2024 Q4 Form 10-Q Financial Statement

#000107997324001566 Filed on November 18, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue
YoY Change
Cost Of Revenue $31.13K
YoY Change -41.97%
Gross Profit $31.71K
YoY Change -804.64%
Gross Profit Margin
Selling, General & Admin $168.9K
YoY Change -49.23%
% of Gross Profit 532.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.86K
YoY Change -9.72%
% of Gross Profit 91.0%
Operating Expenses $168.9K
YoY Change -49.23%
Operating Profit -$137.1K
YoY Change -59.31%
Interest Expense $192.9K
YoY Change 18.7%
% of Operating Profit
Other Income/Expense, Net -$236.8K
YoY Change 45.72%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$374.0K
YoY Change -25.14%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 260.2M shares 260.2M shares
Diluted Shares Outstanding 260.2M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.326K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $39.53K
Other Receivables
Total Short-Term Assets $41.86K
YoY Change -82.57%
LONG-TERM ASSETS
Property, Plant & Equipment $175.9K
YoY Change -59.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $175.9K
YoY Change -65.85%
TOTAL ASSETS
Total Short-Term Assets $41.86K
Total Long-Term Assets $175.9K
Total Assets $217.7K
YoY Change -71.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.624M
YoY Change -7.93%
Accrued Expenses $1.858M
YoY Change 111.59%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.399M
YoY Change 14.24%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.399M
Total Long-Term Liabilities
Total Liabilities $8.399M
YoY Change 14.24%
SHAREHOLDERS EQUITY
Retained Earnings -$57.35M
YoY Change 2.99%
Common Stock $260.2K
YoY Change 0.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.182M
YoY Change
Total Liabilities & Shareholders Equity $217.7K
YoY Change -71.17%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$374.0K
YoY Change -25.14%
Depreciation, Depletion And Amortization $28.86K
YoY Change -9.72%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Entity Address State Or Province
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dei Local Phone Number
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Basanite, Inc
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dei Entity Tax Identification Number
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
84942 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
55248 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30340 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2326 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
114573 usd
CY2024Q3 us-gaap Retained Earnings Appropriated
RetainedEarningsAppropriated
57300000 usd
CY2023Q4 us-gaap Retained Earnings Appropriated
RetainedEarningsAppropriated
56300000 usd
CY2024Q3 basa Working Capital Deficiency
WorkingCapitalDeficiency
8800000 usd
CY2023Q4 basa Working Capital Deficiency
WorkingCapitalDeficiency
7100000 usd
basa Net Cash Provided By Used In Operating Activity
NetCashProvidedByUsedInOperatingActivity
1100000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_843_eus-gaap--UseOfEstimates_zP9i48sAuSt6" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>(A) <span id="xdx_862_zs1jATOH0SSb">Use of Estimates in Financial Statements</span></i></b></span></p> <p style="font: 10pt/10.6pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 25.5pt"><span style="font-family: Times New Roman, Times, Serif">The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 25.5pt"><span style="font-family: Times New Roman, Times, Serif">Stock-based compensation and stock awards related to convertible debt instruments are recognized based on the fair value of the awards granted. The fair value of each award or conversion feature is typically estimated on the grant date using the Black-Scholes pricing model. The Black-Scholes pricing model requires the input of highly subjective assumptions, including the fair value of the underlying Common Stock, the expected term of the option, the expected volatility of the price of our Common Stock, risk-free interest rates and the expected dividend yield of our Common Stock. The assumptions used to determine the fair value of the stock awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 25.5pt"><span style="font-family: Times New Roman, Times, Serif">The Company used the Black Scholes valuation model to determine the fair value of the warrants and options issued, using the following key assumptions for the three and six months ended September 30, 2024, and 2023, respectively:</span></p> <p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 25.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_891_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zDoJfGYc0Qz1" style="font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span id="xdx_8B6_zDYHVEEdeyR3" style="display: none">Schedule of fair value assumptions of warrants and options issued</span></td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>Nine months</b></span></p> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>ended </b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September </span><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>30, 2024</b></span></p></td><td style="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>Nine months ended September 30, 2023</b></span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 66%"><span style="font-family: Times New Roman, Times, Serif">Expected price volatility</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp0_c20240101__20240930_zMeZILjPAB7a" title="Expected price volatility">—</span>  </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp0_c20230101__20230930_zPJJBoTAhbLa" title="Expected price volatility">—</span>  </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Risk-free interest rate</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp0_c20240101__20240930_zb7ljgabNGE2" title="Risk-free interest rate">—</span>  </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp0_c20230101__20230930_zSZsbqRfwycd" title="Risk-free interest rate">—</span>  </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected life in years</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">—  </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">—  </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Dividend yield</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments_pp0p0_dp0_c20240101__20240930_zuqgeKcGJqPl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Dividend yield"><span style="font-family: Times New Roman, Times, Serif">—  </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments_pp0p0_dp0_c20230101__20230930_znyj13BzKiwk" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Dividend yield"><span style="font-family: Times New Roman, Times, Serif">—  </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AB_zYIeOETWXfR3" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p>
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 usd
CY2024Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
797466 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
931438 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
621585 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
529167 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
175881 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
402271 usd
CY2024Q3 us-gaap Depreciation
Depreciation
28855 usd
us-gaap Depreciation
Depreciation
91639 usd
CY2023Q3 us-gaap Depreciation
Depreciation
31962 usd
us-gaap Depreciation
Depreciation
100670 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
130846509 shares
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
134789603 shares
CY2024Q3 us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
us-gaap Share Based Compensation
ShareBasedCompensation
15000 usd
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
159630 usd
basa Notes Payable Related Party Textblock
NotesPayableRelatedPartyTextblock
<p id="xdx_806_ecustom--NotesPayableRelatedPartyTextblock_zAjlGoHeS3V6" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"><b>NOTE 5 – <span id="xdx_82C_zHZ16gM2vCK9">NOTES PAYABLE – RELATED PARTY</span></b></span></p> <p style="font: 10pt/10.8pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif">Notes payable - related party totaled $<span id="xdx_90E_ecustom--NotesPayableRelatedPartyCurrentAndNoncurrent_c20240930_pp0p0" title="Notes payable - related party">2,028,000</span> September 30, 2024 and $<span id="xdx_905_ecustom--NotesPayableRelatedPartyCurrentAndNoncurrent_c20231231_pp0p0" title="Notes payable - related party">1,750,000</span> December 31, 2023, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On January 16, 2020, the Company entered into a demand note agreement with our Board Chairman, Michael V. Barbera, in the amount of $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_c20200116__srt--CounterpartyNameAxis__custom--MichaelVBarberaMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">50,000</span>. The note has a term of 6 months bearing an interest rate of <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20200116__srt--CounterpartyNameAxis__custom--MichaelVBarberaMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">10%</span> per annum. On April 13, 2020, an addendum was executed, changing the terms of the note to a convertible note payable bearing an interest rate of <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20200413__srt--CounterpartyNameAxis__custom--MichaelVBarberaMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">12%</span> per annum. Per the addendum, the principal and accrued interest is convertible at the option of the holder after June 5, 2020, at a 20% discount of that days’ closing price. See Note 6 for information regarding this convertible note payable – related party.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On April 2, 2021, the Company issued a promissory note with Paul Sallarulo, a member of our Board of Directors, in exchange for $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_c20210402__srt--CounterpartyNameAxis__custom--PaulSallaruloMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">150,000</span> bearing an interest rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20210402__srt--CounterpartyNameAxis__custom--PaulSallaruloMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">18%</span> per annum and payable on <span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_c20210401__20210402__srt--CounterpartyNameAxis__custom--PaulSallaruloMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">October 2, 2022</span>. The company also issued <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightOutstanding_c20210402__srt--CounterpartyNameAxis__custom--PaulSallaruloMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Issuance of shares">1,500,000</span> common stock warrants at an exercise price of $<span id="xdx_907_eus-gaap--WarrantExercisePriceDecrease_c20210401__20210402__srt--CounterpartyNameAxis__custom--PaulSallaruloMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Warrants exercise price">0.20</span> per share expiring in <span id="xdx_90F_eus-gaap--DebtInstrumentTerm_dtY_c20210401__20210402__srt--CounterpartyNameAxis__custom--PaulSallaruloMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_zIxqX6euIZvg" title="Debt instrument, term">5</span> years. The note was not paid by its due date. On April 2, 2022, the due date of this note was extended to <span id="xdx_908_eus-gaap--DebtInstrumentMaturityDate_c20220401__20220402__srt--CounterpartyNameAxis__custom--PaulSallaruloMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">April 1, 2024</span>. As of the date of this report, the note has not been called.</span></p> <p style="font: 10pt/10.8pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On April 2, 2021, the Company issued a promissory note with Michael V. Barbera, our Chairman of the Board, in exchange for $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_c20210402__srt--CounterpartyNameAxis__custom--MichaelVBarberaMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">150,000</span> bearing an interest rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20210402__srt--CounterpartyNameAxis__custom--MichaelVBarberaMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">18%</span> per annum and payable on <span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_c20210401__20210402__srt--CounterpartyNameAxis__custom--MichaelVBarberaMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">October 2, 2022</span>. The company also issued <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightOutstanding_c20210402__srt--CounterpartyNameAxis__custom--MichaelVBarberaMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Issuance of shares">1,500,000</span> common stock warrants at an exercise price of $<span id="xdx_909_eus-gaap--WarrantExercisePriceDecrease_c20220401__20220402__srt--CounterpartyNameAxis__custom--PaulSallaruloMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Warrants exercise price">0.20</span> per share expiring in <span id="xdx_90A_eus-gaap--DebtInstrumentTerm_dtY_c20220401__20220402__srt--CounterpartyNameAxis__custom--PaulSallaruloMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_zd0Au8N1u9s8" title="Debt instrument, term">5</span> years. The note was not paid by its due date. On April 2, 2022, the due date of this note was extended to <span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_c20220401__20220402__srt--CounterpartyNameAxis__custom--MichaelVBarberaMember__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">April 1, 2024</span>. As of the date of this report, the note has not been called.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/10.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On August 31, 2022, the Company issued a promissory note to a board member in exchange for $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_c20220831__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">37,000</span> bearing an interest rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20220831__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">10%</span> per annum and payable on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_c20220830__20220831__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">August 31, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On August 22, 2022, the Company issued a promissory note to a board member in exchange for $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_c20220822__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">20,000</span> bearing an interest rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20220822__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">10%</span> per annum and payable on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_c20220821__20220822__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">August 22, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/10.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On August 22, 2022, the Company issued a promissory note to a board member in exchange for $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_c20220822__us-gaap--TransactionTypeAxis__custom--PromissoryNote1Member_pp0p0" title="Face amount">5,000</span> bearing an interest rate of <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20220822__us-gaap--TransactionTypeAxis__custom--PromissoryNote1Member_pdd" title="Interest rate">10%</span> per annum and payable on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_c20220821__20220822__us-gaap--TransactionTypeAxis__custom--PromissoryNote1Member" title="Maturity date">August 22, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/10.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On August 29, 2022, the Company issued a promissory note to a board member in exchange for $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_c20220829__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">25,000</span> bearing an interest rate of <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20220829__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">10%</span> per annum and payable on <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_c20220828__20220829__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">August 29, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/10.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On August 29, 2022, the Company issued a promissory note to a board member in exchange for $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_c20220829__us-gaap--TransactionTypeAxis__custom--PromissoryNote1Member_pp0p0" title="Face amount">10,000</span> bearing an interest rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20220829__us-gaap--TransactionTypeAxis__custom--PromissoryNote1Member_pdd" title="Interest rate">10%</span> per annum and payable on <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_c20220828__20220829__us-gaap--TransactionTypeAxis__custom--PromissoryNote1Member" title="Maturity date">August 29, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/10.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On August 31, 2022, the Company issued a promissory note to a board member in exchange for $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_c20220831__us-gaap--TransactionTypeAxis__custom--PromissoryNote1Member_pp0p0" title="Face amount">13,000</span> bearing an interest rate of <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20220831__us-gaap--TransactionTypeAxis__custom--PromissoryNote1Member_pdd" title="Interest rate">10%</span> per annum and payable on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_c20220830__20220831__us-gaap--TransactionTypeAxis__custom--PromissoryNote1Member" title="Maturity date">August 31, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/10.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On September 9, 2022, the Company issued a promissory note to a board member in exchange for $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_c20220909__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">60,000</span> bearing an interest rate of <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20220909__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">10%</span> per annum and payable on <span id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_c20220908__20220909__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">August 16, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/10.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On September 9, 2022, the Company issued a promissory note to a board member in exchange for $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_c20220909__us-gaap--TransactionTypeAxis__custom--PromissoryNote1Member_pp0p0" title="Face amount">10,000</span> bearing an interest rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20220909__us-gaap--TransactionTypeAxis__custom--PromissoryNote1Member_pdd" title="Interest rate">10%</span> per annum and payable on <span id="xdx_90D_eus-gaap--DebtInstrumentMaturityDate_c20220908__20220909__us-gaap--TransactionTypeAxis__custom--PromissoryNote1Member" title="Maturity date">September 9, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On September 9, 2022, the Company issued a promissory note to a strategic partner in exchange for $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_c20220909__us-gaap--TransactionTypeAxis__custom--PromissoryNote2Member_pp0p0" title="Face amount">10,000</span> bearing an interest rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20220909__us-gaap--TransactionTypeAxis__custom--PromissoryNote2Member_pdd" title="Interest rate">10%</span> per annum and payable on <span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_c20220908__20220909__us-gaap--TransactionTypeAxis__custom--PromissoryNote2Member" title="Maturity date">September 9, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/10.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On September 9, 2022, the Company issued a promissory note to a strategic partner in exchange for $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_c20220909__us-gaap--TransactionTypeAxis__custom--PromissoryNote3Member_pp0p0" title="Face amount">15,000</span> bearing an interest rate of <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20220909__us-gaap--TransactionTypeAxis__custom--PromissoryNote3Member_pdd" title="Interest rate">10%</span> per annum and payable on <span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_c20220908__20220909__us-gaap--TransactionTypeAxis__custom--PromissoryNote3Member" title="Maturity date">September 9, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/10.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On September 9, 2022, the Company issued a promissory note to an investor and advisor to the board, in exchange for $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_c20220909__us-gaap--TransactionTypeAxis__custom--PromissoryNote4Member_pp0p0" title="Face amount">15,000</span> bearing an interest rate of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20220909__us-gaap--TransactionTypeAxis__custom--PromissoryNote4Member_pdd" title="Interest rate">10%</span> per annum and payable on <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_c20220908__20220909__us-gaap--TransactionTypeAxis__custom--PromissoryNote4Member" title="Maturity date">September 9, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/10.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On September 22, 2022, the Company issued a promissory note to a board member in exchange for $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_c20220922__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">42,500</span> bearing an interest rate of <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20220922__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">18%</span> per annum and payable on <span id="xdx_904_eus-gaap--DebtInstrumentMaturityDate_c20220921__20220922__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">September 22, 2024</span>.</span></p> <p style="font: 10pt/10.2pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On February 14, 2023, the Company issued a promissory note to a board member in exchange for $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_c20230214__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">10,000 </span>bearing an interest rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20230214__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_c20230213__20230214__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">February 13, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On February 24, 2023, the Company issued a promissory note to a board member in exchange for $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_c20230224__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">50,000</span> bearing an interest rate of <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20230224__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_c20230223__20230224__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">February 23, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On March 3, 2023, the Company issued a promissory note to a board member in exchange for $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_c20230303__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">15,000</span> bearing an interest rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20230303__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDate_c20230301__20230303__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">March 2, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On March 24, 2023, the Company issued a promissory note to a board member in exchange for $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_c20230324__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">15,000</span> bearing an interest rate of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20230324__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_c20230323__20230324__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">March 23, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On April 12, 2023, the Company issued a promissory note to a board member in exchange for $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_c20230412__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">150,000</span> bearing an interest rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20230412__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_c20230411__20230412__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">April 11, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On April 28, 2023, the Company issued a promissory note to a board member in exchange for $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_c20230428__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">100,000</span> bearing an interest rate of <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20230428__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_c20230427__20230428__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">April 27, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On May 12, 2023, the Company issued a promissory note to a board member in exchange for $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_c20230512__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">100,000</span> bearing an interest rate of <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20230512__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_c20230511__20230512__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">May 11, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On June 5, 2023, the Company issued a promissory note to a board member in exchange for $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_c20230605__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">100,000</span> bearing an interest rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20230605__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_c20230604__20230605__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">June 4, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On July 25, 2023, the Company issued a promissory note to a board member in exchange for $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_c20230625__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">200,000</span> bearing an interest rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20230625__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_c20230624__20230625__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">July 24, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On September 11, 2023, the Company issued a promissory note to a board member in exchange for $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_c20230911__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">150,000</span> bearing an interest rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20230911__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_c20230910__20230911__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">September 10, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On September 11, 2023, the Company issued a promissory note to an advisor to the board in exchange for $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_c20230911__us-gaap--TransactionTypeAxis__custom--PromissoryNote1Member_pp0p0" title="Face amount">50,000</span> bearing an interest rate of <span id="xdx_90D_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20230911__us-gaap--TransactionTypeAxis__custom--PromissoryNote1Member_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_c20230910__20230911__us-gaap--TransactionTypeAxis__custom--PromissoryNote1Member" title="Maturity date">September 10, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On November 2, 2023, the Company issued a promissory note to a board member in exchange for $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_c20231102__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">100,000</span> bearing an interest rate of <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20231102__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_c20231101__20231102__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">November 1, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On December 12, 2023, the Company issued a promissory note to a board member in exchange for $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_c20231212__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">75,000</span> bearing an interest rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20231212__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDate_c20231201__20231212__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">December 11, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On January 9, 2024, the Company issued a promissory note to a board member in exchange for $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_c20240109__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">23,000</span> bearing an interest rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20240109__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_c20240108__20240109__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">January 8, 2025</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On March 6, 2024, the Company issued a promissory note to a board member in exchange for $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_c20240306__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">40,000</span> bearing an interest rate of <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20240306__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_908_eus-gaap--DebtInstrumentMaturityDate_c20240305__20240306__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">March 5, 2025</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On March 21, 2024, the Company issued a promissory note to a board member in exchange for $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_c20240321__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">15,000</span> bearing an interest rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20240321__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_c20240320__20240321__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">March 20, 2025</span>.</span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On May 12, 2024, the Company issued a promissory note to a board member in exchange for $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_c20240512__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">25,000</span> bearing an interest rate of <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20240512__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_c20240511__20240512__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">May 11, 2025</span>.</span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On June 26, 2024, the Company issued a promissory note to a board member in exchange for $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_c20240626__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">100,000</span> bearing an interest rate of <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20240626__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_90F_eus-gaap--DebtInstrumentMaturityDate_c20240625__20240626__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">June 25, 2025</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On August 13, 2024, the Company issued a promissory note to a board member in exchange for $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_c20240813__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">25,000</span> bearing an interest rate of <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20240813__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_c20240812__20240813__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">August 12, 2025</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">On September 6, 2024, the Company issued a promissory note to a board member in exchange for $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_c20240906__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pp0p0" title="Face amount">50,000</span> bearing an interest rate of <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_c20240906__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember_pdd" title="Interest rate">20%</span> per annum and payable on <span id="xdx_90D_eus-gaap--DebtInstrumentMaturityDate_c20240905__20240906__us-gaap--TransactionTypeAxis__custom--PromissoryNoteMember" title="Maturity date">September 5, 2025</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/117% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">Interest expense for the Company’s notes payable – related party for the three and nine months ended September 30, 2024, was $<span id="xdx_90E_eus-gaap--InterestExpenseOther_pp0p0_c20240701__20240930_zr6FXQadtlBa" title="Interest expense">109,503</span> and $<span id="xdx_904_eus-gaap--InterestExpenseOther_pp0p0_c20240101__20240930_zKDL5s6R2sRe" title="Interest expense">297,720</span> respectively.</span></p> <p style="font: 10pt/117% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/117% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">Interest expense for the Company’s notes payable – related party for the three and nine months ended September 30, 2023, was $<span id="xdx_904_eus-gaap--InterestExpenseOther_pp0p0_c20230701__20230930_zOY581HmGUEe" title="Interest expense">55,167</span> and $<span id="xdx_905_eus-gaap--InterestExpenseOther_pp0p0_c20230101__20230930_zIftkHdtTU34" title="Interest expense">113667</span>, respectively.</span></p> <p style="font: 10pt/117% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt/117% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.15pt"><span style="font-family: Times New Roman, Times, Serif">Accrued interest for the Company’s notes payable - related party on September 30, 2024, and December 31, 2023, was $<span id="xdx_905_eus-gaap--InterestReceivableCurrent_c20240930_pp0p0" title="Accrued interest">1,694,362</span> and $<span id="xdx_903_eus-gaap--InterestReceivableCurrent_c20231231_pp0p0" title="Accrued interest">997,284</span>, respectively, and is included in accrued expenses on the accompanying condensed consolidated balance sheets.</span></p>
CY2024Q3 basa Notes Payable Related Party Current And Noncurrent
NotesPayableRelatedPartyCurrentAndNoncurrent
2028000 usd
CY2023Q4 basa Notes Payable Related Party Current And Noncurrent
NotesPayableRelatedPartyCurrentAndNoncurrent
1750000 usd
CY2024Q3 us-gaap Interest Expense Other
InterestExpenseOther
109503 usd
us-gaap Interest Expense Other
InterestExpenseOther
297720 usd
CY2023Q3 us-gaap Interest Expense Other
InterestExpenseOther
55167 usd
us-gaap Interest Expense Other
InterestExpenseOther
113667 usd
CY2024Q3 us-gaap Interest Receivable Current
InterestReceivableCurrent
1694362 usd
CY2023Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
997284 usd
CY2024Q3 basa Notes Payable Related Party Noncurrent
NotesPayableRelatedPartyNoncurrent
2144357 usd
CY2023Q4 basa Notes Payable Related Party Noncurrent
NotesPayableRelatedPartyNoncurrent
2144357 usd
CY2022Q2 basa Liquidated Damages
LiquidatedDamages
53345 usd
CY2024Q3 basa Liquidated Damages
LiquidatedDamages
480000 usd
basa Definitive Securities Purchase Agreements Description
DefinitiveSecuritiesPurchaseAgreementsDescription
the Company entered into definitive securities purchase agreements with 19 accredited investors and issued an aggregate of 19,398,144 shares of common stock, Warrant A to purchase up to an aggregate of 19,398,144 shares of common stock, and Warrant B to purchase up to an aggregate of 19,398,144 shares of Common Stock (for an aggregate of 38,796,288 Warrant Shares), for aggregate gross proceeds to the Company of approximately $5,334,490. Costs of the offering in the amount of $611,603 were charged to additional paid in capital. As of December 31, 2022, the Company also accrued the amount of $386,759 as liquidated damages due to the investors in the Company’s August 2021 private placement, such liquidated damages being related to the Company’s failure to timely file a registration statement on Form S-1 for an underwritten public offering and concurrent listing of the Common Stock on a national exchange.
CY2024Q4 basa Number Of Options To Purchase
NumberOfOptionsToPurchase
25000000 shares
CY2024Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.0275
CY2024Q4 basa Option Grant Description
OptionGrantDescription
A description of the 5,000,000 options granted to the Company’s Interim Chief Executive Officer is described under Item 5.02. One of the three advisors received five-year options to purchase 10,000,000 common shares which vest 3,000,000 on October 2, 2024, 3,000,000 which vest upon the completion of $1 million of aggregate financing and an additional 4,000,000 upon the anniversary of the first 90-day period that the Company achieves operational break even as defined in the Advisory Agreement. A second advisor received five-year options to purchase 2,500,000 shares which vest 1,250,000 shares on October 2, 2024, and the remaining 1,250,000 options vest upon the completion of a minimum of $1,000,000 of aggregate financing into the Company. The third advisor received five-year options to purchase 7,500,000 shares which vest 3,750,000 shares on October 2, 2024 and the remaining 3,750,000 options vest upon the completion of a minimum of $1,000,000 of aggregate financing into the Company.
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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