant or as termination of the original warrant and issuance of a new warrant. This update is effective for annual periods beginning after December 15, 2021, and interim periods withing those periods, and early adoption is permitted. The Company adopted this accounting policy as of January 1, 2022, which did not significantly impact its condensed financial statements. BRIGHT GREEN CORPORATION Notes to the Condensed Financial Statements (Unaudited) For the Three Months and Six Months Ended June 30, 2022 and 2021 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) M. Standards, Amendments, and Interpretations Issued but Not Yet Adopted 1) Leases In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the statement of financial position for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of activities. In November 2019, the new standard’s effective date was delayed one year to fiscal years beginning after December 15, 2020. In June 2020, the FASB issued ASU 2020-05 to defer the effective date of ASU 2016-02, an additional year to fiscal years beginning after December 15, 2021. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. Although the Company does not have leases as of June 30, 2022, the Company is currently evaluating the impact of its pending adoption of the new standard on its condensed financial statements. | 3. Summary of Significant Accounting Policies A. Basis of Measurement The financial statements of the Company have been prepared on an historical cost basis except as indicated otherwise. B. Property Property is stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and betterments are capitalized. When property is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property, except land, which is not depreciated, is provided using the declining balance method, once placed in service, with an estimated life of 10% BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) C. Long-lived Assets The Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. ASC Topic 360 requires that long-lived assets be reviewed annually for impairment whenever events or changes in circumstances indicate that the assets’ carrying amounts may not be recoverable; it further requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair values are reduced for the cost of disposal. D. Intangible Assets The Company’s intangible assets consist of certain licenses (Note 7) which will be amortized over the term of each license. The intangible assets with finite useful lives are reviewed for impairment when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the long-lived assets. E. Fair Value of Financial Instruments For certain carrying amounts of the Company’s financial instruments, including cash, other asset, accounts payable, accrued expenses, and due to related party, the carrying amounts approximate their fair values due to their short-term maturities. FASB ASC Topic 820, Fair Value Measurements and Disclosures, requires disclosure of the fair value of financial instruments held by the Company. FASB ASC Topic 825, Financial Instruments, defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) E. Fair Value of Financial Instruments (continued) The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization, low risk of counterparty default and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: Level 1 Level 2 Level 3 The Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic 480, Distinguishing Liabilities from Equity, and FASB ASC Topic 815, Derivatives and Hedging. F. Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. ASC 740 requires a company to use the asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all of the deferred tax assets will not be realized. BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) F. Income Taxes (continued) Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented. G. Basic and Diluted Earnings (Loss) per share Basic earnings (loss) per share is calculated using the weighted average number of common shares outstanding during the period. The dilutive effect on earnings per share is calculated, presuming the exercise of outstanding options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. H. Segment Reporting ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”, establishes standards for how public business enterprises report information about operating segments in the Company’s financial statements. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. Significantly all of the assets of the Company are located in the United States of America and the Company is a start-up company as at December 31, 2021 and 2020 and has no BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) I. Use of Estimates The preparation of financial statements in conformity with US GAAP 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. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. This applies in particular to the useful life of property and valuation allowance for deferred tax assets. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. J. Stock-based Compensation The Company accounts for stock-based payments in accordance with the provision of ASC 718, which requires that all stock-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations and comprehensive loss based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to stock-based awards is recognized over the requisite service period, which is generally the vesting period. The Company accounts for stock-based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the guidelines in ASC 505-50. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services. BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) K. Standards, Amendments, and Interpretations Adopted In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which modifies Accounting Standard Codification 740 – Income Taxes, to simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions for intra-period tax allocation, recognizing deferred taxes for investments and simplifies guidance to reduce complexity in certain areas. This update is effective for annual periods beginning after December 15, 2020, and interim periods within those periods, and early adoption is permitted. The Company adopted this accounting policy as of January 1, 2021, which did not significantly impact its financial statements. In March 2020, the FASB issued ASU No. 2020-10 Codification Improvements to Financial Instruments, An Amendment of the FASB Accounting Standards Codification: a) in ASU No. 2016-01, b) in Subtopic 820-10, c) for depository and lending institutions clarification in disclosure requirements, d) in Subtopic 470-50, e) in Subtopic 820-10, f) Interaction of Topic 842 and Topic 326, g) Interaction of the guidance in Topic 326 and Subtopic 860-20. The amendments in this update represent changes to clarify or improve the Codification. The amendments make the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. For public business entities updates under the following paragraphs: a), b), d) and e) are effective upon issuance of this final update. The effective date for c) is for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted this accounting policy as of January 1, 2021, which did not significantly impact its financial statements. L. Standards, Amendments, and Interpretations Issued but Not Yet Adopted In April 2021, The FASB issued ASU 2021-04 to codify the final consensus reached by the Emerging Issues Task Force (EITF) on how an issuer should account for modifications made to equity-classified written call options (hereafter referred to as a warrant to purchase the issuer’s common stock). The guidance in the ASU requires the issuer to treat a modification of an equity-classified warrant that does not cause the warrant to become liability-classified as an exchange of the original warrant for a new warrant. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the warrant or as termination of the original warrant and issuance of a new warrant. The Company does not expect that the new guidance will significantly impact its financial statements. BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) M. Standards, Amendments, and Interpretations Issued but Not Yet Adopted (continued) Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances. The Company continues to evaluate the impact of the new accounting pronouncement, including enhanced disclosure requirements, on our business processes, controls and systems. |
Concentration of Credit Risk
Concentration of Credit Risk | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | ||
Concentration of Credit Risk | 4. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 nil 1,032,565 BRIGHT GREEN CORPORATION Notes to the Condensed Financial Statements (Unaudited) For the Three Months and Six Months Ended June 30, 2022 and 2021 (Expressed in United States Dollars) | 4. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 1,032,565 |
Merger Transactions
Merger Transactions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | ||
Merger Transactions | 5. Merger Transactions A. Bright Green Grow Innovations, LLC Merger On May 28, 2019, the Company entered into a merger agreement with BGGI. Pursuant to the merger agreement, BGGI transferred to the Company two parcels of land and a greenhouse building having a total net carrying value of $ 9,128,851 70 40 B. Grants Greenhouse Growers, Inc. Merger On October 30, 2020, the Company entered into a merger agreement with Grants Greenhouse Growers, Inc. (“GGG”) (the “GGG Merger Agreement”). Pursuant to the GGG Merger Agreement, GGG was merged into the Company in exchange for 1,000,000 - A Real Estate Option Agreement dated October 5, 2020, and expiring on December 31, 2021, for $ 1,500 1,750 2,000 330 5,000 - A Real Estate Option Agreement dated October 21, 2020, and expiring on December 31, 2021, for $ 1,000 1,500 175 5,000 The Company assessed that the merger transaction did not qualify as a business combination in accordance with the provisions of ASC 805. The Company accounted for the merger as an acquisition of assets. The asset acquisition was accounted for at the fair value of the options agreement of $ 103,837 4,000 5,000 0.00 0.15 28.4 2.19 2.24 As of December 31, 2021 and 2020, management has assessed the value of these options to be impaired due to uncertainty surrounding their recoverability. BRIGHT GREEN CORPORATION Notes to the Condensed Financial Statements (Unaudited) For the Three Months and Six Months Ended June 30, 2022 and 2021 (Expressed in United States Dollars) 5. Merger Transactions (continued) C. Naseeb, Inc. Merger On November 10, 2020, the Company entered into a merger agreement with Naseeb, Inc. (“Naseeb”) and the sole shareholder of Naseeb, who is also a shareholder and Chairman of the Company. Pursuant to the Naseeb merger agreement, Naseeb was merged into the Company in exchange for 10,000,000 - New Mexico Hemp License: Industrial Hemp is an agricultural plant that uses all the byproducts of the plant such as seeds and twigs in the production of hemp seed, hemp fiber, and other eco-friendly products. New Mexico Board of Pharmacy Schedule 1 Bulk Manufacturers License: Securing the license was required as part of the application and consideration for a federal license. Additionally, being licensed as a Schedule 1 Bulk Manufacturer allows the Company to develop and distribute Schedule 1 drugs; an authorization precedent to the ability to grow, extract and distribute other cannabidiols, such as CBG and CBN. Moreover, with this license, the Company is exempt from the restrictions generally applicable to the cannabis industry, such as plant count and per plant taxes. - Federal Medical Marijuana License: The Company has a formal agreement with the Drug Enforcement Administration for the construction and operation of a federally licensed agricultural center to grow and distribute marijuana, or its chemical constituents, supplying legitimate researchers in the United States. - Patents: The patents held by the Company provide innovative medical therapies to a wide range of conditions. These patents can be sold, licensed, or directly marketed as clinical trials are conducted and approved by the FDA. The Company assessed that the merger transaction did not qualify as a business combination in accordance with the provisions of ASC 805. The Company accounted for the merger as an acquisition of assets. Since, under ASC 850, the merger was considered as a related party transaction by virtue of common ownership and management, the assets transferred to the Company have been accounted for at historical cost of Naseeb of $ 1,000 | 5. Merger Transactions A. Grants Greenhouse Growers, Inc. Merger On October 30, 2020, the Company entered into a merger agreement with Grants Greenhouse Growers, Inc. (“GGG”) (the “GGG Merger Agreement”). Pursuant to the GGG Merger Agreement, GGG was merged into the Company in exchange for 1,000,000 - A Real Estate Option Agreement dated October 5, 2020, and expiring on December 31, 2022, for $ 1,500 1,750 2,000 330 5,000 - A Real Estate Option Agreement dated October 21, 2020, and expiring on December 31, 2022, for $ 1,000 1,500 175 5,000 BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 5. Merger Transactions (continued) A. Grants Greenhouse Growers, Inc. Merger (continued) The Company assessed that the merger transaction did not qualify as a business combination in accordance with the provisions of ASC 805. The Company accounted for the merger as an acquisition of assets. The asset acquisition was accounted for at the fair value of the options agreement of $ 103,837 4,000 5,000 0.00% 0.15% 28.4% 2.19 2.24 B. Naseeb, Inc. Merger On November 10, 2020, the Company entered into a merger agreement with Naseeb, Inc. (“Naseeb”) and the sole shareholder of Naseeb, who is also a stockholder and Chairman of the Company. Pursuant to the Naseeb merger agreement, Naseeb was merged into the Company in exchange for 10,000,000 - New Mexico Hemp License: Industrial Hemp is an agricultural plant that uses all the byproducts of the plant, such as seeds and twigs in the production of hemp seed, hemp fiber, and other eco-friendly products. New Mexico Board of Pharmacy Controlled Substance Facility and Wholesaler Licenses: Securing these license was required as part of the application and consideration for a federal license. Additionally, being licensed as a Schedule 1 Bulk Manufacturer allows the Company to develop and distribute Schedule 1 drugs; an authorization precedent to the ability to grow, extract and distribute other cannabidiols, such as CBG and CBN. Moreover, with this license, the Company is exempt from the restrictions generally applicable to the cannabis industry, such as plant count and per plant taxes. - Federal MOA for a Schedule I Controlled Substance Bulk Manufacturing registration: The Company has a formal agreement with the Drug Enforcement Administration for the construction and operation of a federally licensed agricultural center to grow and distribute marijuana, or its chemical constituents, supplying legitimate researchers in the United States. - Patents: The patents held by the Company provide innovative medical therapies to a wide range of conditions. These patents can be sold, licensed, or directly marketed as clinical trials are conducted and approved by the FDA. BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 5. Merger Transactions (continued) B. Naseeb, Inc. Merger (continued) The Company assessed that the merger transaction did not qualify as a business combination in accordance with the provisions of ASC 805. The Company accounted for the merger as an acquisition of assets. Since, under ASC 850, the merger was considered a related party transaction by virtue of common ownership and management, the assets transferred to the Company have been accounted for at a historical cost of Naseeb of $ 1,000 C. Bright Green Grow Innovations, LLC Merger On May 28, 2019, the Company entered into a merger agreement with BGGI. Pursuant to the merger agreement, BGGI transferred to the Company two parcels of land and a greenhouse building having a total net carrying value of $ 9,128,851 in exchange for shares of the Company. The land transfer consisted of a 70 -acre lot with a greenhouse at 1033 George Hanosh Blvd., Grants, New Mexico 87020 and a 40 -acre lot in the City of Grants, New Mexico. The Company assessed that the merger transaction did not qualify as a business combination in accordance with the provisions of ASC 805. The Company accounted for the merger as an acquisition of assets. Since, under ASC 850, the merger was considered as a related party transaction by virtue of common ownership and management, the assets transferred t |
Property, Plant, and Equipment
Property, Plant, and Equipment | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Property, Plant, and Equipment | 6. Property, Plant, and Equipment The Company owns an expansive 22 70 BRIGHT GREEN CORPORATION Notes to the Condensed Financial Statements (Unaudited) For the Three Months and Six Months Ended June 30, 2022 and 2021 (Expressed in United States Dollars) 6. Property, Plant, and Equipment (continued) Property at June 30, 2022 and December 31, 2021, consisted of the following: Schedule of Property Plant and Equipment June 30, 2022 December 31, 2021 Fixtures $ 81,996 - Land 260,000 260,000 Construction in progress 2,835,040 302,717 Building and improvement 8,883,851 8,883,851 Property, plant, and equipment gross 12,060,887 9,446,568 Accumulated depreciation (2,504,272 ) (2,117,804 ) Net property, plant, and equipment $ 9,556,615 7,328,764 | 6. Property Property, Plant, and Equipment The Company owns an expansive 22 70 Property at December 31, 2021 and 2020, consisted of the following: Schedule of Property Plant and Equipment 2021 2020 Fixtures - - Land $ 260,000 $ 260,000 Construction in progress 302,717 - Building and improvement 8,883,851 8,883,851 Property, plant, and equipment gross 9,446,568 9,143,851 Accumulated depreciation (2,117,804 ) (1,366,021 ) Net property $ 7,328,764 $ 7,777,830 BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 6. Property (continued) On December 4, 2020, the Company entered into a real estate purchase agreement to purchase 40 As consideration, the Company issued 9,500 15,000 |
Intangible Assets
Intangible Assets | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible Assets | 7. Intangible Assets Intangible assets at June 30, 2022 and December 31, 2021, consisted of the following: Schedule of Intangible Assets June 30, 2022 December 31, 2021 Licenses (Note 5) $ 1,000 1,000 Accumulated amortization - - Net intangible assets $ 1,000 1,000 | 7. Intangible Assets Intangible assets at December 31, 2021 and 2020, consisted of the following: Schedule of Intangible Assets 2021 2020 Licenses (Note 5) $ 1,000 $ 1,000 Accumulated amortization - - Net intangible assets $ 1,000 $ 1,000 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Stockholders’ Equity | 9. Stockholders’ Equity The Company has authorized 200,000,000 0.0001 10,000,000 0.0001 159,818,490 157,544,500 During the six months ended June 30, 2022, the Company issued the following: - 12,500 4.00 50,000 - 500,000 4.00 4.00 - 5,000 2.00 2.00 - 300,000 10.00 3,000,000 - 1,574,490 contemporaneous with the Direct Listing and consistent with the direct listing price of $ 8.00 - 108,000 0.069 During the six months ended June 30, 2021, the Company issued the following: - 869,000 2.00 1,738,000 184,000 69,000 138,000 100,000 335,000 10,000 20,000 250,000 - 25,000 2.00 2.00 10,000 15,000 - 40,000 2.00 2.00 10,000 30,000 | 8. Stockholders’ Equity Common stock The Company has authorized 200,000,000 0.0001 157,544,500 156,046,000 During the year ended December 31, 2021, the Company issued the following: - 1,019,000 2.00 2,038,000 184,000 69,000 138,000 100,000 335,000 250,000 100,000 50,000 2.00 - 188,000 3.00 564,000 154,000 34,000 3.00 BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 8. Stockholders’ Equity (continued) - 166,500 4.00 666,000 29,000 137,500 4.00 - 25,000 2.00 2.00 10,000 15,000 - 40,000 2.00 2.00 10,000 30,000 - 10,000 3.00 3.00 - 50,000 4.00 4.00 During the year ended December 31, 2020, the Company issued the following: - 52,500 95,000 - 9,500 40 15,000 - 10,000,000 1,000 - 20,785,000 0.069 8,100,000 - 1,000,000 103,837 BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A full valuation allowance is established against all net deferred tax assets as of December 31, 2021 and 2020, based on estimates of recoverability. While the Company has optimistic plans for its business strategy, it determined that such a valuation allowance was necessary given the current and expected near term losses and the uncertainty with respect to its ability to generate sufficient profits from its business model. The current and deferred income tax expenses for the periods ended December 31, 2021 and 2020, were $ nil 25.8 Income tax recovery Schedule of Income Tax Recovery 2021 2020 Net loss $ (2,490,499 ) (3,052,779 ) Expected income tax recovery (642,549 ) (763,195 ) Non-deductible expenses 448,589 1,434,165 Change in valuation allowance 193,960 (670,970 ) Income tax expense benefit $ - - As of December 31, 2021 and 2020, the Company decided that a valuation allowance relating to the above deferred tax assets of the Company was necessary, largely based on the negative evidence represented by losses incurred and a determination that it is not more likely than not to realize these assets, such that, a corresponding valuation allowance, for each respective period, was recorded to offset deferred tax assets. Management has based its assessment on the Company’s lack of profitable operating history. As of December 31, 2021 and 2020, the Company has approximately $ 2,117,802 1,366,019 The Company is subject to U.S. federal jurisdiction and the state of New Mexico income taxes. Management has not filed federal or state income tax returns due to incurring cumulative losses. Therefore, the Company’s actual tax position may differ from their book position. BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) |
Related Party Transactions
Related Party Transactions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | 10. Related Party Transactions Other than the transactions disclosed elsewhere in the condensed financial statements, the following are the other significant related party transactions and balances: At June 30, 2022 and December 31, 2021, the due to related party balance totaled $ 392,194 Included in common stock issued for services during the six months ended June 30, 2022, were 500,000 Included in common stock issued for services during the six months ended June 30, 2021, were 30,000 As of June 30, 2022, $ 16,896 As of June 30, 2022, the outstanding balance on the related party line of credit of $ 2,004,767 | 10. Related Party Transactions Other than the transactions disclosed elsewhere in the financial statements, the following are the other significant related party transactions and balances: At December 31, 2021, the due to stockholder balance totaled $ 392,194 382,600 Included in common stock issued for services during December 31, 2021, were 50,000 |
Contingencies
Contingencies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Contingencies | 11. Contingencies In the ordinary course of business, the Company is routinely defendants in, or parties to a number of pending and threatened legal actions including actions brought on behalf of various classes of claimants. In view of the inherent difficulty of predicting the outcome of such matters, the Company cannot state what the eventual outcome of such matters will be. Legal provisions are established when it becomes probable that the Company will incur an expense related to a legal action and the amount can be reliably estimated. Such provisions are recorded at the best estimate of the amount required to settle any obligation related to these legal actions as at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Management and internal and external experts are involved in estimating any amounts that may be required. The actual costs of resolving these claims may vary significantly from the amount of the legal provisions. The Company’s estimate involves significant judgement, given the varying stages of the proceedings, the fact that the Company’s liability, if any, has yet to be determined and the fact that the underlying matters will change from time to time. Other than as set forth below, the Company is not presently a party to any litigation. The Company is not able to make a reliable assessment of the potential losses as these matters are at an early stage, accordingly, no amounts have been accrued in the condensed financial statements. BRIGHT GREEN CORPORATION Notes to the Condensed Financial Statements (Unaudited) For the Three Months and Six Months Ended June 30, 2022 and 2021 (Expressed in United States Dollars) 11. Contingencies (continued) Bright Green Corporation v. John Fikany, State of New Mexico, County of Cibola, Thirteenth Judicial District Bright Green Group of Companies, an entity unrelated to the Company, to determine if defendant is entitled to 5,000,000 shares of the Company’s common stock, based on a failure to fulfill agreed upon conditions precedent to earning such shares from the Company Company is exploring potential dispositive motions against the counter and third-party claims. Bright Green Corporation v. Jerry Capussi, State of New Mexico, County of Cibola, Thirteenth Judicial District | 11. Contingencies In the ordinary course of business, the Company is routinely defendants in, or parties to a number of pending and threatened legal actions including actions brought on behalf of various classes of claimants. In view of the inherent difficulty of predicting the outcome of such matters, the Company cannot state what the eventual outcome of such matters will be. Legal provisions are established when it becomes probable that the Company will incur an expense related to a legal action and the amount can be reliably estimated. Such provisions are recorded at the best estimate of the amount required to settle any obligation related to these legal actions as at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Management and internal and external experts are involved in estimating any amounts that may be required. The actual costs of resolving these claims may vary significantly from the amount of the legal provisions. The Company’s estimate involves significant judgement, given the varying stages of the proceedings, the fact that the Company’s liability, if any, has yet to be determined and the fact that the underlying matters will change from time to time. Other than as set forth below, the Company is not presently a party to any litigation. The Company is not able to make a reliable assessment of the potential losses as these matters are at an early stage, accordingly, no amounts have been accrued in the financial statements. Bright Green Corporation v. John Fikany, State of New Mexico, County of Cibola, Thirteenth Judicial District. In this matter, the Company filed a complaint for declaratory judgment against the former acting Chief Executive Officer of the Bright Green Group of Companies, an entity unrelated to the Company, to determine if defendant is entitled to 5,000,000 shares of the Company’s common stock, based on a failure to fulfill agreed upon conditions precedent to earning such shares from the Company BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 11. Contingencies (continued) Bright Green Corporation v. Jerry Capussi, State of New Mexico, County of Cibola, Thirteenth Judicial District. In this matter, the Company and defendant, a former consultant of BGGI, a predecessor to the Company, have each filed claims for declaratory judgment seeking to determine by court order whether defendant is entitled to (i) shares of common stock in the Company (amounting to no more than 108,000 shares) or (ii) fair market value of defendant’s equity ownership of BGGI. The lawsuit is in early discovery stages, and we are preparing arguments for a summary judgment motion. There are no claims for specific monetary liability against either party. |
Subsequent Events
Subsequent Events | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 12. Subsequent Events The Company’s management has evaluated the subsequent events up to August 19, 2022, the date the condensed financial statements were issued, pursuant to the requirements of ASC 855, and has determined the following constitute material subsequent events: On July 26, 2022, pursuant to the related party line of credit agreement by and between the Company and the Lender, dated June 5, 2022, the Company received $ 1.0 million from the Lender. | 12. Subsequent Events The Company’s management has evaluated the subsequent events up to March 28, 2022, the dated the financial statements were issued, pursuant to the requirements of ASC 855. A total of 12,500 4 |
Event (Unaudited) Subsequent to
Event (Unaudited) Subsequent to the Date of the Independent Auditor’s Report | 12 Months Ended |
Dec. 31, 2021 | |
Event Unaudited Subsequent To Date Of Independent Auditors Report | |
Event (Unaudited) Subsequent to the Date of the Independent Auditor’s Report | 13. Event (Unaudited) Subsequent to the Date of the Independent Auditor’s Report The Company’s management has evaluated the subsequent events up to May 11, 2022, the date this S-1/A has been filed. A total of 300,000 10 3,000,000 |
Related Party Line of Credit
Related Party Line of Credit | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Line Of Credit | |
Related Party Line of Credit | 8. Related Party Line of Credit On June 5, 2022, the Company and LDS Capital LLC (“Lender”), whose managing member is a member of the board of directors, entered into an unsecured line of credit in the form of a note (the “June Note”). The Note provides that the Company may borrow up to $ 5.0 3.0 June 4, 2025 3.0 2.0 1.0 2.0 2 2 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Basis of Measurement | A. Basis of Measurement The condensed financial statements of the Company have been prepared on an historical cost basis except as indicated otherwise. | A. Basis of Measurement The financial statements of the Company have been prepared on an historical cost basis except as indicated otherwise. |
Property, Plant, Equipment | B. Property, Plant, Equipment Property is stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and betterments are capitalized. When property is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property, except land, which is not depreciated, is provided using the declining balance method, or straight-line method, with estimated lives as follows: Summary of Estimated Useful Life Building and improvement - declining balance method 10 Fixtures - straight-line method 3 | B. Property Property is stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and betterments are capitalized. When property is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property, except land, which is not depreciated, is provided using the declining balance method, once placed in service, with an estimated life of 10% BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) |
Long-lived Assets | C. Long-lived Assets The Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. ASC Topic 360 requires that long-lived assets be reviewed annually for impairment whenever events or changes in circumstances indicate that the assets’ carrying amounts may not be recoverable; it further requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair values are reduced for the cost of disposal. | C. Long-lived Assets The Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. ASC Topic 360 requires that long-lived assets be reviewed annually for impairment whenever events or changes in circumstances indicate that the assets’ carrying amounts may not be recoverable; it further requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair values are reduced for the cost of disposal. |
Intangible Assets | D. Intangible Assets The Company’s intangible assets consist of certain licenses (Note 5) which will be amortized over the term of each license. The intangible assets with finite useful lives are reviewed for impairment when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the long-lived assets. | D. Intangible Assets The Company’s intangible assets consist of certain licenses (Note 7) which will be amortized over the term of each license. The intangible assets with finite useful lives are reviewed for impairment when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the long-lived assets. |
Fair Value of Financial Instruments | E. Fair Value of Financial Instruments For certain carrying amounts of the Company’s financial instruments, including cash, other asset, accounts payable, accrued liabilities, and due to related party, the carrying amounts approximate their fair values due to their short-term maturities. BRIGHT GREEN CORPORATION Notes to the Condensed Financial Statements (Unaudited) For the Three Months and Six Months Ended June 30, 2022 and 2021 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) E. Fair Value of Financial Instruments (continued) FASB ASC Topic 820, Fair Value Measurements and Disclosures, requires disclosure of the fair value of financial instruments held by the Company. FASB ASC Topic 825, Financial Instruments, defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization, low risk of counterparty default and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: Level 1 Level 2 Level 3 The Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic 480, Distinguishing Liabilities from Equity, and FASB ASC Topic 815, Derivatives and Hedging. | E. Fair Value of Financial Instruments For certain carrying amounts of the Company’s financial instruments, including cash, other asset, accounts payable, accrued expenses, and due to related party, the carrying amounts approximate their fair values due to their short-term maturities. FASB ASC Topic 820, Fair Value Measurements and Disclosures, requires disclosure of the fair value of financial instruments held by the Company. FASB ASC Topic 825, Financial Instruments, defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) E. Fair Value of Financial Instruments (continued) The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization, low risk of counterparty default and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: Level 1 Level 2 Level 3 The Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic 480, Distinguishing Liabilities from Equity, and FASB ASC Topic 815, Derivatives and Hedging. |
Income Taxes | G. Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. ASC 740 requires a company to use the asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all of the deferred tax assets will not be realized. BRIGHT GREEN CORPORATION Notes to the Condensed Financial Statements (Unaudited) For the Three Months and Six Months Ended June 30, 2022 and 2021 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) G. Income Taxes (continued) Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented. | F. Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. ASC 740 requires a company to use the asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all of the deferred tax assets will not be realized. BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) F. Income Taxes (continued) Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented. |
Basic and Diluted Earnings (Loss) per share | H. Basic and Diluted Earnings (Loss) per share Basic earnings (loss) per share is calculated using the weighted average number of common shares outstanding during the period. The dilutive effect on earnings per share is calculated, presuming the exercise of outstanding options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. | G. Basic and Diluted Earnings (Loss) per share Basic earnings (loss) per share is calculated using the weighted average number of common shares outstanding during the period. The dilutive effect on earnings per share is calculated, presuming the exercise of outstanding options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. |
Segment Reporting | I. Segment Reporting ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”, establishes standards for how public business enterprises report information about operating segments in the Company’s condensed financial statements. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. Significantly all of the assets of the Company are located in the United States of America and the Company is a start-up company as at June 30, 2022 and 2021 and has no BRIGHT GREEN CORPORATION Notes to the Condensed Financial Statements (Unaudited) For the Three Months and Six Months Ended June 30, 2022 and 2021 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) | H. Segment Reporting ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”, establishes standards for how public business enterprises report information about operating segments in the Company’s financial statements. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. Significantly all of the assets of the Company are located in the United States of America and the Company is a start-up company as at December 31, 2021 and 2020 and has no BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) |
Use of Estimates | J. Use of Estimates The preparation of the condensed financial statements in conformity with U.S. GAAP 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 condensed financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. This applies in particular to valuation allowance for deferred tax assets and assignment of the useful lives of property and equipment. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | I. Use of Estimates The preparation of financial statements in conformity with US GAAP 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. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. This applies in particular to the useful life of property and valuation allowance for deferred tax assets. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Stock-based Compensation | K. Stock-based Compensation The Company accounts for stock-based payments in accordance with the provision of ASC 718, which requires that all stock-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations and comprehensive loss based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to stock-based awards is recognized over the requisite service period, which is generally the vesting period. The Company accounts for stock-based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the guidelines in ASC 505-50. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services. | J. Stock-based Compensation The Company accounts for stock-based payments in accordance with the provision of ASC 718, which requires that all stock-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations and comprehensive loss based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to stock-based awards is recognized over the requisite service period, which is generally the vesting period. The Company accounts for stock-based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the guidelines in ASC 505-50. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services. BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) |
Standards, Amendments, and Interpretations Adopted | L. Standards, Amendments, and Interpretations Adopted In April 2021, The FASB issued ASU 2021-04 to codify the final consensus reached by the Emerging Issues Task Force (EITF) on how an issuer should account for modifications made to equity-classified written call options (hereafter referred to as a warrant to purchase the issuer’s common stock). The guidance in the ASU requires the issuer to treat a modification of an equity-classified warrant that does not cause the warrant to become liability-classified as an exchange of the original warrant for a new warrant. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the warrant or as termination of the original warrant and issuance of a new warrant. This update is effective for annual periods beginning after December 15, 2021, and interim periods withing those periods, and early adoption is permitted. The Company adopted this accounting policy as of January 1, 2022, which did not significantly impact its condensed financial statements. BRIGHT GREEN CORPORATION Notes to the Condensed Financial Statements (Unaudited) For the Three Months and Six Months Ended June 30, 2022 and 2021 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) | K. Standards, Amendments, and Interpretations Adopted In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which modifies Accounting Standard Codification 740 – Income Taxes, to simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions for intra-period tax allocation, recognizing deferred taxes for investments and simplifies guidance to reduce complexity in certain areas. This update is effective for annual periods beginning after December 15, 2020, and interim periods within those periods, and early adoption is permitted. The Company adopted this accounting policy as of January 1, 2021, which did not significantly impact its financial statements. In March 2020, the FASB issued ASU No. 2020-10 Codification Improvements to Financial Instruments, An Amendment of the FASB Accounting Standards Codification: a) in ASU No. 2016-01, b) in Subtopic 820-10, c) for depository and lending institutions clarification in disclosure requirements, d) in Subtopic 470-50, e) in Subtopic 820-10, f) Interaction of Topic 842 and Topic 326, g) Interaction of the guidance in Topic 326 and Subtopic 860-20. The amendments in this update represent changes to clarify or improve the Codification. The amendments make the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. For public business entities updates under the following paragraphs: a), b), d) and e) are effective upon issuance of this final update. The effective date for c) is for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted this accounting policy as of January 1, 2021, which did not significantly impact its financial statements. |
Standards, Amendments, and Interpretations Issued but Not Yet Adopted | M. Standards, Amendments, and Interpretations Issued but Not Yet Adopted 1) Leases In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the statement of financial position for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of activities. In November 2019, the new standard’s effective date was delayed one year to fiscal years beginning after December 15, 2020. In June 2020, the FASB issued ASU 2020-05 to defer the effective date of ASU 2016-02, an additional year to fiscal years beginning after December 15, 2021. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. Although the Company does not have leases as of June 30, 2022, the Company is currently evaluating the impact of its pending adoption of the new standard on its condensed financial statements. | L. Standards, Amendments, and Interpretations Issued but Not Yet Adopted In April 2021, The FASB issued ASU 2021-04 to codify the final consensus reached by the Emerging Issues Task Force (EITF) on how an issuer should account for modifications made to equity-classified written call options (hereafter referred to as a warrant to purchase the issuer’s common stock). The guidance in the ASU requires the issuer to treat a modification of an equity-classified warrant that does not cause the warrant to become liability-classified as an exchange of the original warrant for a new warrant. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the warrant or as termination of the original warrant and issuance of a new warrant. The Company does not expect that the new guidance will significantly impact its financial statements. BRIGHT GREEN CORPORATION Notes to Financial Statements For the years ended December 31, 2021 and 2020 (Expressed in United States Dollars) 3. Summary of Significant Accounting Policies (continued) M. Standards, Amendments, and Interpretations Issued but Not Yet Adopted (continued) Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances. The Company continues to evaluate the impact of the new accounting pronouncement, including enhanced disclosure requirements, on our business processes, controls and systems. |
Advertising Costs | F. Advertising Costs Advertising costs are charged to operations when incurred. Advertising costs totaled $ 35,857 nil |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of Property Plant and Equipment | Property at June 30, 2022 and December 31, 2021, consisted of the following: Schedule of Property Plant and Equipment June 30, 2022 December 31, 2021 Fixtures $ 81,996 - Land 260,000 260,000 Construction in progress 2,835,040 302,717 Building and improvement 8,883,851 8,883,851 Property, plant, and equipment gross 12,060,887 9,446,568 Accumulated depreciation (2,504,272 ) (2,117,804 ) Net property, plant, and equipment $ 9,556,615 7,328,764 | Property at December 31, 2021 and 2020, consisted of the following: Schedule of Property Plant and Equipment 2021 2020 Fixtures - - Land $ 260,000 $ 260,000 Construction in progress 302,717 - Building and improvement 8,883,851 8,883,851 Property, plant, and equipment gross 9,446,568 9,143,851 Accumulated depreciation (2,117,804 ) (1,366,021 ) Net property $ 7,328,764 $ 7,777,830 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Schedule of Intangible Assets | Intangible assets at June 30, 2022 and December 31, 2021, consisted of the following: Schedule of Intangible Assets June 30, 2022 December 31, 2021 Licenses (Note 5) $ 1,000 1,000 Accumulated amortization - - Net intangible assets $ 1,000 1,000 | Intangible assets at December 31, 2021 and 2020, consisted of the following: Schedule of Intangible Assets 2021 2020 Licenses (Note 5) $ 1,000 $ 1,000 Accumulated amortization - - Net intangible assets $ 1,000 $ 1,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Recovery | Schedule of Income Tax Recovery 2021 2020 Net loss $ (2,490,499 ) (3,052,779 ) Expected income tax recovery (642,549 ) (763,195 ) Non-deductible expenses 448,589 1,434,165 Change in valuation allowance 193,960 (670,970 ) Income tax expense benefit $ - - |
Event (Unaudited) Subsequent _2
Event (Unaudited) Subsequent to the Date of the Independent Auditor’s Report (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Event Unaudited Subsequent To Date Of Independent Auditors Report | |
Schedule of Restatement of Financial Statements | The impact of the restatement on the Company’s financial statements is reflected in the following table: Schedule of Restatement of Financial Statements Condensed Balance Sheet at June 30, 2022 (unaudited) As Reported Adjustment As Restated Additional Paid in Capital 25,948,670 6,297,960 32,246,630 Accumulated deficit (20,023,223 ) (6,297,960 ) (26,321,183 ) Condensed Statement of Operations and Comprehensive Loss for the three months ended June 30, 2022 (unaudited) As Reported Adjustment As Restated General and administrative expenses 12,688,471 6,297,960 18,986,431 Total operating expenses 12,883,133 6,297,960 19,181,093 Loss before income taxes (12,883,133 ) (6,297,960 ) (19,181,093 ) Net loss and comprehensive loss (12,883,133 ) (6,297,960 ) (19,181,093 ) Weighted average common shares outstanding – basic and diluted 159,575,995 (674,781 ) 158,901,214 Net loss per common share – basic and diluted (0.08 ) (0.04 ) (0.12 ) Condensed Statement of Operations and Comprehensive Loss for the six months ended June 30, 2022 (unaudited) As Reported Adjustment As Restated General and administrative expenses 13,223,011 6,297,960 19,520,971 Total operating expenses 13,609,479 6,297,960 19,907,439 Loss before income taxes (13,609,479 ) (6,297,960 ) (19,907,439 ) Net loss and comprehensive loss (13,609,479 ) (6,297,960 ) (19,907,439 ) Weighted average common shares outstanding – basic and diluted 158,571,176 (339,253 ) 158,231,923 Net loss per common share – basic and diluted (0.09 ) (0.04 ) (0.13 ) Condensed Statement of Changes in Stockholders’ Equity for the three months ended June 30, 2022 (unaudited) As Reported Adjustment As Restated Common stock issued for services 8,297,753 6,297,960 14,595,713 Net loss for the three months ended June 30, 2022 (12,883,133 ) (6,297,960 ) (19,181,093 ) Condensed Statement of Changes in Stockholders’ Equity for the six months ended June 30, 2022 (unaudited) As Reported Adjustment As Restated Common stock issued for services 8,297,753 6,297,960 14,595,713 Net loss for the six months ended June 30, 2022 (13,609,479 ) (6,297,960 ) (19,907,439 ) Condensed Statement of Cash Flows for the six months ended June 30, 2022 (unaudited) As Reported Adjustment As Restated Net loss (13,609,479 ) (6,297,960 ) (19,907,439 ) Stock-based compensation 8,280,508 6,297,960 14,578,468 |
Summary of Estimated Useful Life | Summary of Estimated Useful Life Building and improvement - declining balance method 10 Fixtures - straight-line method 3 |
Description of Business and O_2
Description of Business and Organization (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Date of incorporation | Apr. 16, 2019 | Apr. 16, 2019 | ||||
Revenue |
Liquidity and Basis of Presen_2
Liquidity and Basis of Presentation (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jul. 26, 2022 | Dec. 04, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | |||||||||||
Cash | $ 178,973 | $ 178,973 | $ 1,282,565 | $ 102,263 | |||||||
Effective exchange rate | (1,103,592) | $ 1,287,754 | 1,180,302 | 102,263 | |||||||
Common stock issued for cash, received value | $ 15,000 | 3,000,000 | $ 1,150,000 | 3,050,000 | 3,130,000 | 95,000 | |||||
Stockholders' equity | 5,941,428 | 8,209,885 | 5,941,428 | 8,209,885 | 8,220,399 | 7,220,898 | $ 7,544,053 | $ 7,241,356 | $ 8,486,675 | ||
Accumulated deficit | 26,321,183 | 26,321,183 | 6,413,744 | 3,923,245 | |||||||
Working capital balance | 1,611,420 | 1,611,420 | 1,282,829 | 175,332 | |||||||
Proceeds from sale of stock | 3,050,000 | 1,779,999 | 3,130,000 | 233,000 | |||||||
Common stock issuances raised | 50,000 | ||||||||||
Effective exchange rate | 1,103,592 | (1,287,754) | (1,180,302) | (102,263) | |||||||
Proceeds from line of credit | 2,000,000 | ||||||||||
General and administrative expenses | 18,986,431 | 244,040 | 19,520,971 | 568,210 | 1,738,716 | 2,111,084 | |||||
Net loss | 19,181,093 | $ 431,471 | 19,907,439 | $ 941,012 | $ 2,490,499 | $ 3,052,779 | |||||
Revision of Prior Period, Adjustment [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Accumulated deficit | 6,297,960 | 6,297,960 | |||||||||
General and administrative expenses | 6,297,960 | 6,297,960 | |||||||||
Net loss | 6,297,960 | 6,297,960 | |||||||||
Subsequent Event [Member] | LDS Capital LLC [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Proceeds from line of credit | $ 1,000,000 | ||||||||||
Secured Debt [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Secured line of credit | $ 5,000,000 | $ 5,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||||||
Revenue | ||||||
Advertising cost | $ 35,857 | |||||
Building [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Estimated useful life | 10% |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details Narrative) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Risks and Uncertainties [Abstract] | ||
Cash FDIC insured amount | $ 250,000 | $ 250,000 |
Excess of FDIC insured limit | $ 1,032,565 |
Merger Transactions (Details Na
Merger Transactions (Details Narrative) | 6 Months Ended | 12 Months Ended | ||||||||
Jan. 01, 2022 USD ($) a | Nov. 10, 2020 shares | Oct. 30, 2020 shares | Oct. 21, 2020 USD ($) | May 28, 2019 USD ($) a | Jun. 30, 2022 USD ($) a | Dec. 31, 2021 USD ($) a | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) a | Dec. 04, 2020 a | |
NEW MEXICO | ||||||||||
Area of land | a | 70 | 70 | 70 | 40 | ||||||
Naseeb Inc. [Member] | ||||||||||
Asset acquisition consideration transferred amount | $ 1,000 | $ 1,000 | ||||||||
GGG Merger Agreement [Member] | Real Estate Option Agreement [Member] | Black Scholes Model [Member] | ||||||||||
Price of land per acre | 4,000 | $ 4,000 | 4,000 | |||||||
Fair value of asset acquired | 103,837 | 103,837 | ||||||||
Exercise price of option | $ 5,000 | $ 5,000 | ||||||||
Expected dividend yield | 0% | 0% | ||||||||
Risk free rate | 0.15% | 0.15% | ||||||||
Expected volatility rate | 28.40% | 28.40% | ||||||||
GGG Merger Agreement [Member] | Real Estate Option Agreement [Member] | Black Scholes Model [Member] | Minimum [Member] | ||||||||||
Expected term | 2 years 2 months 8 days | 2 years 2 months 8 days | ||||||||
GGG Merger Agreement [Member] | Real Estate Option Agreement [Member] | Black Scholes Model [Member] | Maximum [Member] | ||||||||||
Expected term | 2 years 2 months 26 days | 2 years 2 months 26 days | ||||||||
GGG Merger Agreement [Member] | Grants Greehouse Growers Inc [Member] | ||||||||||
Stock issued during the period for Merger | shares | 1,000,000 | |||||||||
GGG Merger Agreement [Member] | Grants Greehouse Growers Inc [Member] | Real Estate Option Agreement One [Member] | ||||||||||
Rental for real estate | $ 2,000 | $ 1,750 | $ 1,500 | |||||||
Area of land | a | 330 | |||||||||
Price of land per acre | $ 5,000 | |||||||||
GGG Merger Agreement [Member] | Grants Greehouse Growers Inc [Member] | Real Estate Option Agreement Two [Member] | ||||||||||
Rental for real estate | $ 1,500 | $ 1,000 | ||||||||
Area of land | a | 175 | |||||||||
Price of land per acre | $ 5,000 | |||||||||
Merger Agreement [Member] | Naseeb Inc. [Member] | ||||||||||
Stock issued during the period for Merger | shares | 10,000,000 | |||||||||
Merger Agreement [Member] | Bright Green Grow Innovations LLC [Member] | ||||||||||
Sale of stock, consideration received per transaction | $ 9,128,851 | |||||||||
Merger Agreement [Member] | Bright Green Grow Innovations LLC [Member] | NEW MEXICO | ||||||||||
Area of land | a | 40 | |||||||||
Merger Agreement [Member] | Bright Green Grow Innovations LLC [Member] | Green House [Member] | NEW MEXICO | ||||||||||
Area of land | a | 70 |
Schedule of Property Plant and
Schedule of Property Plant and Equipment (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | |||
Fixtures | $ 81,996 | ||
Land | 260,000 | 260,000 | 260,000 |
Construction in progress | 2,835,040 | 302,717 | |
Building and improvement | 8,883,851 | 8,883,851 | 8,883,851 |
Property, plant, and equipment gross | 12,060,887 | 9,446,568 | 9,143,851 |
Accumulated depreciation | (2,504,272) | (2,117,804) | (1,366,021) |
Net property, plant, and equipment | $ 9,556,615 | $ 7,328,764 | $ 7,777,830 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details Narrative) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 04, 2020 USD ($) a shares | Jun. 30, 2022 USD ($) a | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) a | Dec. 31, 2021 USD ($) a | Dec. 31, 2020 USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||
Stock issued during the period, shares | shares | 9,500 | |||||
Stock issued during the period, value | $ | $ 15,000 | $ 3,000,000 | $ 1,150,000 | $ 3,050,000 | $ 3,130,000 | $ 95,000 |
NEW MEXICO | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Area of land | 40 | 70 | 70 | 70 | ||
Venlo Style Green House [Member] | NEW MEXICO | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Area of land | 22 | 22 | 22 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Licenses (Note 5) | $ 1,000 | $ 1,000 | $ 1,000 |
Accumulated amortization | |||
Net intangible assets | $ 1,000 | $ 1,000 | $ 1,000 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 04, 2020 USD ($) shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) a $ / shares shares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common stock, shares issued | 159,818,490 | 159,818,490 | 157,544,500 | 156,046,000 | |||
Common stock, shares outstanding | 159,818,490 | 159,818,490 | 157,544,500 | 156,046,000 | |||
Issuance of shares | 9,500 | ||||||
Issuance or sale of equity | $ | $ 3,050,000 | $ 1,779,999 | $ 3,130,000 | $ 233,000 | |||
Common stock issued for cash (Note 9) | $ | $ 15,000 | $ 3,000,000 | $ 1,150,000 | $ 3,050,000 | 3,130,000 | 95,000 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | |||||
Issuance of value | $ | $ 14,595,920 | $ 30,000 | $ 14,595,920 | $ 130,000 | $ 360,000 | $ 1,434,165 | |
3 Directors [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of service, shares | 30,000 | ||||||
Advisor [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issued price per share | $ / shares | $ 8 | $ 8 | |||||
Issuance of service, shares | 1,574,490 | ||||||
Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 300,000 | 575,000 | 312,500 | 1,373,500 | 52,500 | ||
Issuance of service, shares | 2,074,490 | 15,000 | 2,074,490 | 65,000 | 125,000 | 20,785,000 | |
Proceeds from common stock | $ | $ 95,000 | ||||||
Common stock issued for cash (Note 9) | $ | $ 30 | $ 57 | $ 31 | $ 137 | 5 | ||
Issuance of value | $ | $ 207 | $ 2 | $ 207 | $ 6 | $ 12 | $ 2,079 | |
Common Stock [Member] | Private Placement [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issued price per share | $ / shares | $ 4 | $ 4 | |||||
Issuance of service, shares | 500,000 | ||||||
Common Stock [Member] | Thirty Accredited Investor [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 1,019,000 | ||||||
Issued price per share | $ / shares | $ 2 | ||||||
Issuance or sale of equity | $ | $ 2,038,000 | ||||||
Common Stock [Member] | Thirty Accredited Investor [Member] | January 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 184,000 | ||||||
Common Stock [Member] | Thirty Accredited Investor [Member] | March 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 100,000 | ||||||
Issuance or sale of equity | $ | $ 69,000 | ||||||
Common Stock [Member] | Thirty Accredited Investor [Member] | December 31 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance or sale of equity | $ | $ 138,000 | ||||||
Common Stock [Member] | Thirty Accredited Investor [Member] | May 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 335,000 | ||||||
Common Stock [Member] | Thirty Accredited Investor [Member] | June 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 250,000 | ||||||
Common Stock [Member] | Thirty Accredited Investor [Member] | September 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 100,000 | ||||||
Common Stock [Member] | Thirty Accredited Investor [Member] | October 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 50,000 | ||||||
Issued price per share | $ / shares | $ 2 | ||||||
Common Stock [Member] | 188 Accredited Investor [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 188,000 | ||||||
Issued price per share | $ / shares | $ 3 | ||||||
Issuance or sale of equity | $ | $ 564,000 | ||||||
Common Stock [Member] | 188 Accredited Investor [Member] | September 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance or sale of equity | $ | $ 154,000 | ||||||
Common Stock [Member] | 188 Accredited Investor [Member] | October 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issued price per share | $ / shares | $ 3 | ||||||
Issuance or sale of equity | $ | $ 34,000 | ||||||
Common Stock [Member] | 12 Accredited Investor [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 166,500 | ||||||
Issued price per share | $ / shares | $ 4 | ||||||
Issuance or sale of equity | $ | $ 666,000 | ||||||
Common Stock [Member] | 12 Accredited Investor [Member] | October 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issued price per share | $ / shares | $ 29,000 | ||||||
Common Stock [Member] | 12 Accredited Investor [Member] | December 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 137,500 | ||||||
Issued price per share | $ / shares | $ 4 | ||||||
Common Stock [Member] | 5 Consultants [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issued price per share | $ / shares | $ 2 | $ 2 | $ 2 | ||||
Issuance of service, shares | 25,000 | 25,000 | |||||
Common Stock [Member] | 5 Consultants [Member] | January 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 10,000 | ||||||
Common Stock [Member] | 5 Consultants [Member] | May 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 15,000 | ||||||
Common Stock [Member] | 5 Consultants [Member] | January 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of service, shares | 10,000 | ||||||
Common Stock [Member] | 5 Consultants [Member] | May 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 15,000 | ||||||
Common Stock [Member] | 3 Directors [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issued price per share | $ / shares | 2 | $ 2 | $ 2 | ||||
Issuance of service, shares | 40,000 | 40,000 | |||||
Common Stock [Member] | 3 Directors [Member] | January 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 10,000 | ||||||
Common Stock [Member] | 3 Directors [Member] | February 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 30,000 | ||||||
Common Stock [Member] | 3 Directors [Member] | January 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of service, shares | 10,000 | ||||||
Common Stock [Member] | 3 Directors [Member] | February 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of service, shares | 30,000 | ||||||
Common Stock [Member] | 2 Directors [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issued price per share | $ / shares | $ 3 | ||||||
Issuance of service, shares | 10,000 | ||||||
Common Stock [Member] | 3 Consultants [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issued price per share | $ / shares | $ 4 | ||||||
Issuance of service, shares | 50,000 | ||||||
Common Stock [Member] | Naseeb [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 10,000,000 | ||||||
Common stock issued for cash (Note 9) | $ | $ 1,000 | ||||||
Common Stock [Member] | Directors And Officers [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 8,100,000 | ||||||
Issued price per share | $ / shares | $ 0.069 | ||||||
Issuance of service, shares | 20,785,000 | ||||||
Common Stock [Member] | Grants Greenhouse Growers [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 1,000,000 | ||||||
Common stock issued for cash (Note 9) | $ | $ 103,837 | ||||||
Common Stock [Member] | One Accredited Investor [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 12,500 | ||||||
Issued price per share | $ / shares | 4 | $ 4 | |||||
Issuance or sale of equity | $ | $ 50,000 | ||||||
Common Stock [Member] | Chief Financial Officer [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of service, shares | 500,000 | ||||||
Common Stock [Member] | Chief Financial Officer [Member] | Private Placement [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issued price per share | $ / shares | 4 | $ 4 | |||||
Common Stock [Member] | Directors [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issued price per share | $ / shares | 2 | $ 2 | |||||
Issuance of service, shares | 5,000 | ||||||
Common Stock [Member] | Two Accredited Investor [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 300,000 | ||||||
Issued price per share | $ / shares | 10 | $ 10 | |||||
Issuance of value | $ | $ 3,000,000 | ||||||
Common Stock [Member] | Consultants [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 108,000 | ||||||
Issued price per share | $ / shares | $ 0.069 | $ 0.069 | |||||
Common Stock [Member] | 28 Accredited Investors [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 869,000 | ||||||
Issued price per share | $ / shares | $ 2 | $ 2 | |||||
Common stock issued for cash (Note 9) | $ | $ 1,738,000 | ||||||
Shares issued for cash proceeds | 69,000 | ||||||
Common Stock [Member] | 28 Accredited Investors [Member] | January 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 184,000 | ||||||
Common Stock [Member] | 28 Accredited Investors [Member] | December 2020 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Common stock issued for cash (Note 9) | $ | $ 138,000 | ||||||
Common Stock [Member] | 28 Accredited Investors [Member] | March 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 100,000 | ||||||
Common Stock [Member] | 28 Accredited Investors [Member] | May 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 335,000 | ||||||
Common stock issued for cash (Note 9) | $ | $ 20,000 | ||||||
Issuance of shares | 10,000 | ||||||
Common Stock [Member] | 28 Accredited Investors [Member] | June 2021 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 250,000 | ||||||
Common Stock One [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Issuance of shares | 9,500 | ||||||
Area of land | a | 40 | ||||||
Common stock issued for cash (Note 9) | $ | $ 15,000 |
Schedule of Income Tax Recovery
Schedule of Income Tax Recovery (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||||
Net loss | $ (19,181,093) | $ (431,471) | $ (19,907,439) | $ (941,012) | $ (2,490,499) | $ (3,052,779) |
Expected income tax recovery | (642,549) | (763,195) | ||||
Non-deductible expenses | 448,589 | 1,434,165 | ||||
Change in valuation allowance | 193,960 | (670,970) | ||||
Income tax expense benefit |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||||
Income tax expense benefit | ||||||
Coporate tax rate | 25.80% | |||||
Operating loss | $ 2,117,802 | $ 1,366,019 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Due to related party | $ 392,194 | $ 392,194 | $ 392,194 | $ 382,600 | ||
Chief Financial Officer [Member] | ||||||
Due to related party | 16,896 | 16,896 | ||||
3 Directors [Member] | ||||||
Issuance of service shares | 30,000 | |||||
Board [Member] | ||||||
Line of credit | $ 2,004,767 | $ 2,004,767 | ||||
Common Stock [Member] | ||||||
Issuance of service shares | 2,074,490 | 15,000 | 2,074,490 | 65,000 | 125,000 | 20,785,000 |
Common Stock [Member] | Director [Member] | ||||||
Issuance of service shares | 50,000 | |||||
Common Stock [Member] | Chief Financial Officer [Member] | ||||||
Issuance of service shares | 500,000 | |||||
Common Stock [Member] | 3 Directors [Member] | ||||||
Issuance of service shares | 40,000 | 40,000 |
Contingencies (Details Narrativ
Contingencies (Details Narrative) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Other commitments description | Bright Green Group of Companies, an entity unrelated to the Company, to determine if defendant is entitled to 5,000,000 shares of the Company’s common stock, based on a failure to fulfill agreed upon conditions precedent to earning such shares from the Company | Bright Green Group of Companies, an entity unrelated to the Company, to determine if defendant is entitled to 5,000,000 shares of the Company’s common stock, based on a failure to fulfill agreed upon conditions precedent to earning such shares from the Company |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 26, 2022 | Dec. 04, 2020 | Jan. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | |||||||
Issuance of shares | 9,500 | ||||||
Proceeds from Related Party Debt | $ 11,299 | $ 122,514 | $ 382,600 | ||||
Subsequent Event [Member] | Unsecured Line of Credit [Member] | Lender [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from Related Party Debt | $ 1,000,000 | ||||||
1 Accredited [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Issuance of shares | 12,500 | ||||||
Issued price per share | $ 4 |
Schedule of Restatement of Fina
Schedule of Restatement of Financial Statements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Additional Paid in Capital | $ 32,246,630 | $ 32,246,630 | $ 14,618,389 | $ 10,990,538 | ||
Accumulated deficit | (26,321,183) | (26,321,183) | (6,413,744) | (3,923,245) | ||
General and administrative expenses | 18,986,431 | $ 244,040 | 19,520,971 | $ 568,210 | 1,738,716 | 2,111,084 |
Total operating expenses | 19,181,093 | 431,471 | 19,907,439 | 941,012 | 2,490,499 | 3,052,779 |
Loss before income taxes | (19,181,093) | (431,471) | (19,907,439) | (941,012) | (2,490,499) | (3,052,779) |
Net loss | $ (19,181,093) | $ (431,471) | $ (19,907,439) | $ (941,012) | $ (2,490,499) | $ (3,052,779) |
Weighted average common shares outstanding – basic and diluted | 158,901,214 | 156,611,704 | 158,231,923 | 156,384,576 | 156,800,164 | 135,156,900 |
Net loss per common share – basic and diluted | $ (0.12) | $ 0 | $ (0.13) | $ (0.01) | $ (0.02) | $ (0.02) |
Common stock issued for services | $ 14,595,920 | $ 30,000 | $ 14,595,920 | $ 130,000 | $ 360,000 | $ 1,434,165 |
Stock-based compensation | 14,578,468 | 130,000 | 360,000 | 1,434,165 | ||
Additional Paid-in Capital [Member] | ||||||
Net loss | ||||||
Common stock issued for services | 14,595,713 | $ 29,998 | 14,595,713 | $ 129,994 | $ 359,988 | $ 1,432,086 |
Previously Reported [Member] | ||||||
Additional Paid in Capital | 25,948,670 | 25,948,670 | ||||
Accumulated deficit | (20,023,223) | (20,023,223) | ||||
General and administrative expenses | 12,688,471 | 13,223,011 | ||||
Total operating expenses | 12,883,133 | 13,609,479 | ||||
Loss before income taxes | (12,883,133) | (13,609,479) | ||||
Net loss | $ (12,883,133) | $ (13,609,479) | ||||
Weighted average common shares outstanding – basic and diluted | 159,575,995 | 158,571,176 | ||||
Net loss per common share – basic and diluted | $ (0.08) | $ (0.09) | ||||
Stock-based compensation | $ 8,280,508 | |||||
Previously Reported [Member] | Additional Paid-in Capital [Member] | ||||||
Common stock issued for services | $ 8,297,753 | 8,297,753 | ||||
Revision of Prior Period, Adjustment [Member] | ||||||
Additional Paid in Capital | 6,297,960 | 6,297,960 | ||||
Accumulated deficit | (6,297,960) | (6,297,960) | ||||
General and administrative expenses | 6,297,960 | 6,297,960 | ||||
Total operating expenses | 6,297,960 | 6,297,960 | ||||
Loss before income taxes | (6,297,960) | (6,297,960) | ||||
Net loss | $ (6,297,960) | $ (6,297,960) | ||||
Weighted average common shares outstanding – basic and diluted | (674,781) | (339,253) | ||||
Net loss per common share – basic and diluted | $ (0.04) | $ (0.04) | ||||
Stock-based compensation | $ 6,297,960 | |||||
Revision of Prior Period, Adjustment [Member] | Additional Paid-in Capital [Member] | ||||||
Common stock issued for services | $ 6,297,960 | $ 6,297,960 |
Summary of Estimated Useful Lif
Summary of Estimated Useful Life (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Event (Unaudited) Subsequent _3
Event (Unaudited) Subsequent to the Date of the Independent Auditor’s Report (Details Narrative) - USD ($) | May 02, 2022 | Dec. 04, 2020 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Issuance of shares | 9,500 | |
2 Accredited [Member] | Subsequent Event [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Issuance of shares | 300,000 | |
Issued price per share | $ 10 | |
Issuance of private placement | $ 3,000,000 |
Related Party Line of Credit (D
Related Party Line of Credit (Details Narrative) - Unsecured Line of Credit [Member] - LDS Capital LLC [Member] - USD ($) $ in Millions | Jun. 30, 2022 | Jun. 05, 2022 | Jul. 26, 2022 |
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing amount | $ 2 | $ 5 | |
Line of credit loan amount | 3 | $ 3 | |
Maturity date | Jun. 04, 2025 | ||
Lender committed funds | $ 2 | ||
Interest rate stated percentage | 2% | ||
Prime Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate stated percentage | 2% | ||
Subsequent Event [Member] | |||
Line of Credit Facility [Line Items] | |||
Remaining line of credit facility | $ 1 |