SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SCHEDULE OF RECLASSIFIED PRIOR YEAR EXPENSES |
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:
SCHEDULE OF FAIR VALUE MEASUREMENTS
|
|
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:
SCHEDULE OF FAIR VALUE OF SHARE ADJUSTMENT
|
|
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:
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF NET LOSS PER SHARE
|
|
2024 |
|
|
2023 |
|
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
Warrants |
|
|
39,350,000 |
|
|
|
39,350,000 |
|
Stock options |
|
|
4,760,000 |
|
|
|
- |
|
Stock Options [Member] |
|
|
4,760,000 |
|
|
|
- |
|
Acquisition Stock Consideration Payable |
|
|
264,708,523 |
|
|
|
430,885,271 |
|
Total |
|
|
308,818,523 |
|
|
|
470,235,271 |
|
Antidilutive securities |
|
|
308,818,523 |
|
|
|
470,235,271 |
|
|