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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended June 30, 2023
☐ |
TRANSITION
REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from _____ to _____
Commission
File Number: 000-53832
MALACHITE
INNOVATIONS, INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
75-3268988 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
200 Park
Avenue, Suite 400 |
|
|
Cleveland,
OH |
|
44122 |
(Address of principal executive
offices) |
|
(Zip Code) |
(216)
304-6556
Registrant’s
telephone number, including area code
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class: |
|
Trading
Symbol |
|
Name
of each exchange on which registered: |
Common Stock |
|
MLCT |
|
OTC Markets |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,”
and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
Accelerated filer ☐ |
Non-accelerated filer ☒ |
Smaller reporting company
☒ |
|
Emerging growth company
☐ |
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
☒
As
of August 1, 2023, there were 80,850,148 shares of the registrant’s common stock outstanding.
MALACHITE
INNOVATIONS, INC.
Quarterly
Report on Form 10-Q
For
the Quarterly Period Ended
June
30, 2023
INDEX
PART
I - FINANCIAL INFORMATION
Item
1. Financial Statements
MALACHITE
INNOVATIONS, INC.
CONSOLIDATED
FINANCIAL STATEMENTS
THREE
AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022
MALACHITE
INNOVATIONS, INC.
CONSOLIDATED
BALANCE SHEETS
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
(Audited) | |
Assets | |
| | | |
| | |
| |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 359,564 | | |
$ | 442,369 | |
Accounts receivable | |
| 1,273,635 | | |
| 981,385 | |
Unbilled receivables | |
| 1,129,046 | | |
| - | |
Prepaid expenses | |
| 47,719 | | |
| 884 | |
Total current assets | |
| 2,809,964 | | |
| 1,424,638 | |
Long-term Assets | |
| | | |
| | |
Equipment, net of accumulated depreciation | |
| 6,134,119 | | |
| 6,045,514 | |
Goodwill | |
| 751,421 | | |
| 751,421 | |
Deposits | |
| 19,976 | | |
| 8,892 | |
Total long-term assets | |
| 6,905,516 | | |
| 6,805,827 | |
Total Assets | |
$ | 9,715,480 | | |
$ | 8,230,465 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
$ | 772,892 | | |
$ | 233,808 | |
Current portion of long-term debt | |
| 1,089,509 | | |
| 1,319,201 | |
Line of credit | |
| 1,200,000 | | |
| - | |
Total current liabilities | |
| 3,062,401 | | |
| 1,553,009 | |
Long-term Liabilities | |
| | | |
| | |
Long-term debt, net of current portion | |
| 3,457,814 | | |
| 3,738,013 | |
Total long-term debt | |
| 3,457,814 | | |
| 3,738,013 | |
Total liabilities | |
| 6,520,215 | | |
| 5,291,022 | |
| |
| | | |
| | |
Stockholders’ Equity | |
| | | |
| | |
Common stock, par value $0.001 per share; 1,000,000,000 shares authorized; 80,850,148 and 78,116,814 shares issued and outstanding, respectively | |
| 80,850 | | |
| 78,117 | |
Additional paid-in-capital | |
| 53,517,367 | | |
| 53,074,180 | |
Accumulated deficit | |
| (50,402,952 | ) | |
| (50,212,854 | ) |
Total stockholders’ equity | |
| 3,195,265 | | |
| 2,939,443 | |
Total Liabilities and Stockholders’ Equity | |
$ | 9,715,480 | | |
$ | 8,230,465 | |
See
accompanying notes to the consolidated financial statements.
MALACHITE
INNOVATIONS, INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenues | |
$ | 3,998,267 | | |
$ | 639,359 | | |
$ | 7,013,154 | | |
$ | 639,359 | |
Cost of services | |
| 3,153,166 | | |
| 574,407 | | |
| 5,519,051 | | |
| 574,407 | |
Gross profit | |
| 845,101 | | |
| 64,952 | | |
| 1,494,103 | | |
| 64,952 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative | |
| 635,898 | | |
| 380,326 | | |
| 1,361,946 | | |
| 698,267 | |
Research and development | |
| 107,444 | | |
| 107,823 | | |
| 213,621 | | |
| 233,553 | |
Total operating expenses | |
| 743,342 | | |
| 488,149 | | |
| 1,575,567 | | |
| 931,820 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) from operations | |
| 101,759 | | |
| (423,197 | ) | |
| (81,464 | ) | |
| (866,868 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other expenses: | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (64,997 | ) | |
| (19,989 | ) | |
| (108,634 | ) | |
| (24,292 | ) |
Other income | |
| - | | |
| - | | |
| - | | |
| - | |
Total other expenses, net | |
| (64,997 | ) | |
| (19,989 | ) | |
| (108,634 | ) | |
| (24,292 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 36,762 | | |
$ | (443,186 | ) | |
$ | (190,098 | ) | |
$ | (891,160 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted income (loss) per common share | |
$ | 0.00 | | |
$ | (0.01 | ) | |
$ | (0.00 | ) | |
$ | (0.02 | ) |
Earnings per share, basic | |
$ | 0.00 | | |
$ | (0.01 | ) | |
$ | (0.00 | ) | |
$ | (0.02 | ) |
Weighted average number of common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 80,519,745 | | |
| 65,406,191 | | |
| 79,324,917 | | |
| 58,466,722 | |
Weighted average number of shares outstanding, basic | |
| 80,519,745 | | |
| 65,406,191 | | |
| 79,324,917 | | |
| 58,466,722 | |
See
accompanying notes to the consolidated financial statements.
MALACHITE
INNOVATIONS, INC.
CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
THREE
AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022
(Unaudited)
| |
Number of Shares | | |
Amount | | |
Paid-in Capital | | |
Accumulated Deficit | | |
Total | |
| |
Three months ended June 30, 2023 | |
| |
Common Stock | | |
Additional | | |
| | |
| |
| |
Number of Shares | | |
Amount | | |
Paid-in Capital | | |
Accumulated Deficit | | |
Total | |
Balance as of March 31, 2023 | |
| 78,116,814 | | |
$ | 78,117 | | |
$ | 53,074,180 | | |
$ | (50,439,714 | ) | |
$ | 2,712,583 | |
Shares issued for cash | |
| 2,733,334 | | |
| 2,733 | | |
| 407,267 | | |
| - | | |
| 410,000 | |
Fair value of vested stock options | |
| - | | |
| - | | |
| 35,920 | | |
| - | | |
| 35,920 | |
Net income | |
| - | | |
| - | | |
| - | | |
| 36,762 | | |
| 36,762 | |
Balance as of June 30, 2023 | |
| 80,850,148 | | |
$ | 80,850 | | |
$ | 53,517,367 | | |
$ | (50,402,952 | ) | |
$ | 3,195,265 | |
Balance | |
| 80,850,148 | | |
$ | 80,850 | | |
$ | 53,517,367 | | |
$ | (50,402,952 | ) | |
$ | 3,195,265 | |
| |
Three months ended June 30, 2022 | |
| |
Common Stock | | |
Additional | | |
| | |
| |
| |
Number of Shares | | |
Amount | | |
Paid-in Capital | | |
Accumulated Deficit | | |
Total | |
Balance as of March 31, 2022 | |
| 51,450,147 | | |
$ | 51,450 | | |
$ | 48,707,587 | | |
$ | (49,588,652 | ) | |
$ | (829,615 | ) |
Balance | |
| 51,450,147 | | |
$ | 51,450 | | |
$ | 48,707,587 | | |
$ | (49,588,652 | ) | |
$ | (829,615 | ) |
Shares issued for cash | |
| 20,000,000 | | |
| 20,000 | | |
| 2,980,000 | | |
| - | | |
| 3,000,000 | |
Shares issued in exchange for Range | |
| 5,000,000 | | |
| 5,000 | | |
| 745,000 | | |
| - | | |
| 750,000 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (443,186 | ) | |
| (443,186 | ) |
Balance as of June 30, 2022 | |
| 76,450,147 | | |
$ | 76,450 | | |
$ | 52,432,587 | | |
$ | (50,031,838 | ) | |
$ | 2,477,199 | |
Balance | |
| 76,450,147 | | |
$ | 76,450 | | |
$ | 52,432,587 | | |
$ | (50,031,838 | ) | |
$ | 2,477,199 | |
|
|
Six
months ended June 30, 2023 |
|
|
|
Common
Stock |
|
|
Additional |
|
|
|
|
|
|
|
|
|
Number
of Shares |
|
|
Amount |
|
|
Paid-in Capital |
|
|
Accumulated
Deficit |
|
|
Total |
|
Balance as of December 31, 2022 |
|
|
78,116,814 |
|
|
$ |
78,117 |
|
|
$ |
53,074,180 |
|
|
$ |
(50,212,854 |
) |
|
$ |
2,939,443 |
|
Balance |
|
|
78,116,814 |
|
|
$ |
78,117 |
|
|
$ |
53,074,180 |
|
|
$ |
(50,212,854 |
) |
|
$ |
2,939,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for cash |
|
|
2,733,334 |
|
|
|
2,733 |
|
|
|
407,267 |
|
|
|
- |
|
|
|
410,000 |
|
Fair value of vested
stock options |
|
|
- |
|
|
|
- |
|
|
|
35,920 |
|
|
|
- |
|
|
|
35,920 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(190,098 |
) |
|
|
(190,098 |
) |
Balance as of June 30,
2023 |
|
|
80,850,148 |
|
|
$ |
80,850 |
|
|
$ |
53,517,367 |
|
|
$ |
(50,402,952 |
) |
|
$ |
3,195,265 |
|
Balance |
|
|
80,850,148 |
|
|
$ |
80,850 |
|
|
$ |
53,517,367 |
|
|
$ |
(50,402,952 |
) |
|
$ |
3,195,265 |
|
| |
Six months ended June 30, 2022 | |
| |
Common Stock | | |
Additional | | |
| | |
| |
| |
Number of Shares | | |
Amount | | |
Paid-in Capital | | |
Accumulated Deficit | | |
Total | |
Balance as of December 31, 2021 | |
| 51,450,147 | | |
$ | 51,450 | | |
$ | 48,707,587 | | |
$ | (49,140,678 | ) | |
$ | (381,641 | ) |
Balance | |
| 51,450,147 | | |
$ | 51,450 | | |
$ | 48,707,587 | | |
$ | (49,140,678 | ) | |
$ | (381,641 | ) |
Shares issued for cash | |
| 20,000,000 | | |
| 20,000 | | |
| 2,980,000 | | |
| - | | |
| 3,000,000 | |
Shares issued in exchange for Range | |
| 5,000,000 | | |
| 5,000 | | |
| 745,000 | | |
| - | | |
| 750,000 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (891,160 | ) | |
| (891,160 | ) |
Net
income ( loss) | |
| - | | |
| - | | |
| - | | |
| (891,160 | ) | |
| (891,160 | ) |
Balance as of June 30, 2022 | |
| 76,450,147 | | |
$ | 76,450 | | |
$ | 52,432,587 | | |
$ | (50,031,838 | ) | |
$ | 2,477,199 | |
Balance | |
| 76,450,147 | | |
$ | 76,450 | | |
$ | 52,432,587 | | |
$ | (50,031,838 | ) | |
$ | 2,477,199 | |
See
accompanying notes to the consolidated financial statements.
MALACHITE
INNOVATIONS, INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
| |
2023 | | |
2022 | |
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (190,098 | ) | |
$ | (891,160 | ) |
| |
| | | |
| | |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Fair value of vested stock options | |
| 35,920 | | |
| - | |
Depreciation | |
| 695,910 | | |
| 55,392 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (292,250 | ) | |
| 273,412 | |
Unbilled receivables | |
| (1,129,046 | ) | |
| (230,929 | ) |
Interest accrued but not paid | |
| - | | |
| 2,789 | |
Due from shareholder | |
| - | | |
| (250,000 | ) |
Prepaid expense and other current assets | |
| (46,835 | ) | |
| 3,000 | |
Accounts payable and accrued liabilities | |
| 539,084 | | |
| 192,628 | |
Deposits | |
| (11,084 | ) | |
| (200 | ) |
Net cash used in operating activities | |
| (398,399 | ) | |
| (845,068 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Equipment purchases | |
| (784,515 | ) | |
| (1,107,833 | ) |
Cash acquired in acquisition of Range Environmental Resources | |
| - | | |
| 15,827 | |
Cash paid for acquisition of Range Environmental Resources | |
| - | | |
| (750,000 | ) |
Net cash used in investing activities | |
| (784,515 | ) | |
| (1,842,006 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Issuance of shares for cash | |
| 410,000 | | |
| 3,000,000 | |
Proceeds from long-term debt | |
| 383,202 | | |
| 1,015,020 | |
Repayment of long-term debt | |
| (893,093 | ) | |
| - | |
Proceeds from line of credit | |
| 1,200,000 | | |
| 500,000 | |
Net cash provided by financing activities | |
| 1,100,109 | | |
| 4,515,020 | |
| |
| | | |
| | |
Net increase (decrease) in cash and cash equivalents | |
| (82,805 | ) | |
| 1,827,946 | |
| |
| | | |
| | |
Cash and cash equivalents - beginning of period | |
| 442,369 | | |
| 38,343 | |
Cash and cash equivalents - end of period | |
$ | 359,564 | | |
$ | 1,866,289 | |
| |
| | | |
| | |
Supplemental disclosure of cash flow information: | |
| | | |
| | |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
$ | 108,634 | | |
$ | 21,503 | |
Stock issued for acquisition | |
| - | | |
| 750,000 | |
Income taxes | |
| - | | |
| - | |
See
accompanying notes to the consolidated financial statements.
MALACHITE
INNOVATIONS, INC.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
THREE
AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022
(Unaudited)
1.
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Malachite
Innovations, Inc. (the “Company”, “we”, “us”, “our” or “Malachite”), was
incorporated in the State of Nevada on June 29, 2007. Malachite is a public holding company dedicated to improving the health and wellness
of people and the planet through a novel and innovative approach to impact investing. Malachite owns and operates a balanced portfolio
of operating businesses focused on developing long-term solutions to environmental, social and health challenges, with a particular focus
on economically disadvantaged communities. Malachite takes an opportunistic approach to impact investing by leveraging its competitive
advantages and looking at solving old problems in new ways. Malachite seeks to thoughtfully allocate its capital into ventures that are
expected to make a positive impact on the people-planet ecosystem and generate strong investment returns for our shareholders.
Originally
founded in 2007 as Legend Mining Inc., the Company began operations as a mineral extraction exploration business. In 2011, the Company
changed its name to Stevia First Corp. and pursued a new strategy focused on developing stevia-based additives for the food and beverage
industry. In 2015, the Company changed its name to Vitality Biopharma, Inc. and pursued a new strategy focused on developing cannabinoid-based
prodrugs anticipated to treat inflammatory conditions of the gastrointestinal tract by unlocking the therapeutic properties of cannabinoids
but without their unwanted psychoactive side effects.
In
October 2021, the Company changed its name to Malachite Innovations, Inc. and reorganized its corporate structure and created the following
two wholly-owned operating subsidiaries: (i) Graphium Biosciences, Inc., a Nevada corporation (“Graphium”), into which the
Company contributed all of its drug development assets; and (ii) Daedalus Ecosciences, Inc., a Nevada corporation (“Daedalus”)
which was formed to serve as a holding company for the Company’s future impact investing operating businesses.
In
May 2022, Daedalus acquired Range Environmental Resources, Inc., a West Virginia corporation (“Range Environmental”) and
Range Natural Resources, Inc., a West Virginia corporation (“Range Natural” and together with Range Environmental, the “Range
Reclamation Entities”). The Range Reclamation Entities provide land reclamation, water restoration and environmental consulting
services to mining and non-mining customers throughout the Appalachian region with the goal of returning land to pre-mining conditions
or repurposing the land for natural, commercial, agricultural or recreational use. The Range Reclamation Entities’ water restoration
services seek to improve rivers, streams and discharges through novel and innovative treatment applications to help customers meet their
various regulatory standards and requirements. The Range Reclamation Entities also provide environmental consulting services to customers
typically in connection with land reclamation and water restoration projects and as an additional value-add service, sells water treatment
chemicals manufactured by third parties to their customers. Range Natural also provides resource mining services for customers incidental
to the reclamation and repurposing of mine sites.
On
December 31, 2022, Daedalus was merged into Malachite Innovations, Inc., leaving Malachite Innovations, Inc., as the parent company and the Range Reclamation Entities, Aether Credit Ventures, Inc., NextGen AgriTech, Inc., Pristine
Stream Ventures, Inc., Range Security Resources, Inc., Terra Preta, Inc. and Graphium as its wholly-owned subsidiaries.
Going
Concern
The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement
of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, during the six
months ended June 30, 2023, the Company incurred a net loss of $190,098 and used $398,399 of cash in the Company’s operating activities.
These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that
the financial statements are issued. The financial statements do not include any adjustments that might be necessary should the Company
be unable to continue as a going concern.
The
ability to continue as a going concern is dependent on the Company attaining and maintaining profitable operations in the future and/or
raising additional capital to meet its obligations and repay its liabilities arising from normal business operations when they come due.
The Company estimates, as of June 30, 2023, that it has sufficient funds to operate the business for 12 months given its cash balance
of $359,564, line of credit availability of $800,000, and revenues being generated by the Range Reclamation Entities. Although the Company’s
existing cash balances are estimated to be sufficient to fund its currently planned level of operations, the Company is actively seeking
additional financing and other sources of capital to accelerate the funding and execution of its growth strategy and value creation plan.
However, these estimates could differ if the Company encounters unanticipated difficulties, or if its estimates of the amount of cash
necessary to operate its business prove to be wrong, and the Company uses its available financial resources faster than it currently
expects. No assurance can be given that any future financing or capital, if needed, will be available or, if available, that it will
be on terms that are satisfactory to the Company.
Basis
of Presentation
The
consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Aether Credit Ventures, Inc.,
Graphium Biosciences, Inc., NextGen AgriTech, Inc., Pristine Stream Ventures, Inc., Range Environmental Resources, Inc., Range Natural
Resources, Inc., Range Security Resources, Inc., Terra Preta, Inc., and Daedalus Ecosciences, Inc. (merged into Malachite Innovations,
Inc. on December 31, 2022), and have been prepared in accordance with accounting principles generally accepted in the United States of
America. Intercompany balances and transactions have been eliminated in consolidation.
Use
of Estimates
The
preparation 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 period. Actual
results could differ from those estimates.
Revenue
Recognition
The
Company recognizes revenue under ASC 606, “Revenue from Contracts with Customers”. The core principle of the revenue standard
is that a company should recognize revenue by analyzing the following five steps: (1) identify the contract with the customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance
obligations; and (5) recognize revenue when (or as) each performance obligation is satisfied. The Company primarily invoices customers
and recognizes revenue on a periodic basis for equipment and labor hours provided to a customer on a particular job based on an agreed-upon
hourly rate sheet or a fixed amount for a project. The Company also invoices customers and recognizes revenue for equipment mobilization
fees and materials and supplies required to complete a project. The Company invoices for the sales of chemicals and recognizes revenue
when the products are delivered to the customer’s designated site. Costs for equipment, labor and chemicals are generally expensed
as incurred since the projects are generally short-term and not subject to a contract. The Company also invoices customers for the provision
of environmental security services on an agreed-upon hourly rate for each project. All revenue is recognized at a point in time.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash
equivalents. From time to time, the Company’s cash account balances exceed the balances covered by the Federal Deposit Insurance
System. The Company has never suffered a loss due to such excess balances.
Accounts
Receivable
Trade
accounts receivable are stated at the amount management expects to collect from the balances outstanding at the end of each fiscal period
reflected in the consolidated balance sheets. Based on management’s assessment, it has concluded that losses on balances outstanding
as of those dates will be immaterial and, therefore, no allowances were recorded for the three months ended June 30, 2023 or the three
months ended June 30, 2022. Accounts receivable were $1,273,635 and $981,385 at June 30, 2023 and December 31, 2022, respectively. No
bad debt expense was accrued in either the three months ended June 30, 2023 or the three months ended June 30, 2022 and there is no allowance
for doubtful accounts as of June 30, 2023 or December 31, 2022.
Unbilled Receivables
Unbilled
receivables represent revenue that has been recognized on projects for which billings have not been presented to the customer
because the amounts were earned but not billable at the balance sheet date.
Equipment
Equipment
is carried at cost. Expenditures for maintenance and repairs are charged to cost of services. Additions and betterments are capitalized.
The cost and related accumulated depreciation of equipment sold or otherwise disposed of are removed from the accounts and any gain or
loss is reflected in the current year’s earnings.
SCHEDULE
OF EQUIPMENT
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Equipment | |
$ | 7,422,329 | | |
$ | 6,637,814 | |
Accumulated depreciation | |
| 1,288,210 | | |
| 592,300 | |
Net book value | |
| 6,134,119 | | |
| 6,045,514 | |
Depreciation expense | |
$ | 695,910 | | |
$ | 395,543 | |
The
Company provides for depreciation of equipment using the straight-line method for both financial reporting and federal income tax purposes
over the estimated six-year useful lives of the equipment.
The
Company assesses the recoverability of its equipment by determining whether the depreciation of the assets over their remaining lives
can be recovered through projected future cash flows generated by the assets. There were no assets identified for impairment.
Delivery
Costs
Delivery
costs are classified as cost of sales.
Goodwill
Goodwill
is tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not
(i.e., a likelihood greater than 50%) that the intangible asset is impaired.
Income
Taxes
The
Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities
are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their
respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates
is recognized as income (loss) in the period that includes the enactment date.
Leases
The
Company determines whether a contract is, or contains, a lease at inception. Right-of-use assets represent the Company’s right
to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease
payments arising from the lease. Right-of-use assets and lease liabilities are recognized at lease commencement based upon the
estimated present value of unpaid lease payments over the lease term. The Company uses its incremental borrowing rate based on the
information available at lease commencement in determining the present value of unpaid lease payments. As of June 30, 2023, the
Company had no lease commitments for longer than one year.
Stock-Based
Compensation
The
Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions
for services. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock Compensation whereby the value
of the award is measured on the date of grant and recognized for employees as compensation expense on the straight-line basis over the
vesting period. Recognition of compensation expense for non-employees is in the same period and manner as if the Company had paid cash
for the services. The Company recognizes the fair value of stock-based compensation within its Consolidated Statements of Operations
with classification depending on the nature of the services rendered.
The
fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain
assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future
dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based
on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense
recorded in future periods.
Basic
and Diluted Income (Loss) Per Share
Basic
income (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number
of outstanding common shares during the period. Shares of restricted stock are included in the basic weighted average number of common
shares outstanding from the time they vest. Diluted income (loss) per share is computed by dividing net loss applicable to common stockholders
by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding
if all dilutive potential common shares had been issued. Shares of restricted stock are included in the diluted weighted average number
of common shares outstanding from the date they are granted unless they are antidilutive. Diluted income (loss) per share excludes all
potential common shares if their effect is anti-dilutive. The following potentially dilutive shares were excluded from the shares used
to calculate diluted earnings per share as their inclusion would be anti-dilutive:
SCHEDULE
OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE
| |
June 30, 2023 | | |
December 31, 2022 | |
Options | |
| 9,792,544 | | |
| 9,392,544 | |
Warrants | |
| 25,046,669 | | |
| 22,313,335 | |
Total | |
| 34,839,213 | | |
| 31,705,879 | |
Anti-dilutive loss per
shares | |
| 34,839,213 | | |
| 31,705,879 | |
Patents
and Patent Application Costs
Although
the Company believes that its patents and underlying technology have continuing value, the amount of future benefits to be derived from
the patents is uncertain. Accordingly, patent costs are expensed as incurred.
Research
and Development
Research
and development costs consist primarily of fees paid to consultants and outside service providers, patent fees and costs, and other expenses
relating to the acquisition, design, development and testing of the Company’s treatments and product candidates. Research and development
costs are expensed as incurred.
Fair
Value of Financial Instruments
FASB
ASC 825, “Financial Instruments” requires that the Company disclose estimated fair values of financial instruments. Financial
instruments held by the Company include, among others, accounts receivable, accounts payable and long-term debt. The carrying amounts
reported in the balance sheets for assets and liabilities qualifying as financial instruments are a reasonable estimate of fair value.
Segments
As
of June 30, 2023, the Company has five operating business segments: (i) Environmental Services, (ii) Biochar Products and Solutions,
(iii) Stream Mitigation Banking, (iv) Environmental Security Services, and (v) Cannabinoid Drug Development. In October 2021, the Company
began operating under two segments: (i) Graphium Biosciences, Inc., a wholly-owned subsidiary of the Company, reports the operating results
of our cannabinoid drug development segment, which is advancing a broad portfolio of glycosylated cannabinoid prodrugs that have been
developed to unlock the rebalancing effects of the endocannabinoid system to address numerous chronic conditions, and (ii) the Range
Reclamation Entities, which are wholly-owned subsidiaries of the Company, report the operating
results of the Environmental Services segment, which provides land reclamation, water restoration and environmental consulting services
to mining and non-mining customers. The Biochar Products and Solutions, Stream Mitigation Banking, and Environmental Security
Services business segments began operations in the first quarter of 2023.
In
accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified
as the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance
for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to
report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers,
and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation
under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products
and services; and procurement, manufacturing, and distribution processes.
Recent
Accounting Pronouncements
In
June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires entities to
use a forward-looking approach based on current expected credit losses to estimate credit losses on certain types of financial instruments,
including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 was effective for the Company
beginning January 1, 2023. This did not have a material effect on the Company’s financial position, results of operations, or cash
flows.
Other
recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s
present or future financial statements.
2.
ACQUISITION OF RANGE ENVIRONMENTAL RESOURCES AND RANGE NATURAL RESOURCES
In
May 2022, the Company and its wholly-owned subsidiary, Daedalus Ecosciences, Inc., entered into a share purchase agreement with Range
Environmental Resources, Inc. (“Range Environmental”), and Range Natural Resources, Inc. (“Range Natural”, and
collectively with Range Environmental, the “Range Reclamation Entities”), and the two (2) shareholders of the Range Reclamation
Entities (the “Range Shareholders”) (the “Share Purchase Agreement”), under which the Company issued a total
of 10,000,000 shares of the Company’s common stock to the Range Shareholders and Daedalus Ecosciences paid cash consideration of
$1,000,000 to the Range Shareholders for 80% of the outstanding common stock of each of the Range Reclamation Entities.
Subsequent
to entering into the Share Purchase Agreement, the Company discovered that Joshua Justice, one of the Range Shareholders (“Justice”),
made certain misrepresentations in the Share Purchase Agreement. On July 12, 2022, the Company entered into a Separation Agreement, by
and among the Company, Daedalus Ecosciences, the Range Reclamation Entities, and Justice and his spouse (the “Separation Agreement”)
pursuant to which Justice: a) acknowledged that his employment with the Range Reclamation Entities was terminated for cause effective
June 30, 2022; b) returned the 5,000,000 shares of the Company’s common stock that had been issued to him under the terms of the
Share Purchase Agreement; c) transferred his 10% interest in each of the Range Reclamation Entities to Daedalus Ecosciences; and d) paid
Daedalus Ecosciences cash in an amount of $250,000. As a result, only 5,000,000 of the Company’s common stock issued to the Range
Shareholders is considered to have been issued in exchange for 90% of the outstanding common stock of each of the Range Reclamation Entities.
Subsequently,
on October 11, 2022, Daedalus Ecosciences and Jeremy Starks, the remaining Range Shareholder (“Starks”), entered into a share
purchase agreement, effective as of May 11, 2022 (the “Starks Agreement”), pursuant to which Starks exchanged his 10% common
stock ownership of the Range Reclamation Entities for 10% of the Cash Dividends and Sale Proceeds (as both terms are defined in the Starks
Agreement) of the Range Reclamation Entities. As a result of the merger of Daedalus Ecosciences
into Malachite as of December 31, 2022, the Range Reclamation Entities are reported as wholly-owned subsidiaries of the Company in the financial
statements made part of this Form 10-Q. No other changes were made to the consideration received by Starks as part of the Share Purchase
Agreement and he remains as President of each of the Range Reclamation Entities.
The
Company accounted for the transaction as a business combination in accordance ASC 805 “Business Combinations”. The Company
has performed an allocation of the purchase price paid for the assets acquired and the liabilities assumed. The fair values of the assets
acquired are set forth below. The allocation of the purchase price is based on management’s estimates.
SCHEDULE
OF BUSINESS ACQUISITION ALLOCATION OF PURCHASE PRICE
| |
| |
Fair value of assets acquired: | |
| |
Cash | |
$ | 15,827 | |
Accounts receivables | |
| 889,919 | |
Property and equipment | |
| 628,000 | |
Goodwill | |
| 751,421 | |
Total assets acquired | |
| 2,285,167 | |
Fair value of liabilities assumed | |
| (785,167 | ) |
Purchase price | |
$ | 1,500,000 | |
Cash consideration | |
| 750,000 | |
Common stock consideration | |
| 750,000 | |
Total purchase price | |
$ | 1,500,000 | |
Acquisition transaction costs incurred | |
$ | 20,592 | |
Goodwill
has an assigned value of $751,421 and represents the value of the Range Reclamation Entities’
brand reputation, customer base and employee relations.
3.
GOODWILL
Goodwill
was $751,421 at June 30, 2023 and at December 31, 2022. The goodwill as of both dates represents the value
of the Range Reclamation Entities’ employee relations. Goodwill by reportable segment is as follows:
SCHEDULE
OF GOODWILL
| |
June 30, 2023 | | |
December 31, 2022 | |
Environmental Services: | |
| | | |
| | |
Beginning Balance | |
$ | 751,421 | | |
$ | - | |
Acquisitions | |
| - | | |
| 751,421 | |
Adjustments | |
| - | | |
| - | |
Ending Balance | |
$ | 751,421 | | |
$ | 751,421 | |
4.
EQUITY
Issuance
of Common Stock and Warrants
On
April 11, 2023, the Company entered into securities purchase agreements providing for the issuance and sale by the Company of (i) 2,733,334
shares of the Company’s common stock (the “Shares”) at a price of $0.15
per share and (ii) warrants to purchase up to an additional 2,733,333
shares of the Company’s common stock (the “Warrants”, and the shares issuable upon exercise of the Warrant, the
“Warrant Shares”) at a price of $0.60
per share. The Warrants expire on April 11, 2028. The aggregate proceeds to the Company from the sale of the Shares and Warrants were
approximately $400,000.
5.
STOCK OPTIONS
Stock
options issued during the three months ended June 30, 2023 and the three months ended June 30, 2022
During
the three months ended June 30, 2023, the Company granted options to two outside advisors to purchase an aggregate of 400,000
shares of the Company’s common stock with exercise prices of $0.18
per share that expire five
years from the date of grant. Options to purchase 200,000
shares vested upon grant and options to purchase 200,000
vest over two years. The fair value of each option award was estimated on the date of grant using the Black-Scholes-Merton Option
Pricing model based on the following assumptions: (i) volatility rate between 273.24%
and 273.87%,
(ii) discount rate between 1.4%
and 1.55%,
(iii) zero
expected dividend yield, and (iv) expected life of 5
years, which is the term of the options. The total fair value of the option grants at their grant dates was approximately $71,840,
$35,920
of which was allocated to general and administrative expenses during the three months ended June 30, 2023.
No
stock options were granted to directors, advisors, and employees during the three months ended June 30, 2022.
During
the three months ended June 30, 2023, total stock-based compensation expense related to vested stock options was $35,920. During the
three months ended June 30, 2022, the Company recorded no stock-based compensation expense related to vested stock options. At June 30,
2023, the remaining unamortized cost of the outstanding stock-based awards was approximately $35,920 and will be amortized on a straight-line
basis over the remaining vesting period of 2 years.
A
summary of the Company’s stock option activity during the six months ended June 30, 2023 is as follows:
SUMMARY
OF STOCK OPTION ACTIVITY
| |
Shares | | |
Weighted
Average Exercise Price | |
Balance outstanding at December 31, 2022 | |
| 9,392,544 | | |
$ | 0.54 | |
Granted | |
| 400,000 | | |
| 0.18 | |
Exchanged | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | |
Expired | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | |
Balance outstanding at June 30, 2023 | |
| 9,792,544 | | |
$ | 0.52 | |
Balance exercisable at June 30, 2023 | |
| 9,592,544 | | |
$ | 0.53 | |
At
June 30, 2023, the 9,792,544 outstanding stock options had no intrinsic value.
A
summary of the Company’s stock options outstanding as of June 30, 2023 is as follows:
SCHEDULE
OF STOCK OPTION OUTSTANDING
| |
Number of
Options | | |
Weighted Average Exercise Price | | |
Weighted Average Grant- Date Stock Price | |
Options Outstanding, June 30, 2023 | |
| 3,050,000 | | |
$ | 0.18 | | |
$ | 0.18 | |
| |
| 1,150,000 | | |
$ | 0.277 | | |
$ | 0.277 | |
| |
| 750,000 | | |
$ | 0.30 | | |
$ | 0.30 | |
| |
| 2,000,000 | | |
$ | 0.35 | | |
$ | 0.35 | |
| |
| 1,664,542 | | |
$ | 0.50 | | |
$ | 0.50 | |
| |
| 128,000 | | |
$ | 0.96 | | |
$ | 0.96 | |
| |
| 350,834 | | |
$ | 1.50 - 1.95 | | |
$ | 1.50 - 1.95 | |
| |
| 597,500 | | |
$ | 2.00 - 2.79 | | |
$ | 2.00 - 2.79 | |
| |
| 83,334 | | |
$ | 3.10 - 3.80 | | |
$ | 3.10 - 3.80 | |
| |
| 18,334 | | |
$ | 4.00 - 4.70 | | |
$ | 4.00 - 4.70 | |
| |
| 9,792,544 | | |
| | | |
| | |
A
summary of the Company’s stock options outstanding and exercisable as of June 30, 2023 is as follows:
SCHEDULE
OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Grant- Date Stock Price | |
Options Outstanding and Exercisable, June 30, 2023 | |
| 2,850,000 | | |
$ | 0.18 | | |
$ | 0.18 | |
| |
| 1,150,000 | | |
$ | 0.277 | | |
$ | 0.277 | |
| |
| 750,000 | | |
$ | 0.30 | | |
$ | 0.30 | |
| |
| 2,000,000 | | |
$ | 0.35 | | |
$ | 0.35 | |
| |
| 1,664,542 | | |
$ | 0.50 | | |
$ | 0.50 | |
| |
| 128,000 | | |
$ | 0.96 | | |
$ | 0.96 | |
| |
| 350,834 | | |
$ | 1.50 - 1.95 | | |
$ | 1.50 - 1.95 | |
| |
| 597,500 | | |
$ | 2.00 - 2.79 | | |
$ | 2.00 - 2.79 | |
| |
| 83,334 | | |
$ | 3.10 - 3.80 | | |
$ | 3.10 - 3.80 | |
| |
| 18,334 | | |
$ | 4.00 - 4.70 | | |
$ | 4.00 - 4.70 | |
| |
| 9,592,544 | | |
| | | |
| | |
6.
WARRANTS
A
summary of warrants to purchase common stock issued during the six months ended June 30, 2023 is as follows:
SCHEDULE
OF WARRANTS ACTIVITY
| |
Shares | | |
Weighted
Average Exercise Price | |
Balance outstanding at December 31, 2022 | |
| 22,313,335 | | |
$ | 0.61 | |
Granted | |
| 2,733,334 | | |
| 0.60 | |
Exercised | |
| - | | |
| - | |
Expired | |
| - | | |
| - | |
Balance outstanding and exercisable at June 30, 2023 | |
| 25,046,669 | | |
$ | 0.61 | |
At
June 30, 2023, the 25,046,669 outstanding stock warrants had no intrinsic value.
7.
LINES OF CREDIT
In
November 2022, the Company secured a bank line of credit with a limit of $1,000,000.
The line of credit expires on November
30, 2023 and bears interest at one percent (1%)
above the prime rate (9.25%
at June 30, 2023). As of June 30, 2023, the balance due under the line of credit was $200,000.
In
June 2023, the Range Reclamation Entities secured a separate bank line of credit with a limit of $1,000,000.
This line of credit is secured by all of the Range Reclamation Entities’ fixed assets. This line of credit expires on June
24, 2024 and bears interest at the prime rate
(8.25%
at June 30, 2023). As of June 30, 2023, the balance due under this line of credit was $1,000,000.
8.
LONG-TERM DEBT OBLIGATIONS
Long-term
debt consists of debt on vehicles and equipment, which serves as the collateral. Interest rates range from 3.69% to 9.95% for 2023. The
debt matures from 2023 through 2028.
A
summary of payments due under the long-term debt by year is as follows:
SCHEDULE
OF MATURITIES OF LONG TERM DEBT
| |
| | |
2023 – due between July 1, 2023 and June 30, 2024 | |
$ | 1,089,509 | |
2024 – due between July 1, 2024 and June 30, 2025 | |
| 1,133,938 | |
2025 – due between July 1, 2025 and June 30, 2026 | |
| 768,744 | |
2026 – due between July 1, 2026 and June 30, 2027 | |
| 756,993 | |
2027 – due between July 1, 2027 and June 30, 2028 | |
| 626,976 | |
2028 and later – due on July 1, 2028 and thereafter | |
| 171,163 | |
Total long-term debt | |
$ | 4,547,323 | |
9.
MAJOR CUSTOMER AND CONCENTRATION OF CREDIT RISK
Sales
to the Company’s largest customer were 94% and 92% of total sales for the three months ended June 30, 2023 and the six months ended
June 30, 2023, respectively. Sales to the Company’s two largest customers were 91% of total sales for the three and six months
ended June 30, 2022.
Accounts
receivable from the same customer were 96% of total accounts receivable and unbilled receivables as of June 30, 2023. Accounts receivable
from the Company’s two largest customers were 93% of total accounts receivable and unbilled receivables as of June 30, 2022.
10.
COMMITMENTS AND CONTINGENCIES
The
Company received a letter in February 2021 from counsel for the Company’s director’s and officer’s insurance carrier
(the “insurer”) demanding that the Company reimburse the insurer for sums advanced by the insurer to a former director of
the Company as defense costs in connection with a claim purportedly arising under a previous directors and officers insurance policy.
The Company believes it has no liability for this claim on the basis of, among other things, Nevada law, the Company’s governing
documents and the language of the policy. Accordingly, as of June 30, 2023, no contingent liability has been recorded in the Company’s
consolidated statements of financial condition for this matter.
11.
SEGMENT INFORMATION
ASC
280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with
the Company’s internal organization structure as well as information about services, categories, business segments and major customers
in financial statements. The Company has five reportable segments that are based on the following business units: (i) Environmental Services,
(ii) Biochar Products and Solutions, (iii) Stream Mitigation Banking, (iv) Environmental Security Services, and (v) Cannabinoid Drug
Development. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker
has been identified as the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing
performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements
to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers
and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation
under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products
and services; and procurement, manufacturing and distribution processes.
The
five reportable segments that result from applying the aggregation criteria are as follows:
● |
Environmental Services
– land reclamation, water restoration and environmental consulting services |
|
|
● |
Biochar Products and Solutions
- biochar product development and environmental solutions business |
|
|
● |
Stream Mitigation Banking
– mitigation banks to restore waterways and support economic development |
|
|
● |
Environmental Security
Services – security services on mines transitioning to next generation industries |
|
|
● |
Cannabinoid Drug Development
– glycosylated cannabinoid drug development program |
The
Company operated two reportable business segments during the three and six months ended June 30, 2022, the Cannabinoid Drug Development
and Environmental Services segments. The other business segments began operating in 2023.
The
Company had no inter-segment sales for the periods presented.
Summarized
financial information concerning the Company’s reportable segments is shown as below:
SCHEDULE
OF FINANCIAL INFORMATION OF REPORTABLE SEGMENT
By
Categories
| |
Environmental Services | | |
Biochar Products and Solutions | | |
Stream Mitigation Banking | | |
Environmental Security Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
For the three months ended June 30, 2023 | |
| |
Environmental Services | | |
Biochar Products and Solutions | | |
Stream Mitigation Banking | | |
Environmental Security Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Sales | |
$ | 3,882,492 | | |
$ | - | | |
| - | | |
$ | 115,775 | | |
$ | - | | |
$ | - | | |
$ | 3,998,267 | |
Cost of services | |
| 3,092,805 | | |
| - | | |
| - | | |
| 60,361 | | |
| - | | |
| - | | |
| 3,153,166 | |
Gross profit | |
| 789,687 | | |
| - | | |
| - | | |
| 55,414 | | |
| - | | |
| - | | |
| 845,101 | |
Net income (loss) | |
| 433,922 | | |
| (19,116 | ) | |
| - | | |
| 37,550 | | |
| (107,444 | ) | |
| (308,150 | ) | |
| 36,762 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total assets | |
| 9,440,020 | | |
| 15,138 | | |
| - | | |
| 94,610 | | |
| 8,784 | | |
| 156,928 | | |
| 9,715,480 | |
Depreciation | |
| 338,409 | | |
| 426 | | |
| - | | |
| 2,891 | | |
| - | | |
| - | | |
| 341,726 | |
Interest expense | |
| 63,061 | | |
| - | | |
| - | | |
| 224 | | |
| - | | |
| 1,712 | | |
| 64,997 | |
Tax expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Capital expenditures for long-lived assets | |
$ | 38,289 | | |
$ | - | | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 38,289 | |
| |
Environmental Services | | |
Biochar Products and Solutions | | |
Stream Mitigation Banking | | |
Environmental Security Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
For the six months ended June 30, 2023 | |
| |
Environmental Services | | |
Biochar Products and Solutions | | |
Stream Mitigation Banking | | |
Environmental Security Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Sales | |
$ | 6,870,979 | | |
$ | - | | |
| - | | |
$ | 142,175 | | |
$ | - | | |
$ | - | | |
$ | 7,013,154 | |
Cost of services | |
| 5,442,713 | | |
| - | | |
| - | | |
| 76,338 | | |
| - | | |
| - | | |
| 5,519,051 | |
Gross profit | |
| 1,428,266 | | |
| - | | |
| - | | |
| 65,837 | | |
| - | | |
| - | | |
| 1,494,103 | |
Net income (loss) | |
| 620,565 | | |
| (38,280 | ) | |
| - | | |
| 20,445 | | |
| (213,621 | ) | |
| (579,207 | ) | |
| (190,098 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total assets | |
| 9,440,020 | | |
| 15,138 | | |
| - | | |
| 94,610 | | |
| 8,784 | | |
| 156,928 | | |
| 9,715,480 | |
Depreciation | |
| 691,165 | | |
| 426 | | |
| - | | |
| 4,319 | | |
| - | | |
| - | | |
| 695,910 | |
Interest expense | |
| 105,811 | | |
| - | | |
| - | | |
| 224 | | |
| - | | |
| 2,599 | | |
| 108,634 | |
Tax expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Capital expenditures for long-lived assets | |
$ | 716,491 | | |
$ | 15,350 | | |
| - | | |
$ | 52,674 | | |
$ | - | | |
$ | - | | |
$ | 784,515 | |
| |
Environmental Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
For the three months ended June 30, 2022 | |
| |
Environmental Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 639,359 | | |
$ | - | | |
$ | - | | |
$ | 639,359 | |
Cost of services | |
| 574,407 | | |
| - | | |
| - | | |
| 574,407 | |
Gross profit | |
| 64,952 | | |
| - | | |
| - | | |
| 64,952 | |
Net loss | |
| (39,429 | ) | |
| (107,823 | ) | |
| (295,934 | ) | |
| (443,186 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total assets | |
| 3,855,184 | | |
| 8,334 | | |
| 1,661,781 | | |
| 5,525,299 | |
Capital expenditures for long-lived assets | |
$ | 1,107,833 | | |
$ | - | | |
$ | - | | |
$ | 1,107,833 | |
| |
Environmental Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
For the six months ended June 30, 2022 | |
| |
Environmental Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 639,359 | | |
$ | - | | |
$ | - | | |
$ | 639,359 | |
Cost of services | |
| 574,407 | | |
| - | | |
| - | | |
| 574,407 | |
Gross profit | |
| 64,952 | | |
| - | | |
| - | | |
| 64,952 | |
Net loss | |
| (60,146 | ) | |
| (233,553 | ) | |
| (597,461 | ) | |
| (891,160 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total assets | |
| 3,855,184 | | |
| 8,334 | | |
| 1,661,781 | | |
| 5,525,299 | |
Capital expenditures for long-lived assets | |
$ | 1,107,833 | | |
$ | - | | |
$ | - | | |
$ | 1,107,833 | |
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
As
used in this discussion and analysis and elsewhere in this Quarterly Report, the “Company”, “we”, “us”
or “our” refer to Malachite Innovations, Inc., a Nevada corporation.
Cautionary
Statement
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Unaudited
Condensed Financial Statements and the related notes thereto contained in Part I, Item 1 of this Quarterly Report. The information contained
in this Quarterly Report on Form 10-Q is not a complete description of our business or the risks associated with an investment in our
common stock. We urge you to carefully review and consider the various disclosures made by us in this Quarterly Report and in our other
reports filed with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year
ended December 31, 2022 filed on March 31, 2023, and the related audited financial statements and notes included therein.
Certain
statements made in this Quarterly Report on Form 10-Q constitute “forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). Forward-looking
statements are projections in respect of future events or our future financial performance. In some cases, you can identify forward-looking
statements by terminology such as “may,” “will,” “should,” “intend,” “expect,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,”
or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors, which may cause our or our industry’s actual results, levels of activity
or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking
statements. These risks and uncertainties include: general economic and financial market conditions; our ability to obtain additional
financing as necessary; our ability to continue operating as a going concern; any adverse occurrence with respect to our business or;
results of our research and development activities that are less positive than we expect; our ability to bring our intended products
to market; market demand for our intended products; shifts in industry capacity; product development or other initiatives by our competitors;
fluctuations in the availability and costs of raw materials required in our drug development process; other factors beyond our control;
and the other risks described under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on March
31, 2023.
Although
we believe that the expectations and assumptions reflected in the forward-looking statements we make are reasonable, we cannot guarantee
future results, levels of activity or performance. In addition, we cannot assess the impact of each factor on our business or the extent
to which any factor, or combination of factors, may cause actual results to differ materially from those expressed by any forward-looking
statements. As a result, readers should not place undue reliance on any of the forward-looking statements we make in this report. Forward-looking
statements speak only as of the date on which they are made. Except as required by law, we undertake no obligation to revise or update
publicly any forward-looking statements for any reason.
Company
Overview
Malachite
Innovations, Inc. (“Malachite”) is a public holding company dedicated to improving the health and wellness of people and
the planet through a novel and innovative approach to impact investing. Malachite owns and operates a balanced portfolio of operating
businesses focused on developing long-term solutions to environmental, social and health challenges, with a particular focus on economically
disadvantaged communities. Malachite takes an opportunistic approach to impact investing by leveraging its competitive advantages and
looking at solving old problems in new ways. Malachite seeks to thoughtfully allocate its capital into ventures that are expected to
make a positive impact on the people-planet ecosystem and generate strong investment returns for our shareholders.
Our
corporate headquarters is located in Cleveland, Ohio, with additional office locations in Rocklin, California and Fola, West Virginia.
As of August 1, 2023, we employed 38 full-time employees and engaged various consultants and professional service firms to provide us
with flexible and experienced resources to advance our corporate objectives while maintaining a cost-effective overhead structure. We
strive to instill a corporate culture of honesty, integrity and respect while advancing our mission of doing well by doing good.
Operating
Business Segments
Our
five operating business segments are: (i) Environmental Services, (ii) Biochar Products and Solutions, (iii) Stream Mitigation Banking,
(iv) Environmental Security Services, and (v) Cannabinoid Drug Development. The Stream Mitigation Banking segment did not have significant
operations in the three months ended June 30, 2023.
Information
about our business segments should be read together with “Part II. Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations.”
Environmental
Services
In
May 2022, the Company acquired Range Environmental Resources, Inc., a West Virginia corporation (“Range Environmental”) and
Range Natural Resources, Inc., a West Virginia corporation (“Range Natural” and together with Range Environmental, the “Range
Reclamation Entities”). The Range Reclamation Entities provide land reclamation, water restoration and environmental consulting
services to mining and non-mining customers throughout the Appalachian region with the goal of returning land to pre-mining conditions
or repurposing the land for natural, commercial, agricultural or recreational use. The Range Reclamation Entities’ water restoration
services seek to improve rivers, streams and discharges through novel and innovative treatment applications to help customers meet their
various regulatory standards and requirements. The Range Reclamation Entities also provide environmental consulting services to customers,
typically in connection with land reclamation and water restoration projects, and, as an additional value-add service, sell water treatment
chemicals manufactured by third parties to their customers. Range Natural also mines natural resources, including coal, for customers
incidental to the reclamation and repurposing of mine sites.
According
to the U.S. Energy Information Administration (the “EIA”), the United States had 551 coal mines in 2020, comprised of
370 active mines, 141 idled or closed mines, and 40 new or activated mines. Approximately 82% of those coal mines were located in
Appalachia (which comprises the Appalachian Mountains and is commonly known as the cultural region in the Eastern United States
stretching from the southern part of New York to the northern parts of Alabama and Georgia). According to the EIA, there were
approximately three times as many coal mines in the United States in 2008 (compared to 2020) with approximately 89% located in
Appalachia. The precipitous decline in the number of operating coal mines since 2008 is due to various supply, demand and regulatory
factors, including a reduction in demand for coal as a source of electricity due to the increased use of natural gas and renewable
energy, an increase in coal production costs due to inflation and the dearth of cost-effective locations remaining for mining, and a
more stringent and costly regulatory environment, all of which have resulted in an increasingly difficult market for coal
producers.
In
2000, coal was responsible for 1,966 billion kWh of electricity generation, which represented 52% of the total electricity generation
in the United States. However, in 2022, coal was responsible for only 828 billion kWh of electricity generation, which represented 20%
of the total electricity generation in the United States. According to the EIA, 23% of the 200,568 megawatts of coal-fired capacity currently
operating in the United States is scheduled to retire by the end of 2029 due to the high cost of operations, continued competition from
natural gas and renewable energy resources, and sustainable initiatives of energy producers.
However,
the reclamation of closed and inactive mine sites has not kept pace with the increase in closed and idled mine sites, thus creating a
substantial backlog of reclamation work that needs to be completed on former mine sites. According to the U.S. Office of Surfacing Mining
Reclamation and Enforcement (“OSMRE”), there are approximately 50,000 high-priority abandoned mine land locations in the
United States resulting from legacy coal mining operations that failed to adequately reclaim the land and waterways back to their natural
state. Additionally, there are tens of thousands of active mine sites in the United States that require contemporaneous reclamation of
land and waterways during the active mining process, and an estimated equally large number of idled mine locations that also require
significant land reclamation and water restoration services.
Under
the Surface Mining Control and Reclamation Act of 1977 (“SMCRA”), OSMRE was established for two basic purposes: (i) to ensure
coal mines in the United States operate in a manner that protects citizens and the environment during mining operations and to restore
the land to beneficial use following mining, and (ii) to implement an Abandoned Mine Land (“AML”) reclamation program to
address the hazards and environmental degradation resulting from two centuries of coal mining activities that occurred before SMCRA was
passed in 1977. The AML reclamation program is funded through fees levied against coal producers based on tons of coal produced. As of
September 2020, the AML reclamation fund had collected a total of $11.7 billion in coal mining fees over the life of the program, with
$9.5 billion (81%) appropriated and distributed in accordance with SMCRA, and $2.2 billion (19%) unappropriated and available for future
disbursement. In November 2021, the Infrastructure Investment and Jobs Act was enacted, which, among other things, authorized $11.3 billion
in new funding to be appropriated for deposit into the AML reclamation fund. Importantly, the AML reclamation fund is only available
to help fund the reclamation of mines abandoned before SMCRA was enacted in 1977; therefore, all mines abandoned after the year 1977
cannot access funding from the AML reclamation fund and must obtain funding from other sources.
Additionally,
each state in Appalachia has a Department of Environmental Protection (“DEP”) or an equivalent agency that oversees coal
mining permitting, operations, and reclamation. Under DEP rules and regulations, coal mining companies are required to develop a mining
and reclamation plan that is approved by the applicable state agency, obtain a mining permit from the state, and secure a reclamation
surety bond from a qualified third-party insurance company or provide a comparable financial guarantee. The reclamation surety bond provides
the state with financial assurances that land reclamation and waterway restoration will be performed in accordance with the original
reclamation plan once mining is complete if the coal mining company, as primary obligor, fails to perform. Therefore, there are at least
three groups who may need land reclamation, water restoration and environmental auditing services: (i) mining companies when permits
are active and reclamation bonds are not in default, (ii) surety bond insurers when reclamation bonds are in default, and (iii) states
through their AML reclamation funds for mine lands abandoned before 1977 and for mine lands with defaulted coal mining companies and
surety bond insurers after 1977.
At
the time of acquisition in May 2022, the Range Reclamation Entities had one reclamation customer, 15 pieces of owned and financed equipment,
eight pieces of leased equipment, and 12 employees, all located and operating in West Virginia. As of June 30, 2023, approximately one
year later, the businesses had four reclamation customers, 60 pieces of owned and financed equipment, and 29 employees in West Virginia.
For the full year 2021, the Range Reclamation Entities had revenues of approximately $2.5 million. For the partial year period from May
11, 2022 to December 31, 2022, the Range Reclamation Entities had revenues of approximately $4.8 million. For the first six months of
2023, the Range Reclamation Entities had revenues of approximately $6.9 million. The Range Reclamation Entities have also made a significant
investment in recruiting, retaining and rewarding employees, including providing new benefits such as health insurance, paid time off,
vacation days, 401K retirement plan, and job advancement training. The Range Reclamation Entities’ employees are their most valuable
asset, and therefore we are committed to building a best-in-class culture and financially rewarding our talented, hard-working employees
so that we can maximize the good we can do for our people and their families.
The
Range Reclamation Entities are planning for continued growth in their land reclamation, water restoration and consulting businesses by
expanding their market share with existing coal mining customers reclamation bond insurers, and the DEP of each state in Appalachia for
AML projects, adding new coal mining and non-coal mining customers, and collaborating with the Company’s other operating businesses
to generate incremental sales opportunities. We will seek to add additional people, equipment and technologies to support these ambitious
growth goals to ensure we successfully execute our value creation plans for the Company and our shareholders.
Biochar
Products and Solutions
Terra
Preta, Inc., an Ohio corporation (“Terra Preta”), is a biochar product development and environmental solutions business started
by the Company in December 2022. Terra Preta is developing a novel and innovative combination of biochar, proprietary materials and structural
designs intended to create several first-of-its-kind agricultural and water filtration products and solutions.
Biochar
is a solid, lightweight carbon-rich material produced by the thermal decomposition of organic material (such as cellulosic feedstock,
including wood and plants) using a chemical-conversion process known as pyrolysis. Carbonization pyrolysis is a chemical degradation
process that heats organic materials to produce carbon-rich biochar, liquid bio-oils, and syngas products. Since organic material is
thermally decomposed without oxygen during the pyrolysis process, combustion does not occur, so the process allows for the permanent
capture of carbon in the biochar end-product and eliminates the release of climate-damaging carbon dioxide into the atmosphere. The specific
yield of biochar during the carbonization pyrolysis process depends on several variables such as temperature, heating time and heating
rate. Lower temperatures, longer heating times and lower heating rates typically yield more biochar and less bio-oil and syngas.
Terra
Preta has been launched to build a full-cycle, carbon-negative business that reduces greenhouse gases from the atmosphere, passively
filters contaminated water without the use of harsh chemicals, and provides a fortified, nutrient-rich soil amendment to improve the
growth of agricultural products.
Greenhouse
gases, comprised of carbon dioxide, methane, nitrous oxide and fluorinated gases, are gases that trap heat in the atmosphere, and are
generally believed to result in warmer temperatures and climate change, including changing weather patterns, rising sea levels, and more
extreme weather events. Carbon dioxide enters the atmosphere through, among other things, the burning of fossil fuels, solid waste and
other biomass materials, and is removed from the atmosphere when absorbed by plants during the photosynthesis process. Terra Preta is
in discussions with a large affiliated landowner to enter into a long-term lease or purchase of at least 100 acres of former mine land
in West Virginia for the planting, growth and harvesting of crops to serve as the primary feedstock for our biochar production operations.
The newly planted crops would then act as a “carbon sink”, drawing substantial amounts of carbon dioxide from the atmosphere
into the plants through the photosynthesis process. When the plants are harvested, biochar is produced through the carbonization pyrolysis
process and the captured carbon dioxide is permanently preserved as carbon in the biochar product for use in water treatment and agricultural
end uses.
Pursuant
to rules adopted under the Clean Water Act of 1972 (“Clean Water Act”), the U.S. Environmental Protection Agency (“EPA”)
has implemented various pollution control programs such as wastewater standards for industry and recommendations for pollutants in surface
waters. The Clean Water Act prohibits any party from discharging pollutants into a water of the United States unless they have a permit
issued under the National Pollutant Discharge Elimination System (“NPDES”), which contains limits on what a party can discharge
and establishes monitoring and reporting requirements. On mining sites, coal operators are required to sample and test their water discharges
on a regular basis to ensure compliance with the Clean Water Act and applicable NPDES permits. Currently, most mining operators treat
non-compliant water with temporary holding ponds and expensive chemicals such as pH adjusters, coagulants and flocculants that require
constant reapplication to ensure compliance. Terra Preta will focus on developing a proprietary, biochar-based passive treatment system
that treats non-compliant mine site discharges to ensure compliance with the Clean Water Act and NPDES permits without the need for holding
ponds or expensive chemicals.
Sustainable
agriculture plays a critical role in the stability, growth, and diversification of our future food supply chain and the growth of plants
intended to serve as a carbon sink to reduce greenhouse gases. High-quality soil, a key condition for sustainable agriculture, requires
organic matter, microorganisms, nutrients, and optimal compaction. Subsoils with a sufficient number of air-filled pores have little
restriction to drainage and aeration, and typically are able to decompose and cycle organic matter and nutrients more efficiently. Alternatively,
soil with poor aeration leads to the build-up of carbon dioxide, reduces the ability of plants to absorb water and nutrients, and leads
to increased plant stress and root disease. To help address the ill effects of soil compaction, Terra Preta is developing a proprietary,
fortified biochar soil amendment that provides unique soil structuring characteristics that will allow plants to grow strong roots that
optimize the absorption of water and nutrients, thereby reducing root stress and disease.
In
December 2022, Terra Preta filed trademarks for biochar goods and services related to agricultural and water treatment applications.
In March 2023, Terra Preta filed provisional patents related to novel and innovative agricultural and water treatment solutions and designs.
Additionally, in March 2023, Terra Preta purchased two pyrolysis ovens that each produce one ton of biochar per day to advance our research
and development activities. We anticipate that several biochar-based water filtration and soil amendment products will be available for
production and sale by the end of 2023.
Stream
Mitigation Banking
In
December 2022, the Company formed Pristine Stream Ventures, Inc., an Ohio corporation (“Pristine Stream”) to engage in the
business of establishing “mitigation banks” throughout the Appalachian region in order to restore and preserve environmentally
degraded streams and waterways and support new economic development, with a particular focus on coal mine sites in economically disadvantaged
areas that are being repositioned for next generation industries and job creation.
A
mitigation bank is a stream, wetland or other aquatic resource that has been restored or preserved for the purpose of providing compensation
for environmental impacts to other aquatic resources. A mitigation bank is created to ensure that ecological loss resulting from new
development is offset by the restoration and preservation of other nearby natural habitats so there is no net loss to the environment.
Regulatory agencies determine the number of mitigation credits that a mitigation bank may earn and sell upon the completion of each specific
restoration project, and likewise, the number of mitigation credits that a developer is required to purchase to offset the environmental
impact of the new development project.
Under
Section 404 of the Clean Water Act, a permit from the U.S. Army Corps of Engineers (“Army Corps”) is required to begin a
new development that impacts a wetland, stream or other aquatic resource. The Army Corps, following the guidance set forth by the EPA,
will grant a permit if the applicant: (i) takes all practicable steps to avoid an adverse impact to a wetland, stream, or other aquatic
resource, (ii) minimizes unavoidable damage to a wetland, stream, or other aquatic resource, and (iii) compensates for permanent destruction
of a wetland, stream, or other aquatic resource by creating a new comparable aquatic resource, or by restoring a degraded one.
When
a wetland, stream or aquatic resource is permanently destroyed as part of a project, the developer must either restore or preserve a
new wetland, stream or aquatic resource, or purchase available credits from a qualified and approved mitigation bank that has already
restored or preserved a wetland, stream or aquatic resource in a qualifying hydrological unit code (“HUC”) zone. The United
States Geological Survey created HUC zones based on a hierarchical land area classification system incorporating surface hydrological
features in a standard, uniform graphical framework. HUC zone requirements are used to ensure a restored waterway is proximally located
to an impacted waterway so that the no net-loss principle incorporates a geographic factor.
Compensatory
mitigation can be accomplished through three options approved by the Army Corps: (i) the developer purchases appropriate credits from
an approved mitigation bank, (ii) the developer pays into an approved in-lieu fee fund, or (iii) the developer performs the requisite
amount of aquatic restoration. The Army Corps determines, on a case-by-case basis, the appropriate compensation option and amount of
compensation mitigation required by a developer to off-set unavoidable adverse effects to the aquatic environment. In determining the
amount of compensation mitigation, the Army Corps will consider the functional loss at the development site, the expected functional
gain at the mitigation site, the net loss of aquatic resource surface area, risk and uncertainty of the mitigation project, and loss
of natural habitat.
Pristine
Stream is planning to establish mitigation banks throughout the Appalachian region to earn mitigation credits which Pristine Stream would
later sell to developers to allow them to offset the impact of development activities in similar geographical areas. Pristine Stream
plans to identify and select qualifying aquatic sites, work closely with applicable federal and state regulatory agencies, and use the
Range Reclamation Entities to repair and restore damaged waterways to earn mitigation credits that can be sold by Pristine Stream. Pristine
Stream is currently analyzing the supply and demand dynamics of many HUC zones throughout the Appalachian region to determine the optimal
areas of focus for its new mitigation banks, and anticipates initiating its first mitigation banking project in Appalachia by the end
of 2023.
Environmental
Security Services
Range
Security Resources, Inc., an Ohio corporation (“Range Security”), is an environmental security services business started
by the Company in November 2022. Range Security is focused on providing eco-friendly, technology-driven security services to active and
former mine sites, with a particular focus on locations transitioning from coal mining to next generation industries. Range Security
is intended to serve as a complementary business to the Range Reclamation Entities.
Mine
sites in the Appalachian region frequently comprise thousands of acres of natural habitat with valuable infrastructure and operating
assets disbursed across large tracts of land. However, many of these mine sites lack adequate broadband access or cellular service, and
therefore traditional technology-based security solutions are not available. Also, due to the large land areas and often challenging
access roads and mountainous terrain, consistent visual confirmation of the safety and security of high value assets is problematic,
and unnecessary amounts of carbon dioxide are emitted from heavy-duty trucks used to perform frequent visual security checks. Furthermore,
due to the remoteness and lack of technological options, most security services in the market fail to provide an independent verification
of the security status of a mine site and confirmation of visual security checks, resulting in a customer’s uncertainty regarding
the actual security services being provided.
Valuable
assets commonly found on mine sites requiring high-levels of security services include office buildings, coal operation facilities such
as preparation plants and loadout facilities, power stations and electrical lines, vehicles and heavy equipment, supplies and chemicals,
and spare parts and components. These high-value assets are frequently the target of theft since all or parts of these assets can be
easily removed from the mine site and sold for cash. Unfortunately, the actual damage to the operation resulting from this type of destructive
theft is frequently many times the market value of the stolen item, primarily due to the losses resulting from the down-time of operations,
the cost of repairs and replacement components, and the long-term damage to critical infrastructure that can be repurposed and used to
attract next generation industries once the mining is complete.
In
March 2023, Range Security was engaged by its first customer for environmental security services covering a 13,000-acre coal mine site
in West Virginia. Range Security has hired seven new security professionals, and is focusing its recruitment efforts on military veterans,
police officers, and other professionals with security experience. Range Security has purchased two fuel-efficient utility task vehicles
for ground surveillance and a thermal-imaging drone for aerial surveillance, all of which use significantly less fuel and electricity
to operate than traditional security vehicles and provide a much broader coverage range with a substantially lower carbon footprint.
Range Security is also in the process of establishing satellite-based wireless service to support video surveillance and enable a mobile
technology solution used by our security professionals to provide real-time evidence of visual security checks. Range Security plans
to expand its security service business onto several additional mine sites prior to the end of 2023, with a particular focus on locations
with valuable infrastructure being repurposed into non-coal multi-use complexes with attractive job growth prospects and next generation
industry opportunities.
Cannabinoid
Drug Development
Graphium
Biosciences, Inc., a Nevada corporation (“Graphium”), is a cannabinoid-based drug development company tracing its history
of technological innovation and drug advancement back to October 2011 through two predecessor entities, Stevia First Corp. and Vitality
Biopharma, Inc. In October 2021, the Company formed Graphium as a wholly-owned subsidiary and transferred all of its drug development
assets to this newly-formed entity.
Graphium
is advancing a broad portfolio of glycosylated cannabinoid prodrugs that have been developed to unlock the rebalancing effects of the
endocannabinoid system to address numerous chronic conditions with inadequate pharmaceutical options. Graphium’s leading drug candidate,
VBX-100, is a glycosylated tetrahydrocannabinol (“THC”) cannabinoid that targets inflammatory conditions of the gastrointestinal
tract but without unwanted psychoactive or intoxicating side effects.
Cannabinoids,
including THC and cannabidiol (“CBD”), have well-known therapeutic benefits through their interaction with the human endocannabinoid
system, which serves a regulating and rebalancing function in the body. For decades, patients have used cannabinoids to activate the
endocannabinoid system to provide relief for numerous chronic and debilitating ailments, including inflammation, pain, anxiety, depression,
and cancer. However, THC, a commonly-used cannabinoid with significant therapeutic benefit, is psychoactive and intoxicating, and therefore
its use has many practical, and in some cases legal, limitations. Nevertheless, many patients with chronic health conditions, including
gastrointestinal inflammation, continue to use cannabinoids because current pharmaceutical offerings do not provide adequate therapeutic
relief or result in unwanted side effects.
Our
novel scientific discovery was the development of a proprietary enzymatic bioprocessing technology that adds one or more glucose molecules
to a cannabinoid, resulting in our proprietary glycosylated cannabinoid compounds. Our glycosylated cannabinoids act as prodrugs that
achieve targeted delivery of the bioactive cannabinoids within the body once they are activated. Prodrugs are compounds that, after administration,
are metabolized into a pharmacologically active drug and are often designed to improve drug properties and reduce known or expected toxicities
and adverse side effects. The advantages of our glycosylated cannabinoid prodrugs may include: (i) administration in a convenient oral
formulation, (ii) targeted delivery with release in the colon or large intestine, (iii) improved stability with limited degradation or
drug metabolism, and (iv) delayed release enabling longer-lasting effects and fewer administrations by patients.
We
have learned through our animal studies that glucose bound to cannabinoid molecules are inactive and poorly absorbed from the intestines,
allowing the combined molecule to reach the large intestine where glycoside hydrolase enzymes cleave the glucose and the cannabinoid
is released in a targeted and restricted manner. Further, we have learned through our animal studies that a targeted release of THC,
which could be provided in very low doses to achieve physiologically beneficial results, serves as an anti-inflammatory agent in the
lower gastrointestinal tract and minimizes the amount of THC absorbed into the blood stream. Therefore, we anticipate our glycosylated
cannabinoid prodrug will provide the anti-inflammatory benefits of low-dose THC while avoiding the psychoactive and intoxicating properties
that hinder the broader pharmaceutical use of THC. Initially, we are targeting the $20 billion inflammatory bowel disease (“IBD”)
market in the United States, which is composed of patients suffering from ulcerative colitis and Crohn’s disease, both chronic
and debilitating conditions with no cure. We also believe our glycosylated cannabinoids could also be used to treat other indications,
including, among others, irritable bowel syndrome (“IBS”), anxiety, depression, autism and cancer.
By
using our proprietary enzymatic bioprocessing technologies, our research team has developed a novel family of over 100 glycosylated cannabinoid
prodrugs. These glycosylated cannabinoids have unique commercial applications and patentable compositions of matter, which are separate
and distinct from ordinary cannabinoids. Currently, our intellectual property is comprised of the following patents: (i) Cannabinoid
Glycoside Prodrugs and Methods of Synthesis: Patent filed in 2016 and granted in 2021 for the invention of novel glycosylated cannabinoids
and methods of targeted delivery for the treatment of gastrointestinal disorders, including IBD and IBS, (ii) Antimicrobial Compositions
Comprising Cannabinoids and Methods of Using the Same: Patent filed in 2018 and granted in 2021 for the use of cannabinoids as antibiotics
for the treatment of Clostridioides difficile, (iii) Novel Cannabinoid Glycosides and Uses Thereof: Patent filed in 2020 and in
prosecution for additional novel cannabinoid glycosides and includes research data supporting the improved characteristics and commercial
production strategies for these new molecules, and (iv) Continuous Enzymatic Perfusion Reactor System: Patent filed in 2021 and in prosecution
for our improved reactor system for the efficient enzymatic glycosylation of hydrophobic small molecules, including cannabinoids. We
believe our intellectual property portfolio of glycosylated cannabinoids possess significant value and, as a result, we have allocated
substantial resources to ensure that our U.S. and international patents are properly filed and successfully prosecuted. As our research
efforts involving glycosylated cannabinoids continue to progress, we plan to file additional patents to further expand our growing family
of intellectual property assets and create long-term value for our shareholders.
Our
research team has performed 23 animal studies to test the safety, efficacy and dosing levels of our glycosylated cannabinoids, which
have provided us with favorable scientific data and the opportunity to further refine our drug development plan. We have performed two
industry standard colitis disease mouse models: (i) TNBS model in 2017 and 2018 that generated favorable colitis prevention data, and
(ii) DSS model in 2021 that generated favorable colitis treatment data. In 2021, we received a letter from the Food and Drug Administration’s
(“FDA”) Office of Orphan Products Development stating that we have been granted Orphan Drug Designation for our glycosylated
cannabinoid VBX-100 for the treatment of pediatric ulcerative colitis. An Orphan Drug Designation provides several benefits, including
fee waivers, tax credits, fast tracking of regulatory processes, and seven years of market exclusivity.
Due
to our development of pharmaceutical products, we are subject to extensive regulation by the FDA and other federal, state, and local
agencies. Also, since we are researching and developing cannabinoid-based products, we are subject to regulation by the U.S. Drug Enforcement
Administration (“DEA”). Our research and development activities focus on cannabinoids, particularly THC and CBD derived from
the cannabis plant, which the DEA has classified as Schedule I substances. Schedule I substances are defined as drugs with no currently
accepted medical use and a high potential for abuse. In May 2019, the DEA informed us that it had determined that they consider our VBX-100
prodrug a Schedule I substance. As a result, any developing, testing, manufacturing, or clinical studies involving our VBX-100 prodrug,
and by inference potentially all of our THC-glycoside molecules, are required to be properly licensed by the DEA and adhere to strict
diversion control standards.
We
are working closely with a third-party contract research organization to develop a detailed drug development plan to advance our leading
drug candidate, VBX-100, through Phase II clinical trials by the end of 2025, subject to receipt of sufficient funding, which is currently
estimated to be approximately $12.0 million. The Company is actively seeking to raise the necessary funding to advance our leading drug
candidate, VBX-100. If we are successful in raising the necessary capital and advancing VBX-100 through Phase II clinical studies, then
we would seek to maximize shareholder value by either selling our drug development assets to a strategic purchaser or raising additional
capital to advance VBX-100 through Phase III clinical trials.
Impact
Investing Strategy
Our
impact investing strategy aims to improve the health and wellness of people and the planet, while also generating long-term sustainable
financial returns for our shareholders. We believe that doing well and doing good are not mutually exclusive, and that an impact investing
strategy can balance the environmental, social and economic needs of people and the planet while also generating attractive risk-adjusted
financial returns for shareholders.
Our
impact investing strategy provides an opportunity for our dedicated team to address pressing environmental, social and economic challenges,
such as climate change, air and water pollution, educational inequality and economic disparity, through the development of technology-based
solutions. By actively directing investment capital towards businesses that are working to create positive environmental, social and
economic outcomes, our impact investing strategy can meaningfully contribute to an improved people-planet ecosystem and a healthier and
happier way of life.
We
have a particular interest in providing environmental and social solutions in economically-disadvantaged regions of the United States.
Initially, the Company is targeting the Appalachian region, which is home to communities with some of the most disadvantaged income,
education and employment demographics in the United States. Our ambitious strategy is to allocate investment capital and build operating
businesses that provide positive environmental and social impact in the disadvantaged coal communities of Appalachia to maximize the
good we can do for people and the planet.
Impact
Investing Process
Our
Company maintains a rigorous investment process comprised of sourcing, underwriting, acquiring or originating, growing, and exiting impact
investing opportunities. Our executive management team is responsible for the construction, execution, and continued refinement of our
impact investing process, which relies upon the decades of experience of our executive management team and a periodic review, evaluation
and adoption of best practices employed in the direct investment and private equity industry.
Our
impact investing process starts with identifying and evaluating potential investment opportunities. We use a variety of sources to identify
potential impact investments, including our extensive network of industry contacts, third party intermediaries and proprietary research
performed by our executive management team. Each potential impact investment is evaluated based on its fit with our corporate strategy,
the individual risks and opportunities of each potential investment, and any synergies with our other impact investments (“Portfolio
Companies”). This detailed due diligence review is aimed at identifying and addressing material investment risks and opportunities
to create long-term sustainable value for our shareholders. Furthermore, our evaluation of each potential impact investment incorporates,
to the extent appropriate, consideration of environmental, social and governance (“ESG”) and diversity, equity and inclusion
(“DEI”) factors in the investment decision-making process.
Our
impact investments are commonly structured as stock or asset acquisitions with transaction consideration in the form of cash and the
Company’s common stock so the former owners of impact investment acquisitions are properly aligned with our public shareholders
in the creation of future value. Additionally, the Company has developed innovative business projects that fit within our corporate strategy
and have been allocated capital and resources to grow and increase shareholder value. Each such organic innovation has been developed
within a newly-created, wholly-owned Portfolio Company (e.g., Terra Preta, Pristine Stream and Range Security) so the executive management
team can properly monitor the performance of each organic innovation and optimize the allocation of capital and management resources
to maximize the positive overall impact to the Company and its shareholders.
After
a potential impact investment is acquired, or an organic innovation is launched, our executive management team is responsible for closely
monitoring on a regular basis the performance of each investment. Each Portfolio Company has an experienced management team that is responsible
for executing a value creation plan with active support, collaboration and input from the Company’s executive management team.
Our complementary hybrid approach to investment management enables the management teams of each Portfolio Company to manage the daily
operations of the business in a decentralized manner, while the executive management team of the Company serves as an active collaborator
to the management team of each Portfolio Company to ensure the value creation plan is being successfully executed and cross-pollination
of ideas, capabilities and synergies are achieved across each Portfolio Company. We believe a balanced approach to individual management
and corporate governance provides Portfolio Company management teams with the freedom and autonomy to preserve their ownership mindset
while also providing the Company’s executive team with the optimal level of involvement in order to maximize the overall benefits
to the Company’s shareholders.
As
the value creation plan is executed for each Portfolio Company, the Company’s executive team, in consultation with the management
team of each Portfolio Company, will regularly evaluate the strategic options for the business, which could include additional investment
to fund strategic growth and expansion, maximizing current cash flow without further investments, or a potential exit to a strategic
or financial buyer. This process of evaluating strategic options is dynamic and involves many considerations, including an evaluation
of the current and future market conditions, the Portfolio Company’s current and future financial performance, changes in the Portfolio
Company’s competitive advantages, macro and micro market conditions, and exit valuations. Since the Company is structured as a
perpetual investment vehicle without predetermined hold periods, our executive management team possesses the flexibility to regularly
evaluate the risk-return profile of each Portfolio Company and make strategic decisions that maximize the investment returns and value
creation for the Company’s shareholders.
Structure
and Operation
The
Company is organized as a public holding company. Currently, all Portfolio Companies are wholly-owned subsidiaries of the Company and
are consolidated in our financial reporting.
The
Company’s executive management team works closely with the management team of each Portfolio Company on strategy, operations and
financial matters. The Company allocates the time and resources of several executives to support the operations of Portfolio Companies,
including accounting, insurance and human resources, to recognize operational efficiencies and cost savings resulting from the Company’s
larger scale.
Environmental,
Social and Governance
ESG
principles are central to our mission of improving the health and wellness of people and the planet. Our impact investing strategy is
dedicated to pursuing opportunities that improve the long-term sustainability of our people-planet ecosystem, reverse the damaging effects
of climate change, and revitalize disadvantaged communities into next generation cities. We believe that considering ESG principles,
along with the profit potential of an investment, enables our team to take a broader, more holistic approach to capital deployment by
considering a wide range of stakeholders, including shareholders, the environment and local communities.
We
believe our genuine commitment to ESG principles, which is at the heart of our impact investing strategy, truly differentiates our Company
from other businesses whose dedication to ESG principles is more peripheral. We believe our strong commitment to ESG principles will
allow us to attract similarly-committed customers, suppliers, employees, financial partners, and federal, state and local partnerships
who are motivated by our shared sense of purpose and commitment to doing well by doing good.
Diversity,
Equity and Inclusion
Our
employees are integral to fostering a culture of honesty, integrity and respect. We believe hiring, training, motivating and retaining
talented individuals is critical to the successful execution of our impact investing strategy. Our employees are our single most important
asset.
We
seek to attract employees with different backgrounds and unique perspectives, and provide a safe environment for them to collaborate
in a respectful manner so our Company can benefit from their best collective thinking. We believe a diverse, equitable and inclusive
workforce increases innovation and creativity, improves decision making, increases adaptability and flexibility, and improves stakeholder
engagement. Additionally, we believe these benefits will ultimately result in greater profits and an increase in long-term shareholder
value.
Competition
Our
Company is focused on a large and growing marketplace for impact investing and ESG business initiatives, and therefore, is anticipated
to face competition from a variety of operating businesses and investment funds who are developing business plans and operating strategies
to satisfy the increasing demands of these types of investments in the marketplace. In almost all cases, these competitors are larger
and better capitalized operating businesses and investment funds.
Our
Company competes on the basis of a number of factors, including access to capital, access to impact investing opportunities, recruitment
and retention of key personnel, market share with key customers, and supply relationships with critical vendors. Our ability to continue
to compete effectively in our businesses will depend upon our ability to attract new employees and retain and motivate our existing employees.
Information
Systems
Since
inception, the Company and its subsidiaries have used QuickBooks as its general ledger accounting software. However, given the significant
current and anticipated growth of its Portfolio Companies and the need for more robust information for management analysis and decision-making,
the Company has decided to transition all of its accounting software services from QuickBooks to Foundation Software.
Foundation
Software, founded in Cleveland, Ohio in 1985, is specifically designed for service companies, particularly those in the
construction, contracting and reclamation industries. Foundation Software offers the Company several enhanced features critical to
the successful execution of its value creation plan, including (i) general ledger accounting, including accounts payable, accounts
receivable, inventory and customer billing, (ii) equipment tracking on job sites, maintenance, utilization and depreciation, (iii)
employee tracking on job sites, time and materials, utilization, and billing, (iv) job costing and profitability reporting segmented
by customers, job types and location, and (v) numerous real-time management dashboard and key performance indicator reports that
will allow management to closely monitor the performance of each Portfolio Company and react on a timely basis to business
opportunities and issues. Furthermore, Foundation Software will allow the Company and its Portfolio Companies to more readily scale
operations and efficiently and cost-effectively support the anticipated growth of each business.
The
Company completed converting all
of the Company accounting system operations from QuickBooks to Foundation Software during the second quarter of 2023.
Results
of Operations
Three
Months Ended June 30, 2023 and June 30, 2022
Our
revenue during the three months ended June 30, 2023 was $3,998,267 and our gross profit was $845,101 (representing a 21% gross
profit margin) compared to revenue during the three months ended June 30, 2022 of $639,359 and gross profit of $64,952 (representing
a 10% gross profit margin).
During
the three months ended June 30, 2023, we incurred general and administrative expenses in the aggregate amount of $635,898 compared
to $380,326 incurred during the three months ended June 30, 2022 (an increase of $255,572). General and administrative expenses
generally include corporate overhead, salaries for administrative and management personnel and other related compensation costs,
financial and administrative contracted services, marketing, consulting costs and travel expenses. These costs include the
operations of the Range Reclamation Entities, which were acquired in May 2022. The majority of the increase in general and
administrative expenses relates to salaries which increased to $257,081 during the three months ended June 30, 2023, as compared to
$116,553 during the three months ended June 30, 2022 (an increase of $140,528) as a result of the hiring of additional administrative and management personnel in connection with the expansion
of the Company’s business operations.
In
addition, during the three months ended June 30, 2023, we incurred research and development costs of $107,444, compared to $107,823
during the three months ended June 30, 2022 (a decrease of $379). These costs consist primarily of the salary of our Chief Science
Officer, rent for our Rocklin lab space, patent-related legal fees, and consulting fees.
During
the three months ended June 30, 2023, we recorded total net other expense of $64,997 (all of which was interest expense),
compared to total net other expense recorded during the three months ended June 30, 2022 of $19,989 (all of which was
interest expense). This increase of $45,008 in interest expense during the three months ended June 30, 2023 was attributable to the increased amount of debt used to finance equipment purchased by the Range Reclamation
Entities.
Our
net income during the three months ended June 30, 2023 was $36,762 compared to a net loss of $443,186 during the three months ended June
30, 2022 (an improvement of $479,948).
Six
Months Ended June 30, 2023 and June 30, 2022
Our
revenue during the six months ended June 30, 2023 was $7,013,154 and our gross profit was $1,494,103 (representing a 21% gross
profit margin), compared to revenue during the six months ended June 30, 2022 of $639,359 and gross profit of $64,952 (representing
a 10% gross profit margin).
During
the six months ended June 30, 2023, we incurred general and administrative expenses in the aggregate amount of $1,361,946 compared
to $698,267 incurred during the six months ended June 30, 2022 (an increase of $663,679). The majority of the increase in general
and administrative costs relates to increased salary expense which increased to $431,334 during the six months ended June 30, 2023
as compared to $116,553 during the six months ended June 30, 2022 (an increase of $314,781), legal fees which increased to $207,639
during the six months ended June 30, 2023, as compared to $71,253 during the six months ended June 30, 2022 (an increase of
$136,386), and insurance costs, which increased to $312,122 during the six months ended June 30, 2023 as compared to $99,187 during
the six months ended June 30, 2022 (an increase of $212,935) as a result of the insurance related to the increases in the equipment assets and the number of employees of the
Range Reclamation Entities.
In
addition, during the six months ended June 30, 2023, we incurred research and development costs of $213,621, compared to $233,553
during the six months ended June 30, 2022 (a decrease of $19,932). This decrease primarily resulted from a decrease in
legal fees related to research and development, offset by an increase in professional fees related to
research and development.
During
the six months ended June 30, 2023, we recorded total net other expense of $108,634 (all of which was interest expense),
compared to total net other expense recorded during the six months ended June 30, 2022 of $24,292 (all of which was interest
expense). This increase of $84,342 in interest expense during the six months ended June 30, 2023 was attributable to the increased amount of debt used to finance equipment purchased by the Range Reclamation Entities.
Our
net loss during the six months ended June 30, 2023 was $190,098 compared to a net loss of $891,160 during the six months ended June 30,
2022 (an improvement of $701,062).
Liquidity
and Capital Resources
We
have incurred losses since inception resulting in an accumulated deficit of $50,402,952.
As
of June 30, 2023, we had total current assets of $2,809,964, primarily comprised of cash in the amount of $359,564, accounts receivable
of $1,273,635 and unbilled receivables of $1,129,046. As of June 30, 2023, we had total current liabilities of $3,062,401, consisting
of outstanding amounts on our lines of credit of $1,200,000, accounts payable of $772,892 and the current portion of long-term debt of $1,089,509. As a result, on June 30, 2023, the Company had negative working capital of $252,437. At December 31, 2022,
the Company had negative working capital of $128,371.
As
of June 30, 2023, the Company had long-term assets of $6,905,516, comprised of net equipment assets of $6,134,119, goodwill of $751,421,
and deposits of $19,976. As of June 30, 2023, the Company had long-term liabilities of $3,457,814, comprised of long-term debt, net of
current portion. As of December 31, 2022, the Company had long-term assets of $6,805,827, comprised of net equipment assets of $6,045,514,
goodwill of $751,421, and deposits of $8,892. As of December 31, 2022, the Company had long-term liabilities of $3,738,013, comprised
of long-term debt, net of current portion.
Sources
of Capital
Based
on the Company’s current corporate strategy, we expect our general operating and cannabinoid-based drug development research
and development expenses to be substantially offset by revenue generated by the Range Reclamation Entities and Range Security.
We do not expect to generate significant operating income or losses over the 12 months following June 30, 2023. Based on the
Company’s current cash balance and $800,000 currently available under its revolving credit line,
the Company expects to have sufficient funds to operate
its business over the next 12 months. The Company expects to generate positive cash flow from its operating businesses other than its
Cannabinoid Drug Development business. If additional capital is needed in excess of our current capital resources, we will explore
financing options to accelerate the funding and execution of our growth strategy and shareholder value creation plan.
Our
estimated total expenditures for the 12-month period ending June 30, 2024 could increase if we encounter unanticipated expenses in connection
with operating our business as presently planned. In addition, our estimates of the amount of cash necessary to fund our business may
prove to be too low, and we could spend our available financial resources much faster than we currently expect. If we cannot raise the
capital necessary to continue to develop our business, we will be forced to delay, scale back or eliminate some or all of our proposed
operations. If any of these were to occur, there is a substantial risk that our business would fail.
Until such time as our operating businesses are cash flow positive, we
expect to continue funding our operations, at least in part, through equity and debt financings. However, sources of additional funds
may not be available when needed, on acceptable terms, or at all. If we issue equity or convertible debt securities to raise additional
funds or to fund, in whole or in part, acquisitions in furtherance of our business strategy, our existing stockholders may experience
substantial dilution, and the new equity or debt securities may have rights, preferences and privileges senior to those of our existing
stockholders. If we incur additional debt, we would incur additional interest expenses, and assuming those loans would be available, it
would increase our liabilities and future cash commitments. If we pursue capital through alternative sources, such as strategic business
collaborations or other similar arrangements, we may be forced to relinquish rights to our proprietary glycosylated cannabinoid technology
or other intellectual property which, in turn, could result in our receipt of only a portion of any revenue that may be generated from
a partnered product or business. Moreover, regardless of the manner in which we seek to raise capital, we may incur substantial costs
in those pursuits, including investment banking fees, legal fees and other related costs.
Net
Cash Used in Operating Activities
For
the six months ended June 30, 2023, net cash used in operating activities was $398,399 compared to net cash used in operating
activities of $845,068 for the six months ended June 30, 2022. This decrease of $446,669 was primarily attributable to a decrease in
the Company’s net loss of $190,098 during the six months ended June 30, 2023, compared to a net loss of $891,160 during the
six months ended June 30, 2022 and an increase of accounts payable of $539,084, offset by an increase in unbilled receivables of
$1,129,046 during the six months ended June 30, 2023. Net cash used in operating activities during the six months ended June 30,
2022 consisted primarily of a net loss of $891,160 and an increase of unbilled receivables of $230,929 offset by an increase in
accounts payable of $192,628 and a decrease in accounts receivable of $273,412.
Net
Cash Used in Investing Activities
During
the six months ended June 30, 2023, net cash used in investing activities was $784,515 compared to net cash used in investing
activities of $1,842,006 for the six months ended June 30, 2022. Net cash used in investing activities during the six months ended
June 30, 2023 consisted of equipment purchases totaling $784,515. Net cash used in investing activities during the six months ended
June 30, 2022 consisted primarily of equipment purchases totaling $1,107,833 and cash paid in connection with the acquisition of
Range Environmental of $750,000.
Net
Cash Provided By Financing Activities
During
the six months ended June 30, 2023, net cash provided by financing activities was $1,100,109 compared to net cash provided by financing
activities of $4,515,020 for the six months ended June 30, 2022. Net cash provided by financing activities during the six months ended
June 30, 2023 consisted of $410,000 received from the issuance of common stock and warrants, proceeds of $383,093 from long-term debt
and $1,200,000 from revolving lines of credit, offset by repayments on long-term debt of $893,093. Net cash provided by financing activities
during the six months ended June 30, 2022 consisted of $3,000,000 received from the issuance of common stock and warrants, proceeds of
$1,015,020 from long-term debt, and $500,000 from a revolving line of credit.
Off-Balance
Sheet Arrangements
We
have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources
that would be material to stockholders.
Critical
Accounting Policies
Our
financial statements and accompanying notes included in this report have been prepared in accordance with United States generally accepted
accounting principles (“U.S. GAAP”) applied on a consistent basis. The preparation of 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 the
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting periods.
We
regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. In general, management’s
estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are
believed to be reasonable under the facts and circumstances. Actual results could differ from the estimates made by management.
We
believe the following critical accounting policies require us to make significant judgments and estimates in the preparation of our consolidated
financial statements included in this report:
Use
of Estimates and Assumptions
The
preparation of financial statements in conformity with generally accepted accounting principles in the United States 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 period. The more significant
estimates and assumption by management include, among others, assumptions used in valuing assets acquired in business acquisitions, reserves
for accounts receivable, assumptions used in valuing equity instruments issued for services, the valuation allowance for deferred tax
assets, accruals for potential liabilities, and assumptions used in the determination of the Company’s liquidity. Actual results
could differ from those estimates.
Business
Combinations
Business
combinations are accounted for using the purchase method of accounting under ASC 805, “Business Combinations.” This method
requires the Company to record assets and liabilities of the businesses acquired at their estimated fair values as of the acquisition
date. Any excess of the cost of the acquisition over the fair value of the net assets acquired is recorded as goodwill. Determining the
fair value requires management to make estimates and assumptions including discount rates, rates of return on assets, and long-term sales
growth rates.
Goodwill
As
referenced by ASC 350 “Intangibles- Goodwill and Other” (“ASC 350”), management performs its annual test for
goodwill at least annually or more frequently, if impairment indicators arise.
Revenue
The
Company recognizes revenue under ASC 606, “Revenue from Contracts with Customers”. The core principle of the revenue standard
is that a company should recognize revenue by analyzing the following five steps: (1) identify the contract with the customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance
obligations; and (5) recognize revenue when (or as) each performance obligation is satisfied. The Company primarily invoices customers
and recognizes revenue on a periodic basis for equipment and labor hours provided to a customer on a particular job based on an agreed-upon
hourly rate sheet or a fixed amount for a project. The Company also invoices customers and recognizes revenue for equipment mobilization
fees and materials and supplies required to complete a project. The Company invoices for the sales of chemicals and recognizes revenue
when the products are delivered to the customer’s designated site. Costs for equipment, labor and chemicals are generally expensed
as incurred since the projects are generally short-term and not subject to a contract. The Company also invoices customers for the provision
of environmental security services on an agreed-upon hourly rate for each project. All revenue is recognized at a point in time.
Stock-Based
Compensation
The
Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions
for services and for financing costs. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock Compensation
whereby the value of the award is measured on the date of grant and recognized for employees as compensation expense on the straight-line
basis over the vesting period. Recognition of compensation expense for non-employees is in the same period and manner as if the Company
had paid cash for the services.
Recent
Accounting Pronouncements
Please
refer to Footnote 1 of the accompanying financial statements for management’s discussion of recent accounting pronouncements.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
Not
Applicable.
Item
4. Controls and Procedures
Disclosure
Controls and Procedures
We
have established disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports
filed or submitted under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the rules
and forms of the SEC, and that information relating to the Company is accumulated and communicated to management, including our principal
officers, as appropriate to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer
have evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2023, and have concluded that our disclosure
controls and procedures were effective as of June 30, 2023.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting during the quarter ended June 30, 2023, that has materially affected,
or is reasonably likely to materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
From
time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. The impact
and outcome of litigation, if any, is subject to inherent uncertainties, and an adverse result in these or other matters may arise from
time to time that may harm our business. We are not currently a party to and our properties are not currently the subject of any material
pending legal proceedings the adverse outcome of which, individually or in the aggregate, would be expected to have a material adverse
effect on our financial position or results of operations.
Item
1A. Risk Factors
Please
refer to the risks described under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on March
31, 2023.
Item
6. Exhibits
Exhibit
Number |
|
Description
of Exhibit |
|
|
|
2.1 |
|
Agreement and Plan of Merger, dated September 14, 2011, by and between Stevia First Corp. and Legend Mining Inc. (Incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed with the SEC on October 14, 2011.) |
|
|
|
3.1.1 |
|
Articles of Incorporation of Stevia First Corp. (Incorporated by reference to Exhibit 3.1 to the registrant’s Registration Statement on Form S-1 filed with the SEC on August 6, 2008 (File No. 333-152830).) |
|
|
|
3.1.2 |
|
Certificate of Amendment of Articles of Incorporation of Vitality Biopharma, Inc. (Incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed with the SEC on July 19, 2016.) |
|
|
|
3.1.3 |
|
Articles of Merger, effective October 10, 2011 (Incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed with the SEC on October 14, 2011.) |
|
|
|
3.1.4 |
|
Certificate of Change, effective October 10, 2011 (Incorporated by reference to Exhibit 3.2 to the registrant’s Current Report on Form 8-K filed with the SEC on October 14, 2011.) |
|
|
|
3.2.1 |
|
Bylaws of Stevia First Corp. (Incorporated by reference to Exhibit 3.2 to the registrant’s Registration Statement on Form S-1 filed with the SEC on August 6, 2008 (File No. 333-152830).) |
|
|
|
3.2.2 |
|
Certificate of Amendment of Bylaws of Stevia First Corp. (Incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed with the SEC on February 7, 2012.) |
|
|
|
3.2.3 |
|
Bylaws of Malachite Innovations, Inc., effective as of November 10, 2021 (Incorporated by reference to Exhibit 3.2.3 to the registrant’s Quarterly Report on Form 10-Q filed with the SEC on November 15, 2021.) |
|
|
|
31.1 |
|
Certification
of Chief Executive Officer (Principal Executive Officer and Principal Financial and Accounting Officer) Pursuant to Rule 13a-14(a)
or 15d-14(a) of the Securities Exchange Act of 1934* |
|
|
|
32.1 |
|
Certification
of Chief Executive Officer (Principal Executive Officer and Principal Financial and Accounting Officer) Pursuant to Section 1350
as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002† |
|
|
|
101.INS |
|
Inline
XBRL Instance Document * |
|
|
|
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema Document * |
|
|
|
101.CAL |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase * |
|
|
|
101.DEF |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document * |
|
|
|
101.LAB |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document * |
|
|
|
101.PRE |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document * |
|
|
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
†
Furnished herewith.
*
Filed herewith
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
MALACHITE
INNOVATIONS, INC. |
|
|
|
By: |
/s/
Michael Cavanaugh |
|
|
Michael
Cavanaugh |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
|
Date:
August 1, 2023 |
|
EXHIBIT
INDEX
Exhibit
Number |
|
Description
of Exhibit |
|
|
|
2.1 |
|
Agreement and Plan of Merger, dated September 14, 2011, by and between Stevia First Corp. and Legend Mining Inc. (Incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed with the SEC on October 14, 2011.) |
|
|
|
3.1.1 |
|
Articles of Incorporation of Stevia First Corp. (Incorporated by reference to Exhibit 3.1 to the registrant’s Registration Statement on Form S-1 filed with the SEC on August 6, 2008 (File No. 333-152830).) |
|
|
|
3.1.2 |
|
Certificate of Amendment of Articles of Incorporation of Vitality Biopharma, Inc. (Incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed with the SEC on July 19, 2016.) |
|
|
|
3.1.3 |
|
Articles of Merger, effective October 10, 2011 (Incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed with the SEC on October 14, 2011.) |
|
|
|
3.1.4 |
|
Certificate of Change, effective October 10, 2011 (Incorporated by reference to Exhibit 3.2 to the registrant’s Current Report on Form 8-K filed with the SEC on October 14, 2011.) |
|
|
|
3.2.1 |
|
Bylaws of Stevia First Corp. (Incorporated by reference to Exhibit 3.2 to the registrant’s Registration Statement on Form S-1 filed with the SEC on August 6, 2008 (File No. 333-152830).) |
|
|
|
3.2.2 |
|
Certificate of Amendment of Bylaws of Stevia First Corp. (Incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed with the SEC on February 7, 2012.) |
|
|
|
3.2.3 |
|
Bylaws of Malachite Innovations, Inc., effective as of November 10, 2021 (Incorporated by reference to Exhibit 3.2.3 to the registrant’s Quarterly Report on Form 10-Q filed with the SEC on November 15, 2021.) |
|
|
|
31.1 |
|
Certification
of Chief Executive Officer (Principal Executive Officer and Principal Financial and Accounting Officer) Pursuant to Rule 13a-14(a)
or 15d-14(a) of the Securities Exchange Act of 1934* |
|
|
|
32.1 |
|
Certification
of Chief Executive Officer (Principal Executive Officer and Principal Financial and Accounting Officer) Pursuant to Section 1350
as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002† |
|
|
|
101.INS |
|
Inline
XBRL Instance Document * |
|
|
|
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema Document * |
|
|
|
101.CAL |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase * |
|
|
|
101.DEF |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document * |
|
|
|
101.LAB |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document * |
|
|
|
101.PRE |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document * |
|
|
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
†
Furnished herewith.
*
Filed herewith
Exhibit
31.1
CERTIFICATION
I,
Michael Cavanaugh, certify that:
|
1. |
I
have reviewed this report on Form 10-Q for the quarterly period ended June 30, 2023 of Malachite Innovations, Inc.; |
|
|
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
(d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control
over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors
(or persons performing the equivalent functions): |
|
(a) |
all
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 1, 2023
Name: |
/s/
Michael Cavanaugh |
|
By: |
Michael
Cavanaugh |
|
Title: |
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
Exhibit
31.2
CERTIFICATION
I,
Richard McKilligan, certify that:
|
1. |
I
have reviewed this report on Form 10-Q for the quarterly period ended June 30, 2023 of Malachite Innovations, Inc.; |
|
|
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
(d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control
over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors
(or persons performing the equivalent functions): |
|
(a) |
all
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 1, 2023
Name: |
/s/
Richard McKilligan |
|
By: |
Richard
McKilligan |
|
Title: |
Chief
Financial Officer |
|
|
(Principal
Accounting Officer) |
|
Exhibit
32.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
The
undersigned, Michael Cavanaugh, the Chief Executive Officer of Malachite Innovations, Inc. (the “Company”), hereby certifies,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge, the
Quarterly Report on Form 10-Q for the period ended June 30, 2023, fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and that the information contained in the Quarterly Report
on Form 10-Q fairly presents in all material respects the financial condition and results of operations of the Company as of the dates
and for the periods presented in the financial statements included in such report.
/s/
Michael Cavanaugh |
|
Michael
Cavanaugh |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
|
Date:
August 1, 2023
This
certification accompanies this Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not
be deemed filed by the Company for purposes of Section 18 of the Exchange Act. Such certification will not be deemed to be incorporated
by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company
specifically incorporates it by reference.
Exhibit
32.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
The
undersigned, Richard McKilligan, the Chief Financial Officer of Malachite Innovations, Inc. (the “Company”), hereby certifies,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge, the
Quarterly Report on Form 10-Q for the period ended June 30, 2023, fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and that the information contained in the Quarterly Report
on Form 10-Q fairly presents in all material respects the financial condition and results of operations of the Company as of the dates
and for the periods presented in the financial statements included in such report.
/s/
Richard McKilligan |
|
Richard
McKilligan |
|
Chief
Financial Officer |
|
(Principal
Financial and Accounting Officer) |
|
Date:
August 1, 2023
This
certification accompanies this Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not
be deemed filed by the Company for purposes of Section 18 of the Exchange Act. Such certification will not be deemed to be incorporated
by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company
specifically incorporates it by reference.
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 01, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-53832
|
|
Entity Registrant Name |
MALACHITE
INNOVATIONS, INC.
|
|
Entity Central Index Key |
0001438943
|
|
Entity Tax Identification Number |
75-3268988
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
200 Park
Avenue
|
|
Entity Address, Address Line Two |
Suite 400
|
|
Entity Address, City or Town |
Cleveland
|
|
Entity Address, State or Province |
OH
|
|
Entity Address, Postal Zip Code |
44122
|
|
City Area Code |
(216)
|
|
Local Phone Number |
304-6556
|
|
Title of 12(b) Security |
Common Stock
|
|
Trading Symbol |
MLCT
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
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Entity Common Stock, Shares Outstanding |
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80,850,148
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v3.23.2
Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current Assets |
|
|
Cash and cash equivalents |
$ 359,564
|
$ 442,369
|
Accounts receivable |
1,273,635
|
981,385
|
Unbilled receivables |
1,129,046
|
|
Prepaid expenses |
47,719
|
884
|
Total current assets |
2,809,964
|
1,424,638
|
Long-term Assets |
|
|
Equipment, net of accumulated depreciation |
6,134,119
|
6,045,514
|
Goodwill |
751,421
|
751,421
|
Deposits |
19,976
|
8,892
|
Total long-term assets |
6,905,516
|
6,805,827
|
Total Assets |
9,715,480
|
8,230,465
|
Current Liabilities |
|
|
Accounts payable |
772,892
|
233,808
|
Current portion of long-term debt |
1,089,509
|
1,319,201
|
Line of credit |
1,200,000
|
|
Total current liabilities |
3,062,401
|
1,553,009
|
Long-term Liabilities |
|
|
Long-term debt, net of current portion |
3,457,814
|
3,738,013
|
Total long-term debt |
3,457,814
|
3,738,013
|
Total liabilities |
6,520,215
|
5,291,022
|
Stockholders’ Equity |
|
|
Common stock, par value $0.001 per share; 1,000,000,000 shares authorized; 80,850,148 and 78,116,814 shares issued and outstanding, respectively |
80,850
|
78,117
|
Additional paid-in-capital |
53,517,367
|
53,074,180
|
Accumulated deficit |
(50,402,952)
|
(50,212,854)
|
Total stockholders’ equity |
3,195,265
|
2,939,443
|
Total Liabilities and Stockholders’ Equity |
$ 9,715,480
|
$ 8,230,465
|
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v3.23.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
1,000,000,000
|
1,000,000,000
|
Common stock, shares issued |
80,850,148
|
78,116,814
|
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80,850,148
|
78,116,814
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
$ 3,998,267
|
$ 639,359
|
$ 7,013,154
|
$ 639,359
|
Cost of services |
3,153,166
|
574,407
|
5,519,051
|
574,407
|
Gross profit |
845,101
|
64,952
|
1,494,103
|
64,952
|
Operating expenses: |
|
|
|
|
General and administrative |
635,898
|
380,326
|
1,361,946
|
698,267
|
Research and development |
107,444
|
107,823
|
213,621
|
233,553
|
Total operating expenses |
743,342
|
488,149
|
1,575,567
|
931,820
|
Income (loss) from operations |
101,759
|
(423,197)
|
(81,464)
|
(866,868)
|
Other expenses: |
|
|
|
|
Interest expense |
(64,997)
|
(19,989)
|
(108,634)
|
(24,292)
|
Other income |
|
|
|
|
Total other expenses, net |
(64,997)
|
(19,989)
|
(108,634)
|
(24,292)
|
Net income (loss) |
$ 36,762
|
$ (443,186)
|
$ (190,098)
|
$ (891,160)
|
Earnings per share, basic |
$ 0.00
|
$ (0.01)
|
$ (0.00)
|
$ (0.02)
|
Earnings per share, diluted |
$ 0.00
|
$ (0.01)
|
$ (0.00)
|
$ (0.02)
|
Weighted average number of common shares outstanding: |
|
|
|
|
Weighted average number of shares outstanding, basic |
80,519,745
|
65,406,191
|
79,324,917
|
58,466,722
|
Weighted average number of shares outstanding, diluted |
80,519,745
|
65,406,191
|
79,324,917
|
58,466,722
|
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v3.23.2
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
$ 51,450
|
$ 48,707,587
|
$ (49,140,678)
|
$ (381,641)
|
Balance, shares at Dec. 31, 2021 |
51,450,147
|
|
|
|
Shares issued for cash |
$ 20,000
|
2,980,000
|
|
3,000,000
|
Shares issued for cash, shares |
20,000,000
|
|
|
|
Net income ( loss) |
|
|
(891,160)
|
(891,160)
|
Shares issued in exchange for Range |
$ 5,000
|
745,000
|
|
750,000
|
Shares issued in exchange for Range, shares |
5,000,000
|
|
|
|
Balance at Jun. 30, 2022 |
$ 76,450
|
52,432,587
|
(50,031,838)
|
2,477,199
|
Balance, shares at Jun. 30, 2022 |
76,450,147
|
|
|
|
Balance at Mar. 31, 2022 |
$ 51,450
|
48,707,587
|
(49,588,652)
|
(829,615)
|
Balance, shares at Mar. 31, 2022 |
51,450,147
|
|
|
|
Shares issued for cash |
$ 20,000
|
2,980,000
|
|
3,000,000
|
Shares issued for cash, shares |
20,000,000
|
|
|
|
Net income ( loss) |
|
|
(443,186)
|
(443,186)
|
Shares issued in exchange for Range |
$ 5,000
|
745,000
|
|
750,000
|
Shares issued in exchange for Range, shares |
5,000,000
|
|
|
|
Balance at Jun. 30, 2022 |
$ 76,450
|
52,432,587
|
(50,031,838)
|
2,477,199
|
Balance, shares at Jun. 30, 2022 |
76,450,147
|
|
|
|
Balance at Dec. 31, 2022 |
$ 78,117
|
53,074,180
|
(50,212,854)
|
2,939,443
|
Balance, shares at Dec. 31, 2022 |
78,116,814
|
|
|
|
Shares issued for cash |
$ 2,733
|
407,267
|
|
410,000
|
Shares issued for cash, shares |
2,733,334
|
|
|
|
Fair value of vested stock options |
|
35,920
|
|
35,920
|
Net income ( loss) |
|
|
(190,098)
|
(190,098)
|
Balance at Jun. 30, 2023 |
$ 80,850
|
53,517,367
|
(50,402,952)
|
3,195,265
|
Balance, shares at Jun. 30, 2023 |
80,850,148
|
|
|
|
Balance at Mar. 31, 2023 |
$ 78,117
|
53,074,180
|
(50,439,714)
|
2,712,583
|
Balance, shares at Mar. 31, 2023 |
78,116,814
|
|
|
|
Shares issued for cash |
$ 2,733
|
407,267
|
|
410,000
|
Shares issued for cash, shares |
2,733,334
|
|
|
|
Fair value of vested stock options |
|
35,920
|
|
35,920
|
Net income ( loss) |
|
|
36,762
|
36,762
|
Balance at Jun. 30, 2023 |
$ 80,850
|
$ 53,517,367
|
$ (50,402,952)
|
$ 3,195,265
|
Balance, shares at Jun. 30, 2023 |
80,850,148
|
|
|
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for option under share-based payment arrangement.
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v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Cash flows from operating activities: |
|
|
|
|
|
Net loss |
$ 36,762
|
$ (443,186)
|
$ (190,098)
|
$ (891,160)
|
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
Fair value of vested stock options |
|
|
35,920
|
|
|
Depreciation |
341,726
|
|
695,910
|
55,392
|
$ 395,543
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
|
(292,250)
|
273,412
|
|
Unbilled receivables |
|
|
(1,129,046)
|
(230,929)
|
|
Interest accrued but not paid |
|
|
|
2,789
|
|
Due from shareholder |
|
|
|
(250,000)
|
|
Prepaid expense and other current assets |
|
|
(46,835)
|
3,000
|
|
Accounts payable and accrued liabilities |
|
|
539,084
|
192,628
|
|
Deposits |
|
|
(11,084)
|
(200)
|
|
Net cash used in operating activities |
|
|
(398,399)
|
(845,068)
|
|
Cash flows from investing activities: |
|
|
|
|
|
Equipment purchases |
|
|
(784,515)
|
(1,107,833)
|
|
Cash acquired in acquisition of Range Environmental Resources |
|
|
|
15,827
|
|
Cash paid for acquisition of Range Environmental Resources |
|
|
|
(750,000)
|
|
Net cash used in investing activities |
|
|
(784,515)
|
(1,842,006)
|
|
Cash flows from financing activities: |
|
|
|
|
|
Issuance of shares for cash |
|
|
410,000
|
3,000,000
|
|
Proceeds from long-term debt |
|
|
383,202
|
1,015,020
|
|
Repayment of long-term debt |
|
|
(893,093)
|
|
|
Proceeds from line of credit |
|
|
1,200,000
|
500,000
|
|
Net cash provided by financing activities |
|
|
1,100,109
|
4,515,020
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
(82,805)
|
1,827,946
|
|
Cash and cash equivalents - beginning of period |
|
|
442,369
|
38,343
|
38,343
|
Cash and cash equivalents - end of period |
$ 359,564
|
$ 1,866,289
|
359,564
|
1,866,289
|
$ 442,369
|
Cash paid during the period for: |
|
|
|
|
|
Interest |
|
|
108,634
|
21,503
|
|
Stock issued for acquisition |
|
|
|
750,000
|
|
Income taxes |
|
|
|
|
|
X |
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v3.23.2
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
1.
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Malachite
Innovations, Inc. (the “Company”, “we”, “us”, “our” or “Malachite”), was
incorporated in the State of Nevada on June 29, 2007. Malachite is a public holding company dedicated to improving the health and wellness
of people and the planet through a novel and innovative approach to impact investing. Malachite owns and operates a balanced portfolio
of operating businesses focused on developing long-term solutions to environmental, social and health challenges, with a particular focus
on economically disadvantaged communities. Malachite takes an opportunistic approach to impact investing by leveraging its competitive
advantages and looking at solving old problems in new ways. Malachite seeks to thoughtfully allocate its capital into ventures that are
expected to make a positive impact on the people-planet ecosystem and generate strong investment returns for our shareholders.
Originally
founded in 2007 as Legend Mining Inc., the Company began operations as a mineral extraction exploration business. In 2011, the Company
changed its name to Stevia First Corp. and pursued a new strategy focused on developing stevia-based additives for the food and beverage
industry. In 2015, the Company changed its name to Vitality Biopharma, Inc. and pursued a new strategy focused on developing cannabinoid-based
prodrugs anticipated to treat inflammatory conditions of the gastrointestinal tract by unlocking the therapeutic properties of cannabinoids
but without their unwanted psychoactive side effects.
In
October 2021, the Company changed its name to Malachite Innovations, Inc. and reorganized its corporate structure and created the following
two wholly-owned operating subsidiaries: (i) Graphium Biosciences, Inc., a Nevada corporation (“Graphium”), into which the
Company contributed all of its drug development assets; and (ii) Daedalus Ecosciences, Inc., a Nevada corporation (“Daedalus”)
which was formed to serve as a holding company for the Company’s future impact investing operating businesses.
In
May 2022, Daedalus acquired Range Environmental Resources, Inc., a West Virginia corporation (“Range Environmental”) and
Range Natural Resources, Inc., a West Virginia corporation (“Range Natural” and together with Range Environmental, the “Range
Reclamation Entities”). The Range Reclamation Entities provide land reclamation, water restoration and environmental consulting
services to mining and non-mining customers throughout the Appalachian region with the goal of returning land to pre-mining conditions
or repurposing the land for natural, commercial, agricultural or recreational use. The Range Reclamation Entities’ water restoration
services seek to improve rivers, streams and discharges through novel and innovative treatment applications to help customers meet their
various regulatory standards and requirements. The Range Reclamation Entities also provide environmental consulting services to customers
typically in connection with land reclamation and water restoration projects and as an additional value-add service, sells water treatment
chemicals manufactured by third parties to their customers. Range Natural also provides resource mining services for customers incidental
to the reclamation and repurposing of mine sites.
On
December 31, 2022, Daedalus was merged into Malachite Innovations, Inc., leaving Malachite Innovations, Inc., as the parent company and the Range Reclamation Entities, Aether Credit Ventures, Inc., NextGen AgriTech, Inc., Pristine
Stream Ventures, Inc., Range Security Resources, Inc., Terra Preta, Inc. and Graphium as its wholly-owned subsidiaries.
Going
Concern
The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement
of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, during the six
months ended June 30, 2023, the Company incurred a net loss of $190,098 and used $398,399 of cash in the Company’s operating activities.
These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that
the financial statements are issued. The financial statements do not include any adjustments that might be necessary should the Company
be unable to continue as a going concern.
The
ability to continue as a going concern is dependent on the Company attaining and maintaining profitable operations in the future and/or
raising additional capital to meet its obligations and repay its liabilities arising from normal business operations when they come due.
The Company estimates, as of June 30, 2023, that it has sufficient funds to operate the business for 12 months given its cash balance
of $359,564, line of credit availability of $800,000, and revenues being generated by the Range Reclamation Entities. Although the Company’s
existing cash balances are estimated to be sufficient to fund its currently planned level of operations, the Company is actively seeking
additional financing and other sources of capital to accelerate the funding and execution of its growth strategy and value creation plan.
However, these estimates could differ if the Company encounters unanticipated difficulties, or if its estimates of the amount of cash
necessary to operate its business prove to be wrong, and the Company uses its available financial resources faster than it currently
expects. No assurance can be given that any future financing or capital, if needed, will be available or, if available, that it will
be on terms that are satisfactory to the Company.
Basis
of Presentation
The
consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Aether Credit Ventures, Inc.,
Graphium Biosciences, Inc., NextGen AgriTech, Inc., Pristine Stream Ventures, Inc., Range Environmental Resources, Inc., Range Natural
Resources, Inc., Range Security Resources, Inc., Terra Preta, Inc., and Daedalus Ecosciences, Inc. (merged into Malachite Innovations,
Inc. on December 31, 2022), and have been prepared in accordance with accounting principles generally accepted in the United States of
America. Intercompany balances and transactions have been eliminated in consolidation.
Use
of Estimates
The
preparation 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 period. Actual
results could differ from those estimates.
Revenue
Recognition
The
Company recognizes revenue under ASC 606, “Revenue from Contracts with Customers”. The core principle of the revenue standard
is that a company should recognize revenue by analyzing the following five steps: (1) identify the contract with the customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance
obligations; and (5) recognize revenue when (or as) each performance obligation is satisfied. The Company primarily invoices customers
and recognizes revenue on a periodic basis for equipment and labor hours provided to a customer on a particular job based on an agreed-upon
hourly rate sheet or a fixed amount for a project. The Company also invoices customers and recognizes revenue for equipment mobilization
fees and materials and supplies required to complete a project. The Company invoices for the sales of chemicals and recognizes revenue
when the products are delivered to the customer’s designated site. Costs for equipment, labor and chemicals are generally expensed
as incurred since the projects are generally short-term and not subject to a contract. The Company also invoices customers for the provision
of environmental security services on an agreed-upon hourly rate for each project. All revenue is recognized at a point in time.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash
equivalents. From time to time, the Company’s cash account balances exceed the balances covered by the Federal Deposit Insurance
System. The Company has never suffered a loss due to such excess balances.
Accounts
Receivable
Trade
accounts receivable are stated at the amount management expects to collect from the balances outstanding at the end of each fiscal period
reflected in the consolidated balance sheets. Based on management’s assessment, it has concluded that losses on balances outstanding
as of those dates will be immaterial and, therefore, no allowances were recorded for the three months ended June 30, 2023 or the three
months ended June 30, 2022. Accounts receivable were $1,273,635 and $981,385 at June 30, 2023 and December 31, 2022, respectively. No
bad debt expense was accrued in either the three months ended June 30, 2023 or the three months ended June 30, 2022 and there is no allowance
for doubtful accounts as of June 30, 2023 or December 31, 2022.
Unbilled Receivables
Unbilled
receivables represent revenue that has been recognized on projects for which billings have not been presented to the customer
because the amounts were earned but not billable at the balance sheet date.
Equipment
Equipment
is carried at cost. Expenditures for maintenance and repairs are charged to cost of services. Additions and betterments are capitalized.
The cost and related accumulated depreciation of equipment sold or otherwise disposed of are removed from the accounts and any gain or
loss is reflected in the current year’s earnings.
SCHEDULE
OF EQUIPMENT
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Equipment | |
$ | 7,422,329 | | |
$ | 6,637,814 | |
Accumulated depreciation | |
| 1,288,210 | | |
| 592,300 | |
Net book value | |
| 6,134,119 | | |
| 6,045,514 | |
Depreciation expense | |
$ | 695,910 | | |
$ | 395,543 | |
The
Company provides for depreciation of equipment using the straight-line method for both financial reporting and federal income tax purposes
over the estimated six-year useful lives of the equipment.
The
Company assesses the recoverability of its equipment by determining whether the depreciation of the assets over their remaining lives
can be recovered through projected future cash flows generated by the assets. There were no assets identified for impairment.
Delivery
Costs
Delivery
costs are classified as cost of sales.
Goodwill
Goodwill
is tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not
(i.e., a likelihood greater than 50%) that the intangible asset is impaired.
Income
Taxes
The
Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities
are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their
respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates
is recognized as income (loss) in the period that includes the enactment date.
Leases
The
Company determines whether a contract is, or contains, a lease at inception. Right-of-use assets represent the Company’s right
to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease
payments arising from the lease. Right-of-use assets and lease liabilities are recognized at lease commencement based upon the
estimated present value of unpaid lease payments over the lease term. The Company uses its incremental borrowing rate based on the
information available at lease commencement in determining the present value of unpaid lease payments. As of June 30, 2023, the
Company had no lease commitments for longer than one year.
Stock-Based
Compensation
The
Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions
for services. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock Compensation whereby the value
of the award is measured on the date of grant and recognized for employees as compensation expense on the straight-line basis over the
vesting period. Recognition of compensation expense for non-employees is in the same period and manner as if the Company had paid cash
for the services. The Company recognizes the fair value of stock-based compensation within its Consolidated Statements of Operations
with classification depending on the nature of the services rendered.
The
fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain
assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future
dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based
on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense
recorded in future periods.
Basic
and Diluted Income (Loss) Per Share
Basic
income (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number
of outstanding common shares during the period. Shares of restricted stock are included in the basic weighted average number of common
shares outstanding from the time they vest. Diluted income (loss) per share is computed by dividing net loss applicable to common stockholders
by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding
if all dilutive potential common shares had been issued. Shares of restricted stock are included in the diluted weighted average number
of common shares outstanding from the date they are granted unless they are antidilutive. Diluted income (loss) per share excludes all
potential common shares if their effect is anti-dilutive. The following potentially dilutive shares were excluded from the shares used
to calculate diluted earnings per share as their inclusion would be anti-dilutive:
SCHEDULE
OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE
| |
June 30, 2023 | | |
December 31, 2022 | |
Options | |
| 9,792,544 | | |
| 9,392,544 | |
Warrants | |
| 25,046,669 | | |
| 22,313,335 | |
Total | |
| 34,839,213 | | |
| 31,705,879 | |
Anti-dilutive loss per
shares | |
| 34,839,213 | | |
| 31,705,879 | |
Patents
and Patent Application Costs
Although
the Company believes that its patents and underlying technology have continuing value, the amount of future benefits to be derived from
the patents is uncertain. Accordingly, patent costs are expensed as incurred.
Research
and Development
Research
and development costs consist primarily of fees paid to consultants and outside service providers, patent fees and costs, and other expenses
relating to the acquisition, design, development and testing of the Company’s treatments and product candidates. Research and development
costs are expensed as incurred.
Fair
Value of Financial Instruments
FASB
ASC 825, “Financial Instruments” requires that the Company disclose estimated fair values of financial instruments. Financial
instruments held by the Company include, among others, accounts receivable, accounts payable and long-term debt. The carrying amounts
reported in the balance sheets for assets and liabilities qualifying as financial instruments are a reasonable estimate of fair value.
Segments
As
of June 30, 2023, the Company has five operating business segments: (i) Environmental Services, (ii) Biochar Products and Solutions,
(iii) Stream Mitigation Banking, (iv) Environmental Security Services, and (v) Cannabinoid Drug Development. In October 2021, the Company
began operating under two segments: (i) Graphium Biosciences, Inc., a wholly-owned subsidiary of the Company, reports the operating results
of our cannabinoid drug development segment, which is advancing a broad portfolio of glycosylated cannabinoid prodrugs that have been
developed to unlock the rebalancing effects of the endocannabinoid system to address numerous chronic conditions, and (ii) the Range
Reclamation Entities, which are wholly-owned subsidiaries of the Company, report the operating
results of the Environmental Services segment, which provides land reclamation, water restoration and environmental consulting services
to mining and non-mining customers. The Biochar Products and Solutions, Stream Mitigation Banking, and Environmental Security
Services business segments began operations in the first quarter of 2023.
In
accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified
as the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance
for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to
report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers,
and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation
under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products
and services; and procurement, manufacturing, and distribution processes.
Recent
Accounting Pronouncements
In
June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires entities to
use a forward-looking approach based on current expected credit losses to estimate credit losses on certain types of financial instruments,
including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 was effective for the Company
beginning January 1, 2023. This did not have a material effect on the Company’s financial position, results of operations, or cash
flows.
Other
recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s
present or future financial statements.
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v3.23.2
ACQUISITION OF RANGE ENVIRONMENTAL RESOURCES AND RANGE NATURAL RESOURCES
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
ACQUISITION OF RANGE ENVIRONMENTAL RESOURCES AND RANGE NATURAL RESOURCES |
2.
ACQUISITION OF RANGE ENVIRONMENTAL RESOURCES AND RANGE NATURAL RESOURCES
In
May 2022, the Company and its wholly-owned subsidiary, Daedalus Ecosciences, Inc., entered into a share purchase agreement with Range
Environmental Resources, Inc. (“Range Environmental”), and Range Natural Resources, Inc. (“Range Natural”, and
collectively with Range Environmental, the “Range Reclamation Entities”), and the two (2) shareholders of the Range Reclamation
Entities (the “Range Shareholders”) (the “Share Purchase Agreement”), under which the Company issued a total
of 10,000,000 shares of the Company’s common stock to the Range Shareholders and Daedalus Ecosciences paid cash consideration of
$1,000,000 to the Range Shareholders for 80% of the outstanding common stock of each of the Range Reclamation Entities.
Subsequent
to entering into the Share Purchase Agreement, the Company discovered that Joshua Justice, one of the Range Shareholders (“Justice”),
made certain misrepresentations in the Share Purchase Agreement. On July 12, 2022, the Company entered into a Separation Agreement, by
and among the Company, Daedalus Ecosciences, the Range Reclamation Entities, and Justice and his spouse (the “Separation Agreement”)
pursuant to which Justice: a) acknowledged that his employment with the Range Reclamation Entities was terminated for cause effective
June 30, 2022; b) returned the 5,000,000 shares of the Company’s common stock that had been issued to him under the terms of the
Share Purchase Agreement; c) transferred his 10% interest in each of the Range Reclamation Entities to Daedalus Ecosciences; and d) paid
Daedalus Ecosciences cash in an amount of $250,000. As a result, only 5,000,000 of the Company’s common stock issued to the Range
Shareholders is considered to have been issued in exchange for 90% of the outstanding common stock of each of the Range Reclamation Entities.
Subsequently,
on October 11, 2022, Daedalus Ecosciences and Jeremy Starks, the remaining Range Shareholder (“Starks”), entered into a share
purchase agreement, effective as of May 11, 2022 (the “Starks Agreement”), pursuant to which Starks exchanged his 10% common
stock ownership of the Range Reclamation Entities for 10% of the Cash Dividends and Sale Proceeds (as both terms are defined in the Starks
Agreement) of the Range Reclamation Entities. As a result of the merger of Daedalus Ecosciences
into Malachite as of December 31, 2022, the Range Reclamation Entities are reported as wholly-owned subsidiaries of the Company in the financial
statements made part of this Form 10-Q. No other changes were made to the consideration received by Starks as part of the Share Purchase
Agreement and he remains as President of each of the Range Reclamation Entities.
The
Company accounted for the transaction as a business combination in accordance ASC 805 “Business Combinations”. The Company
has performed an allocation of the purchase price paid for the assets acquired and the liabilities assumed. The fair values of the assets
acquired are set forth below. The allocation of the purchase price is based on management’s estimates.
SCHEDULE
OF BUSINESS ACQUISITION ALLOCATION OF PURCHASE PRICE
| |
| |
Fair value of assets acquired: | |
| |
Cash | |
$ | 15,827 | |
Accounts receivables | |
| 889,919 | |
Property and equipment | |
| 628,000 | |
Goodwill | |
| 751,421 | |
Total assets acquired | |
| 2,285,167 | |
Fair value of liabilities assumed | |
| (785,167 | ) |
Purchase price | |
$ | 1,500,000 | |
Cash consideration | |
| 750,000 | |
Common stock consideration | |
| 750,000 | |
Total purchase price | |
$ | 1,500,000 | |
Acquisition transaction costs incurred | |
$ | 20,592 | |
Goodwill
has an assigned value of $751,421 and represents the value of the Range Reclamation Entities’
brand reputation, customer base and employee relations.
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v3.23.2
GOODWILL
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL |
3.
GOODWILL
Goodwill
was $751,421 at June 30, 2023 and at December 31, 2022. The goodwill as of both dates represents the value
of the Range Reclamation Entities’ employee relations. Goodwill by reportable segment is as follows:
SCHEDULE
OF GOODWILL
| |
June 30, 2023 | | |
December 31, 2022 | |
Environmental Services: | |
| | | |
| | |
Beginning Balance | |
$ | 751,421 | | |
$ | - | |
Acquisitions | |
| - | | |
| 751,421 | |
Adjustments | |
| - | | |
| - | |
Ending Balance | |
$ | 751,421 | | |
$ | 751,421 | |
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v3.23.2
EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
EQUITY |
4.
EQUITY
Issuance
of Common Stock and Warrants
On
April 11, 2023, the Company entered into securities purchase agreements providing for the issuance and sale by the Company of (i) 2,733,334
shares of the Company’s common stock (the “Shares”) at a price of $0.15
per share and (ii) warrants to purchase up to an additional 2,733,333
shares of the Company’s common stock (the “Warrants”, and the shares issuable upon exercise of the Warrant, the
“Warrant Shares”) at a price of $0.60
per share. The Warrants expire on April 11, 2028. The aggregate proceeds to the Company from the sale of the Shares and Warrants were
approximately $400,000.
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v3.23.2
STOCK OPTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK OPTIONS |
5.
STOCK OPTIONS
Stock
options issued during the three months ended June 30, 2023 and the three months ended June 30, 2022
During
the three months ended June 30, 2023, the Company granted options to two outside advisors to purchase an aggregate of 400,000
shares of the Company’s common stock with exercise prices of $0.18
per share that expire five
years from the date of grant. Options to purchase 200,000
shares vested upon grant and options to purchase 200,000
vest over two years. The fair value of each option award was estimated on the date of grant using the Black-Scholes-Merton Option
Pricing model based on the following assumptions: (i) volatility rate between 273.24%
and 273.87%,
(ii) discount rate between 1.4%
and 1.55%,
(iii) zero
expected dividend yield, and (iv) expected life of 5
years, which is the term of the options. The total fair value of the option grants at their grant dates was approximately $71,840,
$35,920
of which was allocated to general and administrative expenses during the three months ended June 30, 2023.
No
stock options were granted to directors, advisors, and employees during the three months ended June 30, 2022.
During
the three months ended June 30, 2023, total stock-based compensation expense related to vested stock options was $35,920. During the
three months ended June 30, 2022, the Company recorded no stock-based compensation expense related to vested stock options. At June 30,
2023, the remaining unamortized cost of the outstanding stock-based awards was approximately $35,920 and will be amortized on a straight-line
basis over the remaining vesting period of 2 years.
A
summary of the Company’s stock option activity during the six months ended June 30, 2023 is as follows:
SUMMARY
OF STOCK OPTION ACTIVITY
| |
Shares | | |
Weighted
Average Exercise Price | |
Balance outstanding at December 31, 2022 | |
| 9,392,544 | | |
$ | 0.54 | |
Granted | |
| 400,000 | | |
| 0.18 | |
Exchanged | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | |
Expired | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | |
Balance outstanding at June 30, 2023 | |
| 9,792,544 | | |
$ | 0.52 | |
Balance exercisable at June 30, 2023 | |
| 9,592,544 | | |
$ | 0.53 | |
At
June 30, 2023, the 9,792,544 outstanding stock options had no intrinsic value.
A
summary of the Company’s stock options outstanding as of June 30, 2023 is as follows:
SCHEDULE
OF STOCK OPTION OUTSTANDING
| |
Number of
Options | | |
Weighted Average Exercise Price | | |
Weighted Average Grant- Date Stock Price | |
Options Outstanding, June 30, 2023 | |
| 3,050,000 | | |
$ | 0.18 | | |
$ | 0.18 | |
| |
| 1,150,000 | | |
$ | 0.277 | | |
$ | 0.277 | |
| |
| 750,000 | | |
$ | 0.30 | | |
$ | 0.30 | |
| |
| 2,000,000 | | |
$ | 0.35 | | |
$ | 0.35 | |
| |
| 1,664,542 | | |
$ | 0.50 | | |
$ | 0.50 | |
| |
| 128,000 | | |
$ | 0.96 | | |
$ | 0.96 | |
| |
| 350,834 | | |
$ | 1.50 - 1.95 | | |
$ | 1.50 - 1.95 | |
| |
| 597,500 | | |
$ | 2.00 - 2.79 | | |
$ | 2.00 - 2.79 | |
| |
| 83,334 | | |
$ | 3.10 - 3.80 | | |
$ | 3.10 - 3.80 | |
| |
| 18,334 | | |
$ | 4.00 - 4.70 | | |
$ | 4.00 - 4.70 | |
| |
| 9,792,544 | | |
| | | |
| | |
A
summary of the Company’s stock options outstanding and exercisable as of June 30, 2023 is as follows:
SCHEDULE
OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Grant- Date Stock Price | |
Options Outstanding and Exercisable, June 30, 2023 | |
| 2,850,000 | | |
$ | 0.18 | | |
$ | 0.18 | |
| |
| 1,150,000 | | |
$ | 0.277 | | |
$ | 0.277 | |
| |
| 750,000 | | |
$ | 0.30 | | |
$ | 0.30 | |
| |
| 2,000,000 | | |
$ | 0.35 | | |
$ | 0.35 | |
| |
| 1,664,542 | | |
$ | 0.50 | | |
$ | 0.50 | |
| |
| 128,000 | | |
$ | 0.96 | | |
$ | 0.96 | |
| |
| 350,834 | | |
$ | 1.50 - 1.95 | | |
$ | 1.50 - 1.95 | |
| |
| 597,500 | | |
$ | 2.00 - 2.79 | | |
$ | 2.00 - 2.79 | |
| |
| 83,334 | | |
$ | 3.10 - 3.80 | | |
$ | 3.10 - 3.80 | |
| |
| 18,334 | | |
$ | 4.00 - 4.70 | | |
$ | 4.00 - 4.70 | |
| |
| 9,592,544 | | |
| | | |
| | |
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.2
WARRANTS
|
6 Months Ended |
Jun. 30, 2023 |
Warrants |
|
WARRANTS |
6.
WARRANTS
A
summary of warrants to purchase common stock issued during the six months ended June 30, 2023 is as follows:
SCHEDULE
OF WARRANTS ACTIVITY
| |
Shares | | |
Weighted
Average Exercise Price | |
Balance outstanding at December 31, 2022 | |
| 22,313,335 | | |
$ | 0.61 | |
Granted | |
| 2,733,334 | | |
| 0.60 | |
Exercised | |
| - | | |
| - | |
Expired | |
| - | | |
| - | |
Balance outstanding and exercisable at June 30, 2023 | |
| 25,046,669 | | |
$ | 0.61 | |
At
June 30, 2023, the 25,046,669 outstanding stock warrants had no intrinsic value.
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v3.23.2
LINES OF CREDIT
|
6 Months Ended |
Jun. 30, 2023 |
Lines Of Credit |
|
LINES OF CREDIT |
7.
LINES OF CREDIT
In
November 2022, the Company secured a bank line of credit with a limit of $1,000,000.
The line of credit expires on November
30, 2023 and bears interest at one percent (1%)
above the prime rate (9.25%
at June 30, 2023). As of June 30, 2023, the balance due under the line of credit was $200,000.
In
June 2023, the Range Reclamation Entities secured a separate bank line of credit with a limit of $1,000,000.
This line of credit is secured by all of the Range Reclamation Entities’ fixed assets. This line of credit expires on June
24, 2024 and bears interest at the prime rate
(8.25%
at June 30, 2023). As of June 30, 2023, the balance due under this line of credit was $1,000,000.
|
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v3.23.2
LONG-TERM DEBT OBLIGATIONS
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
LONG-TERM DEBT OBLIGATIONS |
8.
LONG-TERM DEBT OBLIGATIONS
Long-term
debt consists of debt on vehicles and equipment, which serves as the collateral. Interest rates range from 3.69% to 9.95% for 2023. The
debt matures from 2023 through 2028.
A
summary of payments due under the long-term debt by year is as follows:
SCHEDULE
OF MATURITIES OF LONG TERM DEBT
| |
| | |
2023 – due between July 1, 2023 and June 30, 2024 | |
$ | 1,089,509 | |
2024 – due between July 1, 2024 and June 30, 2025 | |
| 1,133,938 | |
2025 – due between July 1, 2025 and June 30, 2026 | |
| 768,744 | |
2026 – due between July 1, 2026 and June 30, 2027 | |
| 756,993 | |
2027 – due between July 1, 2027 and June 30, 2028 | |
| 626,976 | |
2028 and later – due on July 1, 2028 and thereafter | |
| 171,163 | |
Total long-term debt | |
$ | 4,547,323 | |
|
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v3.23.2
MAJOR CUSTOMER AND CONCENTRATION OF CREDIT RISK
|
6 Months Ended |
Jun. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
MAJOR CUSTOMER AND CONCENTRATION OF CREDIT RISK |
9.
MAJOR CUSTOMER AND CONCENTRATION OF CREDIT RISK
Sales
to the Company’s largest customer were 94% and 92% of total sales for the three months ended June 30, 2023 and the six months ended
June 30, 2023, respectively. Sales to the Company’s two largest customers were 91% of total sales for the three and six months
ended June 30, 2022.
Accounts
receivable from the same customer were 96% of total accounts receivable and unbilled receivables as of June 30, 2023. Accounts receivable
from the Company’s two largest customers were 93% of total accounts receivable and unbilled receivables as of June 30, 2022.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
10.
COMMITMENTS AND CONTINGENCIES
The
Company received a letter in February 2021 from counsel for the Company’s director’s and officer’s insurance carrier
(the “insurer”) demanding that the Company reimburse the insurer for sums advanced by the insurer to a former director of
the Company as defense costs in connection with a claim purportedly arising under a previous directors and officers insurance policy.
The Company believes it has no liability for this claim on the basis of, among other things, Nevada law, the Company’s governing
documents and the language of the policy. Accordingly, as of June 30, 2023, no contingent liability has been recorded in the Company’s
consolidated statements of financial condition for this matter.
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v3.23.2
SEGMENT INFORMATION
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SEGMENT INFORMATION |
11.
SEGMENT INFORMATION
ASC
280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with
the Company’s internal organization structure as well as information about services, categories, business segments and major customers
in financial statements. The Company has five reportable segments that are based on the following business units: (i) Environmental Services,
(ii) Biochar Products and Solutions, (iii) Stream Mitigation Banking, (iv) Environmental Security Services, and (v) Cannabinoid Drug
Development. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker
has been identified as the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing
performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements
to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers
and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation
under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products
and services; and procurement, manufacturing and distribution processes.
The
five reportable segments that result from applying the aggregation criteria are as follows:
● |
Environmental Services
– land reclamation, water restoration and environmental consulting services |
|
|
● |
Biochar Products and Solutions
- biochar product development and environmental solutions business |
|
|
● |
Stream Mitigation Banking
– mitigation banks to restore waterways and support economic development |
|
|
● |
Environmental Security
Services – security services on mines transitioning to next generation industries |
|
|
● |
Cannabinoid Drug Development
– glycosylated cannabinoid drug development program |
The
Company operated two reportable business segments during the three and six months ended June 30, 2022, the Cannabinoid Drug Development
and Environmental Services segments. The other business segments began operating in 2023.
The
Company had no inter-segment sales for the periods presented.
Summarized
financial information concerning the Company’s reportable segments is shown as below:
SCHEDULE
OF FINANCIAL INFORMATION OF REPORTABLE SEGMENT
By
Categories
| |
Environmental Services | | |
Biochar Products and Solutions | | |
Stream Mitigation Banking | | |
Environmental Security Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
For the three months ended June 30, 2023 | |
| |
Environmental Services | | |
Biochar Products and Solutions | | |
Stream Mitigation Banking | | |
Environmental Security Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Sales | |
$ | 3,882,492 | | |
$ | - | | |
| - | | |
$ | 115,775 | | |
$ | - | | |
$ | - | | |
$ | 3,998,267 | |
Cost of services | |
| 3,092,805 | | |
| - | | |
| - | | |
| 60,361 | | |
| - | | |
| - | | |
| 3,153,166 | |
Gross profit | |
| 789,687 | | |
| - | | |
| - | | |
| 55,414 | | |
| - | | |
| - | | |
| 845,101 | |
Net income (loss) | |
| 433,922 | | |
| (19,116 | ) | |
| - | | |
| 37,550 | | |
| (107,444 | ) | |
| (308,150 | ) | |
| 36,762 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total assets | |
| 9,440,020 | | |
| 15,138 | | |
| - | | |
| 94,610 | | |
| 8,784 | | |
| 156,928 | | |
| 9,715,480 | |
Depreciation | |
| 338,409 | | |
| 426 | | |
| - | | |
| 2,891 | | |
| - | | |
| - | | |
| 341,726 | |
Interest expense | |
| 63,061 | | |
| - | | |
| - | | |
| 224 | | |
| - | | |
| 1,712 | | |
| 64,997 | |
Tax expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Capital expenditures for long-lived assets | |
$ | 38,289 | | |
$ | - | | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 38,289 | |
| |
Environmental Services | | |
Biochar Products and Solutions | | |
Stream Mitigation Banking | | |
Environmental Security Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
For the six months ended June 30, 2023 | |
| |
Environmental Services | | |
Biochar Products and Solutions | | |
Stream Mitigation Banking | | |
Environmental Security Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Sales | |
$ | 6,870,979 | | |
$ | - | | |
| - | | |
$ | 142,175 | | |
$ | - | | |
$ | - | | |
$ | 7,013,154 | |
Cost of services | |
| 5,442,713 | | |
| - | | |
| - | | |
| 76,338 | | |
| - | | |
| - | | |
| 5,519,051 | |
Gross profit | |
| 1,428,266 | | |
| - | | |
| - | | |
| 65,837 | | |
| - | | |
| - | | |
| 1,494,103 | |
Net income (loss) | |
| 620,565 | | |
| (38,280 | ) | |
| - | | |
| 20,445 | | |
| (213,621 | ) | |
| (579,207 | ) | |
| (190,098 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total assets | |
| 9,440,020 | | |
| 15,138 | | |
| - | | |
| 94,610 | | |
| 8,784 | | |
| 156,928 | | |
| 9,715,480 | |
Depreciation | |
| 691,165 | | |
| 426 | | |
| - | | |
| 4,319 | | |
| - | | |
| - | | |
| 695,910 | |
Interest expense | |
| 105,811 | | |
| - | | |
| - | | |
| 224 | | |
| - | | |
| 2,599 | | |
| 108,634 | |
Tax expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Capital expenditures for long-lived assets | |
$ | 716,491 | | |
$ | 15,350 | | |
| - | | |
$ | 52,674 | | |
$ | - | | |
$ | - | | |
$ | 784,515 | |
| |
Environmental Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
For the three months ended June 30, 2022 | |
| |
Environmental Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 639,359 | | |
$ | - | | |
$ | - | | |
$ | 639,359 | |
Cost of services | |
| 574,407 | | |
| - | | |
| - | | |
| 574,407 | |
Gross profit | |
| 64,952 | | |
| - | | |
| - | | |
| 64,952 | |
Net loss | |
| (39,429 | ) | |
| (107,823 | ) | |
| (295,934 | ) | |
| (443,186 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total assets | |
| 3,855,184 | | |
| 8,334 | | |
| 1,661,781 | | |
| 5,525,299 | |
Capital expenditures for long-lived assets | |
$ | 1,107,833 | | |
$ | - | | |
$ | - | | |
$ | 1,107,833 | |
| |
Environmental Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
For the six months ended June 30, 2022 | |
| |
Environmental Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 639,359 | | |
$ | - | | |
$ | - | | |
$ | 639,359 | |
Cost of services | |
| 574,407 | | |
| - | | |
| - | | |
| 574,407 | |
Gross profit | |
| 64,952 | | |
| - | | |
| - | | |
| 64,952 | |
Net loss | |
| (60,146 | ) | |
| (233,553 | ) | |
| (597,461 | ) | |
| (891,160 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total assets | |
| 3,855,184 | | |
| 8,334 | | |
| 1,661,781 | | |
| 5,525,299 | |
Capital expenditures for long-lived assets | |
$ | 1,107,833 | | |
$ | - | | |
$ | - | | |
$ | 1,107,833 | |
|
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.2
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Going Concern |
Going
Concern
The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement
of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, during the six
months ended June 30, 2023, the Company incurred a net loss of $190,098 and used $398,399 of cash in the Company’s operating activities.
These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that
the financial statements are issued. The financial statements do not include any adjustments that might be necessary should the Company
be unable to continue as a going concern.
The
ability to continue as a going concern is dependent on the Company attaining and maintaining profitable operations in the future and/or
raising additional capital to meet its obligations and repay its liabilities arising from normal business operations when they come due.
The Company estimates, as of June 30, 2023, that it has sufficient funds to operate the business for 12 months given its cash balance
of $359,564, line of credit availability of $800,000, and revenues being generated by the Range Reclamation Entities. Although the Company’s
existing cash balances are estimated to be sufficient to fund its currently planned level of operations, the Company is actively seeking
additional financing and other sources of capital to accelerate the funding and execution of its growth strategy and value creation plan.
However, these estimates could differ if the Company encounters unanticipated difficulties, or if its estimates of the amount of cash
necessary to operate its business prove to be wrong, and the Company uses its available financial resources faster than it currently
expects. No assurance can be given that any future financing or capital, if needed, will be available or, if available, that it will
be on terms that are satisfactory to the Company.
|
Basis of Presentation |
Basis
of Presentation
The
consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Aether Credit Ventures, Inc.,
Graphium Biosciences, Inc., NextGen AgriTech, Inc., Pristine Stream Ventures, Inc., Range Environmental Resources, Inc., Range Natural
Resources, Inc., Range Security Resources, Inc., Terra Preta, Inc., and Daedalus Ecosciences, Inc. (merged into Malachite Innovations,
Inc. on December 31, 2022), and have been prepared in accordance with accounting principles generally accepted in the United States of
America. Intercompany balances and transactions have been eliminated in consolidation.
|
Use of Estimates |
Use
of Estimates
The
preparation 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 period. Actual
results could differ from those estimates.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenue under ASC 606, “Revenue from Contracts with Customers”. The core principle of the revenue standard
is that a company should recognize revenue by analyzing the following five steps: (1) identify the contract with the customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance
obligations; and (5) recognize revenue when (or as) each performance obligation is satisfied. The Company primarily invoices customers
and recognizes revenue on a periodic basis for equipment and labor hours provided to a customer on a particular job based on an agreed-upon
hourly rate sheet or a fixed amount for a project. The Company also invoices customers and recognizes revenue for equipment mobilization
fees and materials and supplies required to complete a project. The Company invoices for the sales of chemicals and recognizes revenue
when the products are delivered to the customer’s designated site. Costs for equipment, labor and chemicals are generally expensed
as incurred since the projects are generally short-term and not subject to a contract. The Company also invoices customers for the provision
of environmental security services on an agreed-upon hourly rate for each project. All revenue is recognized at a point in time.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash
equivalents. From time to time, the Company’s cash account balances exceed the balances covered by the Federal Deposit Insurance
System. The Company has never suffered a loss due to such excess balances.
|
Accounts Receivable |
Accounts
Receivable
Trade
accounts receivable are stated at the amount management expects to collect from the balances outstanding at the end of each fiscal period
reflected in the consolidated balance sheets. Based on management’s assessment, it has concluded that losses on balances outstanding
as of those dates will be immaterial and, therefore, no allowances were recorded for the three months ended June 30, 2023 or the three
months ended June 30, 2022. Accounts receivable were $1,273,635 and $981,385 at June 30, 2023 and December 31, 2022, respectively. No
bad debt expense was accrued in either the three months ended June 30, 2023 or the three months ended June 30, 2022 and there is no allowance
for doubtful accounts as of June 30, 2023 or December 31, 2022.
|
Unbilled Receivables |
Unbilled Receivables
Unbilled
receivables represent revenue that has been recognized on projects for which billings have not been presented to the customer
because the amounts were earned but not billable at the balance sheet date.
|
Equipment |
Equipment
Equipment
is carried at cost. Expenditures for maintenance and repairs are charged to cost of services. Additions and betterments are capitalized.
The cost and related accumulated depreciation of equipment sold or otherwise disposed of are removed from the accounts and any gain or
loss is reflected in the current year’s earnings.
SCHEDULE
OF EQUIPMENT
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Equipment | |
$ | 7,422,329 | | |
$ | 6,637,814 | |
Accumulated depreciation | |
| 1,288,210 | | |
| 592,300 | |
Net book value | |
| 6,134,119 | | |
| 6,045,514 | |
Depreciation expense | |
$ | 695,910 | | |
$ | 395,543 | |
The
Company provides for depreciation of equipment using the straight-line method for both financial reporting and federal income tax purposes
over the estimated six-year useful lives of the equipment.
The
Company assesses the recoverability of its equipment by determining whether the depreciation of the assets over their remaining lives
can be recovered through projected future cash flows generated by the assets. There were no assets identified for impairment.
|
Delivery Costs |
Delivery
Costs
Delivery
costs are classified as cost of sales.
|
Goodwill |
Goodwill
Goodwill
is tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not
(i.e., a likelihood greater than 50%) that the intangible asset is impaired.
|
Income Taxes |
Income
Taxes
The
Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities
are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their
respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates
is recognized as income (loss) in the period that includes the enactment date.
|
Leases |
Leases
The
Company determines whether a contract is, or contains, a lease at inception. Right-of-use assets represent the Company’s right
to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease
payments arising from the lease. Right-of-use assets and lease liabilities are recognized at lease commencement based upon the
estimated present value of unpaid lease payments over the lease term. The Company uses its incremental borrowing rate based on the
information available at lease commencement in determining the present value of unpaid lease payments. As of June 30, 2023, the
Company had no lease commitments for longer than one year.
|
Stock-Based Compensation |
Stock-Based
Compensation
The
Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions
for services. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock Compensation whereby the value
of the award is measured on the date of grant and recognized for employees as compensation expense on the straight-line basis over the
vesting period. Recognition of compensation expense for non-employees is in the same period and manner as if the Company had paid cash
for the services. The Company recognizes the fair value of stock-based compensation within its Consolidated Statements of Operations
with classification depending on the nature of the services rendered.
The
fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain
assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future
dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based
on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense
recorded in future periods.
|
Basic and Diluted Income (Loss) Per Share |
Basic
and Diluted Income (Loss) Per Share
Basic
income (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number
of outstanding common shares during the period. Shares of restricted stock are included in the basic weighted average number of common
shares outstanding from the time they vest. Diluted income (loss) per share is computed by dividing net loss applicable to common stockholders
by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding
if all dilutive potential common shares had been issued. Shares of restricted stock are included in the diluted weighted average number
of common shares outstanding from the date they are granted unless they are antidilutive. Diluted income (loss) per share excludes all
potential common shares if their effect is anti-dilutive. The following potentially dilutive shares were excluded from the shares used
to calculate diluted earnings per share as their inclusion would be anti-dilutive:
SCHEDULE
OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE
| |
June 30, 2023 | | |
December 31, 2022 | |
Options | |
| 9,792,544 | | |
| 9,392,544 | |
Warrants | |
| 25,046,669 | | |
| 22,313,335 | |
Total | |
| 34,839,213 | | |
| 31,705,879 | |
Anti-dilutive loss per
shares | |
| 34,839,213 | | |
| 31,705,879 | |
|
Patents and Patent Application Costs |
Patents
and Patent Application Costs
Although
the Company believes that its patents and underlying technology have continuing value, the amount of future benefits to be derived from
the patents is uncertain. Accordingly, patent costs are expensed as incurred.
|
Research and Development |
Research
and Development
Research
and development costs consist primarily of fees paid to consultants and outside service providers, patent fees and costs, and other expenses
relating to the acquisition, design, development and testing of the Company’s treatments and product candidates. Research and development
costs are expensed as incurred.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
FASB
ASC 825, “Financial Instruments” requires that the Company disclose estimated fair values of financial instruments. Financial
instruments held by the Company include, among others, accounts receivable, accounts payable and long-term debt. The carrying amounts
reported in the balance sheets for assets and liabilities qualifying as financial instruments are a reasonable estimate of fair value.
|
Segments |
Segments
As
of June 30, 2023, the Company has five operating business segments: (i) Environmental Services, (ii) Biochar Products and Solutions,
(iii) Stream Mitigation Banking, (iv) Environmental Security Services, and (v) Cannabinoid Drug Development. In October 2021, the Company
began operating under two segments: (i) Graphium Biosciences, Inc., a wholly-owned subsidiary of the Company, reports the operating results
of our cannabinoid drug development segment, which is advancing a broad portfolio of glycosylated cannabinoid prodrugs that have been
developed to unlock the rebalancing effects of the endocannabinoid system to address numerous chronic conditions, and (ii) the Range
Reclamation Entities, which are wholly-owned subsidiaries of the Company, report the operating
results of the Environmental Services segment, which provides land reclamation, water restoration and environmental consulting services
to mining and non-mining customers. The Biochar Products and Solutions, Stream Mitigation Banking, and Environmental Security
Services business segments began operations in the first quarter of 2023.
In
accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified
as the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance
for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to
report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers,
and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation
under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products
and services; and procurement, manufacturing, and distribution processes.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires entities to
use a forward-looking approach based on current expected credit losses to estimate credit losses on certain types of financial instruments,
including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 was effective for the Company
beginning January 1, 2023. This did not have a material effect on the Company’s financial position, results of operations, or cash
flows.
Other
recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s
present or future financial statements.
|
X |
- DefinitionSubstantial Doubt About Going Concern [Policy Text Block]
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v3.23.2
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF EQUIPMENT |
SCHEDULE
OF EQUIPMENT
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Equipment | |
$ | 7,422,329 | | |
$ | 6,637,814 | |
Accumulated depreciation | |
| 1,288,210 | | |
| 592,300 | |
Net book value | |
| 6,134,119 | | |
| 6,045,514 | |
Depreciation expense | |
$ | 695,910 | | |
$ | 395,543 | |
|
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE |
SCHEDULE
OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE
| |
June 30, 2023 | | |
December 31, 2022 | |
Options | |
| 9,792,544 | | |
| 9,392,544 | |
Warrants | |
| 25,046,669 | | |
| 22,313,335 | |
Total | |
| 34,839,213 | | |
| 31,705,879 | |
Anti-dilutive loss per
shares | |
| 34,839,213 | | |
| 31,705,879 | |
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v3.23.2
ACQUISITION OF RANGE ENVIRONMENTAL RESOURCES AND RANGE NATURAL RESOURCES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
SCHEDULE OF BUSINESS ACQUISITION ALLOCATION OF PURCHASE PRICE |
SCHEDULE
OF BUSINESS ACQUISITION ALLOCATION OF PURCHASE PRICE
| |
| |
Fair value of assets acquired: | |
| |
Cash | |
$ | 15,827 | |
Accounts receivables | |
| 889,919 | |
Property and equipment | |
| 628,000 | |
Goodwill | |
| 751,421 | |
Total assets acquired | |
| 2,285,167 | |
Fair value of liabilities assumed | |
| (785,167 | ) |
Purchase price | |
$ | 1,500,000 | |
Cash consideration | |
| 750,000 | |
Common stock consideration | |
| 750,000 | |
Total purchase price | |
$ | 1,500,000 | |
Acquisition transaction costs incurred | |
$ | 20,592 | |
|
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v3.23.2
STOCK OPTIONS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
SUMMARY OF STOCK OPTION ACTIVITY |
A
summary of the Company’s stock option activity during the six months ended June 30, 2023 is as follows:
SUMMARY
OF STOCK OPTION ACTIVITY
| |
Shares | | |
Weighted
Average Exercise Price | |
Balance outstanding at December 31, 2022 | |
| 9,392,544 | | |
$ | 0.54 | |
Granted | |
| 400,000 | | |
| 0.18 | |
Exchanged | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | |
Expired | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | |
Balance outstanding at June 30, 2023 | |
| 9,792,544 | | |
$ | 0.52 | |
Balance exercisable at June 30, 2023 | |
| 9,592,544 | | |
$ | 0.53 | |
|
SCHEDULE OF STOCK OPTION OUTSTANDING |
A
summary of the Company’s stock options outstanding as of June 30, 2023 is as follows:
SCHEDULE
OF STOCK OPTION OUTSTANDING
| |
Number of
Options | | |
Weighted Average Exercise Price | | |
Weighted Average Grant- Date Stock Price | |
Options Outstanding, June 30, 2023 | |
| 3,050,000 | | |
$ | 0.18 | | |
$ | 0.18 | |
| |
| 1,150,000 | | |
$ | 0.277 | | |
$ | 0.277 | |
| |
| 750,000 | | |
$ | 0.30 | | |
$ | 0.30 | |
| |
| 2,000,000 | | |
$ | 0.35 | | |
$ | 0.35 | |
| |
| 1,664,542 | | |
$ | 0.50 | | |
$ | 0.50 | |
| |
| 128,000 | | |
$ | 0.96 | | |
$ | 0.96 | |
| |
| 350,834 | | |
$ | 1.50 - 1.95 | | |
$ | 1.50 - 1.95 | |
| |
| 597,500 | | |
$ | 2.00 - 2.79 | | |
$ | 2.00 - 2.79 | |
| |
| 83,334 | | |
$ | 3.10 - 3.80 | | |
$ | 3.10 - 3.80 | |
| |
| 18,334 | | |
$ | 4.00 - 4.70 | | |
$ | 4.00 - 4.70 | |
| |
| 9,792,544 | | |
| | | |
| | |
|
SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE |
A
summary of the Company’s stock options outstanding and exercisable as of June 30, 2023 is as follows:
SCHEDULE
OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Grant- Date Stock Price | |
Options Outstanding and Exercisable, June 30, 2023 | |
| 2,850,000 | | |
$ | 0.18 | | |
$ | 0.18 | |
| |
| 1,150,000 | | |
$ | 0.277 | | |
$ | 0.277 | |
| |
| 750,000 | | |
$ | 0.30 | | |
$ | 0.30 | |
| |
| 2,000,000 | | |
$ | 0.35 | | |
$ | 0.35 | |
| |
| 1,664,542 | | |
$ | 0.50 | | |
$ | 0.50 | |
| |
| 128,000 | | |
$ | 0.96 | | |
$ | 0.96 | |
| |
| 350,834 | | |
$ | 1.50 - 1.95 | | |
$ | 1.50 - 1.95 | |
| |
| 597,500 | | |
$ | 2.00 - 2.79 | | |
$ | 2.00 - 2.79 | |
| |
| 83,334 | | |
$ | 3.10 - 3.80 | | |
$ | 3.10 - 3.80 | |
| |
| 18,334 | | |
$ | 4.00 - 4.70 | | |
$ | 4.00 - 4.70 | |
| |
| 9,592,544 | | |
| | | |
| | |
|
X |
- DefinitionTabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.
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- DefinitionTabular disclosure of the total intrinsic value of options exercised (or share units converted), share-based liabilities paid, and the total fair value of shares vested during the year.
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v3.23.2
WARRANTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Warrants |
|
SCHEDULE OF WARRANTS ACTIVITY |
A
summary of warrants to purchase common stock issued during the six months ended June 30, 2023 is as follows:
SCHEDULE
OF WARRANTS ACTIVITY
| |
Shares | | |
Weighted
Average Exercise Price | |
Balance outstanding at December 31, 2022 | |
| 22,313,335 | | |
$ | 0.61 | |
Granted | |
| 2,733,334 | | |
| 0.60 | |
Exercised | |
| - | | |
| - | |
Expired | |
| - | | |
| - | |
Balance outstanding and exercisable at June 30, 2023 | |
| 25,046,669 | | |
$ | 0.61 | |
|
X |
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- DefinitionTabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.
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v3.23.2
LONG-TERM DEBT OBLIGATIONS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF MATURITIES OF LONG TERM DEBT |
A
summary of payments due under the long-term debt by year is as follows:
SCHEDULE
OF MATURITIES OF LONG TERM DEBT
| |
| | |
2023 – due between July 1, 2023 and June 30, 2024 | |
$ | 1,089,509 | |
2024 – due between July 1, 2024 and June 30, 2025 | |
| 1,133,938 | |
2025 – due between July 1, 2025 and June 30, 2026 | |
| 768,744 | |
2026 – due between July 1, 2026 and June 30, 2027 | |
| 756,993 | |
2027 – due between July 1, 2027 and June 30, 2028 | |
| 626,976 | |
2028 and later – due on July 1, 2028 and thereafter | |
| 171,163 | |
Total long-term debt | |
$ | 4,547,323 | |
|
X |
- References
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- DefinitionTabular disclosure of maturity and sinking fund requirement for long-term debt.
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v3.23.2
SEGMENT INFORMATION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SCHEDULE OF FINANCIAL INFORMATION OF REPORTABLE SEGMENT |
Summarized
financial information concerning the Company’s reportable segments is shown as below:
SCHEDULE
OF FINANCIAL INFORMATION OF REPORTABLE SEGMENT
By
Categories
| |
Environmental Services | | |
Biochar Products and Solutions | | |
Stream Mitigation Banking | | |
Environmental Security Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
For the three months ended June 30, 2023 | |
| |
Environmental Services | | |
Biochar Products and Solutions | | |
Stream Mitigation Banking | | |
Environmental Security Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Sales | |
$ | 3,882,492 | | |
$ | - | | |
| - | | |
$ | 115,775 | | |
$ | - | | |
$ | - | | |
$ | 3,998,267 | |
Cost of services | |
| 3,092,805 | | |
| - | | |
| - | | |
| 60,361 | | |
| - | | |
| - | | |
| 3,153,166 | |
Gross profit | |
| 789,687 | | |
| - | | |
| - | | |
| 55,414 | | |
| - | | |
| - | | |
| 845,101 | |
Net income (loss) | |
| 433,922 | | |
| (19,116 | ) | |
| - | | |
| 37,550 | | |
| (107,444 | ) | |
| (308,150 | ) | |
| 36,762 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total assets | |
| 9,440,020 | | |
| 15,138 | | |
| - | | |
| 94,610 | | |
| 8,784 | | |
| 156,928 | | |
| 9,715,480 | |
Depreciation | |
| 338,409 | | |
| 426 | | |
| - | | |
| 2,891 | | |
| - | | |
| - | | |
| 341,726 | |
Interest expense | |
| 63,061 | | |
| - | | |
| - | | |
| 224 | | |
| - | | |
| 1,712 | | |
| 64,997 | |
Tax expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Capital expenditures for long-lived assets | |
$ | 38,289 | | |
$ | - | | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 38,289 | |
| |
Environmental Services | | |
Biochar Products and Solutions | | |
Stream Mitigation Banking | | |
Environmental Security Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
For the six months ended June 30, 2023 | |
| |
Environmental Services | | |
Biochar Products and Solutions | | |
Stream Mitigation Banking | | |
Environmental Security Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Sales | |
$ | 6,870,979 | | |
$ | - | | |
| - | | |
$ | 142,175 | | |
$ | - | | |
$ | - | | |
$ | 7,013,154 | |
Cost of services | |
| 5,442,713 | | |
| - | | |
| - | | |
| 76,338 | | |
| - | | |
| - | | |
| 5,519,051 | |
Gross profit | |
| 1,428,266 | | |
| - | | |
| - | | |
| 65,837 | | |
| - | | |
| - | | |
| 1,494,103 | |
Net income (loss) | |
| 620,565 | | |
| (38,280 | ) | |
| - | | |
| 20,445 | | |
| (213,621 | ) | |
| (579,207 | ) | |
| (190,098 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total assets | |
| 9,440,020 | | |
| 15,138 | | |
| - | | |
| 94,610 | | |
| 8,784 | | |
| 156,928 | | |
| 9,715,480 | |
Depreciation | |
| 691,165 | | |
| 426 | | |
| - | | |
| 4,319 | | |
| - | | |
| - | | |
| 695,910 | |
Interest expense | |
| 105,811 | | |
| - | | |
| - | | |
| 224 | | |
| - | | |
| 2,599 | | |
| 108,634 | |
Tax expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Capital expenditures for long-lived assets | |
$ | 716,491 | | |
$ | 15,350 | | |
| - | | |
$ | 52,674 | | |
$ | - | | |
$ | - | | |
$ | 784,515 | |
| |
Environmental Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
For the three months ended June 30, 2022 | |
| |
Environmental Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 639,359 | | |
$ | - | | |
$ | - | | |
$ | 639,359 | |
Cost of services | |
| 574,407 | | |
| - | | |
| - | | |
| 574,407 | |
Gross profit | |
| 64,952 | | |
| - | | |
| - | | |
| 64,952 | |
Net loss | |
| (39,429 | ) | |
| (107,823 | ) | |
| (295,934 | ) | |
| (443,186 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total assets | |
| 3,855,184 | | |
| 8,334 | | |
| 1,661,781 | | |
| 5,525,299 | |
Capital expenditures for long-lived assets | |
$ | 1,107,833 | | |
$ | - | | |
$ | - | | |
$ | 1,107,833 | |
| |
Environmental Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
For the six months ended June 30, 2022 | |
| |
Environmental Services | | |
Cannabinoid Drug Development | | |
Corporate | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 639,359 | | |
$ | - | | |
$ | - | | |
$ | 639,359 | |
Cost of services | |
| 574,407 | | |
| - | | |
| - | | |
| 574,407 | |
Gross profit | |
| 64,952 | | |
| - | | |
| - | | |
| 64,952 | |
Net loss | |
| (60,146 | ) | |
| (233,553 | ) | |
| (597,461 | ) | |
| (891,160 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total assets | |
| 3,855,184 | | |
| 8,334 | | |
| 1,661,781 | | |
| 5,525,299 | |
Capital expenditures for long-lived assets | |
$ | 1,107,833 | | |
$ | - | | |
$ | - | | |
$ | 1,107,833 | |
|
X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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v3.23.2
SCHEDULE OF EQUIPMENT (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
|
|
|
|
Equipment |
$ 7,422,329
|
$ 7,422,329
|
|
$ 6,637,814
|
Accumulated depreciation |
1,288,210
|
1,288,210
|
|
592,300
|
Net book value |
6,134,119
|
6,134,119
|
|
6,045,514
|
Depreciation expense |
$ 341,726
|
$ 695,910
|
$ 55,392
|
$ 395,543
|
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v3.23.2
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive loss per shares |
34,839,213
|
31,705,879
|
Share-Based Payment Arrangement, Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive loss per shares |
9,792,544
|
9,392,544
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive loss per shares |
25,046,669
|
22,313,335
|
X |
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v3.23.2
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
Segment
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Accounting Policies [Abstract] |
|
|
|
|
|
Net loss |
$ (36,762)
|
$ 443,186
|
$ 190,098
|
$ 891,160
|
|
Cash used in operating activities |
|
|
$ 398,399
|
845,068
|
|
Going concern, description |
|
|
The Company estimates, as of June 30, 2023, that it has sufficient funds to operate the business for 12 months given its cash balance
of $359,564, line of credit availability of $800,000, and revenues being generated by the Range Reclamation Entities
|
|
|
Cash and cash equivalents |
359,564
|
|
$ 359,564
|
|
$ 442,369
|
Line of credit current borrowing capacity |
800,000
|
|
800,000
|
|
|
Allowances for doubtful accounts receivable |
0
|
0
|
0
|
$ 0
|
0
|
Accounts receivable |
1,273,635
|
|
$ 1,273,635
|
|
$ 981,385
|
Bad debt expense |
$ 0
|
$ 0
|
|
|
|
Equipment estimated useful lives |
6 years
|
|
6 years
|
|
|
Number of operating segments | Segment |
|
|
5
|
|
|
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v3.23.2
SCHEDULE OF BUSINESS ACQUISITION ALLOCATION OF PURCHASE PRICE (Details) - USD ($)
|
1 Months Ended |
6 Months Ended |
|
|
May 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Business Acquisition [Line Items] |
|
|
|
|
|
Cash |
$ 15,827
|
|
|
|
|
Accounts receivables |
889,919
|
|
|
|
|
Property and equipment |
628,000
|
|
|
|
|
Goodwill |
751,421
|
$ 751,421
|
|
$ 751,421
|
|
Total assets acquired |
2,285,167
|
|
|
|
|
Fair value of liabilities assumed |
(785,167)
|
|
|
|
|
Cash consideration |
|
|
$ 750,000
|
|
|
Acquisition transaction costs incurred |
20,592
|
|
|
|
|
Range Entities [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Goodwill |
751,421
|
|
|
|
|
Purchase price |
1,500,000
|
|
|
|
|
Cash consideration |
750,000
|
|
|
|
|
Common stock consideration |
750,000
|
|
|
|
|
Total purchase price |
$ 1,500,000
|
|
|
|
|
X |
- DefinitionAmount of direct costs of the business combination including legal, accounting, and other costs incurred to consummate the business acquisition.
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v3.23.2
ACQUISITION OF RANGE ENVIRONMENTAL RESOURCES AND RANGE NATURAL RESOURCES (Details Narrative) - USD ($)
|
|
1 Months Ended |
|
|
|
|
Jul. 12, 2022 |
May 31, 2022 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Oct. 11, 2022 |
Dec. 31, 2021 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
Goodwill |
|
$ 751,421
|
$ 751,421
|
$ 751,421
|
|
|
Range Entities [Member] |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Business acquisition, cash consideration |
|
1,500,000
|
|
|
|
|
Goodwill |
|
$ 751,421
|
|
|
|
|
Share Purchase Agreement [Member] | Range Entities [Member] |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Business acquisition, ownership percentage |
|
80.00%
|
|
|
|
|
Share Purchase Agreement [Member] | Jeremy Starks [Member] |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Business acquisition, ownership percentage |
|
|
|
|
10.00%
|
|
Contractual profits interest |
|
|
|
|
10.00%
|
|
Share Purchase Agreement [Member] | Range Entities [Member] |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Business acquisition, number of shares issued |
|
10,000,000
|
|
|
|
|
Business acquisition, cash consideration |
|
$ 1,000,000
|
|
|
|
|
Separation Agreement [Member] | Range Entities [Member] |
|
|
|
|
|
|
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|
|
|
|
|
|
Agreement, description |
pursuant to which Justice: a) acknowledged that his employment with the Range Reclamation Entities was terminated for cause effective
June 30, 2022; b) returned the 5,000,000 shares of the Company’s common stock that had been issued to him under the terms of the
Share Purchase Agreement; c) transferred his 10% interest in each of the Range Reclamation Entities to Daedalus Ecosciences; and d) paid
Daedalus Ecosciences cash in an amount of $250,000. As a result, only 5,000,000 of the Company’s common stock issued to the Range
Shareholders is considered to have been issued in exchange for 90% of the outstanding common stock of each of the Range Reclamation Entities
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v3.23.2
EQUITY (Details Narrative) - USD ($)
|
|
6 Months Ended |
Apr. 11, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Proceeds from sale of stock and warrants |
|
$ 410,000
|
$ 3,000,000
|
Two Securities Purchase Agreements [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Sale of stock, shares issued |
2,733,334
|
|
|
Sale of stock, price per share |
$ 0.15
|
|
|
Warrants issued to purchase stock |
2,733,333
|
|
|
Warrant exercise price |
$ 0.60
|
|
|
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$ 400,000
|
|
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v3.23.2
SUMMARY OF STOCK OPTION ACTIVITY (Details)
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Share-Based Payment Arrangement [Abstract] |
|
Shares Outstanding, Balance | shares |
9,392,544
|
Weighted Average Exercise Price, Outstanding Balance | $ / shares |
$ 0.54
|
Shares, Granted | shares |
400,000
|
Weighted Average Exercise Price, Granted | $ / shares |
$ 0.18
|
Shares, Exchanged | shares |
|
Weighted Average Exercise Price, Exchanged | $ / shares |
|
Shares, Exercised | shares |
|
Weighted Average Exercise Price, Exercised | $ / shares |
|
Shares, Expired | shares |
|
Weighted Average Exercise Price, Expired | $ / shares |
|
Shares, Forfeited | shares |
|
Weighted Average Exercise Price, Forfeited | $ / shares |
|
Shares Outstanding, Balance | shares |
9,792,544
|
Weighted Average Exercise Price, Outstanding Balance | $ / shares |
$ 0.52
|
Shares, Balance Exercisable | shares |
9,592,544
|
Weighted Average Exercise Price, Balance Exercisable | $ / shares |
$ 0.53
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v3.23.2
SCHEDULE OF STOCK OPTION OUTSTANDING (Details) - $ / shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares outstanding balance |
9,792,544
|
9,392,544
|
Weighted Average Exercise Price, Outstanding Balance |
$ 0.52
|
$ 0.54
|
Weighted Average Exercise Price, Granted |
$ 0.18
|
|
Stock Options One [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares outstanding balance |
3,050,000
|
|
Weighted Average Exercise Price, Outstanding Balance |
$ 0.18
|
|
Weighted Average Exercise Price, Granted |
$ 0.18
|
|
Stock Options Two [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares outstanding balance |
1,150,000
|
|
Weighted Average Exercise Price, Outstanding Balance |
$ 0.277
|
|
Weighted Average Exercise Price, Granted |
$ 0.277
|
|
Stock Options Three [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares outstanding balance |
750,000
|
|
Weighted Average Exercise Price, Outstanding Balance |
$ 0.30
|
|
Weighted Average Exercise Price, Granted |
$ 0.30
|
|
Stock Options Four [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares outstanding balance |
2,000,000
|
|
Weighted Average Exercise Price, Outstanding Balance |
$ 0.35
|
|
Weighted Average Exercise Price, Granted |
$ 0.35
|
|
Stock Options Five [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares outstanding balance |
1,664,542
|
|
Weighted Average Exercise Price, Outstanding Balance |
$ 0.50
|
|
Weighted Average Exercise Price, Granted |
$ 0.50
|
|
Stock Options Six [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares outstanding balance |
128,000
|
|
Weighted Average Exercise Price, Outstanding Balance |
$ 0.96
|
|
Weighted Average Exercise Price, Granted |
$ 0.96
|
|
Stock Options Seven [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares outstanding balance |
350,834
|
|
Stock Options Seven [Member] | Minimum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Weighted Average Exercise Price, Outstanding Balance |
$ 1.50
|
|
Weighted Average Exercise Price, Granted |
1.50
|
|
Stock Options Seven [Member] | Maximum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Weighted Average Exercise Price, Outstanding Balance |
1.95
|
|
Weighted Average Exercise Price, Granted |
$ 1.95
|
|
Stock Options Eight [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares outstanding balance |
597,500
|
|
Stock Options Eight [Member] | Minimum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Weighted Average Exercise Price, Outstanding Balance |
$ 2.00
|
|
Weighted Average Exercise Price, Granted |
2.00
|
|
Stock Options Eight [Member] | Maximum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Weighted Average Exercise Price, Outstanding Balance |
2.79
|
|
Weighted Average Exercise Price, Granted |
$ 2.79
|
|
Stock Options Nine [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares outstanding balance |
83,334
|
|
Stock Options Nine [Member] | Minimum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Weighted Average Exercise Price, Outstanding Balance |
$ 3.10
|
|
Weighted Average Exercise Price, Granted |
3.10
|
|
Stock Options Nine [Member] | Maximum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Weighted Average Exercise Price, Outstanding Balance |
3.80
|
|
Weighted Average Exercise Price, Granted |
$ 3.80
|
|
Stock Options Ten [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares outstanding balance |
18,334
|
|
Stock Options Ten [Member] | Minimum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Weighted Average Exercise Price, Outstanding Balance |
$ 4.00
|
|
Weighted Average Exercise Price, Granted |
4.00
|
|
Stock Options Ten [Member] | Maximum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Weighted Average Exercise Price, Outstanding Balance |
4.70
|
|
Weighted Average Exercise Price, Granted |
$ 4.70
|
|
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v3.23.2
SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE (Details)
|
Jun. 30, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options, Options Outstanding and exercisable | shares |
9,592,544
|
Weighted Average Exercise Price, Options Outstanding and exercisable |
$ 0.53
|
Stock Options One [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options, Options Outstanding and exercisable | shares |
2,850,000
|
Weighted Average Exercise Price, Options Outstanding and exercisable |
$ 0.18
|
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable |
$ 0.18
|
Stock Options Two [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options, Options Outstanding and exercisable | shares |
1,150,000
|
Weighted Average Exercise Price, Options Outstanding and exercisable |
$ 0.277
|
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable |
$ 0.277
|
Stock Options Three [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options, Options Outstanding and exercisable | shares |
750,000
|
Weighted Average Exercise Price, Options Outstanding and exercisable |
$ 0.30
|
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable |
$ 0.30
|
Stock Options Four [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options, Options Outstanding and exercisable | shares |
2,000,000
|
Weighted Average Exercise Price, Options Outstanding and exercisable |
$ 0.35
|
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable |
$ 0.35
|
Stock Options Five [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options, Options Outstanding and exercisable | shares |
1,664,542
|
Weighted Average Exercise Price, Options Outstanding and exercisable |
$ 0.50
|
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable |
$ 0.50
|
Stock Options Six [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options, Options Outstanding and exercisable | shares |
128,000
|
Weighted Average Exercise Price, Options Outstanding and exercisable |
$ 0.96
|
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable |
$ 0.96
|
Stock Options Seven [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options, Options Outstanding and exercisable | shares |
350,834
|
Stock Options Seven [Member] | Minimum [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Weighted Average Exercise Price, Options Outstanding and exercisable |
$ 1.50
|
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable |
1.50
|
Stock Options Seven [Member] | Maximum [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Weighted Average Exercise Price, Options Outstanding and exercisable |
1.95
|
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable |
$ 1.95
|
Stock Options Eight [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options, Options Outstanding and exercisable | shares |
597,500
|
Stock Options Eight [Member] | Minimum [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Weighted Average Exercise Price, Options Outstanding and exercisable |
$ 2.00
|
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable |
2.00
|
Stock Options Eight [Member] | Maximum [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Weighted Average Exercise Price, Options Outstanding and exercisable |
2.79
|
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable |
$ 2.79
|
Stock Options Nine [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options, Options Outstanding and exercisable | shares |
83,334
|
Stock Options Nine [Member] | Minimum [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Weighted Average Exercise Price, Options Outstanding and exercisable |
$ 3.10
|
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable |
3.10
|
Stock Options Nine [Member] | Maximum [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Weighted Average Exercise Price, Options Outstanding and exercisable |
3.80
|
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable |
$ 3.80
|
Stock Options Ten [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Options, Options Outstanding and exercisable | shares |
18,334
|
Stock Options Ten [Member] | Minimum [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Weighted Average Exercise Price, Options Outstanding and exercisable |
$ 4.00
|
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable |
4.00
|
Stock Options Ten [Member] | Maximum [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Weighted Average Exercise Price, Options Outstanding and exercisable |
4.70
|
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable |
$ 4.70
|
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v3.23.2
STOCK OPTIONS (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Share based compensation arrangements by share based payment award options grants in period weighted average exercise price |
|
$ 0.18
|
|
|
Share based compensation arrangement by share based payment award options grants in period gross |
|
400,000
|
|
|
Stock options issued to value |
|
$ 35,920
|
|
|
Stock based compensation expense |
$ 35,920
|
|
|
|
Unamortized cost of outstanding stock-based awards |
$ 35,920
|
$ 35,920
|
|
|
Remaining vesting period |
2 years
|
|
|
|
Stock options outstanding |
9,792,544
|
9,792,544
|
|
9,392,544
|
Stock options, intrinsic value |
$ 0
|
$ 0
|
|
|
Directors and Employees [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Fair value of the option grants to employees |
$ 400,000
|
|
|
|
Share based compensation arrangements by share based payment award options grants in period weighted average exercise price |
$ 0.18
|
|
|
|
Options expiration period |
5 years
|
|
|
|
Share based compensation arrangement by share based payment award options grants in period gross |
200,000
|
|
|
|
Expected dividend yield |
0.00%
|
|
|
|
Expected life |
5 years
|
|
|
|
Stock options issued to value |
$ 0
|
|
|
|
Directors and Employees [Member] | Minimum [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Volatility rate |
273.24%
|
|
|
|
Discount rate |
1.40%
|
|
|
|
Directors and Employees [Member] | Maximum [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Volatility rate |
273.87%
|
|
|
|
Discount rate |
1.55%
|
|
|
|
Employees [Member] | Minimum [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Fair value of the option grants to employees |
$ 71,840
|
|
|
|
Employees [Member] | Maximum [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Fair value of the option grants to employees |
$ 35,920
|
|
|
|
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v3.23.2
SCHEDULE OF WARRANTS ACTIVITY (Details) - Warrant [Member]
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Number of Shares, Warrants Outstanding, Beginning Balance | shares |
22,313,335
|
Weighted Average Exercise Price, Warrants Outstanding, Beginning Balance | $ / shares |
$ 0.61
|
Number of Shares, Warrants Granted | shares |
2,733,334
|
Weighted Average Exercise Price, Warrants Outstanding, Granted | $ / shares |
$ 0.60
|
Number of Shares, Warrants Exercised | shares |
|
Weighted Average Exercise Price, Warrants Outstanding, Exercised | $ / shares |
|
Number of Shares, Warrants Expired | shares |
|
Weighted Average Exercise Price, Warrants Outstanding, Expired | $ / shares |
|
Number of Shares, Warrants Outstanding and Exercisable Ending | shares |
25,046,669
|
Weighted Average Exercise Price, Warrants Outstanding, Outstanding and Exercisable, Ending Balance | $ / shares |
$ 0.61
|
X |
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v3.23.2
LINES OF CREDIT (Details Narrative) - USD ($)
|
1 Months Ended |
Jun. 30, 2023 |
Nov. 30, 2022 |
Debt Instrument [Line Items] |
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
$ 1,000,000
|
Line of Credit Facility, Expiration Date |
|
Nov. 30, 2023
|
Line of Credit Facility, Interest Rate During Period |
|
1.00%
|
Long-Term Line of Credit |
$ 200,000
|
|
Secured Debt [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
$ 1,000,000
|
|
Line of Credit Facility, Expiration Date |
Jun. 24, 2024
|
|
Long-Term Line of Credit |
$ 1,000,000
|
|
Prime Rate [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Debt Instrument, Interest Rate, Stated Percentage |
9.25%
|
|
Prime Rate [Member] | Secured Debt [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Debt Instrument, Interest Rate, Stated Percentage |
8.25%
|
|
X |
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v3.23.2
SCHEDULE OF MATURITIES OF LONG TERM DEBT (Details)
|
Jun. 30, 2023
USD ($)
|
Debt Disclosure [Abstract] |
|
2023 – due between July 1, 2023 and June 30, 2024 |
$ 1,089,509
|
2024 – due between July 1, 2024 and June 30, 2025 |
1,133,938
|
2025 – due between July 1, 2025 and June 30, 2026 |
768,744
|
2026 – due between July 1, 2026 and June 30, 2027 |
756,993
|
2027 – due between July 1, 2027 and June 30, 2028 |
626,976
|
2028 and later – due on July 1, 2028 and thereafter |
171,163
|
Total long-term debt |
$ 4,547,323
|
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v3.23.2
SCHEDULE OF FINANCIAL INFORMATION OF REPORTABLE SEGMENT (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Revenue |
$ 3,998,267
|
$ 639,359
|
$ 7,013,154
|
$ 639,359
|
|
|
Cost of services |
3,153,166
|
574,407
|
5,519,051
|
574,407
|
|
|
Gross profit |
845,101
|
64,952
|
1,494,103
|
64,952
|
|
|
Net loss |
36,762
|
(443,186)
|
(190,098)
|
(891,160)
|
|
|
Total assets |
9,715,480
|
5,525,299
|
9,715,480
|
5,525,299
|
$ 8,230,465
|
$ 5,525,299
|
Depreciation |
341,726
|
|
695,910
|
55,392
|
$ 395,543
|
|
Interest expense |
64,997
|
19,989
|
108,634
|
24,292
|
|
|
Tax expense |
|
|
|
|
|
|
Capital expenditures for long-lived assets |
38,289
|
1,107,833
|
784,515
|
1,107,833
|
|
|
Environmental Services [Member] |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Revenue |
3,882,492
|
639,359
|
6,870,979
|
639,359
|
|
|
Cost of services |
3,092,805
|
574,407
|
5,442,713
|
574,407
|
|
|
Gross profit |
789,687
|
64,952
|
1,428,266
|
64,952
|
|
|
Net loss |
433,922
|
(39,429)
|
620,565
|
(60,146)
|
|
|
Total assets |
9,440,020
|
3,855,184
|
9,440,020
|
3,855,184
|
|
|
Depreciation |
338,409
|
|
691,165
|
|
|
|
Interest expense |
63,061
|
|
105,811
|
|
|
|
Tax expense |
|
|
|
|
|
|
Capital expenditures for long-lived assets |
38,289
|
1,107,833
|
716,491
|
1,107,833
|
|
|
Biochar Products and Solutions [Member] |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Cost of services |
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
Net loss |
(19,116)
|
|
(38,280)
|
|
|
|
Total assets |
15,138
|
|
15,138
|
|
|
|
Depreciation |
426
|
|
426
|
|
|
|
Interest expense |
|
|
|
|
|
|
Tax expense |
|
|
|
|
|
|
Capital expenditures for long-lived assets |
|
|
15,350
|
|
|
|
Stream Mitigation Banking [Member] |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Cost of services |
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
Total assets |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
Tax expense |
|
|
|
|
|
|
Capital expenditures for long-lived assets |
|
|
|
|
|
|
Environmental Security Services [Member] |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Revenue |
115,775
|
|
142,175
|
|
|
|
Cost of services |
60,361
|
|
76,338
|
|
|
|
Gross profit |
55,414
|
|
65,837
|
|
|
|
Net loss |
37,550
|
|
20,445
|
|
|
|
Total assets |
94,610
|
|
94,610
|
|
|
|
Depreciation |
2,891
|
|
4,319
|
|
|
|
Interest expense |
224
|
|
224
|
|
|
|
Tax expense |
|
|
|
|
|
|
Capital expenditures for long-lived assets |
|
|
52,674
|
|
|
|
Cannabinoid Drug Development[Member] |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Cost of services |
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
Net loss |
(107,444)
|
(107,823)
|
(213,621)
|
(233,553)
|
|
|
Total assets |
8,784
|
8,334
|
8,784
|
8,334
|
|
|
Depreciation |
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
Tax expense |
|
|
|
|
|
|
Capital expenditures for long-lived assets |
|
|
|
|
|
|
Corporate Segment [Member] |
|
|
|
|
|
|
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|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Cost of services |
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
Net loss |
(308,150)
|
(295,934)
|
(579,207)
|
(597,461)
|
|
|
Total assets |
156,928
|
1,661,781
|
156,928
|
1,661,781
|
|
|
Depreciation |
|
|
|
|
|
|
Interest expense |
1,712
|
|
2,599
|
|
|
|
Tax expense |
|
|
|
|
|
|
Capital expenditures for long-lived assets |
|
|
|
|
|
|
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