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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended June 30, 2023
or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ________ to ________
Commission
File Number: 000-32863
EESTech,
Inc
(Exact
name of registrant as specified in its charter)
Delaware |
|
33-0922627 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
Suite
417, 241 Adelaide Street, Brisbane, 4000, Australia
(Address
of principal executive offices and zip code)
(061)
417 079 299
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act: None
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities 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 every Interactive Data File required to be submitted 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 such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financing accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐ No ☒
APPLICABLE
ONLY TO CORPORATE ISSUERS
As
of August 21, 2023, the number of shares outstanding of the registrant’s common stock, $0.001 par value, was 275,156,884
shares.
TABLE
OF CONTENTS
TRADEMARKS AND REFERENCES |
i |
PART I. FINANCIAL INFORMATION |
|
Item 1. Condensed Consolidated Financial
Statements. |
1 |
● Condensed
Consolidated Balance Sheets at June 30, 2023 (Unaudited) and December 31, 2022 (Audited) |
1 |
● Condensed
Consolidated Statements of Operations and Comprehensive Loss for the Six Months Ended June 30, 2023 and 2022
(Unaudited) |
2 |
● Condensed
Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the Six Months Ended June 30, 2023 and
June 30, 2022 (Unaudited) |
4 |
● Condensed
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022 (Unaudited) |
5 |
● Notes
to the Condensed Consolidated Financial Statements (Unaudited) |
6 |
Item 2. Management’s Discussion and
Analysis of Financial Condition and Results of Operations. |
18 |
Item 3. Quantitative and Qualitative Disclosures
About Market Risk. |
22 |
Item 4. Controls and Procedures. |
22 |
PART II. OTHER INFORMATION |
|
Item 1. Legal Proceedings. |
23 |
Item 1A. Risk Factors. |
23 |
Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds. |
28 |
Item 3. Defaults Upon Senior Securities. |
28 |
Item 4. Mine Safety Disclosures. |
28 |
Item 5. Other Information. |
28 |
Item 6. Exhibits. |
29 |
SIGNATURES |
30 |
TRADEMARKS
AND REFERENCES
“EESTech,
Inc.” and other trademarks or trade names of EESTech appearing in this report are our property. Solely for convenience,
trademarks and trade names referred to in this report – including but not limited to ThermaSand, ThermaPrills, and Inductosmelt
– may appear without the ® or ™ symbol, but such references are not intended to indicate, in any way, that we
will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks
and trade names.
Our
reporting currency is the U.S. dollar. Unless otherwise expressly stated or the context otherwise requires, references in this
report to “dollars” or “$” or “US$” mean U.S. dollars, and references to A$ mean Australian
dollars.
Any
reference in this report to “tonne” denotes a metric ton, which differs from a U.S. ton.
PART
I. FINANCIAL INFORMATION
Item
1. Condensed Consolidated Financial Statements.
EESTECH,
INC. AND SUBSIDIARIES
(A
DEVELOPMENT STAGE COMPANY)
Condensed
Consolidated Balance Sheets
| |
| | |
| | |
| |
| |
Note | | |
UNAUDITED JUNE 30, | | |
AUDITED DECEMBER 31, | |
| |
| | |
2023 | | |
2022 | |
| |
| | |
$ | | |
$ | |
ASSETS | |
| | |
| | | |
| | |
| |
| | |
| | | |
| | |
Current assets: | |
| | |
| | | |
| | |
Cash | |
| | |
| 27,498 | | |
| 642,456 | |
Prepaid expenses | |
| | |
| 42,713 | | |
| 17,834 | |
Other receivables | |
3 | | |
| 6,833 | | |
| 17,644 | |
Total current assets | |
| | |
| 77,044 | | |
| 677,934 | |
| |
| | |
| | | |
| | |
OTHER NON-CURRENT ASSETS | |
| | |
| | | |
| | |
Property and equipment, net | |
4 | | |
| 48,981 | | |
| 31,978 | |
Total non-current assets | |
| | |
| 48,981 | | |
| 31,978 | |
| |
| | |
| | | |
| | |
Total assets | |
| | |
| 126,025 | | |
| 709,912 | |
| |
| | |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |
| | |
| | | |
| | |
| |
| | |
| | | |
| | |
Current liabilities: | |
| | |
| | | |
| | |
Accounts payable | |
5 | | |
| 350,960 | | |
| 317,772 | |
Accrued expenses | |
6 | | |
| 100,646 | | |
| 224,903 | |
Contract liability | |
| | |
| 84,187 | | |
| - | |
Total current liabilities | |
| | |
| 535,793 | | |
| 542,675 | |
| |
| | |
| | | |
| | |
Stockholders’ equity (deficit): | |
| | |
| | | |
| | |
Common stock, $0.001 par value, 450,000,000 shares authorized; and 274,406,884 shares
issued and outstanding at June 30, 2023 and 273,289,914 as at December 31, 2022, respectively | |
| | |
| 275,582 | | |
| 274,465 | |
Additional paid-in capital | |
| | |
| 38,394,690 | | |
| 38,323,704 | |
Accumulated deficit | |
| | |
| (36,370,336 | ) | |
| (35,773,722 | ) |
Accumulated comprehensive loss | |
| | |
| (1,584,244 | ) | |
| (1,569,183 | ) |
Total stockholders’ equity attributable to EESTech Inc. | |
| | |
| 715,692 | | |
| 1,255,264 | |
Non-controlling interest in subsidiaries | |
| | |
| (1,125,460 | ) | |
| (1,088,027 | ) |
Total stockholders’ equity (deficit) | |
| | |
| (409,768 | ) | |
| 167,237 | |
| |
| | |
| | | |
| | |
Total liabilities and stockholders’ equity | |
| | |
| 126,025 | | |
| 709,912 | |
The
accompanying notes are an integral part of these financial statements
EESTECH,
INC. AND SUBSIDIARIES
(A
DEVELOPMENT STAGE COMPANY)
Condensed
Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
| |
| | |
| | |
| |
| |
| | |
FOR THE SIX
MONTHS | | |
FOR THE SIX
MONTHS | |
| |
| | |
ENDED | | |
ENDED | |
| |
| | |
JUNE 30, | | |
JUNE 30, | |
| |
| | |
2023 | | |
2022 | |
| |
| | |
$ | | |
$ | |
Revenue recognized from contracts with customers | |
9 | | |
| 120,792 | | |
| 53,877 | |
| |
| | |
| | | |
| | |
Operating expenses: | |
| | |
| | | |
| | |
General administrative | |
| | |
| (754,839 | ) | |
| (508,500 | ) |
Total operating expenses | |
| | |
| (754,839 | ) | |
| (508,500 | ) |
| |
| | |
| | | |
| | |
Loss from operations | |
| | |
| (634,047 | ) | |
| (454,623 | ) |
| |
| | |
| | | |
| | |
Other income (expense): | |
| | |
| | | |
| | |
Unrealized FX gain/(loss) on translation | |
| | |
| — | | |
| — | |
Net loss | |
| | |
| (634,047 | ) | |
| (454,623 | ) |
| |
| | |
| | | |
| | |
Other comprehensive loss: | |
| | |
| | | |
| | |
Other comprehensive loss, net of tax | |
| | |
| (15,061 | ) | |
| (26,434 | ) |
| |
| | |
| | | |
| | |
Total comprehensive loss | |
| | |
| (649,108 | ) | |
| (481,057 | ) |
| |
| | |
| | | |
| | |
Net loss is attributable to: | |
| | |
| | | |
| | |
Owners of EESTech, Inc. | |
| | |
| (596,614 | ) | |
| (389,127 | ) |
Non-controlling interests | |
| | |
| (37,433 | ) | |
| (65,496 | ) |
| |
| | |
| | | |
| | |
Total comprehensive loss for the year is attributable to: | |
| | |
| | | |
| | |
Owners of EESTech, Inc. | |
| | |
| (611,675 | ) | |
| (415,561 | ) |
Non-controlling interests | |
| | |
| (37,433 | ) | |
| (65,496 | ) |
| |
| | |
| | | |
| | |
Net loss per share | |
| | |
| (0.002 | ) | |
| (0.002 | ) |
| |
| | |
| | | |
| | |
Weighted average number of common shares outstanding – basic and diluted | |
| | |
| 273,800,646 | | |
| 245,680,221 | |
The
accompanying notes are an integral part of these financial statements
EESTECH,
INC. AND SUBSIDIARIES
(A
DEVELOPMENT STAGE COMPANY)
Condensed
Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
| |
| | |
| | |
| |
| |
| | |
FOR THE THREE
MONTHS | | |
FOR THE THREE
MONTHS | |
| |
| | |
ENDED | | |
ENDED | |
| |
| | |
JUNE 30, | | |
JUNE 30, | |
| |
| | |
2023 | | |
2022 | |
| |
| | |
$ | | |
$ | |
Revenue recognized from contracts with customers | |
9 | | |
| 452 | | |
| 53,877 | |
| |
| | |
| | | |
| | |
Operating expenses: | |
| | |
| | | |
| | |
General administrative | |
| | |
| (393,379 | ) | |
| (226,650 | ) |
Total operating expenses | |
| | |
| (393,379 | ) | |
| (226,650 | ) |
| |
| | |
| | | |
| | |
Loss from operations | |
| | |
| (392,927 | ) | |
| (172,773 | ) |
| |
| | |
| | | |
| | |
Other income (expense): | |
| | |
| | | |
| | |
Unrealized FX gain/(loss) on translation | |
| | |
| — | | |
| — | |
Net loss | |
| | |
| (392,927 | ) | |
| (172,773 | ) |
| |
| | |
| | | |
| | |
Other comprehensive loss: | |
| | |
| | | |
| | |
Other comprehensive loss, net of tax | |
| | |
| (13,745 | ) | |
| (24,764 | ) |
| |
| | |
| | | |
| | |
Total comprehensive loss | |
| | |
| (406,672 | ) | |
| (197,537 | ) |
| |
| | |
| | | |
| | |
Net loss is attributable to: | |
| | |
| | | |
| | |
Owners of EESTech, Inc. | |
| | |
| (370,241 | ) | |
| (78,607 | ) |
Non-controlling interests | |
| | |
| (22,686 | ) | |
| (94,166 | ) |
| |
| | |
| | | |
| | |
Total comprehensive loss for the year is attributable to: | |
| | |
| | | |
| | |
Owners of EESTech, Inc. | |
| | |
| (383,986 | ) | |
| (103,371 | ) |
Non-controlling interests | |
| | |
| (22,686 | ) | |
| (94,166 | ) |
| |
| | |
| | | |
| | |
Net loss per share | |
| | |
| (0.001 | ) | |
| (0.000 | ) |
| |
| | |
| | | |
| | |
Weighted average number of common shares outstanding – basic and diluted | |
| | |
| 273,558,942 | | |
| 240,166,481 | |
The
accompanying notes are an integral part of these financial statements
EESTECH,
INC. AND SUBSIDIARIES
(A
DEVELOPMENT STAGE COMPANY)
Condensed
Consolidated Statement of Changes in Stockholders’ Equity (Deficit) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock |
|
|
|
|
|
|
|
|
|
|
|
|
Shares
issued
Par
|
|
Par
Value
$0.001 |
|
Additional
paid-in
capital |
|
Deficit
accumulated
during
development
stage |
|
Accumulated
other
comprehensive
loss
|
|
Total
Stockholders’
equity
(deficit)
attributable to EESTech Inc. |
|
Non-Controlling
Interests
in
Subsidiaries |
|
Total
equity
(deficit) |
|
|
No. |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
Balance
December 31, 2021 |
|
|
239,001,760 |
|
|
|
240,175 |
|
|
|
36,947,291 |
|
|
|
(34,682,133 |
) |
|
|
(1,550,394 |
) |
|
|
954,939 |
|
|
|
(997,577 |
) |
|
|
(42,638 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of stock for
cash |
|
|
14,983,207 |
|
|
|
14,986 |
|
|
|
584,345 |
|
|
|
— |
|
|
|
— |
|
|
|
599,331 |
|
|
|
— |
|
|
|
599,331 |
|
Issuance of stock for
services |
|
|
1,628,730 |
|
|
|
1,128 |
|
|
|
31,794 |
|
|
|
— |
|
|
|
— |
|
|
|
32,922 |
|
|
|
— |
|
|
|
32,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(389,127 |
) |
|
|
— |
|
|
|
(389,127 |
) |
|
|
(65,496 |
) |
|
|
(454,623 |
) |
Adjustment for foreign currency translations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26,434 |
) |
|
|
(26,434 |
) |
|
|
— |
|
|
|
(26,434 |
) |
Balance
June 30, 2022 |
|
|
255,613,697 |
|
|
|
256,289 |
|
|
|
37,563,430 |
|
|
|
(35,071,260 |
) |
|
|
(1,576,828 |
) |
|
|
1,171,631 |
|
|
|
(1,063,073 |
) |
|
|
108,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
December 31, 2022 |
|
|
273,289,914 |
|
|
|
274,465 |
|
|
|
38,323,704 |
|
|
|
(35,773,722 |
) |
|
|
(1,569,183 |
) |
|
|
1,255,264 |
|
|
|
(1,088,027 |
) |
|
|
167,237 |
|
Issuance of stock for
cash |
|
|
391,970 |
|
|
|
392 |
|
|
|
35,446 |
|
|
|
— |
|
|
|
— |
|
|
|
35,838 |
|
|
|
— |
|
|
|
35,838 |
|
Issuance of stock for
services |
|
|
725,000 |
|
|
|
725 |
|
|
|
35,540 |
|
|
|
— |
|
|
|
— |
|
|
|
36,265 |
|
|
|
— |
|
|
|
36,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(596,614 |
) |
|
|
— |
|
|
|
(596,614 |
) |
|
|
(37,433 |
) |
|
|
(634,047 |
) |
Adjustment for foreign currency translations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,061 |
) |
|
|
(15,061 |
) |
|
|
— |
|
|
|
(15,061 |
) |
Balance
June 30, 2023 |
|
|
274,406,884 |
|
|
|
275,582 |
|
|
|
38,394,690 |
|
|
|
(36,370,336 |
) |
|
|
(1,584,244 |
) |
|
|
715,693 |
|
|
|
(1,125,460 |
) |
|
|
(409,768 |
) |
The
accompanying notes are an integral part of these financial statements
EESTECH,
INC. AND SUBSIDIARIES
(A
DEVELOPMENT STAGE COMPANY)
Condensed
Consolidated Statements of Cash Flows (Unaudited)
| |
| | |
| | |
| |
| |
| | |
FOR THE SIX
MONTHS ENDED
JUNE 30, 2023 | | |
FOR THE SIX
MONTHS ENDED
JUNE 30, 2022 | |
| |
| | |
$ | | |
$ | |
Cash flows from operating activities: | |
| | |
| | | |
| | |
| |
| | |
| | | |
| | |
Net loss | |
| | |
| (634,047 | ) | |
| (454,623 | ) |
| |
| | |
| | | |
| | |
Adjustments to reconcile net loss to net | |
| | |
| | | |
| | |
cash used in operating activities: | |
| | |
| | | |
| | |
Amortization and depreciation | |
4 | | |
| 11,592 | | |
| 6,919 | |
Shares issued for services and settlement of liabilities | |
7 | | |
| 36,265 | | |
| 32,922 | |
| |
| | |
| | | |
| | |
Changes in assets and liabilities: | |
| | |
| | | |
| | |
Decrease in accrued expenses | |
| | |
| (124,257 | ) | |
| (32,562 | ) |
Decrease in other receivables | |
| | |
| 10,811 | | |
| 23,406 | |
(Increase) decrease in prepaid expenses | |
| | |
| (24,879 | ) | |
| 16,202 | |
Increase in contract liabilities | |
| | |
| 84,187 | | |
| — | |
Increase in accounts payable | |
| | |
| 33,188 | | |
| 5,406 | |
Net cash used in operations | |
| | |
| (607,140 | ) | |
| (402,330 | ) |
| |
| | |
| | | |
| | |
Cash flows used by investing activities: | |
| | |
| | | |
| | |
Acquisition of plant and equipment | |
4 | | |
| (28,714 | ) | |
| (8,576 | ) |
Net cash used in investing activities | |
| | |
| (28,714 | ) | |
| (8,576 | ) |
| |
| | |
| | | |
| | |
Cash flows from financing activities: | |
| | |
| | | |
| | |
Issuance of common stock | |
7 | | |
| 35,838 | | |
| 599,331 | |
Loan repayment to shareholder | |
| | |
| — | | |
| (21,768 | ) |
Net cash provided by financing activities | |
| | |
| 35,838 | | |
| 577,563 | |
| |
| | |
| | | |
| | |
Comprehensive gain (loss) on translation | |
| | |
| (14,942 | ) | |
| (24,135 | ) |
Net increase in cash | |
| | |
| (614,958 | ) | |
| 142,522 | |
Cash, beginning of period | |
| | |
| 642,456 | | |
| 416,811 | |
Cash, end of period | |
| | |
| 27,498 | | |
| 559,333 | |
| |
| | |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |
| | |
| | | |
| | |
Issuance of stock for services and extinguishment of debt | |
| | |
| 36,265 | | |
| 135,756 | |
The
accompanying notes are an integral part of these financial statements
EESTECH,
INC. AND SUBSIDIARIES
(A
DEVELOPMENT STAGE COMPANY)
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. BASIS
OF PRESENTATION, ORGANIZATION AND NATURE OF OPERATIONS
(a)
Organization and nature of operations
EESTech,
Inc and subsidiaries (the “Company,” “we,” or “our”) promotes economically and environmentally
sustainable technologies to the world’s mining and minerals processing industry. The Company has developed waste management
solutions that enables the recycling of mine site waste and process slag to recover targeted materials of value. EESTech believes
its process capabilities and technologies will deliver a paradigm shift in how mineral resources are processed.
The
Company’s mineral processing capabilities have been developed to significantly reduce cost, increase productivity, reduce
energy requirements, eliminate polluting leachates, transform hazardous waste liabilities into products of value with zero-waste
outcomes, and significantly reduce the carbon footprint of mineral resource processing.
|
● |
The Company was formed on 26th April,
2000 as a Delaware corporation, File number 3218311 as Aquadyne Inc. On the 26th June 2006 the name of the Company
was changed to EESTech Inc. |
|
● |
EESTech Australia Pty Ltd, ACN 103 011 696,
was registered on 2nd December 2002. EESTech Inc. holds 73% with Albatross Equity Investments Limited holding 27%.
|
|
● |
EESTech Inc Limited, incorporation number 6341030,
New Zealand, was incorporated on 19th June 2017 and is 100% owned by EESTech Inc. |
|
● |
EESTech Management Services (Pty) Ltd, number
2016 / 410087 / 07 South Africa, was registered on the 20th September 2016 and is 100% owned by EESTech Inc Limited. |
|
● |
E’Prime Alloys LLC, ID 2019-000867434,
was registered on 23rd September 2019 and is 100% owned by EESTech Inc. |
|
● |
Environmental Management Solutions LLC, File
number 5324412, was formed on 11th July 2013 and is 100% owned by EESTech Inc. |
|
● |
EESTech Europe Holdings B. V., RSIN 863725144
was registered on 10th March 2022 and is 100% owned by EESTech Inc. |
(b)
Basis of Preparation
The
accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with instructions
for Form 10-Q and Article 10 of Regulation S-X issued by the Securities and Exchange Commission (“SEC”). Accordingly,
they do not include all of the information and note disclosures required by accounting principles generally accepted in the United
States of America (“GAAP”) for complete financial statements, the Company believes that the disclosures made are adequate
to make that information not misleading. It is suggested that these financial statements be read in conjunction with the audited
financial statements and the related notes thereto for the year ended December 31, 2022, included in our Form 10 filed with the
SEC on March 15, 2023. Accordingly, significant accounting policies and other disclosures normally provided have been omitted
since such items are disclosed therein.
The
results of operations for this interim period are not necessarily indicative of the operating results for the full year or for
any future period.
In
accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties About an Entity’s
Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events
that raise substantial doubt about the Company’s ability to continue as a going concern for at least one year after the
date the consolidated financial statements are issued.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The
Company has incurred significant losses since inception and expects to continue to incur losses as we advance our tests and development
of technologies. The Company had an accumulated deficit of $36.4 million at June 30, 2023. Although the Company historically
has sold equity for raising working capital from a number of investor sources, on an as and when needed basis, there is no assurance
that any additional equity offerings, debt financings, or other non-dilutive third-party funding will be available to us on acceptable
terms or at all.
The
above conditions give rise to a material uncertainty which may cast substantial doubt on the Company’s ability to continue
as a going concern.
Notwithstanding
the above, management of the Company considers it appropriate to prepare the financial statements on a going concern basis after
having regard to the Company being awarded a 10+year contract with Samancor in 2019 and having completed a number of commercial
work orders for its services with Sasol as the parties continue to work on pre-contract trials.
The
Company expects in the near future it will no longer be required to raise working capital through equity placements as the Company
will have reached a market point where cash flows will be realized through its commercial and operational activities.
Should
the Company be unable to continue as a going concern, it may be required to realize its assets and liabilities other than in the
ordinary course of business, and at amounts that differ from those stated in the financial statements. These financial statements
do not give effect to any adjustments, which could be necessary, should the Company be unable to continue as a going concern and
therefore be required to realize its assets and discharge its liabilities in other than the normal course of business, and at
amounts different from those reflected in the financial statements.
COVID-19
The
rapid global spread of the COVID-19 virus since December 2019 has affected production and sales, and disrupted supply chains across
a range of industries. On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a “pandemic”,
or a worldwide spread of a new disease. On May 5, 2023, the World Health Organization declared that COVID-19 no longer constitutes
a public health emergency.
To
date, the primary impact of COVID-19 experienced by the Company was a delay in the Environmental Impact Assessment (EIA) for the
Samancor project completion and approval, which took more than one year rather than the typical few months. EESTech Inc do not
anticipate any further future impact from COVID-19 on the Company’s operations and financial performance.
Where
there have been supply chain logistics and production delays from factory shutdowns by suppliers during COVID-19, which have had
an ongoing impact, the Company has extended expected delivery timelines within its scope of works and construction timeframes
to offset the possible impact of any future delays.
2. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
(a)
Principles of Consolidation
The
accompanying interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.
The financial statements have been consolidated with the parent company and all inter-company transactions and balances have been
eliminated in consolidation.
The
acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without
the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and
the book value of the share of the non-controlling interest acquired is recognized directly in equity attributable to the parent.
Non-controlling
interest in the results and equity of subsidiaries are shown separately in the statement of operations and comprehensive loss,
statement of financial position and statement of changes in equity of the consolidated entity.
Losses
incurred by the consolidated entity are attributed to the non-controlling interest in full, even if that results in a deficit
balance.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(b)
Use of Estimates
The
preparation of interim condensed consolidated financial statements in conformity with US GAAP requires management to make certain
judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses
during the reporting periods. The Company has only used estimates for useful lives for depreciation, deferred income tax assets
and liabilities and relatively minor accruals when they are not in possession of actual invoices after the balance date. The
Company accounts for all its foreign subsidiaries on the same basis. Actual results could differ from those estimates.
(c)
Revenue Recognition
Revenue
in EESTech currently relates to the ongoing R&D process with Sasol as EESTech has taken on testing of excess fine coal agglomeration.
Revenues
are recognized when the control of the promised goods and services are transferred to a customer in an amount that reflects the
consideration that the Company expects to receive in exchange for those services.
The
Company applies the five following steps in order to determine the appropriate amount of revenue to be recognized as it fulfils
its obligations under each of its arrangements:
|
● |
Identify the contract with the customer, |
|
● |
Identify the performance obligations in the
contract, |
|
● |
Determine the transaction price, |
|
● |
Allocate the transaction price to performance
obligations in the contract, and |
|
● |
Recognize revenue as the performance obligation
is satisfied. |
The
Company estimates the transaction price, including variable consideration, at the commencement of the contract and recognizes
revenue over the contract term, rather than at a point in time.
(d)
Goods and Services Tax (“GST”) and other similar taxes
Revenues,
expenses and assets are recognized net of the amount of associated GST, unless the GST incurred is not recoverable from the tax
authority. In this case it is recognized as part of the cost of the acquisition of the asset or as part of the expense.
Receivables
and payables are stated inclusive of the amount of GST receivable of payable. The net amount of GST recoverable from, or payable
to, the tax authority is included in other receivables or other payables in the statement of financial position.
Cash
flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are
recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments
and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
(e)
Cash
Cash
includes short-term investments that are readily convertible into cash with original maturities of three months or less.
(f)
Property and Equipment
Property
and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets,
which is three to seven years. The Company has no equipment under capital lease.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(g)
Borrowings
Loans
and borrowings (including to related parties) are initially recognized at the fair value of the consideration received, net of
transaction costs.
(h)
Income Taxes
The
Company complies with the accounting and reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards
Codification (ASC) Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting
and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial
statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax
laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances
are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740, “Income Taxes,” prescribes a recognition threshold and a measurement attribute for the financial statement
recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized,
a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management
determined that Australia is the Company’s only major tax jurisdiction.
(i)
Net Loss per Share
Net
loss per share is calculated pursuant to the two-class method as defined in FASB ASC Topic No. 260, Earnings per Share (“ASC
260”), which specifies that all outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends
or dividend equivalents are considered participating securities and should be included in the computation of loss per share pursuant
to the two-class method.
Basic
net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders
by the weighted-average number of common shares outstanding during the period. Diluted net loss per share attributable to common
stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common
stock equivalents outstanding for the period determined using the treasury-stock method.
Basic
and diluted net loss attributable to common holders per share are presented in conformity with the two-class method required for
participating securities as the convertible preferred stock are considered participating securities. The Company’s participating
securities do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely
to common stockholders. Accordingly, for the six months ended June 30, 2023 and 2022, there is no difference in the number of
shares used to calculate basic and diluted shares outstanding.
Potentially
dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are
as follows (in common stock equivalent shares):
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table]
Warrants
outstanding at June 30, 2023 |
Number
of shares warrants will convert to |
1,351,785 |
1,351,785 |
(j)
Non-Controlling Interests
Non-controlling
interests (“NCI”) are measured initially at their proportionate share of the acquiree’s identifiable net assets
at the date of acquisition. Changes in the Company’s interest in a subsidiary that do not result in a loss of control are
accounted for as equity transactions.
Non-controlling
interest in the results and equity of subsidiaries are shown separately in the statement of operations and comprehensive loss,
statement of financial position and statement of changes in equity of the consolidated entity.
Losses
incurred by the consolidated entity are attributed to the non-controlling interest in full, even if that results in a deficit
balance.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(k)
Segment Information
FASB
ASC Topic No. 280, Segment Reporting (“ASC 280”), establishes standards for the way that public business
enterprises
report information about operating segments in their annual consolidated financial statements and requires that those enterprises
report selected information about operating segments in interim financial reports. ASC 280 also establishes standards for related
disclosures about products and services, geographic areas and major customers. The Company’s business segment is based on
the organization’s structure used by the chief operating decision maker for making operating and investment decisions and
for assessing performance.
The
Company is organized as a single operating segment, whereby its chief operating decision maker assess the performance of and allocates
resources to the business as a whole.
(l)
Share Capital
The
Company records proceeds from share issuances net of issuance costs. Par value is recorded at its rate of 0.001 per share with
the remaining proceeds net of issuance costs being recorded as additional paid in capital.
The
Company has issued freestanding warrants to purchase shares of common stock. The warrants are recorded as equity instruments at
the grant date fair value using the Black-Scholes option pricing model and are not subject to revaluation at each balance sheet
date.
The
Company records compensation expense related to stock options issue to nonemployees, including consultants based on the fair value
of the stock options calculated using the Black-Scholes option pricing model over the service performance period as the equity
instruments vest. The Black-Scholes option-pricing model requires the use of highly subjective and complex assumptions, which
determining the fair value of share-based awards, including the option’s expected term and the price volatility of the underlying
stock. The Company calculates the fair value of options granted by using the Black-Scholes option-pricing model with the following
assumptions:
Expected
Volatility – The Company estimated volatility for option grants by evaluating the average historical volatility of a
peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the options’
expected term.
Expected
Term – The expected term of the Company’s options represents the period that the stock-based awards are expected
to be outstanding. The Company has elected to use the midpoint of the stock options vesting term and contractual expiration period
to compute the expected term, as the Company does not have sufficient historical information to develop reasonable expectations
about the future exercise patterns and post-vesting employment termination behavior.
Risk-Free
Interest Rate – the risk-free interest rate is based on the implied yield currently available on US Treasury zero-coupon
issues with a term that is equal to the options’ expected term at the grant date.
Dividend
Yield - The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend
yield has been estimated to be zero.
(m)
Fair value of financial instruments
Assets
and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment
associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received
for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the
asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to
measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The
three-tier fair value hierarchy for disclosure of fair value measurements as follows:
|
● |
Level 1 inputs consist of unadjusted quoted
prices in active markets for identical assets or liabilities and have the highest priority. |
|
● |
Level 2 valuations are based on quoted prices
in markets that are not active. |
|
● |
Level 3 valuations are based on inputs that
are unobservable and supported by little or no market activity. |
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(n)
Foreign Currency Translation
The
reporting currency of the Group is United State Dollars. The functional currency of the Company’s foreign operations is
Australian Dollars. The Company translates the foreign currency financial statements of its foreign operations in accordance with
generally accepted accounting principles by translating balance sheet accounts at the appropriate historical or current exchange
rate on the balance sheet date and the income statement accounts using the prevailing exchange rates at the transaction date.
Translation gains and losses are recorded in stockholders’ equity and realized gains and losses are reflected in operations.
The translation exchange gain for the six-month period ended June 30, 2023, was $462 and the translation exchange loss for the
year ended December 31, 2022, was $3,972.
(o)
Research and Development
Research
and development costs are charged to expense as incurred. The Company’s research and development expenses consist primarily
of expenditures for operations, studies, compensation and consulting costs.
(p)
Newly Adopted Accounting Standards
In
February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The core principle of Topic 842 is that a lessee
should recognize the assets and liabilities that arise from leases. For operating leases, a lessee is required to recognize a
right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the balance sheet.
For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying
asset not to recognize lease assets and lease liabilities. The accounting applied by a lessor is largely unchanged from that applied
under previous GAAP. For SEC Filers (GAAP definition), excluding smaller reporting companies (SRCs) as defined by the SEC, the
ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For
all other entities including smaller reporting companies, as amended by ASU 2019-10, the ASUs are effect for fiscal years beginning
after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Earlier application is permitted.
In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented
using a modified retrospective approach. The Company does not have any leases so there was no impact on its consolidated financial
statements upon adoption on 1 January 2023.
(q)
Accounting Standards Not Yet Implemented
In
March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation
of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional expedients and exceptions
for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria
are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR
or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued ASU
No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, that extends the period of time preparers
can utilize the reference rate reform relief guidance. To ensure the relief in Topic 848 covers the period of time during which
a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022, to December
31, 2024. The Company does not expect the adoption of this standard to have a material impact on the Company’s condensed
consolidated financial statements and related disclosures.
In
June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject
to Contractual Sale Restrictions. This ASU clarifies the guidance in Topic 820, Fair Value Measurement, when measuring the fair
value of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions
that are measured at fair value in accordance with Topic 820. The amendments in this ASU are effective for fiscal years beginning
after December 15, 2024, including the interim periods within those fiscal years. Early adoption is permitted. This amendment
should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed
on the date of adoption. The Company does not expect the adoption of this standard to have a material impact on the Company’s
condensed consolidated financial statements and related disclosures.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
In
September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50). This ASU enhances the transparency
of supplier finance programs. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including
interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal
years beginning after December 15, 2023. Early adoption is permitted. This amendment should be applied retrospectively to each
period in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively.
The Company does not expect the adoption of this standard to have a material impact on the Company’s condensed consolidated
financial statements and related disclosures.
In
March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangement, which addresses the accounting by private
companies and certain not-for-profit entities (NFPs) for common control leases and amends the accounting for leasehold improvements
in common-control arrangements for all entities. This ASU offers: 1) private companies, as well as not-for-profit entities that
are not conduit bond obligors, a practical expedient that gives them the option of using the written terms and conditions of a
common-control arrangement when determining whether a lease exists and the subsequent accounting for the lease, including the
lease’s classification (Issue 1) and 2) amends the accounting for leasehold improvements in common-control arrangements
for all entities (Issue 2). The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, including
interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statement that have
not yet been made available. The Company does not have any leases so expects there will be no impact on its consolidated financial
statements upon adoption from 1 January 2024.
In
October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.
The amendments in this ASU improve the accounting for acquired revenue contracts with customers in a business combination by addressing
diversity in practice and inconsistency related to recognition of an acquired contract liability, and payment terms and their
effect on subsequent revenue recognized by the acquirer. The amendments in this ASU are effective for fiscal years beginning after
December 15, 2023, including the interim periods within those fiscal years. Early adoption is permitted. The Company has not yet
determined the potential impact the adoption may have on our consolidated financial statements.
3.
OTHER RECEIVABLES
Other
receivables consist of the following:
|
|
JUNE
30, 2023 |
|
|
DECEMBER 31, 2022 |
|
|
|
$ |
|
|
$ |
|
Advances to related parties |
|
|
— |
|
|
|
13,963 |
|
GST Receivable |
|
|
6,833 |
|
|
|
3,681 |
|
Total Other Receivables |
|
|
6,833 |
|
|
|
17,644 |
|
4.
PROPERTY AND EQUIPMENT
Property
and equipment consist of the following:
|
Computers |
Plant
&
Equipment |
Lab Equipment |
TOTAL |
|
$ |
$ |
$ |
$ |
Balance
at 1 January 2022 |
4,107 |
13,188 |
22,509 |
39,804 |
Additions |
2,965 |
— |
5,187 |
8,152 |
Impact
of foreign exchange |
(362) |
— |
(1,690) |
(2,052) |
Depreciation |
(2,783) |
(4,937) |
(6,206) |
(13,926) |
Balance
at 31 December 2022 |
3,927 |
8,251 |
19,800 |
31,978 |
Additions |
952 |
— |
27,925 |
28,714 |
Impact
of foreign exchange |
149 |
— |
(431) |
(119) |
Depreciation |
(2,532) |
(2,448) |
(6,612) |
(11,592) |
Balance
at 30 June 2023 |
2,332 |
5,803 |
40,846 |
48,981 |
Property
and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets,
which is three to seven years. The Company has no equipment under capital lease.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
5.
ACCOUNTS PAYABLE
Accounts
payable consist of the following:
|
|
JUNE
30, 2023 |
|
|
DECEMBER 31, 2022 |
|
|
|
$ |
|
|
$ |
|
Amounts due for consulting
costs to related parties/directors |
|
|
342,222 |
|
|
|
299,907 |
|
Amounts due to suppliers |
|
|
8,738 |
|
|
|
17,865 |
|
Total Accounts Payable |
|
|
350,960 |
|
|
|
317,772 |
|
6.
ACCRUED EXPENSES
Accrued
expenses consist of the following:
|
|
JUNE
30, 2023 |
|
|
DECEMBER 31, 2022 |
|
|
|
$ |
|
|
$ |
|
Amounts due to related parties/directors |
|
|
82,471 |
|
|
|
71,138 |
|
Amounts due to suppliers |
|
|
18,175 |
|
|
|
153,765 |
|
Total Accrued Expenses |
|
|
100,646 |
|
|
|
224,903 |
|
7.
COMMON STOCK
During
the six-month period ended June 30, 2023, the Company raised $35,838 from private placements, via the issue of 391,970 shares.
During
the six-month period ended June 30, 2023, the Company issued 725,000 shares in lieu of services received, valued at $36,625.
During
the six-month period ended June 30, 2023, the Company did not issue any shares in lieu of invoices received.
During
the fiscal year ended December 31, 2022, the Company raised $1,314,060 from private placements, via the issue of 31,909,424 shares.
During
the fiscal year ended December 31, 2022, the Company issued 2,287,480 shares in lieu of services received, valued at $94,362.
During
the fiscal year ended December 31, 2022, the Company issued 91,250 shares in lieu of invoices received, valued at $2,281.
Warrants
The
Company has historically issued warrants to purchase 1,737,499 shares of the Company’s common stock with an exercise price
of $0.035 per share and a term of seven years. As at June 30, 2023, 1,351,785 of these warrants are outstanding. The warrants
were recorded to additional paid-in capital.
The
fair value of the warrants was determined using the Black-Scholes option-pricing method, with the following assumptions:
|
Warrants |
Fair
market value of common stock |
$0.035 |
Expected
dividend yield |
-% |
Risk-free
interest rate |
0.12% |
Expected
volatility |
27.29% |
Expected
term (in years) |
7 |
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
8. INCOME
TAXES
The
components of net deferred taxes consisted of the following at June 30, 2023 and December 31, 2022:
|
|
JUNE 30, 2023 |
|
|
DECEMBER
31, 2022 |
|
|
|
$’000 |
|
|
$’000 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Net operating loss carry-forward |
|
|
7,596 |
|
|
|
7,592 |
|
Gross deferred tax assets |
|
|
7,596 |
|
|
|
7,592 |
|
Less valuation allowance |
|
|
(7,595 |
) |
|
|
(7,578 |
) |
Total deferred tax assets |
|
|
1 |
|
|
|
14 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
(1 |
) |
|
|
(14 |
) |
Net deferred tax assets |
|
|
— |
|
|
|
— |
|
The
Company has provided a full valuation allowance on the net deferred tax assets. The valuation allowance increased by $0.02 million
during the period ended June 30, 2023 and decreased by $0.5 million during the year ended December 31, 2022.
The
Company utilizes ASC 740, Accounting for Income Taxes, which requires the recognition of deferred tax assets and liabilities for
the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this
method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of
assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates
applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established,
when necessary, to reduce deferred tax assets to the amount expected to be realized. At June 30, 2023, and December 31, 2022,
valuation allowances for the full amount of the net deferred tax asset were established due to the uncertainties as to the amount
of the taxable income that would be generated in future years.
Reconciliation
of the differences between the statutory tax rate and the effective income tax rate is as follows:
Schedule of The Differences Between the Statutory Tax Rate and Effective Income Tax Rate
|
|
JUNE
30, 2023 |
|
|
DECEMBER
31, 2022 |
|
|
|
|
|
|
Statutory federal tax (benefit)
rate |
|
|
(21.00 |
)% |
|
|
(21.00 |
)% |
Statutory foreign
tax (benefit) rate |
|
|
(25.00 |
)% |
|
|
(25.00 |
)% |
|
|
|
|
|
|
|
|
|
Weighted average effective tax rate |
|
|
(23.00 |
)% |
|
|
(21.00 |
)% |
|
|
|
|
|
|
|
|
|
Valuation allowance |
|
|
23.00 |
% |
|
|
21.00 |
% |
|
|
|
|
|
|
|
|
|
Effective income
tax rate |
|
|
0.00 |
% |
|
|
0.00 |
% |
The
Company had available approximately $34.9M (June 2023) and $35.2M (December 2022) of unused net operating loss carryforwards that
may be applied against future taxable income. Net operating loss carryforwards that arose in the tax year 2002 and 2001 expired
in 2023 and 2022, respectively, for Federal purposes.
The
future utilization of the Company’s NOL and tax credit carryforwards to offset future taxable income may be subject to a
substantial annual limitation as a result of changes in ownership by stockholders that hold 5% or more of the Company’s
common stock. An assessment of such ownership changes under Section 382 was not completed through December 31, 2022. To the extent
that an assessment is completed in the future, the Company’s ability to utilize tax attributes could be restricted on a
year-by-year basis and certain attributes could expire before they are utilized. The Company will examine the impact of any potential
ownership changes in the future.
The
Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. In the normal course of business,
the Company is subject to examination by taxing authorities throughout the nation. The Company is not currently under audit by
the Internal Revenue Service or other similar state and local authorities. All tax years remain open to examination by major taxing
jurisdictions to which the Company is subject.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
9. REVENUE
Revenue
was first recorded by EESTech in the third quarter of FY2021. Revenue to date relates to the ongoing R&D process with Sasol
where EESTech has taken on testing of excess fine coal agglomeration. As at 31 December 2021, revenue was immaterial but it increased
throughout FY2022 with the ongoing completion of the contract to complete the testing process and a subsequent purchase order
raised, to deliver an Engineering Study, in July 2022 for $417,414. A further invoice has since been raised in February 2023 for
$35,500 for additional supplemental work on the Engineering Study.
The
first contract entered into with Sasol in February 2021, was for the testing and evaluation of excess fine coal agglomeration
processes. Revenue for this performance obligation is recognized over time. The contract is billed based
on completion of 3 stages of the fine coal agglomeration and delivery of a report into the testing and evaluation of excess fine
coal agglomeration processes. As the testing was performed over time and without a fixed budget, revenue was recognized for the
3 stages of the contract in the amount to which the Company has a right to invoice, on the basis that the Company has a right
to consideration from the customer in an amount that corresponds directly with the value to the customer of the Company’s
performance completed to date.
The 3 stages are as follows:
|
1) |
Evaluation of agglomerates to confirm suitability
for gasification – EESTech will be provided with 2 tonnes of fine coal by Sasol for test work from which the Company
must produce agglomerates meeting Sasol’s expectations along with providing a basic analysis of the agglomerated material.
The Company has fulfilled their requirements of this stage during FY2021, and has recognized revenue related to this performance
obligation. |
|
2) |
A
proposal from EESTech on the business model – If stage 1 produces suitable agglomerates which pass Sasol’s
testing, EESTech will be required to develop a full proposal on a 200 kilo tonnes per annum scale project including a
detailed business model. The Company has provided the proposal which Sasol has deemed appropriate and thus fulfilled their
requirements of this performance obligation and recognized the corresponding revenue during FY2021.
|
|
3) |
Full scale demonstration in a commercial gasifier
– Stage 3 entails EESTech to manufacture about 1,000 tonnes of agglomerates to enable a commercial scale demonstration.
As at December 31, 2021, this stage had not yet been completed by the Company and hence, Sasol had not been invoiced for payment
at year-end. However, the requirements of this stage were satisfied subsequent to year-end and has therefore been received
and recognized as revenue in March 2022. |
The
second contract entered into with Sasol in July 2022, requires the delivery of an engineering study into the process
of fine coal agglomeration. As the study was to be completed over time and without a fixed budget, revenue was recognized for
the 2 phases of the contract in the amount to which the Company has a right to invoice, on the basis that the Company has a right
to consideration from the customer in an amount that corresponds directly with the value to the customer of the Company’s
performance completed to date. The 2 phases are as follows:
| 1) | A
comprehensive conceptual engineering design study for Phase 1 of the two-Phase project
rollout. Phase 1 comprising the installation of a fine coal briquetting train with a
processing capacity of approximately 580ktpa at Sasol’s East facility and then
Phase 2 of a similar sized extrusion train at Sasol’s West facility. During FY2022,
EESTech has received three payments, each of $83,483 towards the completion of the conceptual
engineering design study of Phase 1, with a fourth payment of $83,483 invoiced and received
in the March 2023 quarter. |
| 2) | The
final scope of services in phase 2 is the delivery of the
Engineering Study as the final output. Additional works beyond the original scope and
performed in 2023 saw an additional billing of $35,500 in February 2023. The final invoice
for the last tranche of $83,483 was issued in March 2023 and subsequently settled in
April 2023 to fund the final completion of the Engineering Study .
No revenue was recognized in the June 2023 quarter as the Engineering Study is yet to
be completed and handed over for sign-off. As such, a corresponding contract liability
was recognized in the balance sheet as of June 30, 2023 for the advance payment received
from Sasol amounting to $83,483. |
Payment for each invoice is typically
due 7 days from the date of invoice. There are no warranties or rights of return under this contract.
Costs
relating to the completion of the contract are recognized as incurred in line with each stage/phase. Costs are minimal and mainly relate
to lab hire and small lab expenses. Larger laboratory expenses have been capitalized and are being depreciated in line with the
depreciation policy.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The
breakdown of opening and closing revenue for the year from contracts is noted below:
|
Sasol
($) |
Opening
balance of Contract Revenue at 1 January 2022 |
14,130 |
New
Contracts |
456,914 |
Revenue
recognized on Contracts for performance obligations satisfied |
(296,229) |
Difference
arising on translation of foreign currency |
(7,849) |
Closing
balance of Contract Revenue at 31 December 2022 |
166,966 |
Additional
fees for existing contract |
35,500 |
Revenue
recognized on Contracts for performance obligations satisfied |
(120,792) |
Difference
arising on translation of foreign currency |
2,513 |
Closing
balance of Contract Revenue at 30 June 2023 |
84,187 |
10. NET
LOSS PER SHARE
The
calculation of basic loss per share has been based on the following loss attributable to ordinary shareholders and the weighted
average number of ordinary shares outstanding.
| |
|
|
|
|
|
| | |
|
|
|
|
|
| |
| |
Six Months Ended | | |
Three Months Ended | |
| |
June 30 | | |
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| $ | | |
| $ | | |
| $ | | |
| $ | |
Loss attributable to ordinary shareholders | |
| (596,614 | ) | |
| (389,127 | ) | |
| (370,241 | ) | |
| (78,607 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of ordinary shares at 1 January | |
| 255,858,014 | | |
| 205,677,834 | | |
| 255,858,014 | | |
| 205,677,834 | |
Effect of shares issued in period | |
| 17,942,632 | | |
| 40,002,388 | | |
| 17,700,928 | | |
| 34,488,647 | |
Weighted average number of ordinary shares at 30 June | |
| 273,800,646 | | |
| 245,689,221 | | |
| 273,558,942 | | |
| 240,166,481 | |
Loss per share | |
| (0.002 | ) | |
| (0.002 | ) | |
| (0.001 | ) | |
| (0.000 | ) |
11.
RELATED PARTY TRANSACTIONS
(a)
Due from related parties
During
the period ended June 30, 2023, two directors paid back the Company for advances in the form of credit cards to be able to pay
for any expenses. As at June 30, 2023, balances on account from related parties were $nil (December 31, 2022: $13,963).
(b)
Due to related parties
As
at June 30, 2023, balances owing to related parties were $424,693 (December 31, 2022: $371,045). They were unsecured and non-interest
bearing and had no stated terms of repayment. All of these relate to director fees and contractor/consulting costs.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
12. ISSUANCE
OF SHARES TO EXTINGUISH DEBT
The
Company, on occasion, uses shares to extinguish debt. This can be in the form of an invoice or services received. Where an invoice
has been received, the shares are valued at the quoted market value on the day of settlement. Any difference between the value
of the shares and the net carrying amount of the extinguished debt is recognized in income of the period of extinguishment as
losses or gains. For the six-month period ended June 30, 2023, no such shares were issued so no gain or loss was recognized. For
the year ended December 31, 2022, a gain of $1,347 has been recognized.
Where
shares are issued for services rendered, the Black-Scholes method of valuation is applied and the expense is straight lined over
the period of service received. During the six-month period ended June 30, 2023, the Company did not issue any shares of common
stock for the extinguishment of debt (2022: Company issued 91,250 shares of common stock for the extinguishment of $2,281 of debt).
13. COMMITMENTS
AND CONTINGENCIES
Operating
Leases
The
Company leases its corporate offices under a month-to-month agreement, and under an operating lease that is renewable annually
and expires in December 2023. Rent expense for office space amounted to approximately $660 for both years ended June 30, 2023
and 2022.
Legal
Matters
From
time to time, the Company is involved in various disputes and litigation matters that arise in the ordinary course of business.
To date, the Company has no material pending legal proceedings.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The
following discussion and analysis should be read in conjunction with the financial statements and related notes appearing elsewhere
in this report and with the registration statement on Form 10 as amended filed by EESTech, Inc. (“EESTech” the “Company”,
“we”, “our”, “us”) with the U.S. Securities and Exchange Commission (the “SEC”)
on March 15, 2023.
This
report contains forward-looking statements relating to plans and objectives of management for future operations, including plans
and objectives relating to the products and the future economic performance of the Company. These forward-looking statements generally
are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“intend,” “budget,” “target,” “aim,” “strategy,” “estimate,”
“plan,” “guidance,” “outlook,” “intend,” “may,” “should,”
“could,” “will,” “would,” “will be,” “will continue,” “will
likely result” and similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking
statements involve known and unknown risks, uncertainties and other important factors, which include, but are not limited to,
the risks described in Part II under “Item 1A. – Risk Factors” in this report, any of which could cause actual
results to differ materially from those projected herein. Although the Company believes that the assumptions underlying the forward-looking
statements contained herein are reasonable, any of those assumptions could prove inaccurate and, therefore, there can be no assurance
that the results contemplated in any of the forward-looking statements contained herein will be realized. Based upon actual experience
and business development, the Company may alter its marketing, capital expenditure plans or other budgets, which may in turn affect
the Company’s results of operations. In light of the significant uncertainties inherent in the forward-looking statements
included herein, the inclusion of any such statement should not be regarded as a representation by the Company or any other person
that the objectives or plans of the Company will be achieved. These forward-looking statements speak only as of the date of this
report and, except as required by law, the Company undertakes no obligation to correct, update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise, except to the extent required under federal securities laws.
Overview
EESTech
promotes economically and environmentally sustainable technologies to the world’s mining and minerals processing industries.
EESTech’s waste management solutions enable the recycling of mine site waste and process slag to recover targeted materials
of value. EESTech’s mineral processing capabilities reduce cost, increase productivity, reduce energy requirements, eliminate
polluting leachates, transform hazardous waste liabilities into products of value with zero-waste outcomes and reduce the carbon
footprint of mineral resource processing. EESTech intends to generate its income from the sale of all recovered targeted materials
being sold back to the waste owner. Post process tailing are transformed into inert high grade sand products 100% owned by EESTech.
Trademarked as ThermaSand and ThermaPrills, both products will be sold into high volume downstream markets.
Technologies
and waste management Solutions offerings
Commercial
advancement of EESTech’s remediation and reclamation capabilities is being underwritten by a self-performing approach whereby
the Company demonstrating confidence in its service and technology offerings carries responsibility for project capital funding.
Providing clients with low-risk waste management solutions on the basis that EESTech is only paid on performance.
EESTech
initial focus will be on the deployment of the following Technology Solutions:
|
● |
Reclamation Resource Recovery Process
(R3 Process): An efficient comminution process that maximizes the yield potential of targeted material from
the recycling of mine site waste and process slag. |
|
● |
Waste Resource Reclamation:
Optimizing the recovery of materials of value from mine site waste and process slag. |
|
● |
Waste Resource Agglomeration (WRAM):
Agglomeration of fine materials into WRAM-ROX, such as coal fines for gasification, recycling non-conductive materials,
and metal oxides. |
|
● |
Waste to Energy Platforms:
1, 3 and 6MW power generation from waste materials such as low grade/ discard coal, methane run off, agricultural and
forestry waste. |
|
● |
Inductosmelt Reduction Furnace:
Increasing the efficiencies of primary smelting, melt/smelt reclaimed non-conductive materials including metal oxides
into metal/alloy. |
The
Company has been working to secure contracts with major global mining entities. Prior to August 2021, no revenue had been recorded
within EESTech, Inc. In February 2019, South Africa’s Samancor Chrome Limited, one of the world’s largest integrated
ferro-chrome (FeCr) producers awarded EESTech an exclusive ten-year agreement, with a five-year extension option, granting EESTech
the reclamation rights to the FeCr process slag located at Samancor’s Ferrometals process facility in Emalahleni, South
Africa. Project start was delayed due to the impact of the covid virus, with the Environmental Impact Assessment (EIA) being granted
in October of 2021 and approvals were received January of 2022. An 18-month project establishment period is required before project
cashflows are generated. In August 2021, a trial has begun with Sasol for which EESTech Inc is being paid. While this trial was
extended in July 2022, revenue at this stage is minimal and as such, losses are still being recorded.
The
Company has been in the developmental stage since its inception.
Impact
of COVID-19
The
rapid global spread of the COVID-19 virus since December 2019 has affected production and sales, and disrupted supply chains across
a range of industries. On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a “pandemic”,
or a worldwide spread of a new disease. On May 5, 2023, the World Health Organization declared that COVID-19 no longer constitutes
a public health emergency.
To
date, the primary impact of COVID-19 experienced by the Company was a delay in the Environmental Impact Assessment (EIA) for the
Samancor project completion and approval, which took more than one year rather than the typical few months. EESTech Inc do not
anticipate any further future impact from COVID-19 on the Company’s operations and financial performance.
Where
there have been supply chain logistics and production delays from factory shutdowns by suppliers during COVID-19, which have had
an ongoing impact, the Company has extended expected delivery timelines within its scope of works and construction timeframes
to offset the possible impact of any future delays.
Results
of Operations
The
following table summarizes our results of operations:
| |
Six Months Ended | | |
Three Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| $ | | |
| $ | | |
| $ | | |
| $ | |
Revenue | |
| 120,792 | | |
| 53,877 | | |
| 452 | | |
| 53,877 | |
Total operating expenses | |
| (754,839 | ) | |
| (508,500 | ) | |
| (393,379 | ) | |
| (226,650 | ) |
Net loss | |
| (634,047 | ) | |
| (454,623 | ) | |
| (392,927 | ) | |
| (172,773 | ) |
Loss per share | |
| (0.002 | ) | |
| (0.002 | ) | |
| (0.001 | ) | |
| (0.000 | ) |
Total assets | |
| 126,025 | | |
| 629,833 | | |
| 126,025 | | |
| 629,833 | |
Total liabilities | |
| 535,793 | | |
| 521,275 | | |
| 535,793 | | |
| 521,275 | |
Six
Months Ended 30 June 2023 compared to Six Months Ended 30 June 2022
Net
Loss. Our net loss for the six months ended June 30, 2023 and 2022 was $634,047 and $454,623 respectively. There was an increase
in revenue for the six months ended June 30, 2023 of $66,915 compared with the same period last year due to the completion of
a large amount of work on the trial with Sasol in the quarter compared with the same period last year. The trial started in the
third quarter of FY21 with activity on the trial increasing throughout FY22 and into FY23 with the ongoing completion of the testing
process. However, this noted increase in revenue of $66,915 was offset by the increase in operating expenses for the same period
amounting to $246,339. As such, the overall movement in our net loss is an increase of $179,424.
General
Administrative Expenses. Our general administrative expenses for the six months ended June 30, 2023 and 2022 were $754,839
and $508,500 respectively. An increase of $246,339 or 48%. The increase is primarily due to:
|
● |
Legal and accounting fees
were $35,060 for the six months ended June 30 2022 and $204,357 for the six months ended June 30, 2023, an increase of $169,297
or 483 %. For the six months ended June 30, 2023, there was a significant uplift in legal fees associated with the Form 10
registration statement and additional costs related to becoming a reporting company compared with the same period last year. |
|
|
|
|
● |
A
new insurance cost of $22,393 and filing fees cost of $25,395 was incurred in the six months ended June 30, 2023 which relates
to expenses associated with being a reporting company. There was no comparative cost in the prior period. |
|
|
|
|
● |
Laboratory expenses associated with the ongoing
research and development costs were $44,789 for the six months ended June 30, 2022 and $62,489 for the six months ended June
30, 2023, an increase of $17,700. These are reflections of the increased costs associated with the Sasol trial which has generated
an increase in revenue for the quarters. |
Three
Months Ended 30 June 2023 compared to Three Months Ended 30 June 2022
Net
Loss. Our net loss for the three months ended June 30, 2023 and 2022 was $392,927 and $172,773, respectively. There was a
decrease in revenue for the six months ended June 30, 2023 of $53,425 compared with the same period last year as the engineering
study is yet to be handed over because there are several design variations that need to be finalized and agreed with Sasol. Moreover,
there was an increase in operating expenses for the same period amounting to $167,143. Hence, the overall movement in our net
loss is an increase of $220,154.
General
Administrative Expenses. Our general administrative expenses for the three months ended June 30, 2023 and 2022 were $393,379
and $226,650, respectively. An increase of $166,729 or 74%. The increase is primarily due to legal and accounting fees which were
$8,583 for the three months ended June 30, 2022 and $174,646 for the three months ended June 30, 2023, an increase of $166,063
or 1,935 %. For the three months ended June 30, 2023, there was a significant uplift in legal fees associated with the Form 10
registration statement and additional costs related to becoming a reporting company compared with the same period last year.
Liquidity
and Capital Resources
As
of June 30, 2023, the Company had a cash balance of $27,498 ($642,456 at December 31, 2022).
Cash
Used in Operating Activities
Net
cash used in operating activities for the six months ended June 30, 2023 and 2022, were as follows:
| |
Six Months Ended | |
| |
June 30, | |
| |
2023 | | |
2022 | |
| |
$ | | |
$ | |
Net cash used in operating activities | |
| (607,140 | ) | |
| (402,330 | ) |
Operating
cash outflows have increased primarily due to the increased activity in connection with this registration statement, including
increased legal, accounting, audit and consulting costs.
Cash
Flow used in Investing Activities
Net
cash used in investing activities for the six months ended June 30, 2023 and 2022, were as follows:
| |
Six Months Ended | |
| |
June 30, | |
| |
2023 | | |
2022 | |
| |
$ | | |
$ | |
Net cash used from investing activities | |
| (28,714 | ) | |
| (8,576 | ) |
All
of the cash used in investing activities in 2021 and 2022 is related to the purchase of fixed assets.
Cash
Flow from Financing Activities
Net
cash provided by financing activities for the six months ended June 30, 2023 and 2022, were as follows:
| |
Six Months Ended | |
| |
June 30, | |
| |
2023 | | |
2022 | |
| |
$ | | |
$ | |
Net cash used from financing activities | |
| 35,838 | | |
| 577,563 | |
All
of this is related to the issuance of common stock except for the loan repayment of $21,768 to shareholder in 2022.
Project
Financing
The
Company anticipates funding the Samancor project and any future Sasol project through both debt and issuance of equity capital.
The Company intends to establish majority-owned special purpose South African registered companies for each project that should
facilitate these project specific funding arrangements.
The
Company anticipates that full commissioning of the planned waste facility for the Samancor project will cost approximately $50
million, of which $22 million is anticipated to be expended in the initial twelve months upon obtaining sufficient financing.
The project costs are budgeted to include approximately: $16 million for process equipment; $11 million for construction, and
site infrastructure and auxiliary equipment; $5 million for rail load out infrastructure; $6 million for electrical instrumentation
and automation and fit out; $5 million for site development and project management and engineering; and $7 million for working
capital. The Company currently is in discussions with various investment sources and partners to finance the Samancor project.
Although there can no assurance as to the financing availability or composition, the Company currently anticipates (a) $35 million
of the project to be sourced through debt financing with terms of repayment based in part upon cash flows from the facility upon
its completion, and (b) $15 million to be sourced from one or more project partners, through which a locally-owned businesses
in South Africa will provide such financing in exchange for entering into service agreements related to the construction or operation
of the facility. To the extent that the Company is unable to obtain the full $50 million as planned, the Company will evaluate
constructing a facility on a smaller scale based upon a smaller amount of financing. Upon completion and operation of a smaller
facility, the Company expects that it will be able to demonstrate performance and generate cash flows to expand the facility within
the 10-year term of the Samancor agreement.
The
Company currently intends to deploy its IRF technology upon completion of the Samancor project facility. The Company expects that
the IRF deployment will be funded through positive cash flows generated from the reclamation and sale of chrome concentrate from
Samancor’s slag dumps. Additional deployments of the Company’s IRF technology will be funded by additional potential
customer projects in the future.
The
Company’s preliminary work for Sasol has been financed directly by Sasol to date. The amount and source of financing for
any future project for Sasol will depend on the nature and scope of any related commercial agreement with Sasol.
The
Company also believes its capital requirements will be met through:
| ● | cash
flows generated from the provision of engineering services sought by waste owners to
engineer environmental solutions to meet their ESG objectives; |
| ● | first
round capital contributions from project operators seeking to secure contracts and working
interest in these projects; |
| ● | prepaid
offtakes for the reclaimed products the Company will produce from these projects; and |
| ● | private
investments in the Company. |
In
addition, the Company intends to offer its services through these two financing models:
| ● | A
tolling model, whereby the Company will generate cash flow on a per tonne basis of material
processed. This model requires an upfront establishment fee from the client, offset against
tolling fees over the contract life of the project. |
| ● | A
zero-cost ownership model, whereby the Company pays no cost to take ownership of waste
to be processed, then generates products of value for resale back to the customer or
sale to downstream markets. In this model, the Company will underwrite capital requirement
for establishing the process facility, with these capital requirements secured against
off-take agreements for products produced. |
However,
both models will only be initiated when contract assured cash flows are confirmed.
Critical Accounting Policies
This
Management’s Discussion and Analysis of Financial Condition and Results of Operations is based on our consolidated financial
statements, which have been prepared in accordance with US GAAP. A summary of our significant accounting policies is included
in Note 2 to the accompanying consolidated financial statements.
A
“critical accounting policy” is one that is both important to the portrayal of our financial condition and results
of operations and that requires management’s most difficult, subjective, or complex judgments. Such judgments are often
the result of a need to make estimates about the effect of matters that are inherently uncertain. We have identified the following
accounting policies as critical:
Stock
Based Compensation
Stock-based
compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition
in the consolidated financial statements of the cost of employee and non-employee services received in exchange for an award of
equity instruments over the period the employees, consultants and third parties are required to perform the services in exchange
for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employees, consultants and
third parties’ services received in exchange for an award based on the grant-date fair value of the award.
The
fair value of these stock-based compensation and warrants is measured at grant date using the Black-Scholes option pricing model
taking into account the terms and conditions upon which the options were granted. This requires management to make estimates regarding
the inputs for option pricing models, such as the expected life of the option, the volatility of our common stock price, the vesting
period of the option and the risk-free interest rate are used. Actual results could differ from those estimates. The estimates
are considered for each new grant of stock options or warrants.
Share-based
compensation expense is recognized on a straight-line basis over the period during which the options vest, with a corresponding
increase in equity.
Non-Controlling
Interests
Non-controlling
interests (“NCI”) are measured initially at their proportionate share of the acquiree’s identifiable net assets
at the date of acquisition. Changes in the Company’s interest in a subsidiary that do not result in a loss of control are
accounted for as equity transactions.
The
acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without
the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and
the book value of the share of the non-controlling interest acquired is recognized directly in equity attributable to the parent.
Non-controlling
interest in the results and equity of subsidiaries are shown separately in the statement of operations and comprehensive loss,
statement of financial position and statement of changes in equity of the consolidated entity.
Losses
incurred by the consolidated entity are attributed to the non-controlling interest in full, even if that results in a deficit
balance.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
Not
applicable.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed
in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded,
processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls
and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed
in our reports filed under the Exchange Act is accumulated and communicated to management, including our principal executive officer
and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.
Our
management has carried out an evaluation, under the supervision and with the participation of our principal executive officer
and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as
defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based upon that evaluation, our principal executive officer
and principal financial officer concluded that, as of the end of the period covered by this report, our disclosure controls and
procedures were effective. In designing and evaluating our disclosure controls and procedures, we recognize that any controls
and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control
objectives.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting during the period covered by this report that have materially
affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II. OTHER INFORMATION
Item
1. Legal Proceedings.
Currently
we are not a party to any legal proceedings. However, we could become subject to claims and legal proceedings that may arise out
of the normal course of business in the future.
Item
1A. Risk Factors.
An
investment in the Company involves a high degree of risk. Before making an investment decision with respect to our common stock,
you should consider the risks described below in addition to the cautionary statements and risks described elsewhere and the other
information in this report and in our other subsequent filings with the SEC. These risks and uncertainties are not the only ones
we face. Additional risks and uncertainties not presently known to us or currently deemed immaterial by us, may also impair our
operations. If any such risks actually occur, our business, financial condition, liquidity, results of operations and prospects
could be materially adversely affected and our ability to implement our growth plans could be adversely affected.
Risks
Related to our Business and Operations
We
have incurred significant net operating losses since our inception and anticipate that we will incur continued losses for the
foreseeable future.
We
had an accumulated deficit of $35.8 million as of December 31, 2022 and $36.4 million as of June 30, 2023, and we will continue
to incur significant expenses in the foreseeable future related to the development and commercialization of our business plan.
As a result, we will be sustaining substantial operating and net losses, and it is possible that we will never be able to sustain
or develop the revenue levels necessary to attain profitability.
Our
financial position creates doubt as to whether we will continue as a going concern.
We
first generated revenue in 2021 but these revenues were minimal. In 2022 and the first quarter of 2023, we generated additional
revenue from the step up in the trials but it was still minimal overall. Our financial position raises substantial doubt about
our ability to continue as a going concern, and we may need to raise additional funds in order to continue to conduct our business.
The Company historically has sold equity to raise working capital from a number of investor sources, on an as and when needed
basis. There can be no assurances that we will be able to achieve a level of revenues adequate to generate sufficient cash flow
from operations or obtain funding from additional financing through private placements or other financing necessary to support
our working capital requirements. If we are unable to secure sufficient capital to fund our operating activities, we may be forced
to delay the completion of, or significantly reduce the scope of, our business plan.
If
we are unable to construct a waste facility for Samancor, our business, financial condition, and results of operations will be
materially adversely affected.
Our
success is dependent, in part, upon our project to recycle process slag waste for Samancor. Delivering the terms under the 10-year
agreement we entered into in 2019 with Samancor currently represents our largest commercial opportunity and the primary focus
of our business. We cannot assure you that we will be able to obtain project financing for or will complete the construction of
a waste facility for Samancor, or that such financing or construction will be achieved in a timely manner or at a sufficient size.
If we are unable to execute on the Samancor project, and if we are unable to generate revenues from other customers or through
our technologies under current or future development, our business, financial condition, and results of operations will be materially
adversely affected.
Some
of our technologies are not, and may not become, commercially operated in the marketplace.
The
Company’s technologies and process capabilities have not been commercially operated in the marketplace. We have established
design capability and validated operational characteristics through laboratory testing, process trials and the operation of pilot
plants. In addition, while our process capabilities are in an advanced stage of commercialization and are capable of “stand
alone” operations, they have not been fully integrated with other technologies developed by the Company. In each of the
technologies, the components are generally not unique in structure and operation. The uniqueness is in the formulation, process
configurations and computerized operating control systems. There can be no assurance that we will be able to integrate these technologies
and market them successfully as a package to generate revenues.
Our
plan requires technological expertise to develop and to oversee the operations our technologies and process capabilities.
Although
our Chief Executive Officer, Chief Technologies Officer, engineering consultants and Advisory Board members are conversant with
the Company’s technologies and process capabilities, we currently have no plans to develop a deployment or operating team.
We will use external EPC and OM contractors with technical expertise to provide us with developmental and operations services.
If we are unable to locate and utilize contractors and service providers, we may be unable to develop and operate our existing
technologies and may be unable to develop other technologies in the future.
Due
to the period that we expect it will take to deploy our products, we will require significant capital to sustain us until we are
able to market our products.
We
expect that once we initiate the deployment of our products, it will take approximately 18 to 24 months to bring our products
to market. We anticipate that we will receive minimal if any revenues during this period, which will place significant pressure
on funding and other supply considerations. While we have budgeted for what we believe to be the required expenses and lead time
to bring our products to market, no assurances can be given for adequate funding during this period. If we are delayed in obtaining
adequate funding, we may be delayed in bringing our products to market.
We
depend on the services of key personnel and the loss of any of these personnel could disrupt our operations.
We
do not have any full-time employees. Our officers and all other support persons perform services for us pursuant to consulting
arrangements. We do not maintain “key-man” life insurance policy on our executive officers. The unexpected loss of
the services of any of our executive officers could have a material adverse effect on our operations.
We
will be dependent on suppliers and manufacturers when we bring our technologies to market.
We
currently do not possess or intend to develop the capability to undertake the manufacture and fabrication of our technologies
when they are ready to be brought to market. We are developing relationships with key suppliers and manufacturers able to meet
our requirements for providing such services. The manufacture and fabrication of our technologies will require exacting standards.
If we are unable to develop these relationships, we may be unable to produce any products. In addition, if the suppliers and manufacturers
are unable to meet the standards that our products require, we may experience delays in bringing our product to market. Unless
and until we develop a team that will address quality control issuers, we will be dependent on third parties to produce our technologies.
The
COVID-19 pandemic may continue to create economic disruption and uncertainty around the world, and may continue to impact us,
our suppliers and our customers.
The
novel coronavirus disease of 2019 (COVID-19) has created significant economic disruption and uncertainty around the world. COVID-19
has impacted us and our customers primarily due to an overall disruption in supply chains and operations. The lingering impact
of these conditions on our business is uncertain and will depend on many evolving factors which we continue to monitor but cannot
predict, including the duration and scope of the pandemic and its variants, resulting actions taken by governments, businesses
and individuals, and the flow-through impact on operations and supply chains. Potential effects of COVID-19 that may adversely
impact our future business include limited availability and/or increased cost of components used in our products, reduced demand
and/or pricing for our products, inability of our customers to pay for our products, and reduced availability of our consultants.
While we continue to monitor the developments surrounding COVID-19 and take actions when possible, to mitigate the business risks
involved, the potential effects of COVID-19 on our business, alone or taken together, may pose a material risk to our future operating
results and financial condition.
If
we are unable to adapt our technologies to the changing demands of the marketplace, our products may become obsolete.
Changes
in technology, competitively imposed process standards and regulatory requirements influence the demand for our products and services.
To grow and remain competitive, we need to anticipate changes in technological and regulatory standards. We need to introduce
new and enhanced products on a timely basis. We may not achieve these goals and some of our products may become obsolete. New
products often face lack of market acceptance, development delays or operational failure. Stricter governmental regulations also
may affect acceptance of new products. If our products are unable to gain market acceptance, our operations and financial condition
may be adversely affected.
We
may face competition from other companies marketing similar technologies.
There
may be other companies that are currently developing technologies that are similar to the ones that we are developing. If such
competitors are able to bring their products to market sooner than we are able, there may be less of a market for our products.
In addition, once a market exists for technologies such as ours, we expect that additional competitors will enter the industry
to attempt to capture the growth potential in the market. If competitors are able to provide a better product or adapt the technologies
more quickly than we are able to, we may be unable to obtain or maintain market share. Some of our current and future competitors
may be larger and better funded than we are. If our competitors are more successful than we are at developing uses for our technologies,
our ability to generate revenues may be adversely affected.
We
will be subject to extensive environmental laws and regulations in the jurisdictions where our products are used and we may be
subject to significant liability if we are unable to comply with such laws and regulations.
Environmental
laws and regulations require us to meet certain standards and may impose liability if we do not meet them. Environmental laws
and regulations and their interpretations change. We must comply with any new standards and requirements, even when they require
us to clean up environmental conditions that were not illegal when the conditions were created. The liabilities and risks imposed
on our customers by environmental laws may adversely impact demand for some of our products or services or impose greater liabilities
and risks on us, which could also have an adverse effect on our competitive and financial position.
Our
plan to operate internationally subjects us to increased risks that could harm our business, operating results and financial condition.
Although
we intend to market our technologies internationally, we have limited experience with operations and our ability to manage our
business and conduct our operations internationally. Doing so requires considerable management attention and resources and is
subject to a number of risks, including the following:
|
● |
challenges caused by distance, language, and
cultural differences; |
|
● |
currency exchange rate fluctuations; |
|
● |
political and economic instability; and |
|
● |
higher costs associated with doing business
internationally. |
In
addition, compliance with complex foreign laws and regulations that may apply to our international operations increases our cost
of doing business in international jurisdictions. Violations of these laws and regulations could result in fines, criminal sanctions
against us, our officers, prohibitions on the conduct of our business and damage to our reputation. Any such violation could result
in prohibitions on our ability to offer our products and services to one or more countries, and could also materially damage our
international expansion efforts, our business and our operating results.
If
currency exchange rates fluctuate substantially in the future, our operating results, which are reported in U.S. dollars, could
be adversely affected.
We
present our financial statements in U.S. Dollar (“US$”). However, a significant portion of our expenses and revenue
are and will be denominated in non-US$ currencies, in particular the Australian dollar (“A$”). As a result, there
is potential that our financial results will be exposed to movements of the US$ against these foreign currencies. The risk may
be increased where the foreign currency against the US$ becomes more volatile, for example, due to economic, political factors,
or significant events that may occur in the jurisdictions of those foreign currencies.
If
we are unable to protect our intellectual property rights, it could reduce the value of our products and services.
Our
patents, trade secrets and other intellectual property rights are important assets for us. Various events outside of our control
may pose a threat to our intellectual property rights as well as to our products and services. For example, effective intellectual
property protection may not be available in every country in which our products are used. However, in the key geographical regions
of South African, Australasian, North American and European markets, the Company already has patent applications in place. Also,
the efforts we have taken to protect our proprietary rights may not be sufficient or effective. Any significant impairment of
our intellectual property rights could harm our business or our ability to compete. Also, protecting our intellectual property
rights is costly and time consuming. Any increase in the unauthorized use of our intellectual property could make it more expensive
to do business and harm our operating results.
We
may be subject to intellectual property rights claims, which are costly to defend, could require us to pay damages and could limit
our ability to use certain technologies in the future.
Technology
companies frequently own large numbers of patents and trade secrets and frequently enter into litigation based on allegations
of infringement or other violations of intellectual property rights. Our technologies may not be able to withstand any third-party
claims and, regardless of the merits of the claim, intellectual property claims are often time-consuming and expensive to litigate
or settle. In addition, to the extent claims against us are successful, we may have to pay substantial monetary damages or discontinue
use of our technologies that are found to be in violation of another party’s rights. We also may have to seek a license
to continue such practices, which may significantly increase our operating expenses.
Risks
Related to Our Common Stock
The
market for our common stock may be limited, and our common stock price may fluctuate significantly.
Although
shares of our common stock currently trade on the Pink Limited Information Tier of the OTC Markets, trading has been limited and
sporadic. A more active trading market may not develop or be sustained upon our uplisting to the OTCBB or otherwise in the future.
The market price of our common stock could fluctuate significantly as a result of:
|
● |
our operating and financial performance and
prospects; |
|
● |
quarterly variations in the rate of growth of
our financial indicators, such as net income per share; |
|
● |
changes in revenue or earnings estimates or
publication of research reports by analysts about us our industry; |
|
● |
liquidity and registering our common stock for
public resale; |
|
● |
sales of our common stock by our stockholders; |
|
● |
increases in our cost of capital; |
|
● |
changes in market valuations of similar companies; |
|
● |
additions or departures of key management personnel;
and |
|
● |
actions by our stockholders; |
The
trading price of our common stock also may be subject to volatility due to general market conditions unrelated to the operating
performance of the Company. Any of these fluctuations may adversely affect the trading price of our common stock.
Because
our common stock is subject to the penny stock rules, broker-dealers may experience difficulty in completing customer transactions
and trading activity in our securities may be adversely affected.
Our
common stock currently is subject to the penny stock rules. A penny stock generally is any equity security, not listed on a national
exchange, with a price of less than $5.00, subject to certain exceptions, that is offered by a company with limited revenues and
assets. The penny stock rules require a broker-dealer: to deliver on any solicited transactions a standardized risk disclosure
document prepared by the SEC; to provide the customer with a current bid and offer quotations for the penny stock, the compensation
of the broker-dealer and its salesperson in the transaction, monthly account statements showing the market value of each penny
stock held in the customer’s account; to make a special written determination that the penny stock is suitable investment
for the purchaser; and to receive the purchaser’s written agreement to the transaction. The disclosure requirements may
have the effect of reducing the level of trading activity, if any, in the secondary market for the stock that becomes subject
to the penny stock rules. Because our common stock is subject to the penny stock rules, investors may find it more difficult to
sell their securities, and the market liquidity for our securities could be severely and adversely affected by limiting the ability
of broker-dealers to sell our common stock and the ability of stockholders to sell our common stock in any secondary market.
Our
directors and executive officers own a substantial portion of our common stock, and their interests may conflict with yours.
As
of August 21, 2023, our directors and executive officers beneficially owned 15.9% of our outstanding common stock.
No other person to our knowledge holds more than 5% beneficial ownership in our common stock. Accordingly, our directors and executive
officers may be in a position to exercise substantial influence over the Company’s affairs. We cannot assure you that the
interests of our directors and executive officers will always align with the interests of other holders of our common stock.
There
may be difficulty in enforcing judgments and effecting service of process on directors and officers that are not citizens of the
United States.
Although
the Company is incorporated in the United States (Delaware), certain of our directors and officers reside outside of the United
States and some or all of the assets of such persons are located outside of the United States. Therefore, it may not be possible
for stockholders to collect or to enforce judgments or liabilities against them under U.S. securities laws. Moreover, it may not
be possible for stockholders to effect service of process within the United States upon such persons. Generally, original actions
to enforce liabilities under U.S. federal securities laws may not be brought in an Australian or other foreign court. Such actions
must be brought in a court in the United States with applicable jurisdiction. Persons obtaining judgments against us in U.S. courts,
including judgments obtained under U.S. federal securities laws, then may need to bring an application in a court in the country
where non-U.S. directors and officers are located to enforce such judgments.
Our
by-laws designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions
and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable
judicial forum for disputes with us or our directors, officers, agents or stockholders.
Our
by-laws provide that, subject to limited exceptions, the Court of Chancery of the State of Delaware will be the exclusive forum
for any derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary duty; any action asserting
a claim against us arising under the Delaware General Corporation Law, our certificate of incorporation or our by-laws; and any
action asserting a claim against us that is governed by the internal affairs doctrine.
Our
by-laws also provide that, to the fullest extent permitted by law, the federal district courts of the United States of America
will be the exclusive forum for resolving any complaint asserting a cause of action arising under the United States federal securities
laws, including the Securities Act and the Exchange Act. Investors cannot waive our compliance with federal securities laws and
the rules and regulations thereunder.
These
exclusive forum provisions may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable
for disputes with us or our directors, officers or other agent of the Company, which may discourage such lawsuits against us and
our directors, officers and other agents. If a court were to find these exclusive forum provisions in our by-laws to be inapplicable
or unenforceable in an action, we may incur further significant additional costs associated with resolving such action in other
jurisdictions, all of which could have a material adverse effect on our business, financial condition, and results of operations.
We
are an “emerging growth company,” and the reduced reporting requirements applicable to emerging growth companies may
make our common stock less attractive to investors.
We
qualify as an “emerging growth company,” as defined in the JOBS Act. For so long as we remain an emerging growth company,
we are permitted and plan to rely on exemptions from certain disclosure requirements that are applicable to other public companies
that are not emerging growth companies. These provisions include, but are not limited to: being permitted to have only two years
of audited financial statements and only two years of related management’s discussion and analysis of financial condition
and results of operations disclosure; an exemption from compliance with the management’s assessment of our internal controls
over financial reporting pursuant to Section 404(a) of the Sarbanes-Oxley Act; an exemption from compliance with the auditor attestation
requirement in the assessment of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act;
not being required to comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or
a supplement to the auditor’s report providing additional information about the audit and the financial statements; reduced
disclosure obligations regarding executive compensation arrangements in our periodic reports, registration statements and proxy
statements; and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder
approval of any golden parachute payments not previously approved by stockholders. In addition, the JOBS Act permits emerging
growth companies to take advantage of an extended transition period to comply with new or revised accounting standards applicable
to public companies. We intend to take advantage of the exemptions described above. As a result, the information we provide will
be different than the information that is available with respect to other public companies. We cannot predict whether investors
will find our common stock less attractive if we rely on these exemptions. In addition, there may be an increased risk, or perceived
increased risk, of material weaknesses or other deficiencies in our internal controls or that they may go undetected. If some
investors find our common stock less attractive as a result of our status as an emerging growth company, there may be a less active
trading market for our common stock, and the market price of our common stock may be more volatile.
We
will incur increased costs and will be subject to additional regulations and requirements as a public company, which will lower
our profits and may make it more difficult to run our business.
As
a newly public company, we will incur significant legal, accounting and other expenses including costs associated with public
company reporting requirements. We expect these rules and regulations to increase our legal and financial compliance costs and
to make some activities more time-consuming and costly. These laws and regulations also could make it more difficult or costly
for us to obtain certain types of insurance, including director and officer liability insurance, and we may be forced to accept
reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. These laws and
regulations could also make it more difficult for us to attract and retain qualified persons to serve on the Board of Directors
or as our executive officers of the Company. Furthermore, if we are unable to satisfy our obligations as a public company, we
could be subject to fines, sanctions and other regulatory action and potentially civil litigation.
We
do not expect to pay cash dividends.
We
do not expect to pay dividends in the near future. The payment of dividends, if any, will be contingent upon our revenues and
earnings, if any, capital requirements, and our general financial condition. The payment of any dividends will be within the discretion
of the Board of Directors. We presently intend to retain all earnings, if any, for use in our business operations and accordingly,
the Board does not anticipate declaring any dividends in the foreseeable future.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
The
following sets forth information regarding unregistered securities issued and sold by the Company during the three months ended
June 30, 2023:
|
● |
The Company has sold (i) an aggregate of 200,000
shares of common stock at a price of $0.05 per share for total consideration of $10,000 in a series of private placements
to investors outside the United States. |
|
● |
The Company issued 575,000 shares of common
stock to a total of five consultants. These shares were awarded for compensatory purposes and no cash consideration was received
by the Company in connection with their issuance. |
None
of the foregoing transactions involved any underwriters, underwriting discounts or commissions. The offers, sales, and issuances
of the securities described in this Item 10 were deemed to be exempt from registration under the Securities Act in accordance
with either Regulation S under the Securities Act or Section 4(a)(2) of the Securities Act (and Regulation D promulgated thereunder)
as transactions by an issuer not involving any public offering. Appropriate transfer restrictions were implemented with respect
to the securities issued in such transactions. The offers and sales of these securities were made without any general solicitation
or advertising.
Item
3. Defaults Upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
None.
Item
6. Exhibits
Exhibit No. |
Description of Exhibit |
101 |
The following materials from
the Company’s Form 10-Q for the six month period ended June 30, 2023, formatted in Inline Extensible Business Reporting
Language (Inline XBRL): (i) Condensed Consolidated Interim Balance Sheets at June 30, 2023 and December 31, 2022, (ii) Condensed
Consolidated Interim Statements of Operations for the six month periods ended June 30, 2023 and 2022, (iii) Condensed Consolidated
Interim Statements of Changes in Stockholders’ Equity (Deficit) for the six month periods ended June 30, 2023 and 2022,
(iv) Condensed Consolidated Interim Statements of Cash Flows for the six month periods ended June 30, 2023 and 2022 and (v) Notes
to the Condensed Consolidated Interim Financial Statements |
104 |
Cover Page Interactive Data
File (formatted as Inline XBRL and contained in Exhibit 101) |
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.
Dated: August 21, 2023 |
EESTECH, INC. |
|
|
|
By: |
/s/
Murray J. Bailey |
|
|
Name: |
Murray J. Bailey |
|
|
Title: |
Chief
Executive Officer and President
(Principal
Executive Officer and Principal Financial Officer) |
Exhibit
31
Certification
of Principal Executive Officer and Principal Financial Officer
Pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002
I,
Murray J. Bailey, certify that:
|
1. |
I have reviewed
this Quarterly Report on Form 10-Q of EESTech, 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. |
I am responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
for the registrant and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by
others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
[Paragraph
intentionally omitted in accordance with SEC Release Nos. 34-47986 and 34-54942]; |
|
|
|
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusion
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. |
I have disclosed,
based on my most recent evaluation of 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 21, 2023
Murray
J. Bailey
Chief Executive Officer and President
(Principal
Executive Officer and Principal Financial Officer)
Exhibit
32
Certification
of Principal Executive Officer and Principal Financial Officer
Pursuant
to 18 U.S.C. Section 1350
as
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In
connection with the Quarterly Report on Form 10-Q of EESTech, Inc. (the “Company”) for the period ended June 30, 2023
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Murray J. Bailey, Chief
Executive Officer and President of the Company, hereby certify solely for the purposes of 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
|
1. |
The Report
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
2. |
The information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Company. |
Date: August 21, 2023
Murray J. Bailey
Chief Executive Officer and President
(Principal
Executive Officer and Principal Financial Officer)
This
certification is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into
any filing of the Company under the Securities Act of 1933 or the Securities Act of 1934 (whether made before or after the date
of the Report), irrespective of any general incorporation language contained in such filing.
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 21, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
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false
|
|
Document Quarterly Report |
true
|
|
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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 |
000-32863
|
|
Entity Registrant Name |
EESTech,
Inc
|
|
Entity Central Index Key |
0001138867
|
|
Entity Tax Identification Number |
33-0922627
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
Suite
417
|
|
Entity Address, Address Line Two |
241 Adelaide Street
|
|
Entity Address, City or Town |
Brisbane
|
|
Entity Address, Country |
AU
|
|
Entity Address, Postal Zip Code |
4000
|
|
City Area Code |
061
|
|
Local Phone Number |
417 079 299
|
|
Entity Current Reporting Status |
Yes
|
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Yes
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v3.23.2
Condensed Consolidated Balance Sheets (UNAUDITED) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash |
$ 27,498
|
$ 642,456
|
Prepaid expenses |
42,713
|
17,834
|
Other receivables |
6,833
|
17,644
|
Total current assets |
77,044
|
677,934
|
OTHER NON-CURRENT ASSETS |
|
|
Property and equipment, net |
48,981
|
31,978
|
Total non-current assets |
48,981
|
31,978
|
Total assets |
126,025
|
709,912
|
Current liabilities: |
|
|
Accounts payable |
350,960
|
317,772
|
Accrued expenses |
100,646
|
224,903
|
Contract liability |
84,187
|
|
Total current liabilities |
535,793
|
542,675
|
Stockholders’ equity (deficit): |
|
|
Common stock, $0.001 par value, 450,000,000 shares authorized; and 274,406,884 shares issued and outstanding at June 30, 2023 and 273,289,914 as at December 31, 2022, respectively |
275,582
|
274,465
|
Additional paid-in capital |
38,394,690
|
38,323,704
|
Accumulated deficit |
(36,370,336)
|
(35,773,722)
|
Accumulated comprehensive loss |
(1,584,244)
|
(1,569,183)
|
Total stockholders’ equity attributable to EESTech Inc. |
715,692
|
1,255,264
|
Non-controlling interest in subsidiaries |
(1,125,460)
|
(1,088,027)
|
Total stockholders’ equity (deficit) |
(409,768)
|
167,237
|
Total liabilities and stockholders’ equity |
$ 126,025
|
$ 709,912
|
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v3.23.2
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|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock, authorized |
450,000,000
|
450,000,000
|
Common stock, issued |
274,406,884
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273,289,914
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274,406,884
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273,289,914
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v3.23.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenue recognized from contracts with customers |
$ 452
|
$ 53,877
|
$ 120,792
|
$ 53,877
|
Operating expenses: |
|
|
|
|
General administrative |
(393,379)
|
(226,650)
|
(754,839)
|
(508,500)
|
Total operating expenses |
(393,379)
|
(226,650)
|
(754,839)
|
(508,500)
|
Loss from operations |
(392,927)
|
(172,773)
|
(634,047)
|
(454,623)
|
Other income (expense): |
|
|
|
|
Unrealized FX gain/(loss) on translation |
|
|
|
|
Net loss |
(392,927)
|
(172,773)
|
(634,047)
|
(454,623)
|
Other comprehensive loss: |
|
|
|
|
Other comprehensive loss, net of tax |
(13,745)
|
(24,764)
|
(15,061)
|
(26,434)
|
Total comprehensive loss |
(406,672)
|
(197,537)
|
(649,108)
|
(481,057)
|
Net loss is attributable to: |
|
|
|
|
Owners of EESTech, Inc. |
(370,241)
|
(78,607)
|
(596,614)
|
(389,127)
|
Non-controlling interests |
(22,686)
|
(94,166)
|
(37,433)
|
(65,496)
|
Total comprehensive loss for the year is attributable to: |
|
|
|
|
Owners of EESTech, Inc. |
(383,986)
|
(103,371)
|
(611,675)
|
(415,561)
|
Non-controlling interests |
$ (22,686)
|
$ (94,166)
|
$ (37,433)
|
$ (65,496)
|
Net loss per share |
$ (0.001)
|
$ (0.000)
|
$ (0.002)
|
$ (0.002)
|
Weighted average number of common shares outstanding – basic and diluted |
273,558,942
|
240,166,481
|
273,800,646
|
245,680,221
|
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v3.23.2
Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 240,175
|
$ 36,947,291
|
$ (34,682,133)
|
$ (1,550,394)
|
$ 954,939
|
$ (997,577)
|
$ (42,638)
|
Beginning balance (in shares) at Dec. 31, 2021 |
239,001,760
|
|
|
|
|
|
|
Issuance of stock for cash |
$ 14,986
|
584,345
|
|
|
599,331
|
|
599,331
|
Issuance of stock for cash (in shares) |
14,983,207
|
|
|
|
|
|
|
Issuance of stock for services |
$ 1,128
|
31,794
|
|
|
32,922
|
|
32,922
|
Issuance of stock for services (in shares) |
1,628,730
|
|
|
|
|
|
|
Net loss |
|
|
(389,127)
|
|
(389,127)
|
(65,496)
|
(454,623)
|
Adjustment for foreign currency translations |
|
|
|
(26,434)
|
(26,434)
|
|
(26,434)
|
Ending balance, value at Jun. 30, 2022 |
$ 256,289
|
37,563,430
|
(35,071,260)
|
(1,576,828)
|
1,171,631
|
(1,063,073)
|
108,588
|
Ending balance (in shares) at Jun. 30, 2022 |
255,613,697
|
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
$ 240,175
|
36,947,291
|
(34,682,133)
|
(1,550,394)
|
954,939
|
(997,577)
|
(42,638)
|
Beginning balance (in shares) at Dec. 31, 2021 |
239,001,760
|
|
|
|
|
|
|
Ending balance, value at Dec. 31, 2022 |
$ 274,465
|
38,323,704
|
(35,773,722)
|
(1,569,183)
|
1,255,264
|
(1,088,027)
|
$ 167,237
|
Ending balance (in shares) at Dec. 31, 2022 |
273,289,914
|
|
|
|
|
|
273,289,914
|
Issuance of stock for cash |
$ 392
|
35,446
|
|
|
35,838
|
|
$ 35,838
|
Issuance of stock for cash (in shares) |
391,970
|
|
|
|
|
|
|
Issuance of stock for services |
$ 725
|
35,540
|
|
|
36,265
|
|
36,265
|
Issuance of stock for services (in shares) |
725,000
|
|
|
|
|
|
|
Net loss |
|
|
(596,614)
|
|
(596,614)
|
(37,433)
|
(634,047)
|
Adjustment for foreign currency translations |
|
|
|
(15,061)
|
(15,061)
|
|
(15,061)
|
Ending balance, value at Jun. 30, 2023 |
$ 275,582
|
$ 38,394,690
|
$ (36,370,336)
|
$ (1,584,244)
|
$ 715,693
|
$ (1,125,460)
|
$ (409,768)
|
Ending balance (in shares) at Jun. 30, 2023 |
274,406,884
|
|
|
|
|
|
274,406,884
|
X |
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (634,047)
|
$ (454,623)
|
Adjustments to reconcile net loss to net |
|
|
Amortization and depreciation |
11,592
|
6,919
|
Shares issued for services and settlement of liabilities |
36,265
|
32,922
|
Changes in assets and liabilities: |
|
|
Decrease in accrued expenses |
(124,257)
|
(32,562)
|
Decrease in other receivables |
10,811
|
23,406
|
(Increase) decrease in prepaid expenses |
(24,879)
|
16,202
|
Increase in accounts payable |
33,188
|
5,406
|
Net cash used in operations |
(607,140)
|
(402,330)
|
Cash flows used by investing activities: |
|
|
Acquisition of plant and equipment |
(28,714)
|
(8,576)
|
Net cash used in investing activities |
(28,714)
|
(8,576)
|
Cash flows from financing activities: |
|
|
Issuance of common stock |
35,838
|
599,331
|
Loan repayment to shareholder |
|
(21,768)
|
Net cash provided by financing activities |
35,838
|
577,563
|
Comprehensive gain (loss) on translation |
(14,942)
|
(24,135)
|
Net increase in cash |
(614,958)
|
142,522
|
Cash, beginning of period |
642,456
|
416,811
|
Cash, end of period |
27,498
|
559,333
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: |
|
|
Issuance of stock for services and extinguishment of debt |
$ 36,265
|
$ 135,756
|
X |
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v3.23.2
BASIS OF PRESENTATION, ORGANIZATION AND NATURE OF OPERATIONS
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
BASIS OF PRESENTATION, ORGANIZATION AND NATURE OF OPERATIONS |
1. BASIS
OF PRESENTATION, ORGANIZATION AND NATURE OF OPERATIONS
(a)
Organization and nature of operations
EESTech,
Inc and subsidiaries (the “Company,” “we,” or “our”) promotes economically and environmentally
sustainable technologies to the world’s mining and minerals processing industry. The Company has developed waste management
solutions that enables the recycling of mine site waste and process slag to recover targeted materials of value. EESTech believes
its process capabilities and technologies will deliver a paradigm shift in how mineral resources are processed.
The
Company’s mineral processing capabilities have been developed to significantly reduce cost, increase productivity, reduce
energy requirements, eliminate polluting leachates, transform hazardous waste liabilities into products of value with zero-waste
outcomes, and significantly reduce the carbon footprint of mineral resource processing.
|
● |
The Company was formed on 26th April,
2000 as a Delaware corporation, File number 3218311 as Aquadyne Inc. On the 26th June 2006 the name of the Company
was changed to EESTech Inc. |
|
● |
EESTech Australia Pty Ltd, ACN 103 011 696,
was registered on 2nd December 2002. EESTech Inc. holds 73% with Albatross Equity Investments Limited holding 27%.
|
|
● |
EESTech Inc Limited, incorporation number 6341030,
New Zealand, was incorporated on 19th June 2017 and is 100% owned by EESTech Inc. |
|
● |
EESTech Management Services (Pty) Ltd, number
2016 / 410087 / 07 South Africa, was registered on the 20th September 2016 and is 100% owned by EESTech Inc Limited. |
|
● |
E’Prime Alloys LLC, ID 2019-000867434,
was registered on 23rd September 2019 and is 100% owned by EESTech Inc. |
|
● |
Environmental Management Solutions LLC, File
number 5324412, was formed on 11th July 2013 and is 100% owned by EESTech Inc. |
|
● |
EESTech Europe Holdings B. V., RSIN 863725144
was registered on 10th March 2022 and is 100% owned by EESTech Inc. |
(b)
Basis of Preparation
The
accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with instructions
for Form 10-Q and Article 10 of Regulation S-X issued by the Securities and Exchange Commission (“SEC”). Accordingly,
they do not include all of the information and note disclosures required by accounting principles generally accepted in the United
States of America (“GAAP”) for complete financial statements, the Company believes that the disclosures made are adequate
to make that information not misleading. It is suggested that these financial statements be read in conjunction with the audited
financial statements and the related notes thereto for the year ended December 31, 2022, included in our Form 10 filed with the
SEC on March 15, 2023. Accordingly, significant accounting policies and other disclosures normally provided have been omitted
since such items are disclosed therein.
The
results of operations for this interim period are not necessarily indicative of the operating results for the full year or for
any future period.
In
accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties About an Entity’s
Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events
that raise substantial doubt about the Company’s ability to continue as a going concern for at least one year after the
date the consolidated financial statements are issued.
The
Company has incurred significant losses since inception and expects to continue to incur losses as we advance our tests and development
of technologies. The Company had an accumulated deficit of $36.4 million at June 30, 2023. Although the Company historically
has sold equity for raising working capital from a number of investor sources, on an as and when needed basis, there is no assurance
that any additional equity offerings, debt financings, or other non-dilutive third-party funding will be available to us on acceptable
terms or at all.
The
above conditions give rise to a material uncertainty which may cast substantial doubt on the Company’s ability to continue
as a going concern.
Notwithstanding
the above, management of the Company considers it appropriate to prepare the financial statements on a going concern basis after
having regard to the Company being awarded a 10+year contract with Samancor in 2019 and having completed a number of commercial
work orders for its services with Sasol as the parties continue to work on pre-contract trials.
The
Company expects in the near future it will no longer be required to raise working capital through equity placements as the Company
will have reached a market point where cash flows will be realized through its commercial and operational activities.
Should
the Company be unable to continue as a going concern, it may be required to realize its assets and liabilities other than in the
ordinary course of business, and at amounts that differ from those stated in the financial statements. These financial statements
do not give effect to any adjustments, which could be necessary, should the Company be unable to continue as a going concern and
therefore be required to realize its assets and discharge its liabilities in other than the normal course of business, and at
amounts different from those reflected in the financial statements.
COVID-19
The
rapid global spread of the COVID-19 virus since December 2019 has affected production and sales, and disrupted supply chains across
a range of industries. On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a “pandemic”,
or a worldwide spread of a new disease. On May 5, 2023, the World Health Organization declared that COVID-19 no longer constitutes
a public health emergency.
To
date, the primary impact of COVID-19 experienced by the Company was a delay in the Environmental Impact Assessment (EIA) for the
Samancor project completion and approval, which took more than one year rather than the typical few months. EESTech Inc do not
anticipate any further future impact from COVID-19 on the Company’s operations and financial performance.
Where
there have been supply chain logistics and production delays from factory shutdowns by suppliers during COVID-19, which have had
an ongoing impact, the Company has extended expected delivery timelines within its scope of works and construction timeframes
to offset the possible impact of any future delays.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
2. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
(a)
Principles of Consolidation
The
accompanying interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.
The financial statements have been consolidated with the parent company and all inter-company transactions and balances have been
eliminated in consolidation.
The
acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without
the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and
the book value of the share of the non-controlling interest acquired is recognized directly in equity attributable to the parent.
Non-controlling
interest in the results and equity of subsidiaries are shown separately in the statement of operations and comprehensive loss,
statement of financial position and statement of changes in equity of the consolidated entity.
Losses
incurred by the consolidated entity are attributed to the non-controlling interest in full, even if that results in a deficit
balance.
(b)
Use of Estimates
The
preparation of interim condensed consolidated financial statements in conformity with US GAAP requires management to make certain
judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses
during the reporting periods. The Company has only used estimates for useful lives for depreciation, deferred income tax assets
and liabilities and relatively minor accruals when they are not in possession of actual invoices after the balance date. The
Company accounts for all its foreign subsidiaries on the same basis. Actual results could differ from those estimates.
(c)
Revenue Recognition
Revenue
in EESTech currently relates to the ongoing R&D process with Sasol as EESTech has taken on testing of excess fine coal agglomeration.
Revenues
are recognized when the control of the promised goods and services are transferred to a customer in an amount that reflects the
consideration that the Company expects to receive in exchange for those services.
The
Company applies the five following steps in order to determine the appropriate amount of revenue to be recognized as it fulfils
its obligations under each of its arrangements:
|
● |
Identify the contract with the customer, |
|
● |
Identify the performance obligations in the
contract, |
|
● |
Determine the transaction price, |
|
● |
Allocate the transaction price to performance
obligations in the contract, and |
|
● |
Recognize revenue as the performance obligation
is satisfied. |
The
Company estimates the transaction price, including variable consideration, at the commencement of the contract and recognizes
revenue over the contract term, rather than at a point in time.
(d)
Goods and Services Tax (“GST”) and other similar taxes
Revenues,
expenses and assets are recognized net of the amount of associated GST, unless the GST incurred is not recoverable from the tax
authority. In this case it is recognized as part of the cost of the acquisition of the asset or as part of the expense.
Receivables
and payables are stated inclusive of the amount of GST receivable of payable. The net amount of GST recoverable from, or payable
to, the tax authority is included in other receivables or other payables in the statement of financial position.
Cash
flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are
recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments
and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
(e)
Cash
Cash
includes short-term investments that are readily convertible into cash with original maturities of three months or less.
(f)
Property and Equipment
Property
and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets,
which is three to seven years. The Company has no equipment under capital lease.
(g)
Borrowings
Loans
and borrowings (including to related parties) are initially recognized at the fair value of the consideration received, net of
transaction costs.
(h)
Income Taxes
The
Company complies with the accounting and reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards
Codification (ASC) Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting
and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial
statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax
laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances
are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740, “Income Taxes,” prescribes a recognition threshold and a measurement attribute for the financial statement
recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized,
a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management
determined that Australia is the Company’s only major tax jurisdiction.
(i)
Net Loss per Share
Net
loss per share is calculated pursuant to the two-class method as defined in FASB ASC Topic No. 260, Earnings per Share (“ASC
260”), which specifies that all outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends
or dividend equivalents are considered participating securities and should be included in the computation of loss per share pursuant
to the two-class method.
Basic
net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders
by the weighted-average number of common shares outstanding during the period. Diluted net loss per share attributable to common
stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common
stock equivalents outstanding for the period determined using the treasury-stock method.
Basic
and diluted net loss attributable to common holders per share are presented in conformity with the two-class method required for
participating securities as the convertible preferred stock are considered participating securities. The Company’s participating
securities do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely
to common stockholders. Accordingly, for the six months ended June 30, 2023 and 2022, there is no difference in the number of
shares used to calculate basic and diluted shares outstanding.
Potentially
dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are
as follows (in common stock equivalent shares):
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table]
Warrants
outstanding at June 30, 2023 |
Number
of shares warrants will convert to |
1,351,785 |
1,351,785 |
(j)
Non-Controlling Interests
Non-controlling
interests (“NCI”) are measured initially at their proportionate share of the acquiree’s identifiable net assets
at the date of acquisition. Changes in the Company’s interest in a subsidiary that do not result in a loss of control are
accounted for as equity transactions.
Non-controlling
interest in the results and equity of subsidiaries are shown separately in the statement of operations and comprehensive loss,
statement of financial position and statement of changes in equity of the consolidated entity.
Losses
incurred by the consolidated entity are attributed to the non-controlling interest in full, even if that results in a deficit
balance.
(k)
Segment Information
FASB
ASC Topic No. 280, Segment Reporting (“ASC 280”), establishes standards for the way that public business
enterprises
report information about operating segments in their annual consolidated financial statements and requires that those enterprises
report selected information about operating segments in interim financial reports. ASC 280 also establishes standards for related
disclosures about products and services, geographic areas and major customers. The Company’s business segment is based on
the organization’s structure used by the chief operating decision maker for making operating and investment decisions and
for assessing performance.
The
Company is organized as a single operating segment, whereby its chief operating decision maker assess the performance of and allocates
resources to the business as a whole.
(l)
Share Capital
The
Company records proceeds from share issuances net of issuance costs. Par value is recorded at its rate of 0.001 per share with
the remaining proceeds net of issuance costs being recorded as additional paid in capital.
The
Company has issued freestanding warrants to purchase shares of common stock. The warrants are recorded as equity instruments at
the grant date fair value using the Black-Scholes option pricing model and are not subject to revaluation at each balance sheet
date.
The
Company records compensation expense related to stock options issue to nonemployees, including consultants based on the fair value
of the stock options calculated using the Black-Scholes option pricing model over the service performance period as the equity
instruments vest. The Black-Scholes option-pricing model requires the use of highly subjective and complex assumptions, which
determining the fair value of share-based awards, including the option’s expected term and the price volatility of the underlying
stock. The Company calculates the fair value of options granted by using the Black-Scholes option-pricing model with the following
assumptions:
Expected
Volatility – The Company estimated volatility for option grants by evaluating the average historical volatility of a
peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the options’
expected term.
Expected
Term – The expected term of the Company’s options represents the period that the stock-based awards are expected
to be outstanding. The Company has elected to use the midpoint of the stock options vesting term and contractual expiration period
to compute the expected term, as the Company does not have sufficient historical information to develop reasonable expectations
about the future exercise patterns and post-vesting employment termination behavior.
Risk-Free
Interest Rate – the risk-free interest rate is based on the implied yield currently available on US Treasury zero-coupon
issues with a term that is equal to the options’ expected term at the grant date.
Dividend
Yield - The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend
yield has been estimated to be zero.
(m)
Fair value of financial instruments
Assets
and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment
associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received
for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the
asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to
measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The
three-tier fair value hierarchy for disclosure of fair value measurements as follows:
|
● |
Level 1 inputs consist of unadjusted quoted
prices in active markets for identical assets or liabilities and have the highest priority. |
|
● |
Level 2 valuations are based on quoted prices
in markets that are not active. |
|
● |
Level 3 valuations are based on inputs that
are unobservable and supported by little or no market activity. |
(n)
Foreign Currency Translation
The
reporting currency of the Group is United State Dollars. The functional currency of the Company’s foreign operations is
Australian Dollars. The Company translates the foreign currency financial statements of its foreign operations in accordance with
generally accepted accounting principles by translating balance sheet accounts at the appropriate historical or current exchange
rate on the balance sheet date and the income statement accounts using the prevailing exchange rates at the transaction date.
Translation gains and losses are recorded in stockholders’ equity and realized gains and losses are reflected in operations.
The translation exchange gain for the six-month period ended June 30, 2023, was $462 and the translation exchange loss for the
year ended December 31, 2022, was $3,972.
(o)
Research and Development
Research
and development costs are charged to expense as incurred. The Company’s research and development expenses consist primarily
of expenditures for operations, studies, compensation and consulting costs.
(p)
Newly Adopted Accounting Standards
In
February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The core principle of Topic 842 is that a lessee
should recognize the assets and liabilities that arise from leases. For operating leases, a lessee is required to recognize a
right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the balance sheet.
For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying
asset not to recognize lease assets and lease liabilities. The accounting applied by a lessor is largely unchanged from that applied
under previous GAAP. For SEC Filers (GAAP definition), excluding smaller reporting companies (SRCs) as defined by the SEC, the
ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For
all other entities including smaller reporting companies, as amended by ASU 2019-10, the ASUs are effect for fiscal years beginning
after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Earlier application is permitted.
In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented
using a modified retrospective approach. The Company does not have any leases so there was no impact on its consolidated financial
statements upon adoption on 1 January 2023.
(q)
Accounting Standards Not Yet Implemented
In
March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation
of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional expedients and exceptions
for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria
are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR
or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued ASU
No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, that extends the period of time preparers
can utilize the reference rate reform relief guidance. To ensure the relief in Topic 848 covers the period of time during which
a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022, to December
31, 2024. The Company does not expect the adoption of this standard to have a material impact on the Company’s condensed
consolidated financial statements and related disclosures.
In
June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject
to Contractual Sale Restrictions. This ASU clarifies the guidance in Topic 820, Fair Value Measurement, when measuring the fair
value of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions
that are measured at fair value in accordance with Topic 820. The amendments in this ASU are effective for fiscal years beginning
after December 15, 2024, including the interim periods within those fiscal years. Early adoption is permitted. This amendment
should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed
on the date of adoption. The Company does not expect the adoption of this standard to have a material impact on the Company’s
condensed consolidated financial statements and related disclosures.
In
September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50). This ASU enhances the transparency
of supplier finance programs. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including
interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal
years beginning after December 15, 2023. Early adoption is permitted. This amendment should be applied retrospectively to each
period in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively.
The Company does not expect the adoption of this standard to have a material impact on the Company’s condensed consolidated
financial statements and related disclosures.
In
March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangement, which addresses the accounting by private
companies and certain not-for-profit entities (NFPs) for common control leases and amends the accounting for leasehold improvements
in common-control arrangements for all entities. This ASU offers: 1) private companies, as well as not-for-profit entities that
are not conduit bond obligors, a practical expedient that gives them the option of using the written terms and conditions of a
common-control arrangement when determining whether a lease exists and the subsequent accounting for the lease, including the
lease’s classification (Issue 1) and 2) amends the accounting for leasehold improvements in common-control arrangements
for all entities (Issue 2). The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, including
interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statement that have
not yet been made available. The Company does not have any leases so expects there will be no impact on its consolidated financial
statements upon adoption from 1 January 2024.
In
October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.
The amendments in this ASU improve the accounting for acquired revenue contracts with customers in a business combination by addressing
diversity in practice and inconsistency related to recognition of an acquired contract liability, and payment terms and their
effect on subsequent revenue recognized by the acquirer. The amendments in this ASU are effective for fiscal years beginning after
December 15, 2023, including the interim periods within those fiscal years. Early adoption is permitted. The Company has not yet
determined the potential impact the adoption may have on our consolidated financial statements.
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v3.23.2
OTHER RECEIVABLES
|
6 Months Ended |
Jun. 30, 2023 |
Receivables [Abstract] |
|
OTHER RECEIVABLES |
3.
OTHER RECEIVABLES
Other
receivables consist of the following:
|
|
JUNE
30, 2023 |
|
|
DECEMBER 31, 2022 |
|
|
|
$ |
|
|
$ |
|
Advances to related parties |
|
|
— |
|
|
|
13,963 |
|
GST Receivable |
|
|
6,833 |
|
|
|
3,681 |
|
Total Other Receivables |
|
|
6,833 |
|
|
|
17,644 |
|
|
X |
- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.23.2
PROPERTY AND EQUIPMENT
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
4.
PROPERTY AND EQUIPMENT
Property
and equipment consist of the following:
|
Computers |
Plant
&
Equipment |
Lab Equipment |
TOTAL |
|
$ |
$ |
$ |
$ |
Balance
at 1 January 2022 |
4,107 |
13,188 |
22,509 |
39,804 |
Additions |
2,965 |
— |
5,187 |
8,152 |
Impact
of foreign exchange |
(362) |
— |
(1,690) |
(2,052) |
Depreciation |
(2,783) |
(4,937) |
(6,206) |
(13,926) |
Balance
at 31 December 2022 |
3,927 |
8,251 |
19,800 |
31,978 |
Additions |
952 |
— |
27,925 |
28,714 |
Impact
of foreign exchange |
149 |
— |
(431) |
(119) |
Depreciation |
(2,532) |
(2,448) |
(6,612) |
(11,592) |
Balance
at 30 June 2023 |
2,332 |
5,803 |
40,846 |
48,981 |
Property
and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets,
which is three to seven years. The Company has no equipment under capital lease.
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v3.23.2
ACCOUNTS PAYABLE
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE |
5.
ACCOUNTS PAYABLE
Accounts
payable consist of the following:
|
|
JUNE
30, 2023 |
|
|
DECEMBER 31, 2022 |
|
|
|
$ |
|
|
$ |
|
Amounts due for consulting
costs to related parties/directors |
|
|
342,222 |
|
|
|
299,907 |
|
Amounts due to suppliers |
|
|
8,738 |
|
|
|
17,865 |
|
Total Accounts Payable |
|
|
350,960 |
|
|
|
317,772 |
|
|
X |
- DefinitionThe entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period.
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v3.23.2
ACCRUED EXPENSES
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
ACCRUED EXPENSES |
6.
ACCRUED EXPENSES
Accrued
expenses consist of the following:
|
|
JUNE
30, 2023 |
|
|
DECEMBER 31, 2022 |
|
|
|
$ |
|
|
$ |
|
Amounts due to related parties/directors |
|
|
82,471 |
|
|
|
71,138 |
|
Amounts due to suppliers |
|
|
18,175 |
|
|
|
153,765 |
|
Total Accrued Expenses |
|
|
100,646 |
|
|
|
224,903 |
|
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.2
COMMON STOCK
|
6 Months Ended |
Jun. 30, 2023 |
Common Stock |
|
COMMON STOCK |
7.
COMMON STOCK
During
the six-month period ended June 30, 2023, the Company raised $35,838 from private placements, via the issue of 391,970 shares.
During
the six-month period ended June 30, 2023, the Company issued 725,000 shares in lieu of services received, valued at $36,625.
During
the six-month period ended June 30, 2023, the Company did not issue any shares in lieu of invoices received.
During
the fiscal year ended December 31, 2022, the Company raised $1,314,060 from private placements, via the issue of 31,909,424 shares.
During
the fiscal year ended December 31, 2022, the Company issued 2,287,480 shares in lieu of services received, valued at $94,362.
During
the fiscal year ended December 31, 2022, the Company issued 91,250 shares in lieu of invoices received, valued at $2,281.
Warrants
The
Company has historically issued warrants to purchase 1,737,499 shares of the Company’s common stock with an exercise price
of $0.035 per share and a term of seven years. As at June 30, 2023, 1,351,785 of these warrants are outstanding. The warrants
were recorded to additional paid-in capital.
The
fair value of the warrants was determined using the Black-Scholes option-pricing method, with the following assumptions:
|
Warrants |
Fair
market value of common stock |
$0.035 |
Expected
dividend yield |
-% |
Risk-free
interest rate |
0.12% |
Expected
volatility |
27.29% |
Expected
term (in years) |
7 |
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v3.23.2
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2023 |
Income Taxes |
|
INCOME TAXES |
8. INCOME
TAXES
The
components of net deferred taxes consisted of the following at June 30, 2023 and December 31, 2022:
|
|
JUNE 30, 2023 |
|
|
DECEMBER
31, 2022 |
|
|
|
$’000 |
|
|
$’000 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Net operating loss carry-forward |
|
|
7,596 |
|
|
|
7,592 |
|
Gross deferred tax assets |
|
|
7,596 |
|
|
|
7,592 |
|
Less valuation allowance |
|
|
(7,595 |
) |
|
|
(7,578 |
) |
Total deferred tax assets |
|
|
1 |
|
|
|
14 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
(1 |
) |
|
|
(14 |
) |
Net deferred tax assets |
|
|
— |
|
|
|
— |
|
The
Company has provided a full valuation allowance on the net deferred tax assets. The valuation allowance increased by $0.02 million
during the period ended June 30, 2023 and decreased by $0.5 million during the year ended December 31, 2022.
The
Company utilizes ASC 740, Accounting for Income Taxes, which requires the recognition of deferred tax assets and liabilities for
the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this
method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of
assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates
applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established,
when necessary, to reduce deferred tax assets to the amount expected to be realized. At June 30, 2023, and December 31, 2022,
valuation allowances for the full amount of the net deferred tax asset were established due to the uncertainties as to the amount
of the taxable income that would be generated in future years.
Reconciliation
of the differences between the statutory tax rate and the effective income tax rate is as follows:
Schedule of The Differences Between the Statutory Tax Rate and Effective Income Tax Rate
|
|
JUNE
30, 2023 |
|
|
DECEMBER
31, 2022 |
|
|
|
|
|
|
Statutory federal tax (benefit)
rate |
|
|
(21.00 |
)% |
|
|
(21.00 |
)% |
Statutory foreign
tax (benefit) rate |
|
|
(25.00 |
)% |
|
|
(25.00 |
)% |
|
|
|
|
|
|
|
|
|
Weighted average effective tax rate |
|
|
(23.00 |
)% |
|
|
(21.00 |
)% |
|
|
|
|
|
|
|
|
|
Valuation allowance |
|
|
23.00 |
% |
|
|
21.00 |
% |
|
|
|
|
|
|
|
|
|
Effective income
tax rate |
|
|
0.00 |
% |
|
|
0.00 |
% |
The
Company had available approximately $34.9M (June 2023) and $35.2M (December 2022) of unused net operating loss carryforwards that
may be applied against future taxable income. Net operating loss carryforwards that arose in the tax year 2002 and 2001 expired
in 2023 and 2022, respectively, for Federal purposes.
The
future utilization of the Company’s NOL and tax credit carryforwards to offset future taxable income may be subject to a
substantial annual limitation as a result of changes in ownership by stockholders that hold 5% or more of the Company’s
common stock. An assessment of such ownership changes under Section 382 was not completed through December 31, 2022. To the extent
that an assessment is completed in the future, the Company’s ability to utilize tax attributes could be restricted on a
year-by-year basis and certain attributes could expire before they are utilized. The Company will examine the impact of any potential
ownership changes in the future.
The
Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. In the normal course of business,
the Company is subject to examination by taxing authorities throughout the nation. The Company is not currently under audit by
the Internal Revenue Service or other similar state and local authorities. All tax years remain open to examination by major taxing
jurisdictions to which the Company is subject.
|
v3.23.2
REVENUE
|
6 Months Ended |
Jun. 30, 2023 |
Revenue Recognition and Deferred Revenue [Abstract] |
|
REVENUE |
9. REVENUE
Revenue
was first recorded by EESTech in the third quarter of FY2021. Revenue to date relates to the ongoing R&D process with Sasol
where EESTech has taken on testing of excess fine coal agglomeration. As at 31 December 2021, revenue was immaterial but it increased
throughout FY2022 with the ongoing completion of the contract to complete the testing process and a subsequent purchase order
raised, to deliver an Engineering Study, in July 2022 for $417,414. A further invoice has since been raised in February 2023 for
$35,500 for additional supplemental work on the Engineering Study.
The
first contract entered into with Sasol in February 2021, was for the testing and evaluation of excess fine coal agglomeration
processes. Revenue for this performance obligation is recognized over time. The contract is billed based
on completion of 3 stages of the fine coal agglomeration and delivery of a report into the testing and evaluation of excess fine
coal agglomeration processes. As the testing was performed over time and without a fixed budget, revenue was recognized for the
3 stages of the contract in the amount to which the Company has a right to invoice, on the basis that the Company has a right
to consideration from the customer in an amount that corresponds directly with the value to the customer of the Company’s
performance completed to date.
The 3 stages are as follows:
|
1) |
Evaluation of agglomerates to confirm suitability
for gasification – EESTech will be provided with 2 tonnes of fine coal by Sasol for test work from which the Company
must produce agglomerates meeting Sasol’s expectations along with providing a basic analysis of the agglomerated material.
The Company has fulfilled their requirements of this stage during FY2021, and has recognized revenue related to this performance
obligation. |
|
2) |
A
proposal from EESTech on the business model – If stage 1 produces suitable agglomerates which pass Sasol’s
testing, EESTech will be required to develop a full proposal on a 200 kilo tonnes per annum scale project including a
detailed business model. The Company has provided the proposal which Sasol has deemed appropriate and thus fulfilled their
requirements of this performance obligation and recognized the corresponding revenue during FY2021.
|
|
3) |
Full scale demonstration in a commercial gasifier
– Stage 3 entails EESTech to manufacture about 1,000 tonnes of agglomerates to enable a commercial scale demonstration.
As at December 31, 2021, this stage had not yet been completed by the Company and hence, Sasol had not been invoiced for payment
at year-end. However, the requirements of this stage were satisfied subsequent to year-end and has therefore been received
and recognized as revenue in March 2022. |
The
second contract entered into with Sasol in July 2022, requires the delivery of an engineering study into the process
of fine coal agglomeration. As the study was to be completed over time and without a fixed budget, revenue was recognized for
the 2 phases of the contract in the amount to which the Company has a right to invoice, on the basis that the Company has a right
to consideration from the customer in an amount that corresponds directly with the value to the customer of the Company’s
performance completed to date. The 2 phases are as follows:
| 1) | A
comprehensive conceptual engineering design study for Phase 1 of the two-Phase project
rollout. Phase 1 comprising the installation of a fine coal briquetting train with a
processing capacity of approximately 580ktpa at Sasol’s East facility and then
Phase 2 of a similar sized extrusion train at Sasol’s West facility. During FY2022,
EESTech has received three payments, each of $83,483 towards the completion of the conceptual
engineering design study of Phase 1, with a fourth payment of $83,483 invoiced and received
in the March 2023 quarter. |
| 2) | The
final scope of services in phase 2 is the delivery of the
Engineering Study as the final output. Additional works beyond the original scope and
performed in 2023 saw an additional billing of $35,500 in February 2023. The final invoice
for the last tranche of $83,483 was issued in March 2023 and subsequently settled in
April 2023 to fund the final completion of the Engineering Study .
No revenue was recognized in the June 2023 quarter as the Engineering Study is yet to
be completed and handed over for sign-off. As such, a corresponding contract liability
was recognized in the balance sheet as of June 30, 2023 for the advance payment received
from Sasol amounting to $83,483. |
Payment for each invoice is typically
due 7 days from the date of invoice. There are no warranties or rights of return under this contract.
Costs
relating to the completion of the contract are recognized as incurred in line with each stage/phase. Costs are minimal and mainly relate
to lab hire and small lab expenses. Larger laboratory expenses have been capitalized and are being depreciated in line with the
depreciation policy.
The
breakdown of opening and closing revenue for the year from contracts is noted below:
|
Sasol
($) |
Opening
balance of Contract Revenue at 1 January 2022 |
14,130 |
New
Contracts |
456,914 |
Revenue
recognized on Contracts for performance obligations satisfied |
(296,229) |
Difference
arising on translation of foreign currency |
(7,849) |
Closing
balance of Contract Revenue at 31 December 2022 |
166,966 |
Additional
fees for existing contract |
35,500 |
Revenue
recognized on Contracts for performance obligations satisfied |
(120,792) |
Difference
arising on translation of foreign currency |
2,513 |
Closing
balance of Contract Revenue at 30 June 2023 |
84,187 |
|
X |
- DefinitionThe entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.
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v3.23.2
NET LOSS PER SHARE
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
NET LOSS PER SHARE |
10. NET
LOSS PER SHARE
The
calculation of basic loss per share has been based on the following loss attributable to ordinary shareholders and the weighted
average number of ordinary shares outstanding.
| |
|
|
|
|
|
| | |
|
|
|
|
|
| |
| |
Six Months Ended | | |
Three Months Ended | |
| |
June 30 | | |
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| $ | | |
| $ | | |
| $ | | |
| $ | |
Loss attributable to ordinary shareholders | |
| (596,614 | ) | |
| (389,127 | ) | |
| (370,241 | ) | |
| (78,607 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of ordinary shares at 1 January | |
| 255,858,014 | | |
| 205,677,834 | | |
| 255,858,014 | | |
| 205,677,834 | |
Effect of shares issued in period | |
| 17,942,632 | | |
| 40,002,388 | | |
| 17,700,928 | | |
| 34,488,647 | |
Weighted average number of ordinary shares at 30 June | |
| 273,800,646 | | |
| 245,689,221 | | |
| 273,558,942 | | |
| 240,166,481 | |
Loss per share | |
| (0.002 | ) | |
| (0.002 | ) | |
| (0.001 | ) | |
| (0.000 | ) |
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
11.
RELATED PARTY TRANSACTIONS
(a)
Due from related parties
During
the period ended June 30, 2023, two directors paid back the Company for advances in the form of credit cards to be able to pay
for any expenses. As at June 30, 2023, balances on account from related parties were $nil (December 31, 2022: $13,963).
(b)
Due to related parties
As
at June 30, 2023, balances owing to related parties were $424,693 (December 31, 2022: $371,045). They were unsecured and non-interest
bearing and had no stated terms of repayment. All of these relate to director fees and contractor/consulting costs.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
ISSUANCE OF SHARES TO EXTINGUISH DEBT
|
6 Months Ended |
Jun. 30, 2023 |
Issuance Of Shares To Extinguish Debt |
|
ISSUANCE OF SHARES TO EXTINGUISH DEBT |
12. ISSUANCE
OF SHARES TO EXTINGUISH DEBT
The
Company, on occasion, uses shares to extinguish debt. This can be in the form of an invoice or services received. Where an invoice
has been received, the shares are valued at the quoted market value on the day of settlement. Any difference between the value
of the shares and the net carrying amount of the extinguished debt is recognized in income of the period of extinguishment as
losses or gains. For the six-month period ended June 30, 2023, no such shares were issued so no gain or loss was recognized. For
the year ended December 31, 2022, a gain of $1,347 has been recognized.
Where
shares are issued for services rendered, the Black-Scholes method of valuation is applied and the expense is straight lined over
the period of service received. During the six-month period ended June 30, 2023, the Company did not issue any shares of common
stock for the extinguishment of debt (2022: Company issued 91,250 shares of common stock for the extinguishment of $2,281 of debt).
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
13. COMMITMENTS
AND CONTINGENCIES
Operating
Leases
The
Company leases its corporate offices under a month-to-month agreement, and under an operating lease that is renewable annually
and expires in December 2023. Rent expense for office space amounted to approximately $660 for both years ended June 30, 2023
and 2022.
Legal
Matters
From
time to time, the Company is involved in various disputes and litigation matters that arise in the ordinary course of business.
To date, the Company has no material pending legal proceedings.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Principles of Consolidation |
(a)
Principles of Consolidation
The
accompanying interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.
The financial statements have been consolidated with the parent company and all inter-company transactions and balances have been
eliminated in consolidation.
The
acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without
the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and
the book value of the share of the non-controlling interest acquired is recognized directly in equity attributable to the parent.
Non-controlling
interest in the results and equity of subsidiaries are shown separately in the statement of operations and comprehensive loss,
statement of financial position and statement of changes in equity of the consolidated entity.
Losses
incurred by the consolidated entity are attributed to the non-controlling interest in full, even if that results in a deficit
balance.
|
Use of Estimates |
(b)
Use of Estimates
The
preparation of interim condensed consolidated financial statements in conformity with US GAAP requires management to make certain
judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses
during the reporting periods. The Company has only used estimates for useful lives for depreciation, deferred income tax assets
and liabilities and relatively minor accruals when they are not in possession of actual invoices after the balance date. The
Company accounts for all its foreign subsidiaries on the same basis. Actual results could differ from those estimates.
|
Revenue Recognition |
(c)
Revenue Recognition
Revenue
in EESTech currently relates to the ongoing R&D process with Sasol as EESTech has taken on testing of excess fine coal agglomeration.
Revenues
are recognized when the control of the promised goods and services are transferred to a customer in an amount that reflects the
consideration that the Company expects to receive in exchange for those services.
The
Company applies the five following steps in order to determine the appropriate amount of revenue to be recognized as it fulfils
its obligations under each of its arrangements:
|
● |
Identify the contract with the customer, |
|
● |
Identify the performance obligations in the
contract, |
|
● |
Determine the transaction price, |
|
● |
Allocate the transaction price to performance
obligations in the contract, and |
|
● |
Recognize revenue as the performance obligation
is satisfied. |
The
Company estimates the transaction price, including variable consideration, at the commencement of the contract and recognizes
revenue over the contract term, rather than at a point in time.
|
Goods and Services Tax (“GST”) and other similar taxes |
(d)
Goods and Services Tax (“GST”) and other similar taxes
Revenues,
expenses and assets are recognized net of the amount of associated GST, unless the GST incurred is not recoverable from the tax
authority. In this case it is recognized as part of the cost of the acquisition of the asset or as part of the expense.
Receivables
and payables are stated inclusive of the amount of GST receivable of payable. The net amount of GST recoverable from, or payable
to, the tax authority is included in other receivables or other payables in the statement of financial position.
Cash
flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are
recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments
and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
|
Cash |
(e)
Cash
Cash
includes short-term investments that are readily convertible into cash with original maturities of three months or less.
|
Property and Equipment |
(f)
Property and Equipment
Property
and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets,
which is three to seven years. The Company has no equipment under capital lease.
|
Borrowings |
(g)
Borrowings
Loans
and borrowings (including to related parties) are initially recognized at the fair value of the consideration received, net of
transaction costs.
|
Income Taxes |
(h)
Income Taxes
The
Company complies with the accounting and reporting requirements of Financial Accounting Standards Board (FASB) Accounting Standards
Codification (ASC) Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting
and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial
statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax
laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances
are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740, “Income Taxes,” prescribes a recognition threshold and a measurement attribute for the financial statement
recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized,
a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management
determined that Australia is the Company’s only major tax jurisdiction.
|
Net Loss per Share |
(i)
Net Loss per Share
Net
loss per share is calculated pursuant to the two-class method as defined in FASB ASC Topic No. 260, Earnings per Share (“ASC
260”), which specifies that all outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends
or dividend equivalents are considered participating securities and should be included in the computation of loss per share pursuant
to the two-class method.
Basic
net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders
by the weighted-average number of common shares outstanding during the period. Diluted net loss per share attributable to common
stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common
stock equivalents outstanding for the period determined using the treasury-stock method.
Basic
and diluted net loss attributable to common holders per share are presented in conformity with the two-class method required for
participating securities as the convertible preferred stock are considered participating securities. The Company’s participating
securities do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely
to common stockholders. Accordingly, for the six months ended June 30, 2023 and 2022, there is no difference in the number of
shares used to calculate basic and diluted shares outstanding.
Potentially
dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are
as follows (in common stock equivalent shares):
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table]
Warrants
outstanding at June 30, 2023 |
Number
of shares warrants will convert to |
1,351,785 |
1,351,785 |
(j)
Non-Controlling Interests
Non-controlling
interests (“NCI”) are measured initially at their proportionate share of the acquiree’s identifiable net assets
at the date of acquisition. Changes in the Company’s interest in a subsidiary that do not result in a loss of control are
accounted for as equity transactions.
Non-controlling
interest in the results and equity of subsidiaries are shown separately in the statement of operations and comprehensive loss,
statement of financial position and statement of changes in equity of the consolidated entity.
Losses
incurred by the consolidated entity are attributed to the non-controlling interest in full, even if that results in a deficit
balance.
(k)
Segment Information
FASB
ASC Topic No. 280, Segment Reporting (“ASC 280”), establishes standards for the way that public business
enterprises
report information about operating segments in their annual consolidated financial statements and requires that those enterprises
report selected information about operating segments in interim financial reports. ASC 280 also establishes standards for related
disclosures about products and services, geographic areas and major customers. The Company’s business segment is based on
the organization’s structure used by the chief operating decision maker for making operating and investment decisions and
for assessing performance.
The
Company is organized as a single operating segment, whereby its chief operating decision maker assess the performance of and allocates
resources to the business as a whole.
(l)
Share Capital
The
Company records proceeds from share issuances net of issuance costs. Par value is recorded at its rate of 0.001 per share with
the remaining proceeds net of issuance costs being recorded as additional paid in capital.
The
Company has issued freestanding warrants to purchase shares of common stock. The warrants are recorded as equity instruments at
the grant date fair value using the Black-Scholes option pricing model and are not subject to revaluation at each balance sheet
date.
The
Company records compensation expense related to stock options issue to nonemployees, including consultants based on the fair value
of the stock options calculated using the Black-Scholes option pricing model over the service performance period as the equity
instruments vest. The Black-Scholes option-pricing model requires the use of highly subjective and complex assumptions, which
determining the fair value of share-based awards, including the option’s expected term and the price volatility of the underlying
stock. The Company calculates the fair value of options granted by using the Black-Scholes option-pricing model with the following
assumptions:
Expected
Volatility – The Company estimated volatility for option grants by evaluating the average historical volatility of a
peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the options’
expected term.
Expected
Term – The expected term of the Company’s options represents the period that the stock-based awards are expected
to be outstanding. The Company has elected to use the midpoint of the stock options vesting term and contractual expiration period
to compute the expected term, as the Company does not have sufficient historical information to develop reasonable expectations
about the future exercise patterns and post-vesting employment termination behavior.
Risk-Free
Interest Rate – the risk-free interest rate is based on the implied yield currently available on US Treasury zero-coupon
issues with a term that is equal to the options’ expected term at the grant date.
Dividend
Yield - The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend
yield has been estimated to be zero.
(m)
Fair value of financial instruments
Assets
and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment
associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received
for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the
asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to
measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The
three-tier fair value hierarchy for disclosure of fair value measurements as follows:
|
● |
Level 1 inputs consist of unadjusted quoted
prices in active markets for identical assets or liabilities and have the highest priority. |
|
● |
Level 2 valuations are based on quoted prices
in markets that are not active. |
|
● |
Level 3 valuations are based on inputs that
are unobservable and supported by little or no market activity. |
(n)
Foreign Currency Translation
The
reporting currency of the Group is United State Dollars. The functional currency of the Company’s foreign operations is
Australian Dollars. The Company translates the foreign currency financial statements of its foreign operations in accordance with
generally accepted accounting principles by translating balance sheet accounts at the appropriate historical or current exchange
rate on the balance sheet date and the income statement accounts using the prevailing exchange rates at the transaction date.
Translation gains and losses are recorded in stockholders’ equity and realized gains and losses are reflected in operations.
The translation exchange gain for the six-month period ended June 30, 2023, was $462 and the translation exchange loss for the
year ended December 31, 2022, was $3,972.
(o)
Research and Development
Research
and development costs are charged to expense as incurred. The Company’s research and development expenses consist primarily
of expenditures for operations, studies, compensation and consulting costs.
(p)
Newly Adopted Accounting Standards
In
February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The core principle of Topic 842 is that a lessee
should recognize the assets and liabilities that arise from leases. For operating leases, a lessee is required to recognize a
right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the balance sheet.
For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying
asset not to recognize lease assets and lease liabilities. The accounting applied by a lessor is largely unchanged from that applied
under previous GAAP. For SEC Filers (GAAP definition), excluding smaller reporting companies (SRCs) as defined by the SEC, the
ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For
all other entities including smaller reporting companies, as amended by ASU 2019-10, the ASUs are effect for fiscal years beginning
after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Earlier application is permitted.
In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented
using a modified retrospective approach. The Company does not have any leases so there was no impact on its consolidated financial
statements upon adoption on 1 January 2023.
(q)
Accounting Standards Not Yet Implemented
In
March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation
of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional expedients and exceptions
for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria
are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR
or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued ASU
No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, that extends the period of time preparers
can utilize the reference rate reform relief guidance. To ensure the relief in Topic 848 covers the period of time during which
a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022, to December
31, 2024. The Company does not expect the adoption of this standard to have a material impact on the Company’s condensed
consolidated financial statements and related disclosures.
In
June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject
to Contractual Sale Restrictions. This ASU clarifies the guidance in Topic 820, Fair Value Measurement, when measuring the fair
value of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions
that are measured at fair value in accordance with Topic 820. The amendments in this ASU are effective for fiscal years beginning
after December 15, 2024, including the interim periods within those fiscal years. Early adoption is permitted. This amendment
should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed
on the date of adoption. The Company does not expect the adoption of this standard to have a material impact on the Company’s
condensed consolidated financial statements and related disclosures.
In
September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50). This ASU enhances the transparency
of supplier finance programs. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including
interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal
years beginning after December 15, 2023. Early adoption is permitted. This amendment should be applied retrospectively to each
period in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively.
The Company does not expect the adoption of this standard to have a material impact on the Company’s condensed consolidated
financial statements and related disclosures.
In
March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangement, which addresses the accounting by private
companies and certain not-for-profit entities (NFPs) for common control leases and amends the accounting for leasehold improvements
in common-control arrangements for all entities. This ASU offers: 1) private companies, as well as not-for-profit entities that
are not conduit bond obligors, a practical expedient that gives them the option of using the written terms and conditions of a
common-control arrangement when determining whether a lease exists and the subsequent accounting for the lease, including the
lease’s classification (Issue 1) and 2) amends the accounting for leasehold improvements in common-control arrangements
for all entities (Issue 2). The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, including
interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statement that have
not yet been made available. The Company does not have any leases so expects there will be no impact on its consolidated financial
statements upon adoption from 1 January 2024.
In
October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.
The amendments in this ASU improve the accounting for acquired revenue contracts with customers in a business combination by addressing
diversity in practice and inconsistency related to recognition of an acquired contract liability, and payment terms and their
effect on subsequent revenue recognized by the acquirer. The amendments in this ASU are effective for fiscal years beginning after
December 15, 2023, including the interim periods within those fiscal years. Early adoption is permitted. The Company has not yet
determined the potential impact the adoption may have on our consolidated financial statements.
|
Non-Controlling Interests |
(j)
Non-Controlling Interests
Non-controlling
interests (“NCI”) are measured initially at their proportionate share of the acquiree’s identifiable net assets
at the date of acquisition. Changes in the Company’s interest in a subsidiary that do not result in a loss of control are
accounted for as equity transactions.
Non-controlling
interest in the results and equity of subsidiaries are shown separately in the statement of operations and comprehensive loss,
statement of financial position and statement of changes in equity of the consolidated entity.
Losses
incurred by the consolidated entity are attributed to the non-controlling interest in full, even if that results in a deficit
balance.
|
Segment Information |
(k)
Segment Information
FASB
ASC Topic No. 280, Segment Reporting (“ASC 280”), establishes standards for the way that public business
enterprises
report information about operating segments in their annual consolidated financial statements and requires that those enterprises
report selected information about operating segments in interim financial reports. ASC 280 also establishes standards for related
disclosures about products and services, geographic areas and major customers. The Company’s business segment is based on
the organization’s structure used by the chief operating decision maker for making operating and investment decisions and
for assessing performance.
The
Company is organized as a single operating segment, whereby its chief operating decision maker assess the performance of and allocates
resources to the business as a whole.
|
Share Capital |
(l)
Share Capital
The
Company records proceeds from share issuances net of issuance costs. Par value is recorded at its rate of 0.001 per share with
the remaining proceeds net of issuance costs being recorded as additional paid in capital.
The
Company has issued freestanding warrants to purchase shares of common stock. The warrants are recorded as equity instruments at
the grant date fair value using the Black-Scholes option pricing model and are not subject to revaluation at each balance sheet
date.
The
Company records compensation expense related to stock options issue to nonemployees, including consultants based on the fair value
of the stock options calculated using the Black-Scholes option pricing model over the service performance period as the equity
instruments vest. The Black-Scholes option-pricing model requires the use of highly subjective and complex assumptions, which
determining the fair value of share-based awards, including the option’s expected term and the price volatility of the underlying
stock. The Company calculates the fair value of options granted by using the Black-Scholes option-pricing model with the following
assumptions:
Expected
Volatility – The Company estimated volatility for option grants by evaluating the average historical volatility of a
peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the options’
expected term.
Expected
Term – The expected term of the Company’s options represents the period that the stock-based awards are expected
to be outstanding. The Company has elected to use the midpoint of the stock options vesting term and contractual expiration period
to compute the expected term, as the Company does not have sufficient historical information to develop reasonable expectations
about the future exercise patterns and post-vesting employment termination behavior.
Risk-Free
Interest Rate – the risk-free interest rate is based on the implied yield currently available on US Treasury zero-coupon
issues with a term that is equal to the options’ expected term at the grant date.
Dividend
Yield - The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend
yield has been estimated to be zero.
|
Fair value of financial instruments |
(m)
Fair value of financial instruments
Assets
and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment
associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received
for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the
asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to
measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The
three-tier fair value hierarchy for disclosure of fair value measurements as follows:
|
● |
Level 1 inputs consist of unadjusted quoted
prices in active markets for identical assets or liabilities and have the highest priority. |
|
● |
Level 2 valuations are based on quoted prices
in markets that are not active. |
|
● |
Level 3 valuations are based on inputs that
are unobservable and supported by little or no market activity. |
|
Foreign Currency Translation |
(n)
Foreign Currency Translation
The
reporting currency of the Group is United State Dollars. The functional currency of the Company’s foreign operations is
Australian Dollars. The Company translates the foreign currency financial statements of its foreign operations in accordance with
generally accepted accounting principles by translating balance sheet accounts at the appropriate historical or current exchange
rate on the balance sheet date and the income statement accounts using the prevailing exchange rates at the transaction date.
Translation gains and losses are recorded in stockholders’ equity and realized gains and losses are reflected in operations.
The translation exchange gain for the six-month period ended June 30, 2023, was $462 and the translation exchange loss for the
year ended December 31, 2022, was $3,972.
|
Research and Development |
(o)
Research and Development
Research
and development costs are charged to expense as incurred. The Company’s research and development expenses consist primarily
of expenditures for operations, studies, compensation and consulting costs.
|
Newly Adopted Accounting Standards |
(p)
Newly Adopted Accounting Standards
In
February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The core principle of Topic 842 is that a lessee
should recognize the assets and liabilities that arise from leases. For operating leases, a lessee is required to recognize a
right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the balance sheet.
For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying
asset not to recognize lease assets and lease liabilities. The accounting applied by a lessor is largely unchanged from that applied
under previous GAAP. For SEC Filers (GAAP definition), excluding smaller reporting companies (SRCs) as defined by the SEC, the
ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For
all other entities including smaller reporting companies, as amended by ASU 2019-10, the ASUs are effect for fiscal years beginning
after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Earlier application is permitted.
In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented
using a modified retrospective approach. The Company does not have any leases so there was no impact on its consolidated financial
statements upon adoption on 1 January 2023.
|
Accounting Standards Not Yet Implemented |
(q)
Accounting Standards Not Yet Implemented
In
March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation
of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional expedients and exceptions
for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria
are met. The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR
or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued ASU
No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, that extends the period of time preparers
can utilize the reference rate reform relief guidance. To ensure the relief in Topic 848 covers the period of time during which
a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022, to December
31, 2024. The Company does not expect the adoption of this standard to have a material impact on the Company’s condensed
consolidated financial statements and related disclosures.
In
June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject
to Contractual Sale Restrictions. This ASU clarifies the guidance in Topic 820, Fair Value Measurement, when measuring the fair
value of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions
that are measured at fair value in accordance with Topic 820. The amendments in this ASU are effective for fiscal years beginning
after December 15, 2024, including the interim periods within those fiscal years. Early adoption is permitted. This amendment
should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed
on the date of adoption. The Company does not expect the adoption of this standard to have a material impact on the Company’s
condensed consolidated financial statements and related disclosures.
In
September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50). This ASU enhances the transparency
of supplier finance programs. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including
interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal
years beginning after December 15, 2023. Early adoption is permitted. This amendment should be applied retrospectively to each
period in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively.
The Company does not expect the adoption of this standard to have a material impact on the Company’s condensed consolidated
financial statements and related disclosures.
In
March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangement, which addresses the accounting by private
companies and certain not-for-profit entities (NFPs) for common control leases and amends the accounting for leasehold improvements
in common-control arrangements for all entities. This ASU offers: 1) private companies, as well as not-for-profit entities that
are not conduit bond obligors, a practical expedient that gives them the option of using the written terms and conditions of a
common-control arrangement when determining whether a lease exists and the subsequent accounting for the lease, including the
lease’s classification (Issue 1) and 2) amends the accounting for leasehold improvements in common-control arrangements
for all entities (Issue 2). The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, including
interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statement that have
not yet been made available. The Company does not have any leases so expects there will be no impact on its consolidated financial
statements upon adoption from 1 January 2024.
In
October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.
The amendments in this ASU improve the accounting for acquired revenue contracts with customers in a business combination by addressing
diversity in practice and inconsistency related to recognition of an acquired contract liability, and payment terms and their
effect on subsequent revenue recognized by the acquirer. The amendments in this ASU are effective for fiscal years beginning after
December 15, 2023, including the interim periods within those fiscal years. Early adoption is permitted. The Company has not yet
determined the potential impact the adoption may have on our consolidated financial statements.
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v3.23.2
PROPERTY AND EQUIPMENT (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property and equipment consist of the following: |
Property
and equipment consist of the following:
|
Computers |
Plant
&
Equipment |
Lab Equipment |
TOTAL |
|
$ |
$ |
$ |
$ |
Balance
at 1 January 2022 |
4,107 |
13,188 |
22,509 |
39,804 |
Additions |
2,965 |
— |
5,187 |
8,152 |
Impact
of foreign exchange |
(362) |
— |
(1,690) |
(2,052) |
Depreciation |
(2,783) |
(4,937) |
(6,206) |
(13,926) |
Balance
at 31 December 2022 |
3,927 |
8,251 |
19,800 |
31,978 |
Additions |
952 |
— |
27,925 |
28,714 |
Impact
of foreign exchange |
149 |
— |
(431) |
(119) |
Depreciation |
(2,532) |
(2,448) |
(6,612) |
(11,592) |
Balance
at 30 June 2023 |
2,332 |
5,803 |
40,846 |
48,981 |
|
X |
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v3.23.2
INCOME TAXES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Income Taxes |
|
The components of net deferred taxes consisted of the following at June 30, 2023 and December 31, 2022: |
The
components of net deferred taxes consisted of the following at June 30, 2023 and December 31, 2022:
|
|
JUNE 30, 2023 |
|
|
DECEMBER
31, 2022 |
|
|
|
$’000 |
|
|
$’000 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Net operating loss carry-forward |
|
|
7,596 |
|
|
|
7,592 |
|
Gross deferred tax assets |
|
|
7,596 |
|
|
|
7,592 |
|
Less valuation allowance |
|
|
(7,595 |
) |
|
|
(7,578 |
) |
Total deferred tax assets |
|
|
1 |
|
|
|
14 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
(1 |
) |
|
|
(14 |
) |
Net deferred tax assets |
|
|
— |
|
|
|
— |
|
|
Schedule of The Differences Between the Statutory Tax Rate and Effective Income Tax Rate |
Reconciliation
of the differences between the statutory tax rate and the effective income tax rate is as follows:
Schedule of The Differences Between the Statutory Tax Rate and Effective Income Tax Rate
|
|
JUNE
30, 2023 |
|
|
DECEMBER
31, 2022 |
|
|
|
|
|
|
Statutory federal tax (benefit)
rate |
|
|
(21.00 |
)% |
|
|
(21.00 |
)% |
Statutory foreign
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|
|
(25.00 |
)% |
|
|
(25.00 |
)% |
|
|
|
|
|
|
|
|
|
Weighted average effective tax rate |
|
|
(23.00 |
)% |
|
|
(21.00 |
)% |
|
|
|
|
|
|
|
|
|
Valuation allowance |
|
|
23.00 |
% |
|
|
21.00 |
% |
|
|
|
|
|
|
|
|
|
Effective income
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|
|
0.00 |
% |
|
|
0.00 |
% |
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v3.23.2
REVENUE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Revenue Recognition and Deferred Revenue [Abstract] |
|
The breakdown of opening and closing revenue for the year from contracts is noted below: |
The
breakdown of opening and closing revenue for the year from contracts is noted below:
|
Sasol
($) |
Opening
balance of Contract Revenue at 1 January 2022 |
14,130 |
New
Contracts |
456,914 |
Revenue
recognized on Contracts for performance obligations satisfied |
(296,229) |
Difference
arising on translation of foreign currency |
(7,849) |
Closing
balance of Contract Revenue at 31 December 2022 |
166,966 |
Additional
fees for existing contract |
35,500 |
Revenue
recognized on Contracts for performance obligations satisfied |
(120,792) |
Difference
arising on translation of foreign currency |
2,513 |
Closing
balance of Contract Revenue at 30 June 2023 |
84,187 |
|
X |
- DefinitionTabular disclosure of investment.
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v3.23.2
NET LOSS PER SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
The calculation of basic loss per share has been based on the following loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding. |
The
calculation of basic loss per share has been based on the following loss attributable to ordinary shareholders and the weighted
average number of ordinary shares outstanding.
| |
|
|
|
|
|
| | |
|
|
|
|
|
| |
| |
Six Months Ended | | |
Three Months Ended | |
| |
June 30 | | |
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| $ | | |
| $ | | |
| $ | | |
| $ | |
Loss attributable to ordinary shareholders | |
| (596,614 | ) | |
| (389,127 | ) | |
| (370,241 | ) | |
| (78,607 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of ordinary shares at 1 January | |
| 255,858,014 | | |
| 205,677,834 | | |
| 255,858,014 | | |
| 205,677,834 | |
Effect of shares issued in period | |
| 17,942,632 | | |
| 40,002,388 | | |
| 17,700,928 | | |
| 34,488,647 | |
Weighted average number of ordinary shares at 30 June | |
| 273,800,646 | | |
| 245,689,221 | | |
| 273,558,942 | | |
| 240,166,481 | |
Loss per share | |
| (0.002 | ) | |
| (0.002 | ) | |
| (0.001 | ) | |
| (0.000 | ) |
|
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Property and equipment consist of the following: (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Balance at 31 December 2022 |
$ 31,978
|
$ 39,804
|
Additions |
28,714
|
8,152
|
Impact of foreign exchange |
(119)
|
(2,052)
|
Depreciation |
(11,592)
|
(13,926)
|
Balance at 30 June 2023 |
48,981
|
31,978
|
Computer Equipment [Member] |
|
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Property, Plant and Equipment [Line Items] |
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Balance at 31 December 2022 |
3,927
|
4,107
|
Additions |
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|
2,965
|
Impact of foreign exchange |
149
|
(362)
|
Depreciation |
(2,532)
|
(2,783)
|
Balance at 30 June 2023 |
2,332
|
3,927
|
Property, Plant and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at 31 December 2022 |
8,251
|
13,188
|
Additions |
|
|
Impact of foreign exchange |
|
|
Depreciation |
(2,448)
|
(4,937)
|
Balance at 30 June 2023 |
5,803
|
8,251
|
Lab Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Balance at 31 December 2022 |
19,800
|
22,509
|
Additions |
27,925
|
5,187
|
Impact of foreign exchange |
(431)
|
(1,690)
|
Depreciation |
(6,612)
|
(6,206)
|
Balance at 30 June 2023 |
$ 40,846
|
$ 19,800
|
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COMMON STOCK (Details Narrative) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Value of shares issued |
$ 36,265
|
$ 32,922
|
|
Invoices Receivable [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Value of shares issued |
|
|
$ 2,281
|
Number of shares issued |
|
|
91,250
|
Common Stock [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Value of shares issued |
$ 725
|
$ 1,128
|
|
Number of shares issued |
725,000
|
1,628,730
|
|
Common Stock [Member] | Services Receivable [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Value of shares issued |
$ 36,625
|
|
$ 94,362
|
Number of shares issued |
725,000
|
|
2,287,480
|
Warrant [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Purchase of warrants |
1,737,499
|
|
|
Exercise price, per share |
$ 0.035
|
|
|
Warrants terms |
7 years
|
|
|
Outstanding warrants |
1,351,785
|
|
|
Private Placement [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Value of shares issued |
$ 35,838
|
|
$ 1,314,060
|
Number of shares issued |
391,970
|
|
31,909,424
|
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v3.23.2
The components of net deferred taxes consisted of the following at June 30, 2023 and December 31, 2022: (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Deferred tax assets: |
|
|
Net operating loss carry-forward |
$ 7,596
|
$ 7,592
|
Gross deferred tax assets |
7,596
|
7,592
|
Less valuation allowance |
(7,595)
|
(7,578)
|
Total deferred tax assets |
1
|
14
|
Deferred tax liabilities: |
|
|
Depreciation |
(1)
|
(14)
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Net deferred tax assets |
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v3.23.2
The breakdown of opening and closing revenue for the year from contracts is noted below: (Details) - Sasol [Member] - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Opening balance of Contract Revenue |
$ 166,966
|
$ 14,130
|
New contracts |
|
456,914
|
Revenue recognized on Contracts for performance obligations satisfied |
(120,792)
|
(296,229)
|
Difference arising on translation of foreign currency |
2,513
|
(7,849)
|
Additional fees for existing contract |
35,500
|
|
Closing balance of contract revenue |
$ 84,187
|
$ 166,966
|
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v3.23.2
The calculation of basic loss per share has been based on the following loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding. (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
Loss attributable to ordinary shareholders |
$ (370,241)
|
$ (78,607)
|
$ (596,614)
|
$ (389,127)
|
Weighted average number of ordinary shares, beginning |
255,858,014
|
205,677,834
|
255,858,014
|
205,677,834
|
Effect of shares issued in period |
17,700,928
|
34,488,647
|
17,942,632
|
40,002,388
|
Weighted average number of ordinary shares, ending |
273,800,646
|
245,689,221
|
273,800,646
|
245,689,221
|
Loss per share |
$ (0.001)
|
$ (0.000)
|
$ (0.002)
|
$ (0.002)
|
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