Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
SCHEDULE OF RECLASSIFIED PRIOR YEAR EXPENSES

 

Account   Previously Recorded Balance     Corrected Balance     Reclassification Made     Previously Recorded Balance     Corrected Balance     Reclassification Made  
    Three Months Ended June 30, 2023     Six Months Ended June 30, 2023  
Account   Previously Recorded Balance     Corrected Balance     Reclassification Made     Previously Recorded Balance     Corrected Balance     Reclassification Made  
Statement of Operations                                                
Cost of goods sold     10,258,463       10,640,297       (381,834 )     15,346,213       16,080,548       (734,335 )
Marketing, general and administrative     5,041,441       4,659,607       381,834       8,726,107       7,991,772       734,335  
SCHEDULE OF FAIR VALUE MEASUREMENTS

The following table summarizes the financial instruments of the Company at fair value based on the valuation approach applied to each class of security as of June 30, 2024:

 

   

Carrying

Value at

June 30,

2024

   

Quoted

Prices

in Active

Markets for

Identical

Assets

(Level 1)

   

Significant

Other

Observable

Inputs

(Level 2)

   

Significant

Unobservable

Inputs

(Level 3)

 
          Fair Value Measurement at Reporting Date Using  
   

Carrying

Value at

June 30,

2024

   

Quoted

Prices

in Active

Markets for

Identical

Assets

(Level 1)

   

Significant

Other

Observable

Inputs

(Level 2)

   

Significant

Unobservable

Inputs

(Level 3)

 
Liabilities:                                
Fair Value of potential Share Adjustment   $ 30,441,480     $        -     $         -     $ 30,441,480  
Total Liabilities   $ 30,441,480     $ -     $ -     $ 30,441,480  
SCHEDULE OF FAIR VALUE OF SHARE ADJUSTMENT

The following table presents a reconciliation of the opening and closing balances of the Fair Value of Share Adjustment for the six months ended June 30, 2024:

 

    Fair Value of Share Adjustment  
       
Balance at December 31, 2023   $ 36,931,330  
Fair Value of Shares Issued     (17,087,364 )
Loss on Fair Value of Share Adjustment     10,597,514  
Balance at June 30, 2024   $ 30,441,480  
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF NET LOSS PER SHARE

The following table summarizes the securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive due to the Company’s net loss position even though the exercise price could be less than the average market price of the common stock:

 

    2024     2023  
    Six Months Ended June 30,  
    2024     2023  
Warrants     39,350,000       39,350,000  
Stock options     4,760,000       -  
Acquisition Stock Consideration Payable     264,708,523       430,885,271  
Total     308,818,523       470,235,271