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UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 10-Q/A
(Mark One)
☒ |
quarterly report under section 13 Or 15(d) of the securities exchange act of 1934 |
For the quarterly period ended |
June 30, 2023 |
☐ |
transition report under section 13 Or 15(d) of the securities exchange act of 1934 |
For the transition period from ________________________________
to __________________________________
Commission file number |
000-54875 |
Sustainable
Projects Group Inc.
(Exact name of registrant as specified in its charter)
Incorporated in the State of Nevada |
|
81-5445107 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
|
|
|
Tankedraget 7, Aalborg |
|
DK-9000 |
(Address of principal executive offices) |
|
(Zip Code) |
305-814-2915
(Registrant’s telephone number, including area
code)
(Former name, former address and former fiscal year,
if changed since last report)
Securities registered pursuant to Section 12(b)
of the Act: None
Indicate by check mark whether the registrant (1)
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.
Larger 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 financial 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
As of August 18, 2023, there were 292,696,813 shares
of the registrant’s common stock, $0.0001 par value, outstanding, which is the only class of common or voting stock of the registrant
issued.
EXPLANATORY
NOTE
Sustainable
Projects Group Inc. (the “Company”) is filing this Amendment No. 2 on Form 10-Q/A (the “Amendment”) to amend
its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, originally filed with the U.S. Securities and Exchange Commission
(the “SEC”) on August 22, 2023 (the “Original Form 10-Q”), as amended by Amendment No. 1 on Form 10-Q/A filed
on December 18, 2023 (“Amendment No. 1”), to remove the following statement from Note 3 – Summary of accounting policies
of Notes to Consolidated Unaudited Interim Financial Statements in Amendment No. 1:
These
consolidated financial statements have also been restated for the three and six months ended June 30, 2023 and 2022 to remove the results
of the Consolidated Balance Sheets, Statement of Operations and Comprehensive Loss, Statements of Stockholder’s Equity (Deficit)
and Statements of Cash Flows of Sustainable Projects Group Inc.
This
Form 10-Q/A is presented as of the filing date of the Original Form 10-Q, does not reflect events occurring after that date, and does
not modify or update disclosures in any way other than as required to reflect the change described above and in Amendment No. 1. Accordingly,
this Form 10-Q/A should be read in conjunction with the Company’s filings with the SEC subsequent to the date on which the Company
filed the Original Form 10-Q and Amendment No. 1.
This
Form 10-Q/A sets forth the Original Form 10-Q, as amended by Amendment No. 1, in its entirety, as amended to reflect the change described
above. Among other things, forward-looking statements made in the Original Form 10-Q have not been revised to reflect events that occurred
or facts that became known to the Company after the filing of the Original Form 10-K, and such forward-looking statements should be read
in their historical context.
In
accordance with applicable SEC rules, this Form 10-Q/A includes an updated signature page and certifications of the Company’s Chief
Executive Officer and Chief Financial Officer in Exhibits 31.1, 31.2, 32.1 and 32.2 as required by Rule 12b-15.
SUSTAINABLE
PROJECTS GROUP INC.
For
the SIX MONTHS Ended JUNE 30, 2023 AND 2022
index
to UNAUDITED CONSOLIDATED INTERIM financial statements
SUSTAINABLE
PROJECTS GROUP INC.
CONSOLIDATED
INTERIM BALANCE SHEETS
(Unaudited - Restated)
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash | |
$ | 629,508 | | |
$ | - | |
Accounts receivables | |
| 47 | | |
| - | |
Other receivables – Note 4 | |
| 108,362 | | |
| 32,180 | |
Prepaid expenses | |
| 221,971 | | |
| 10,089 | |
TOTAL
CURRENT ASSETS | |
| 959,888 | | |
| 42,269 | |
| |
| | | |
| | |
Right Of Use Assets – Note 9 | |
| 1,790,787 | | |
| - | |
Equipment – Note 5 | |
| 118,276 | | |
| - | |
Intangible assets – Note 7 | |
| 10,126 | | |
| - | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 2,879,077 | | |
$ | 42,269 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts payable and accrued liabilities – Note 8 | |
$ | 563,198 | | |
$ | 117,199 | |
Amounts due to related parties – Note 12 | |
| 636,068 | | |
| 146,402 | |
Payroll liabilities | |
| 53,807 | | |
| - | |
Notes and interest payable, related party – Note 12 | |
| 14,605 | | |
| - | |
Notes and interest payable – Note 10 | |
| 67,966 | | |
| - | |
Deferred revenues | |
| 8,388 | | |
| - | |
Deposits received | |
| 71,109 | | |
| - | |
Lease liability, current portion – Note 9 | |
| 173,235 | | |
| - | |
TOTAL CURRENT LIABILITIES | |
| 1,588,376 | | |
| 263,601 | |
| |
| | | |
| | |
NON-CURRENT LIABILITIES | |
| | | |
| | |
Note payable | |
| - | | |
| - | |
Lease liability obligation – long term – Note 9 | |
| 1,636,886 | | |
| - | |
TOTAL NON-CURRENT LIABILITIES | |
| 1,636,886 | | |
| - | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
| 3,225,262 | | |
| 263,601 | |
| |
| | | |
| | |
STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Common Stock – Note 11 Par Value: $0.0001
Authorized 500,000,000
shares Common Stock Issued: 287,190,813 (Dec 31, 2022 – Capital Shares 50,000) | |
| 28,719 | | |
| 7,940 | |
Additional Paid in Capital | |
| 164,236 | | |
| - | |
Shares subscribed | |
| 1,252,100 | | |
| - | |
Accumulated Deficit | |
| (1,774,530 | ) | |
| (224,419 | ) |
Other Accumulated Comprehensive Loss | |
| (16,710 | ) | |
| (4,853 | ) |
TOTAL STOCKHOLDERS’ DEFICIT | |
| (346,185 | ) | |
| (221,332 | ) |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
$ | 2,879,077 | | |
$ | 42,269 | |
See
accompanying notes to the consolidated financial statements.
SUSTAINABLE
PROJECTS GROUP INC.
CONSOLIDATED
INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited - Restated)
| |
June 30, 2023 | | |
June 30, 2022 | | |
June 30, 2023 | | |
June 30, 2022 | |
| |
For the | | |
For the | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | | |
June 30, 2023 | | |
June 30, 2022 | |
| |
| | |
| | |
| | |
| |
Operating and administrative expenses | |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| 28,387 | | |
| 672 | | |
| 47,451 | | |
| 847 | |
Depreciation | |
| 11,687 | | |
| - | | |
| 12,457 | | |
| - | |
Amortized right of use assets | |
| 58,878 | | |
| - | | |
| 58,878 | | |
| - | |
Advertising and promotion | |
| 8,157 | | |
| - | | |
| 8,157 | | |
| - | |
Interest on lease | |
| 45,718 | | |
| - | | |
| 45,718 | | |
| - | |
Office Maintenance & Utilities | |
| 36,116 | | |
| - | | |
| 36,116 | | |
| - | |
Consulting fees | |
| 61,221 | | |
| - | | |
| 61,221 | | |
| - | |
Management fees | |
| 191,885 | | |
| 4,384 | | |
| 393,476 | | |
| 4,384 | |
Professional fees | |
| 55,622 | | |
| - | | |
| 138,930 | | |
| - | |
Rent | |
| 2,194 | | |
| - | | |
| 51,801 | | |
| - | |
Stock based compensation (Note 13) | |
| 164,236 | | |
| - | | |
| 164,236 | | |
| - | |
Travel expenses | |
| 10,319 | | |
| - | | |
| 17,337 | | |
| - | |
Wages and salaries | |
| 146,236 | | |
| - | | |
| 199,712 | | |
| - | |
Vehicle expense | |
| 18,878 | | |
| - | | |
| 18,878 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Total operating and administrative expenses | |
| 839,534 | | |
| 5,056 | | |
| 1,254,368 | | |
| 5,231 | |
| |
| | | |
| | | |
| | | |
| | |
Operating loss before other items | |
| (839,534 | ) | |
| (5,056 | ) | |
| (1,254,368 | ) | |
| (5,231 | ) |
Miscellaneous income | |
| 69,817 | | |
| - | | |
| 91,391 | | |
| - | |
Interest expense | |
| (976 | ) | |
| - | | |
| 252 | | |
| - | |
Net Loss | |
| (770,693 | ) | |
| (5,056 | ) | |
| (1,162,725 | ) | |
| (5,231 | ) |
Translation loss | |
| (6,959 | ) | |
| (140 | ) | |
| (11,857 | ) | |
| (541 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss and comprehensive loss, attributed to shareholders | |
$ | (777,652 | ) | |
$ | (5,196 | ) | |
$ | (1,174,582 | ) | |
$ | (5,772 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted loss per share | |
$ | (0.003 | ) | |
$ | (0.104 | ) | |
$ | (0.005 | ) | |
$ | (0.115 | ) |
Weighted average number of common shares outstanding | |
| 287,190,813 | | |
| 50,000 | | |
| 217,959,199 | | |
| 50,000 | |
See
accompanying notes to the consolidated financial statements.
SUSTAINABLE
PROJECTS GROUP INC.
CONSOLIDATED
INTERIM STATEMENTS OF STOCKHOLDERS’ DEFICIT
For
the Six Months Ended June 30, 2023 and 2022
(Unaudited
- Restated)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Common | | |
Par Value at $0.0001 | | |
Share | | |
Additional Paid-in | | |
Shares | | |
Accumulated | | |
Accumulated Other Comprehensive | | |
| |
For June 30, 2023 | |
Shares | | |
Amount | | |
Capital | | |
Capital | | |
Subscribed | | |
Deficit | | |
Loss | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, December 31, 2022 | |
| 50,000 | | |
$ | - | | |
$ | 7,940 | | |
$ | - | | |
$ | - | | |
$ | (224,419 | ) | |
$ | (4,853 | ) | |
$ | (221,332 | ) |
Common stock issued in reverse acquisition* | |
| 287,140,813 | | |
| 28,719 | | |
| (7,940 | ) | |
| - | | |
| - | | |
| (387,386 | ) | |
| - | | |
| (366,607 | ) |
Net loss and comprehensive loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (392,032 | ) | |
| (4,898 | ) | |
| (396,930 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2023 | |
| 287,190,813 | | |
$ | 28,719 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | (1,003,837 | ) | |
$ | (9,751 | ) | |
$ | (984,869 | ) |
Shares subscribed at $0.25 per share | |
| - | | |
| - | | |
| - | | |
| - | | |
| 375,000 | | |
| - | | |
| - | | |
| 375,000 | |
Shares subscribed at $0.35 per share | |
| - | | |
| - | | |
| - | | |
| - | | |
| 877,100 | | |
| - | | |
| - | | |
| 877,100 | |
Stock based payments | |
| - | | |
| - | | |
| - | | |
| 164,236 | | |
| - | | |
| (164,236 | ) | |
| - | | |
| - | |
Net loss and comprehensive loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (606,457 | ) | |
| (6,959 | ) | |
| (613,416 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2023 | |
| 287,190,813 | | |
$ | 28,719 | | |
$ | - | | |
$ | 164,236 | | |
$ | 1,252,100 | | |
$ | (1,774,530 | ) | |
$ | (16,710 | ) | |
$ | (346,185 | ) |
For June 30, 2022 | |
Shares | | |
Capital | | |
Deficit | | |
Comprehensive | | |
Total | |
| |
| | |
| | |
| | |
Other | | |
| |
| |
Common | | |
Share | | |
Accumulated | | |
Accumulated | | |
| |
For June 30, 2022 | |
Shares | | |
Capital | | |
Deficit | | |
Comprehensive | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Balance, December 31, 2021 | |
| 50,000 | | - |
$ | 7,940 | | |
$ | (1,475 | ) | |
$ | (268 | ) | |
$ | 6,197 | |
Net loss for the period | |
| - | | - |
| - | | |
| (175 | ) | |
| (133 | ) | |
| (308 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2022 | |
| 50,000 | | - |
$ | 7,940 | | |
$ | (1,650 | ) | |
$ | (401 | ) | |
$ | 5,889 | |
Beginning balance | |
| 50,000 | | - |
$ | 7,940 | | |
$ | (1,650 | ) | |
$ | (401 | ) | |
$ | 5,889 | |
Net loss for the period | |
| | | - |
| - | | |
| (5,056 | ) | |
| (140 | ) | |
| (5,196 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2022 | |
| 50,000 | | - |
$ | 7,940 | | |
$ | (6,706 | ) | |
$ | (541 | ) | |
$ | 693 | |
Ending balance | |
| 50,000 | | - |
$ | 7,940 | | |
$ | (6,706 | ) | |
$ | (541 | ) | |
$ | 693 | |
See
accompanying notes to the consolidated financial statements.
SUSTAINABLE
PROJECTS GROUP INC.
CONSOLIDATED
INTERIM STATEMENTS OF CASH FLOWS
(Unaudited
- Restated)
| |
For the | | |
For the | |
| |
Six Months ended | | |
Six Months ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Cash Flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (1,162,725 | ) | |
$ | (5,231 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 12,457 | | |
| - | |
Amortized right of use assets | |
| 58,878 | | |
| - | |
Stock based compensation | |
| 164,236 | | |
| - | |
Write down of inventory | |
| - | | |
| - | |
Changes in current assets and liabilities | |
| | | |
| | |
Prepaid expenses | |
| (211,882 | ) | |
| (197 | ) |
Accounts receivable | |
| (47 | ) | |
| - | |
Other receivables | |
| (76,182 | ) | |
| (1,292 | ) |
Accounts payable and accrued expenses | |
| 445,324 | | |
| 6,186 | |
Payroll liabilities | |
| 53,807 | | |
| - | |
Deposits received | |
| 71,109 | | |
| - | |
Deferred revenue | |
| 8,388 | | |
| - | |
Amount due to related parties | |
| 490,341 | | |
| - | |
Net cash used in operating activities | |
| (146,296 | ) | |
| (534 | ) |
| |
| | | |
| | |
Cash Flows from investing activities: | |
| | | |
| | |
Office + furniture equipment | |
| (108,837 | ) | |
| - | |
Filtration equipment | |
| (25,056 | ) | |
| - | |
Intangible assets | |
| (10,538 | ) | |
| - | |
Net cash used in investing activities | |
| (144,431 | ) | |
| - | |
| |
| | | |
| | |
Cash Flows from financing activities: | |
| | | |
| | |
Shares subscribed | |
| 1,252,100 | | |
| - | |
Common stock issued in reverse acquisition | |
| (366,607 | ) | |
| - | |
Lease payment | |
| (45,718 | ) | |
| - | |
Proceeds from note and interest payable, related party | |
| 14,605 | | |
| | |
Proceeds from note payable and interest payable | |
| 67,966 | | |
| - | |
Net cash provided by financing activities | |
| 922,346 | | |
| - | |
| |
| | | |
| | |
Effect of foreign exchange on cash | |
| (2,111 | ) | |
| (1,034 | ) |
| |
| | | |
| | |
Net increase (decrease) in cash | |
| 629,508 | | |
| (1,568 | ) |
Cash at beginning of period | |
| - | | |
| 6,958 | |
Cash at end of period | |
$ | 629,508 | | |
$ | 5,390 | |
| |
| | | |
| | |
Supplemental Disclosures | |
| | | |
| | |
Cash paid for: | |
| | | |
| | |
Interest | |
$ | - | | |
$ | - | |
During
the quarter ended June 30, 2023, operating leases with a discounted value of $1,850,195 were recorded as Right Of Use Assets and Lease
liabilities.
See
accompanying notes to the consolidated financial statements.
SUSTAINABLE
PROJECTS GROUP INC.
NOTES
TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2023 (Restated)
1.
Organization and Nature of Operations
Sustainable Projects Group Inc. (the “Company”) was incorporated
in the State of Nevada, USA on September 4, 2009 as Blue Spa Incorporated. On December 19, 2016, the Company amended its name from “Blue
Spa Incorporated” to “Sustainable Petroleum Group Inc.” On September 6, 2017, the Company obtained a majority vote from
its shareholders to amend the Company’s name from “Sustainable Petroleum Group Inc.” to “Sustainable Projects
Group Inc.” to better reflect its business at the time. The name change was effective on October 20, 2017. Prior to the Exchange
Transaction (as defined below), the Company was a multinational business development company that pursued investments and partnerships
with companies across sustainable sectors. The Company also was involved in consulting services and collaborative partnerships.
The Company is a pure-play lithium company focused on supplying high performance lithium compounds to the fast-growing
electric vehicle (“EV”) and broader battery markets. It has developed a proprietary technology to extract lithium from oilfield
wastewater, which it believes will enable it to manufacture lithium compounds quickly, at an attractive cost, and with a minimal environmental
footprint, which it expects to provide a competitive advantage over other lithium manufacturers.
On
February 14, 2023, the Company entered into a Securities Exchange Agreement (the “Agreement”) with Lithium Harvest ApS (“Lithium
Harvest”), and all the shareholders of Lithium Harvest (the “Shareholders”). Pursuant to the Agreement, the Company
acquired all outstanding shares of capital stock of Lithium Harvest in exchange for issuing to the Shareholders 206,667,233
shares of the Company’s common stock (the
“Exchange Transaction”). In addition, the lender of a convertible note payable exercised its conversion feature and received
71,797,703
shares of common stock in exchange for its debt
and interest. The Exchange Transaction represents a change of control and was accounted for as
a reverse acquisition with Lithium Harvest being the accounting acquirer and the Company being the accounting acquiree. As a result of
the transaction, the number of shares of common stock outstanding was increased to 287,190,813.
The
Company’s year-end is December 31.
2.
Going Concern
These
consolidated interim financial statements have been prepared in conformity with generally accepted accounting principles in the
United States or “GAAP,” which contemplate continuation of the Company as a going concern. However, the Company has
limited revenue and has sustained operating losses resulting in a deficit. In view of these matters, realization of a major portion
of the assets in the accompanying consolidated balance sheets is dependent upon the continued operations of the Company, which in
turn is dependent upon the Company’s ability to meet its financing requirements, and the successful implementation of the
Company´s planned strategy of supplying high performance lithium compounds to the electric vehicle and broader battery
markets.
The
Company has accumulated a deficit of $1,774,530 since inception and has yet to achieve profitable operations and further losses are
anticipated in the development of its business. The Company’s ability to continue as a going concern is in substantial doubt and
is dependent upon obtaining additional financing and/or achieving a sustainable profitable level of operations. The consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
The
Company had $629,508
in cash as of June 30, 2023. The Company will need to raise additional cash in order to fund ongoing operations over the next 12
months. The Company may seek additional equity as necessary, and it expects to raise funds through private or public equity
investment in order to support the existing operations and expand the range of its business. There is no assurance that such
additional funds will be available for the Company on acceptable terms, if at all.
3.
Summary of accounting policies
Basis
of presentation
While
the information presented is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present
fairly the financial position, results of operations and cashflows for the interim period presented in accordance with GAAP. All
adjustments are of a normal recurring nature. These consolidated interim financial statements should be read in conjunction with the
Company’s audited December 31, 2022 year-end financial statements. Operating results for the six months ended June 30,
2023 are not necessarily indicative of the results that can be expected for the year ending December 31, 2023.
Reverse Acquisition
The Exchange Transaction between
the Company and Lithium Harvest was accounted for as a “reverse acquisition” since, immediately following completion of the
Exchange Transaction, the Shareholders effectuated control of the post-combination Company. For accounting purposes, Lithium Harvest was
deemed to be the accounting acquirer in the transaction and, consequently, the transaction is treated as a recapitalization of Lithium
Harvest (i.e., a capital transaction involving the issuance of shares by the Company for the shares of Lithium Harvest). Accordingly,
the consolidated assets, liabilities and results of operations of Lithium Harvest became the historical financial statements of the Company
and its subsidiaries, and the Company’s assets, liabilities and results of operations were consolidated with those of Lithium Harvest
beginning on the acquisition date. No step-up in basis or intangible assets or goodwill were recorded in this Exchange Transaction. As
a result of the Exchange Transaction, Lithium Harvest became a wholly owned subsidiary of the Company.
1. Restatement of Financial
Statements:
The Company is restating
its financial statements as of and for the three and six months ended June 30, 2023 and 2022, included in its Original Form 10-Q, due
to the identification of impairment of goodwill associated with the Company’s intellectual property related to its YER Brands subsidiary.
This impairment occurred subsequent to the filing of the Original Form 10-Q, retroactively, and has resulted in material adjustments to
the consolidated interim financial statements. The impairment assessment was performed in accordance with auditing standards generally
accepted in the United States (“US GAAP”).
2. Change in Accounting Treatment
of Reverse Acquisition:
The Company has revised its
accounting treatment for a reverse acquisition that was previously reported in its Original Form 10-Q. Upon further evaluation, the Company
determined that prior year adjustments were necessary. The Company impaired goodwill and intellectual property and wrote-off inventory
of YER Brands Inc. as of the year ended December 31, 2021.
Consolidation
The
accompanying consolidated unaudited interim financial statements include the accounts of Sustainable Projects Group Inc., Lithium
Harvest ApS and YER Brands Inc. All significant intercompany transactions have been eliminated in the consolidation process.
Operating
Leases – Right of Use Assets
In
February 2016, the FASB issued ASU 2016-02, Leases (“Topic 842”). The new standard establishes a right-of-use model that
requires a lessee to record a right-of-use asset (“ROU asset”) and a lease liability on the balance sheet for all leases
with terms longer than 12 months. For leases with an initial 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. If a lessee makes this election, it should
recognize lease expense for such leases generally on a straight-line basis over the term of the lease. Leases will be classified as either
finance or operating, with classification affecting the pattern of expense recognition. Similarly, lessors will be required to classify
leases as sales-type, finance or operating, with classification affecting the pattern of income recognition. Classification for both
lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred
through a lease contract. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods
within those fiscal years, with early adoption permitted.
The
Company adopted the new standard. The Company has elected not to recognize lease assets and lease liabilities for leases with an initial
term of 12 months or less. There are no other material asset leases whether operating or finance except as indicated below.
Lithium
Harvest has one office lease. The lease conveys no ownership at the end of the lease term and contains no purchase option nor any
guarantee of residual value. The lease does not contain renewal periods at the end of the term. The lease is amortized straight line
over the entire term of the office lease agreement. The Company uses an annual interest rate of 10%,
or a rate of 2.50%
per quarter. This operating lease is classified as a right-to-use asset under the new standard (ASU 2016-02). The office lease
commenced April 1, 2023.
Lithium
Harvest has one software lease. The lease conveys no ownership at the end of the lease term and contains no purchase option nor any
guarantee of residual value. The lease has one renewal period of one year at the end of the term. The lease is amortized straight
line over the entire term of the software lease. The Company uses an annual interest rate of 10%,
or a rate of 2.50%
per quarter. This operating lease was classified as a right-to-use asset under the new standard (ASU 2016-02). The software lease
commenced May 1, 2023.
Lithium
Harvest has one equipment lease. The lease conveys no ownership at the end of the lease term and contains no purchase option nor any
guarantee of residual value. The lease does not contain renewal periods at the end of the term. The lease is amortized straight line
over the entire term of the equipment lease. The Company uses an annual interest rate of 10%,
or a rate of 2.50%
per quarter. This operating lease is classified as a right-to-use asset under the new standard (ASU 2016-02). The equipment lease
commenced June 1, 2023.
Lithium
Harvest has one service equipment lease. The lease conveys no ownership at the end of the lease term and contains no purchase option
nor any guarantee of residual value. The lease does not contain renewal periods at the end of the term. The lease is amortized
straight line over the entire term of the software lease. The Company uses an annual interest rate of 10%,
or a rate of 2.50%
per quarter. This operating lease was classified as a right-to-use asset under the new standard (ASU 2016-02). The service equipment
lease commenced May 10, 2023.
Stock
Based Compensation
The
Company follows the guideline under ASC 718, “Stock Compensation”. The standard provides that for all stock-based compensation
plans, including employee stock options, restricted stock, employee stock purchase plans and stock appreciation rights, all share-based payments to both employees and directors be recognized in the income statement based on their fair values. For non-employee
stock-based compensation, the Company applies ASC 505 Equity-Based Payments to Non-employees. This standard provides that all stock-based
compensation related to non-employees be measured at the fair value of the consideration received or the fair value of the equity instruments
issued, whichever can be most reliably measured or determinable.
Significant
Accounting Policies
There
have been no material changes in the Company’s significant accounting policies previously disclosed in the December 31,
2022 annual report.
Use
of estimates
The
preparation of the consolidated interim financial statements in conformity with generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Management
makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial
statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically
in the period when new information becomes available to management. Actual results could differ from those estimates.
Segment
Reporting
The
Company reports segment information based on the “management” approach. The management approach designates the internal reporting
used by management for making decisions and assessing performance of its various businesses on a corporation-wide basis. As of June 30,
2023, the Company has three reportable segments: YER Brands, Sustainable Projects Group and Lithium Harvest. The segments are determined
based on several factors including the nature of products and services, nature of production processes and delivery channels and consultancy
services. Each operating segment’s performance is evaluated based on its segment income. Segment income is defined as gross sales
and miscellaneous income. At June 30, 2023, segment income and total assets were reported as follows:
Schedule of Segment Reporting
| |
For
the Six | | |
For
the Year | |
| |
Months
Ended | | |
Ended | |
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Sales
and miscellaneous income | |
| | | |
| | |
Sustainable Projects Group | |
$ | - | | |
$ | - | |
YER Brands | |
| - | | |
| - | |
Lithium Harvest | |
| 91,391 | | |
| - | |
Total Sales | |
$ | 91,391 | | |
$ | - | |
| |
| | | |
| | |
Total
Assets at End of Period | |
| | | |
| | |
Sustainable Projects Group | |
$ | 25,989 | | |
$ | - | |
YER Brands | |
| - | | |
| - | |
Lithium Harvest | |
| 2,853,088 | | |
| 42,269 | |
Total Assets | |
$ | 2,879,077 | | |
$ | 42,269 | |
Revenue
Recognition
The
Company adopted ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). The Company recognizes revenue when
the Company transfers promised services to the customer. The performance obligation is the monthly services rendered. The Company has
one main revenue source at the moment from Lithium Harvest, which is sub-leasing office space with and/or without furniture. Accordingly,
the Company recognizes revenue when services are provided. These revenues are billed in advance, arrears and/or are prepaid. The performance
obligation is the monthly services rendered. Where there is a sub-leasing contract for office space with and/or without furniture, the
Company bills monthly for its services as rendered. Where there is no contract, the revenue is recognized as provided.
The
Company recognizes revenue in accordance with ASC 606 using the following 5 steps to identify revenues:
· |
identify the contract with
a 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. |
Sub-leasing office
The Company recognizes revenue when the Company transfers
promised services to the customer. The performance obligation is the monthly services rendered. The Company has one main revenue source
at the moment from Lithium Harvest, which is sub-leasing office space with and/or without furniture. Accordingly, the Company recognizes
revenue when services are provided. These revenues are billed in advance, arrears and/or are prepaid. The performance obligation is the
monthly services rendered. Where there is a sub-leasing contract for office space with and/or without furniture, the Company bills monthly
for its services as rendered.
A
performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in
the new revenue standard. The contract transaction price is allocated to each distinct performance obligation and recognized as revenue
when or as the performance obligation is satisfied.
Advances
from client’s deposits are contract liabilities with customers that represent the Company’s obligation to either transfer goods or services
in the future, or refund the amount received. Where possible, the Company obtains retainers to lessen risk of non-payment by customers.
Advances from client’s deposits are recognized as revenue as the Company meets specified performance obligations as detailed in the contract.
The income earned from sub-leasing office space is recognized
as “miscellaneous income”.
Accounts Receivable and
Concentration of Risk
Accounts receivable, net
is stated at the amount the Company expects to collect, or the net realizable value. The Company provides a provision for allowances that
includes returns, allowances and doubtful accounts equal to the estimated uncollectible amounts. The Company estimates its provision for
allowances based on historical collection experience and a review of the current status of trade accounts receivable. It is reasonably
possible that the Company’s estimate of the provision for allowances will change.
Income Taxes
The Company
uses the asset and liability method of accounting for income taxes in accordance with Accounting Standards Codification (“ASC”)
740, “Income Taxes” (“ASC 740”). Under this method, income tax expense is recognized as the amount of: (i) taxes
payable or refundable for the current year and (ii) future tax consequences attributable to differences between financial statement carrying
amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted
tax rates expected to apply to taxable income in the years which those temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that
includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of available
evidence it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Recently
issued accounting pronouncements
The
Company adopts new pronouncements relating to GAAP applicable to the Company as they are issued, which may be in advance of their effective
date. Management does not believe that any pronouncements not included above will have a material effect on the Company’s consolidated
financial statements.
4.
Other Receivables
Other
receivables pertain to VAT (value added taxes) receivables of Lithium Harvest. The standard VAT rate in Denmark is 25%. Included in other receivable was $43,958 (300,000 DKK) due from a consultant.
5.
Equipment
Schedule of Equipment
| |
| | |
Accumulated | | |
| |
| |
Cost | | |
Depreciation | | |
Net | |
| |
| | |
| | |
| |
Computer | |
$ | 16,055 | | |
$ | 5,307 | | |
$ | 10,748 | |
Equipment | |
| 5,000 | | |
| 5,000 | | |
| - | |
Office Furniture & Equipment | |
| 92,781 | | |
| 10,309 | | |
| 82,472 | |
Machinery under construction | |
| 25,056 | | |
| - | | |
| 25,056 | |
| |
$ | 138,892 | | |
$ | 20,616 | | |
$ | 118,276 | |
6. Reverse Acquisition
On
February 14, 2023, the Company entered into the Agreement with Lithium Harvest and all the Shareholders. Pursuant to the Agreement,
the Company acquired all outstanding shares of capital stock of Lithium Harvest in exchange for issuing to the Shareholders 206,667,233
shares of the Company’s common stock. The lender of a convertible note payable exercised its conversion feature
and received 71,797,703
shares of common stock in exchange for its debt and interest. The Exchange Transaction represents a change of control and was
accounted for as a reverse acquisition with Lithium Harvest being the accounting acquirer and the Company being the accounting
acquiree. As a result of the Exchange Transaction, the number of shares of common stock outstanding increased to 287,190,813.
The purchase price of Lithium Harvest was valued at $10,333,362
using the fair market value of the Company’s common stock price on the date of the Exchange Transaction, February 14,
2023.
7.
Intangible Assets
Schedule of Intangible assets
| |
| | |
Accumulated | | |
| |
| |
Cost | | |
Depreciation | | |
Net | |
| |
| | |
| | |
| |
Patent - Denmark | |
$ | 10,538 | | |
$ | 412 | | |
$ | 10,126 | |
| |
$ | 10,538 | | |
$ | 412 | | |
$ | 10,126 | |
8.
Accounts Payable and Accrued Liabilities
Accounts
payable and accrued liabilities as of June 30, 2023 and December 31, 2022 are summarized as follows:
Schedule of Accounts Payable and Accrued Liabilities
Accounts Payable: | |
Jun 30, 2023 | | |
Dec 31, 2022 | |
| |
| | |
| |
Accounting fee | |
$ | 15,575 | | |
$ | - | |
Audit fee | |
| 30,129 | | |
| - | |
Consulting fee | |
| 35,000 | | |
| - | |
Purchase of property, plant and equipment | |
| 77,318 | | |
| - | |
Purchase of intangible assets | |
| 8,976 | | |
| | |
Rental expenses | |
| 63,992 | | |
| - | |
Professional fees | |
| 231,950 | | |
| 117,199 | |
Others | |
| 91,508 | | |
| - | |
Total Accounts Payable | |
$ | 554,448 | | |
$ | 117,199 | |
Accrued liabilities: | |
| Jun 30, 2023 | | |
| Dec 31, 2022 | |
| |
| | | |
| | |
Accounting fee | |
| 5,000 | | |
| | |
Audit fee | |
$ | 3,750 | | |
$ | - | |
Total Accrued liabilities | |
$ | 8,750 | | |
$ | - | |
9.
Right of Use Assets (“ROU”) and Lease Liability
The Company has entered into lease agreements with various third parties.
The terms of the Company’s operating leases range from 12 to 94 months. These operating leases are included in “Right Of Use
Assets” on the Company’s Condensed Consolidated Balance Sheets and represent the Company’s right to use the underlying
asset for the lease term. The Company’s obligation to make lease payments are included in “Lease liability” on the Company’s
Condensed Consolidated Balance Sheets. Additionally, the Company has entered into various short-term operating leases with an initial
term of 12 months or less. These leases are not recorded on the Company’s Condensed Consolidated Balance Sheets. All operating lease
expense is recognized on a straight-line basis over the lease term.
Schedule
of Rights of Use Assets and Lease Liability
| |
June 30, 2023 | |
Right-of-use asset | |
| | |
Right-of-use asset, net | |
$ | 1,790,787 | |
| |
| | |
Lease liability | |
| | |
Current lease liability | |
$ | 173,235 | |
Non-current lease liability | |
| 1,636,886 | |
Total lease liability | |
$ | 1,810,121 | |
| |
| | |
Remaining lease term and discount rate | |
| | |
Weighted average remaining lease term | |
| 90 months | |
Discount rate used | |
| 10 | % |
Commitments
The
following table summarizes the future minimum lease payments due under the Company’s operating leases as of June 30, 2023:
Schedule
of Future Minimum Lease Payments
| |
| | |
2023 | |
$ | 173,942 | |
Thereafter | |
| 2,425,669 | |
Less: imputed interest | |
| (789,490 | ) |
Total | |
$ | 1,810,121 | |
10.
Notes Payable, Convertible Notes Payable and Obligation to Issue Shares
On
March 1, 2019, the Company entered into an unsecured loan agreement for $50,000
with an interest rate of 3.5%
per annum. The loan was originally due on or before April
15, 2022. On March 28, 2022, the term of the loan agreement was extended to April 15, 2024. At June 30, 2023, there was
$7,144
in accrued interest under the loan.
On
July 12, 2019, the Company entered into an unsecured convertible loan agreement with a relative of the Company’s CEO in the
amount of $20,000
with an interest rate of 3.0%
per annum. The loan was due on or before
July 12, 2022. The lender had the option to convert the whole loan and the accrued interest into shares of common stock of
the Company at the price of $1.45
per share. On May 10, 2021, the Company agreed to a debt settlement arrangement whereby it would issue 640,000
shares of common stock in settlement of the principal amount outstanding under the loan of $20,000
as well as accrued interest and fees valued at $1,098.
The transaction value was calculated to be $0.033
per share. The shares were issued during the six-month period ended June 30, 2022.
On
July 23, 2021, the Company borrowed $100,000
pursuant to a two-year
unsecured convertible promissory note, bearing
an interest at 10%
per annum. The loan could be renewed at the option of the lender and was secured by a security agreement with collateral consisting of
the Company’s present and future assets. The
outstanding principal and unpaid accrued interest would automatically convert into shares of the Company’s common stock on or before
the maturity date upon the closing of a “Qualified Transaction” in an amount equal to 25% of the fully diluted capitalization
of the Company on a post-money basis. In the event that a Qualified Transaction was not consummated on or prior to the maturity date,
the lender had the right to convert the principal and unpaid accrued interest of the note into shares of the Company’s common stock
in an amount equal to 25% of the fully diluted capitalization of the Company.
A Qualified Transaction is defined as the reverse acquisition of the Company with a target company. On June 22, 2022, the Company received
an additional loan advance of $25,000.
On February 14, 2023, the lender exercised the convertible feature of the debt, and the outstanding principal and accrued interest under
the loan was converted into 71,797,703
shares of common stock valued at a total amount
of $3,589,885.
During
the quarter ended June 30, 2023, Lithium Harvest entered into two notes payable with a company controlled by the CEO of the
Company, with one note in the principal amount of $17,173
(DKK 118,000)
and the other in the principal amount of $2,183
(DKK 15,000),
and each with a 3%
interest rate per annum that is due on or before May 1, 2023. These loans have been repaid. (See Note 12)
On
March 29, 2023, the Company entered into a $10,000 note payable with a 15% interest rate per annum. The loan is due on or before December
31, 2023.
On
April 28, 2023, a company controlled by a director and the Chief Technology Officer of the Company loaned the Company $14,506 (DKK 99,000). The loan has a 3% interest rate
that was due on or before June 30, 2023. As at June 30, 2023, the loan remains outstanding and the accrued interest was $76.
11.
Common Stock
The
following stock transactions occurred with respect to the Company’s common stock during the six months ended June 30, 2023:
|
a) |
On
February 14, 2023, 206,667,233
shares of common stock valued at $10,333,362 were issued to the shareholders of Lithium Harvest pursuant to the Agreement with
Lithium Harvest with respect to the Exchange Transaction. |
|
|
|
|
b) |
On
February 14, 2023, 71,979,703
shares of common stock valued at $3,589,885 were
issued to a lender pursuant to a convertible loan settlement in connection with the Exchange Transaction. |
12.
Related-Party Transactions
Related
party transactions as of June 30, 2023 and December 31, 2022 are summarized as follows
Schedule of Related Party Transaction
| |
Jun 30, 2023 | | |
Dec 31, 2022 | |
| |
| | |
| |
Accounts payable | |
$ | 450,997 | | |
$ | 146,402 | |
Accrued liabilities | |
| 185,071 | | |
| - | |
Total | |
$ | 636,068 | | |
$ | 146,402 | |
Stefan
Muehlbauer resigned as a director of the Company on February 14, 2023 and is currently the Chief Financial Officer
(“CFO”) of the Company. During the six months ended June 30, 2023, the Company incurred management fees to the CFO
totaling an aggregate of $58,125.
At June 30, 2023, $110,465
was owing to the CFO for management fees, consisting of current and past due amounts, and $1,180
for reimbursement of out of pocket expenses. The Company entered into an Employment Agreement the CFO on February 14, 2023. His
annual salary is $125,000,
payable on a monthly basis with other benefits. The employment agreement is for a period of one year and at such time the CFO will
be eligible to receive a one-time, lump sum bonus of $25,000,
subject to other conditions and terms. This Employment Agreement was filed as Exhibit 10.3 to the Company’s Current Report on
a Form 8-K filed with the Securities and Exchange Commission on February 15, 2023.
On
February 14, 2023, Tiffany Muehlbauer resigned as Chief Technology Officer of the Company. At June 30, 2023, $12,766
was owing to Ms. Muehlbauer for past due salaries and $25,500
for management fees.
At
June 30, 2023, the Company owed a company controlled by Stefan Muehlbauer and Tiffany Muehlbauer the amount of $20,647 for office expenses.
On
February 14, 2023, Sune Mathiesen became a director and Chief Executive Officer (“CEO”) of the Company. During the six
months ended June 30, 2023, Lithium Harvest incurred management fees payable to the CEO totaling an aggregate of $119,808
(DKK 825,000).
At June 30, 2023, $91,945
(DKK 627,500)
was owing to the CEO for salaries and $2,459
(DKK 16,779)
for reimbursement of out of pocket expenses. At June 30, 2023, an aggregate of $23
(DKK 155)
was owed to the CEO for accrued interest under a loan made by the CEO to the Company. The loan had a 3%
interest rate that was due on or before May 1, 2023. The loan has been repaid. (See Note 12) Lithium Harvest entered into an
Employment Agreement with Mr. Mathiesen on February 14, 2023. His annual salary is approximately $300,000
(DKK 2,200,000),
payable on a monthly basis with other benefits. The employment agreement is non-terminable until December 31, 2025. Subject to other
conditions and terms, the CEO may be eligible to receive an annual bonus of up to 150%
of his current annual salary. This Employment Agreement was filed as Exhibit 10.2 to the Company’s Current Report on a Form 8-K filed with
the Securities and Exchange Commission on February 15, 2023.
At
June 30, 2023, a company controlled by the director and CEO was owed $286,176 (DKK 1,953,067) for management fees and out of pocket expenses,
current and past due. An aggregate of $17,217 (DKK 118,300) was also owed to a company controlled by the director and CEO for a notes
payable and accrued interest. The loan has a 3% interest rate that is due on or before May 1, 2023. The loan has been repaid. (See Note
12)
On
February 14, 2023, Paw Juul became the Chief Technology Officer (“CTO”) of the Company. During the six months ended June
30, 2023, Lithium Harvest incurred management fees from the CTO totaling an aggregate of $119,808 (DKK 825,000). At June 30, 2023, $91,945
(DKK 627,500) was owing to the CTO for salaries. Lithium Harvest entered into an Employment Agreement with Mr. Juul on February 14, 2023.
His annual salary is approximately $300,000 (DKK 2,200,000), payable on a monthly basis with other benefits. The employment agreement
is non-terminable until December 31, 2025. Subject to other conditions and terms, the CTO may be eligible to receive annual bonus up
to 150% of the current annual salary. This Employment Agreement was filed as Exhibit 10.5 to the Company’s Current Report on a Form 8-K filed with
the Securities and Exchange Commission on February 15, 2023.
On
April 28, 2023, a Company controlled by a director and CTO, Paw Juul, of the Company loaned the Company $14,506 (DKK 99,000). The loan has a 3% interest rate
that was due on or before June 30, 2023. As of June 30, 2023, the loan remains outstanding and the accrued interest was $76.
13.
Stock Based Compensation
On
May 10, 2023, the Company granted restricted stock unit (“RSU”) awards to certain key employees and Directors under the
Company’s 2023 Equity Incentive Plan (the “Incentive Plan”). The grant of these restricted stock unit awards is
subject to stockholder approval. The Company is authorized to grant options and other stock-based awards to executive officers,
directors, employees and consultants enabling them to acquire up to 45,000,000
shares of common stock of the Company. The exercise price of each option equals the market price of the Company’s shares of
common stock as calculated on the date of the grant. The maximum term and/or vesting period shall not be more than ten
years from the grant date. The vesting period for all options is at the discretion of the board of directors of the Company
and shall not be more than ten years from the grant date. The options are non-transferable.
Restricted
stock awards are subject to vesting and spread over time at the discretion of the Committee administering the Incentive Plan. Upon
the vesting of shares of restricted stock and the Company’s determination that any necessary conditions precedent to the
release of vested shares have been satisfied, such vested shares will then be made available to the participants. Except as
otherwise provided in the Incentive Plan or award agreement, the participants with a restricted stock award shall have all the
rights of a stockholder, including the right to vote the shares of restricted stock. The RSU awards granted on May 10, 2023 provide
that the recipients do not have rights of a stockholder prior to vesting. The fair value of the Company’s common stock on the
grant date was $0.072
per share. At June 30, 2023, the stock based compensation expense was $164,236. The table below sets forth the vesting schedule with respect to the RSUs granted on May 10, 2023.
Summary
of Restricted Stock Award Activity
| |
| |
| | |
May 10 2024 | | |
May 10 2025 | | |
May 10 2026 | |
| |
| |
| | |
Vesting Schedule (Number of Shares) | |
Name | |
Title | |
Total RSUs | | |
May 10, 2024 | | |
May 10, 2025 | | |
May 10, 2026 | |
Sune Mathiesen | |
CEO, Director | |
| 6,111,111 | | |
| 2,037,037 | | |
| 2,037,037 | | |
| 2,037,037 | |
Paw Juul | |
CTO, Director | |
| 5,625,000 | | |
| 1,875,000 | | |
| 1,875,000 | | |
| 1,875,000 | |
Stefan Muehlbauer | |
CFO | |
| 1,736,111 | | |
| 578,704 | | |
| 578,704 | | |
| 578,703 | |
Kristian Jensen | |
Director | |
| 1,458,333 | | |
| 486,111 | | |
| 486,111 | | |
| 486,111 | |
Total | |
| |
| | | |
| 4,976,852 | | |
| 4,976,852 | | |
| 4,976,851 | |
14.
Commitments and Contingencies
During the period ended
June 30, 2023, the Company received commitments for shares subscribed but not issued in private placements. The Company received $375,000
from a private placement at $0.25 per share to issue 1,500,000 shares of common stock and received $877,100 from private placements at
$0.35 per share to issue 2,506,000 shares of common stock. (See Note 17)
15.
Income Taxes
The
Company and its subsidiaries file separate income tax returns.
The
Company files income tax returns in the United States of America and in the States of Florida and Indiana (Sustainable Projects Group
Inc. and YER Brands Inc., respectively) and is subject to a U.S. federal corporate income tax rate of 21%. The Company generated a taxable
loss for the six months ended June 30, 2023 and 2022. Lithium Harvest ApS is
subject to Denmark corporate income tax rate of 22%.
16. Legal Matters
The Company has no known legal issues pending.
17. Subsequent
Events
The
Company issued a total of 5,506,000
restricted shares of common stock to residents of Denmark in an unregistered private placement that closed on August 18, 2023. The
shares were issued in two tranches. The 1,500,000
shares issued in the first tranche were sold at a price of $0.25
per share, for total gross proceeds of $375,000.
The 4,006,000
shares issued in the second tranche were sold at a price of $0.35
per share, for total gross proceeds of $1,402,100.
As of the date of this Quarterly Report on Form 10-Q/A, there was $819,350
subscribed, which represents 2,341,000
common shares to be issued upon closing.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operation
Cautionary
Language Regarding Forward-Looking Statements
This
Quarterly Report on Form 10-Q/A (this “report” or this “Form 10-Q”) contains “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, many of which are beyond
our control. Our actual results could differ materially and adversely from those anticipated in such forward-looking statements as a
result of certain factors, including those set forth in this report. Important factors that may cause actual results to differ from projections
include, but are not limited to:
|
● |
changes
in economic and business conditions; |
|
|
|
|
● |
our
limited operating history in the lithium industry; |
|
|
|
|
● |
availability
of raw materials; |
|
|
|
|
● |
increases
in the cost of raw materials and energy; |
|
|
|
|
● |
the
pace of adoption and cost of developing electric transportation and storage technologies dependent upon lithium batteries; |
|
|
|
|
● |
estimates
of and volatility in lithium prices or demand for lithium; |
|
|
|
|
● |
changes
in our market in general; |
|
|
|
|
● |
the
occurrence of regulatory actions, proceedings, claims or litigation; |
|
|
|
|
● |
changes
in laws and government regulations impacting our operations; |
|
|
|
|
● |
the
effects of climate change, including any regulatory changes to which we might be subject; |
|
|
|
|
● |
hazards
associated with chemicals manufacturing; |
|
|
|
|
● |
changes
in accounting standards; |
|
|
|
|
● |
our
ability to access capital and the financial markets; |
|
|
|
|
● |
volatility
and uncertainties in the debt and equity markets; |
|
|
|
|
● |
the
development of an active trading market for our common stock; |
|
|
|
|
● |
the
occurrence of cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; |
|
|
|
|
● |
technology
or intellectual property infringement, including through cyber-security breaches, and other innovation risks; |
|
|
|
|
● |
recruiting,
training and developing employees; |
|
|
|
|
● |
our
failure to successfully execute our growth strategy, including any delays in our future growth; |
|
|
|
|
● |
decisions
we may make in the future; |
|
|
|
|
● |
uncertainties
as to the duration and impact of the COVID-19 pandemic; and |
|
|
|
|
● |
other
specific risks that may be referred to in this report. |
All
statements, other than statements of historical facts, included in this report regarding our strategy, future operations, financial position,
estimated revenue or losses, projected costs, prospects and plans and objectives of management are forward-looking statements. When used
in this report, the words “will,” “may,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “project,” “plan,” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements contain such identifying words. All forward-looking statements
speak only as of the date of this report. We undertake no obligation to update any forward-looking statements or other information contained
herein. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe
that our plans, intentions, and expectations reflected in or suggested by the forward-looking statements in this report are reasonable,
we cannot assure stockholders and potential investors that these plans, intentions, or expectations will be achieved. We disclose important
factors that could cause our actual results to differ materially from our expectations under Part I, Item 1A. “Risk Factors”
in our Annual Report on Form 10-K/A for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission (the “SEC”
or the “Commission”) on December 12, 2023 (the “Annual Report”), and in Part II, Item A. “Risk Factors”
in any quarterly reports on Form 10-Q filed subsequently thereto, including any risks described in Part II, Item A. “Risk Factors”
of this Form 10-Q/A. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.
Information
regarding market and industry statistics contained in this Form 10-Q/A is included based on information available to us that we believe
is accurate. It is generally based on publications that are not produced for purposes of securities offerings or economic analysis. Forecasts
and other forward-looking information obtained from these sources are subject to the same qualifications and the additional uncertainties
accompanying any estimates of future market size, revenue and market acceptance of products and services. We have no obligation to update
forward-looking information to reflect actual results or changes in assumptions or other factors that could affect those statements,
except as required by federal securities laws.
Overview
Sustainable
Projects Group Inc. (collectively with its consolidated subsidiaries, “SPGX,” “we,” “us,”
our” or the “Company”) is a pure-play lithium company focused on supplying high performance lithium compounds to
the fast-growing electric vehicle (“EV”) and broader battery markets. We have developed a proprietary technology to
extract lithium from oilfield wastewater, which we believe will enable us to manufacture lithium compounds quickly, at an attractive
cost, and with a minimal environmental footprint, which we expect to provide us with a competitive advantage over other lithium
manufacturers. We believe this competitive advantage will enable us to capitalize on the acceleration of vehicle electrification and
renewable energy adoption.
We
plan to establish our first lithium carbonate manufacturing facility in 2023, which we anticipate will be capable of manufacturing up
to 1,000 metric tons of lithium carbonate equivalent (“LCE”), and we plan to begin manufacturing battery-grade lithium compounds
at such facility in the first half of 2024. No assurance can be given that we will be able to establish such facility or begin manufacturing
within this timeframe or at all.
On
February 14, 2023, SPGX entered into a Securities Exchange Agreement (the “Agreement”) with Lithium Harvest ApS, a Denmark
private limited liability company (“Lithium Harvest”), and all of the shareholders of Lithium Harvest (the “Shareholders”).
Pursuant to the terms of the Agreement, the Company acquired all of the outstanding shares of capital stock of Lithium Harvest in exchange
for issuing to the Shareholders 206,667,233 shares of SPGX’s common stock (the “Exchange Transaction”). The Exchange
Transaction closed on February 14, 2023.
Prior
to the Exchange Transaction, SPGX was a business development company engaged in project development and holdings through value-based
investments and collaborative partnerships, including a joint venture relationship with Hero Wellness Systems Inc. (“Hero Wellness”)
and a purchase agreement with the inventors of the Soy-yer Dough product line. During September 2022, SPGX decided to exit the joint
venture with Hero Wellness, and following the Exchange Transaction, SPGX has not made concrete plans on expansion of the Soy-yer Dough
project.
On
June 22, 2023, SPGX signed of a nonbinding letter of intent (the “LOI”) with a leading midstream water management company
to form a joint venture company through which the parties intended to establish manufacturing facilities with respect to lithium carbonate
and water for beneficial reuse. After further discussions and negotiations, the parties decided not to pursue the formation of the contemplated
joint venture company and the LOI expired pursuant to its terms.
Our
Market
The
market for battery grade lithium compounds is global, and we plan to sell our products worldwide. Based on estimates by Benchmark Minerals,
lithium demand is forecasted to rise from 350,000 tons in 2020 to 2.5 million tons in 2030 and over 7 million tons in 2040, with a positive
long-term price trend estimate of $15,000 per ton for battery-grade Lithium Carbonate and Lithium Hydroxide from 2025 to 2040. We believe
that the continued electrification of transportation and transition to renewable energy sources will support continued significant growth
in demand for lithium compounds over the next decade.
Raw
Materials
Lithium
We
produce our lithium products from oilfield wastewater. The annual global production of produced water is more than 250 million barrels
per day. The U.S. production of produced water is more than 50 million barrels per day. Not all produced water is suitable for lithium
production, but we estimate that the current U.S. production of produced water is sufficient to produce more than 500,000 metric tons
of LCE annually.
We
plan to enter into long-term supply agreements with oil and gas companies and service providers for the supply of produced water. The
Company expects to enter into one or more long-term supply agreements for the supply of produced water before the end of the third quarter
of 2023, although no assurance can be given that this will occur during such quarter or at all.
Water
All
fresh water used in our production will be reused water from the production of oil and natural gas. We do not require any additional
fresh water supplies.
Energy
Our
production relies on a steady source of energy. We expect to use solar energy to the extent possible, but we will require an external
supply of energy for our equipment.
Other
raw materials
We
use a range of raw materials and chemicals intermediates in our production processes. We generally expect to satisfy our requirements
through spot purchases but likely will rely on medium-to-long-term agreements for the supply of certain raw materials.
Generally,
we are not expecting supply chain constraints, but temporary shortages of certain raw materials may occur and cause temporary price increases.
During periods of high demand, our raw materials are subject to significant price fluctuations that may have an adverse impact on our
results of operations. In addition, there could be inflationary pressure on the costs of raw materials.
Competition
Our
products will compete with other lithium compounds available in the market. Many of our competitors are large companies with long-term
experience in the industry. The market for battery grade lithium compounds faces barriers to entry, including access to a stable and
sufficient supply of lithium feedstock, the ability to produce a sufficient quality and quantity of lithium, technical know-how, and
sufficient lead time to develop new lithium mining projects. We believe that our Direct Lithium Extraction (“DLE”) technology
enables us to produce high quality products quickly, at an attractive cost, and with a minimal environmental footprint, which we believe
will differentiate us from our competitors. We intend to continue to invest in research and development to further improve our products,
develop new products, and build market share.
Intellectual
Property
Our
success depends in part upon our ability to protect and use our DLE technology and the intellectual property rights related to our DLE
technology. On December 15, 2022 we received an “Intention to Grant” notification from the Danish Patent and Trademark Office.
The Company´s Danish patent has been granted. Further, we have a pending application for a U.S. patent. The patents will expire
in 2042.
Customers
We
intend to sell our products to customers in the EV and broader battery markets, and plan to initially sell lithium locally to customers
in the regions close to our manufacturing facilities.
Sales
and Marketing
We
intend to initially sell our products directly to customers in the U.S. and anticipate that we will subsequently sell our products to
customers throughout North America, Asia and Europe.
Manufacturing
We
intend to manufacture the lithium compounds we extract at our own facilities. We intend to begin construction of our first commercial
manufacturing facility in 2023, although no assurance can be given that construction will begin during 2023 or at all.
Research
and Development
We
conduct research and development to optimize our DLE technology and our lithium products and to develop new product candidates and technologies.
Seasonality
Our
operations are generally not impacted by seasonality. However, production is expected to be marginally lower during the summer due to
the U.S. vacation season.
Government
Controls and Regulations
We
are subject to and will incur capital and operating costs to comply with U.S. federal, state and local environmental, health and safety
laws and regulations, including those governing employee health and safety, the composition of our products, the discharge of pollutants
into the air and water, and the management and disposal of hazardous substances and wastes.
In
June 2016, modifications to the Toxic Substances Control Act in the United States were signed into law, requiring chemicals to be assessed
against a risk-based safety standard and for the elimination of unreasonable risks identified during risk evaluation. Other initiatives
in Asia and potentially in other regions will require toxicological testing and risk assessments of a wide variety of chemicals, including
chemicals used or produced by us. These assessments may result in heightened concerns about the chemicals involved and additional requirements
being placed on the production, handling, labeling or use of the subject chemicals. Such concerns and additional requirements could also
increase the cost incurred by our customers to use our chemical products and otherwise limit the use of these products, which could lead
to a decrease in demand for these products.
To
the extent we manufacture or import products into the European Union (“EU”) or downstream users of our products are located
in the EU, we may be subject to the European Community Regulation for the Registration, Evaluation, Authorization and Restriction of
Chemicals (“REACH”). REACH imposes obligations on EU manufacturers and importers of chemicals and other products into the
EU to compile and file comprehensive reports, including testing data, on each chemical substance, and perform chemical safety assessments.
Currently, certain lithium products are undergoing a risk assessment review under REACH, which may eventually result in restrictions
in the handling or use of lithium carbonate and other lithium products that we produce, which may increase our production costs. In addition,
REACH regulations impose significant additional responsibilities and costs on chemical producers, importers, downstream users of chemical
substances and preparations, and the entire supply chain. REACH, if applicable to the sale or manufacture of our products, may lead to
increases in the costs of raw materials we may purchase and the products we may sell in the EU, which could increase the costs of our
products and result in a decrease in their overall demand.
We
use and generate hazardous substances and wastes in our operations and may become subject to claims and substantial liability for personal
injury, property damage, wrongful death, loss of production, pollution and other environmental damages relating to the release of such
substances into the environment. Depending on the frequency and severity of such incidents, it is possible that the Company’s revenues,
operating costs, insurability and relationships with customers, employees and regulators could be impaired.
Human
Capital Management
We
had ten full-time employees as of June 30, 2023. None of our employees are represented by a labor organization or are a party to a collective
bargaining arrangement. We have not experienced any work stoppages, and we consider our relations with our employees to be good.
Available
Information
We
file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy and information statements and other
reports required by the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Reports, proxy and
information statements and other information regarding issuers that file electronically with the SEC are available to the public free
of charge on the SEC’s website at www.sec.gov.
In
addition, we voluntarily send an annual report to our stockholders. This annual report includes audited financial statements and other
information about the Company’s performance, operations, and strategies. Stockholders can elect to receive this annual report in
electronic form by visiting our Investor Relations website at www.spgroupe.com or by contacting our Investor Relations department at
info@spgroupe.com. Information contained on our website is not a part of this Form 10-Q/A and the inclusion of our website address
is an inactive textual reference only.
SUSTAINABLE
PROJECTS GROUP INC.
CONSOLIDATED
INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited
- Restated)
| |
For the | | |
For the | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | | |
June 30, 2023 | | |
June 30, 2022 | |
| |
| | |
| | |
| | |
| |
Operating and administrative expenses | |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| 28,387 | | |
| 672 | | |
| 47,451 | | |
| 847 | |
Depreciation | |
| 11,687 | | |
| - | | |
| 12,457 | | |
| - | |
Amortized right of use assets | |
| 58,878 | | |
| - | | |
| 58,878 | | |
| - | |
Advertising and promotion | |
| 8,157 | | |
| - | | |
| 8,157 | | |
| - | |
Interest on lease | |
| 45,718 | | |
| - | | |
| 45,718 | | |
| - | |
Office Maintenance & Utilities | |
| 36,116 | | |
| - | | |
| 36,116 | | |
| - | |
Consulting fees | |
| 61,221 | | |
| - | | |
| 61,221 | | |
| - | |
Management fees | |
| 191,885 | | |
| 4,384 | | |
| 393,476 | | |
| 4,384 | |
Professional fees | |
| 55,622 | | |
| - | | |
| 138,930 | | |
| - | |
Rent | |
| 2,194 | | |
| - | | |
| 51,801 | | |
| - | |
Stock based compensation (Note 13) | |
| 164,236 | | |
| - | | |
| 164,236 | | |
| - | |
Travel expenses | |
| 10,319 | | |
| - | | |
| 17,337 | | |
| - | |
Wages and salaries | |
| 146,236 | | |
| - | | |
| 199,712 | | |
| - | |
Vehicle expense | |
| 18,878 | | |
| - | | |
| 18,878 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Total operating and administrative expenses | |
| 839,534 | | |
| 5,056 | | |
| 1,254,368 | | |
| 5,231 | |
| |
| | | |
| | | |
| | | |
| | |
Operating loss before other items | |
| (839,534 | ) | |
| (5,056 | ) | |
| (1,254,368 | ) | |
| (5,231 | ) |
Miscellaneous income | |
| 69,817 | | |
| - | | |
| 91,391 | | |
| - | |
Interest expense | |
| (976 | ) | |
| - | | |
| 252 | | |
| - | |
Net Loss | |
| (770,693 | ) | |
| (5,056 | ) | |
| (1,162,725 | ) | |
| (5,231 | ) |
Translation loss | |
| (6,959 | ) | |
| (140 | ) | |
| (11,857 | ) | |
| (541 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss and comprehensive loss, attributed to shareholders | |
$ | (777,652 | ) | |
$ | (5,196 | ) | |
$ | (1,174,582 | ) | |
$ | (5,772 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted loss per share | |
$ | (0.003 | ) | |
$ | (0.104 | ) | |
$ | (0.005 | ) | |
$ | (0.115 | ) |
Weighted average number of common shares outstanding | |
| 287,190,813 | | |
| 50,000 | | |
| 217,959,199 | | |
| 50,000 | |
See
accompanying notes to the consolidated financial statements.
In
addition, management anticipates incurring the following expenses during the next 12-month period:
|
● |
Management
anticipates spending approximately $250,000 in ongoing general and administrative expenses per month for the next 12 months, for
a total anticipated expenditure of $3,000,000 over the next 12 months. The general and administrative expenses for the year will
consist primarily of employee and rental expenses, professional fees for the audit and legal work relating to SPGX’s regulatory
filings throughout the year, as well as transfer agent fees, development costs and general office expenses. |
|
|
|
|
● |
In
addition to the general and administrative expenses described above, management anticipates spending approximately $200,000 per year
in complying with SPGX’s obligations as a reporting company under the Exchange Act. These expenses will consist primarily of
professional fees relating to the preparation of the Company’s financial statements and completing and filing its annual report,
quarterly reports, and current report filings with the SEC. |
As
of June 30, 2023, the Company had cash of $629,508 and total liabilities of $3,225,262. During the 12-month period following the
date of this report, management anticipates that the Company will not generate sufficient revenues to continue the development of
current projects and projects in the pipeline. Accordingly, the Company will be required to obtain additional financing in order to
continue its plan of operations. Management believes that debt financing will not be available for the Company to fund its plan of
operations as it does not have tangible assets to secure any debt financing. Management anticipates that additional funding will be
in the form of equity financing from the sale of the Company’s common stock. However, the Company does not have any financing
arranged and cannot provide investors with any assurance that it will be able to raise sufficient funding from the sale of its
common stock to fund its plan of operations. In the absence of such financing, the Company will not be able to develop its products
and its business plan will fail. Even if the Company is successful in obtaining equity financing and developing its various business
ventures, additional development of its website and marketing program will be required. If the Company does not continue to obtain
additional financing, it will be forced to abandon its business and plan of operations.
Liquidity
and Capital Resources
As of June 30, 2023, the Company had a cash balance of $629,508 and
a working capital deficit of $628,488, compared to a cash balance of $Nil and a working capital deficit of $221,332 as of December 31,
2022
Liquidity
The
notes to the Company’s financial statements as of December 31, 2022 included in the Annual Report, disclose the Company’s
uncertain ability to continue as a going concern. The Company has accumulated a deficit of $1,774,530 since inception and has yet to
achieve profitable operations and further losses are anticipated in the development of our business. The Company’s ability to continue
as a going concern is in substantial doubt and is dependent upon obtaining additional financing and/or achieving a sustainable profitable
level of operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
The Company will need to raise additional cash in order to fund ongoing operations over the next
12 months. However, there is no assurance that such funds will be available on acceptable terms, or at all.
Capital
Resources
Cash
flow used in operating activities was $146,296 for the six-month period ended June 30, 2023. The Company will need to raise
additional cash in order to fund ongoing operations over the next 12 months. The Company may seek additional equity as necessary,
and it expects to raise funds through private or public equity investments, in order to support existing operations and expand the
range of its business. There is no assurance that such additional funds will be available for the Company on acceptable terms, if at
all.
Net
Cash Flows Used in Operating Activities.
Net
cash flows used in operating activities during the six-month period ended June 30, 2023 was $146,296, as compared to a net cash flows
used by operating activities of $534 for the same time period for the prior year fiscal period, with the increase in cash used in operating
activities primarily due to a ramp up in operating activities and associated increased costs for salaries, rent and other operating expenses.
Net
Cash Flows used in Investing Activities.
The
Company’s net cash flow used in investing activities during the six months ended June 30, 2023 was $144,431, as compared to a net
cash flow used by investing activities of $0 for the same time period for the prior year fiscal period, with the increase in cash used
primarily due to investments in office equipment and filtration equipment.
Net
Cash Flows from Financing Activities.
The
Company’s net cash flow from financing activities during the six months ended June 30, 2023 was $922,346, as compared to $0 in
the same period for the prior year fiscal period, with the increase primarily due to private placement shares subscribed for the Company’s common stock.
Results
of Operations
Quarter
Ended June 30, 2023 Compared to the Quarter Ended Juned 30, 2022
Net
Loss. During the three months ended June 30, 2023, the Company had a net loss of $777,652. The loss was generally attributable
to increased professional fees, employee expenses and other operating expenses such as administrative fees, management fees, wages, rent
and stock based compensation, compared to the same period for the prior fiscal period, when the Company had a net loss of $5,196.
Revenue.
During the three months ended June 30, 2023, the Company had revenues of $0 compared to $0 from the same period in the prior year.
The low level of revenues is attributable to the fact that the Company is still working to develop its first lithium production
plant, which is anticipated to be operational in 2024, although no assurance can be given that this will occur during 2024 or at all.
Operating
Expenses. The Company’s operating expenses during the three months ended June 30, 2023 were $839,534 as compared to $5,056
for the same time period of the prior fiscal year. The increase in operating expenses can be attributed to management and professional
fees, stock based compensation, as well as rental expenses for our offices in Denmark and expansion of our workforce.
Six
Months Ended June 30, 2023 Compared to Six Months Ended June 30, 2022
Net
Loss. During the six months ended June 30, 2023, the Company had a net loss of $1,174,582. The loss was generally attributable to professional
fees, employee expenses and other operating expenses such as administrative fees, management fees, financing fees and depreciation, compared
to the same period for the prior fiscal period, when the Company had a net loss of $5,772.
Revenue.
During the six months ended June 30, 2023, the Company had revenues of $0 compared to $0 from the same period in the prior year.
The low level of revenues is attributable to the fact that the Company is still working to develop its first lithium production
plant, which is anticipated to be operational in 2024, although no assurance can be given that this will occur during 2024 or at all.
Operating
Expenses. The Company’s operating expenses during the six months ended June 30, 2023 were $1,162,725 as compared to $5,231
for the same time period of the prior fiscal year. The increase in operating expenses can be attributed to management and professional
fees, as well as rental expenses for our offices in Denmark and expansion of our workforce.
Going
Concern
We have limited operations and have sustained operating losses resulting
in a deficit. In view of these matters, realization values may be substantially different from carrying values as shown. We have accumulated
a deficit of $1,774,530 since inception and have yet to achieve profitable operations and further losses are anticipated in the development
of our business. Our ability to continue as a going concern is in substantial doubt and is dependent upon obtaining additional financing
and/or achieving a sustainable profitable level of operations. Our consolidated financial statements do not include any adjustments that
might result from the outcome of this uncertainty. We had $629,508 in cash and cash equivalents as of June 30, 2023. Cash used by operations
was $146,296 for the six months ended June 30, 2023. We will need to raise additional cash in order to fund ongoing operations over the
next 12 months. We expect to finance our operations through public or private equity, debt or other available financing transactions.
However, there is no assurance that such additional funds will be available for us on acceptable terms, if at all.
Future
Financings
Management
anticipates raising financing through debt financing or the sale of the Company’s common stock in order to continue to fund the
Company’s business operations. Issuances of additional common stock will result in dilution to the Company’s existing stockholders.
There is no assurance that the Company will achieve any additional sales of its common stock or arrange for debt or other financing to
fund its planned activities.
Inflation
Management
anticipates increased inflation in all areas of operations. High rates of inflation could impact the Company’s development costs
for its first production plant expected to be operational in 2024.
Off-balance
Sheet Arrangements
The
Company has no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect
on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures
or capital resources.
Critical
Accounting Policies
Significant
Accounting Estimates
The
preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of expenses during the reporting period. Management makes its best estimate of the ultimate
outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes
in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information
becomes available to management. Actual results could differ from those estimates.
A
critical accounting estimate is defined as a financial statement item where significant judgment is required in the selection of accounting
policies and the determination of estimates. The accounting estimates that require more significant judgment are included below:
|
1. |
Revenue
recognition: We use judgment in determining the timing of revenue recognition and the amount of revenue to be recognized. This judgment
is based on the timing of delivery, customer acceptance and other factors. Our revenue recognition policies are subject to periodic
review and changes, and any changes could have a material impact on our financial statements. |
|
|
|
|
2. |
Allowance
for doubtful accounts: We estimate the allowance for doubtful accounts based on historical data, current economic conditions and
other factors. The actual amount of uncollectible accounts may differ from our estimates, and any significant changes could impact
our financial statements. |
|
|
|
|
3. |
Inventory
valuation: We estimate the value of inventory based on historical cost, estimated future demand and other factors. We regularly review
our inventory and may write down the value if it is deemed to be obsolete or overvalued. Any significant changes to our inventory
valuation could impact our financial statements. |
|
|
|
|
4. |
Depreciation
and amortization: We estimate the useful lives of our property, plant and equipment and intangible assets, and the residual values
used in our depreciation and amortization calculations. Our estimates are subject to change based on economic conditions, technological
advancements and other factors, and any changes could have a material impact on our financial statements. |
|
|
|
|
5. |
Impairment
of long-lived assets: We periodically review our long-lived assets for impairment and estimate the fair value of those assets. Our
estimates are based on a variety of factors, including market conditions and future plans for the assets. If the estimated fair value
of the assets is lower than the carrying value, we recognize an impairment charge. Any changes to our estimates could result in impairment
charges and have a material impact on our financial statements. |
|
|
|
|
6. |
Exchange
rates and translational risks: We are exposed to exchange rate fluctuations and translational risks, particularly with respect to
the Danish Krone. We estimate the impact of these fluctuations on our financial statements and make adjustments as necessary. The
fluctuations in exchange rates could have a significant impact on the value of our assets and liabilities denominated in foreign
currencies, and on our results of operations when translating these amounts into our functional currency. Any material changes in
exchange rates could have a significant impact on our financial statements. |
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
The
Company is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required
under this item.
Item
4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Disclosure Controls and Procedures
In connection with the preparation of this Quarterly
Report on Form 10-Q/A, an evaluation was carried out by the Company’s management, with the participation of the Chief Executive
Officer and the Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures (as defined in
Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of June 30, 2023. Disclosure controls and procedures are designed to ensure that
information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported
within the time periods specified in the SEC rules and forms and that such information is accumulated and communicated to management,
including the Chief Executive Officer and the Chief Financial Officer, to allow timely decisions regarding required disclosures.
Based on that evaluation, the Company’s management
concluded, as of the end of the period covered by this report, that the Company’s disclosure controls and procedures were not effective
as a result of the material weaknesses in internal control over financial reporting described below.
Material Weaknesses in Internal Control over
Financial Reporting
Management has identified material weaknesses in our
internal control over financial reporting. A material weakness is a control deficiency, or a combination of deficiencies, in internal
control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual
or interim financial statements will not be prevented or detected on a timely basis.
The matters involving internal controls and procedures
that management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were:
(1) We currently lack a functioning
audit committee and lack a majority of outside directors on the Company’s board of directors, resulting in ineffective oversight
in the establishment and monitoring of required internal controls and procedures;
(2) We currently have inadequate
segregation of duties consistent with control objectives;
(3) We have insufficient written
policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure
requirements; and
(4) We have ineffective controls
over period end financial disclosure and reporting processes.
Due to its inherent limitations,
internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
The above mentioned materials
weaknesses (1), (2), (3) and (4) contributed to additional material weaknesses:
(5) We have ineffective controls
over timely impairments of intangible assets; and
(6) We lack internal control over
financial reporting in the controls over the accounting treatment of subsequent events.
Material
weaknesses (1), (2), (3) and (4), which were originally identified by the Company’s Chief Financial Officer in connection with
fiscal year 2021 financial results, were not remediated and therefore remained ineffective at June 30, 2023. Material weaknesses (5)
and (6), which were identified by the Company’s Chief Financial Officer in connection with the re-audit of its financial statements
as of December 31, 2022 and December 31, 2021, were not remediated and therefore remained ineffective at June 30, 2023.
Management believes that the material weaknesses set
forth in items (1), (2), (3), (4), (5) and (6) above had an effect on the Company’s financial results, leading to the restatement
of its consolidated financial statements as of and for the years ending December 31, 2022 and 2021 and the three months ended June 30,
2023 and 2022. These restatements primarily were impacted by the impairment of intangible assets associated with the wholly owned subsidiary
of the Company, YER Brands Inc., and treatment of the reverse acquisition of Lithium Harvest ApS on February 14, 2023 within the reporting
of subsequent events.
The Company is committed to improving its financial
organization. As part of this commitment and when funds are available, the Company intends to create a position to segregate duties consistent
with control objectives and increase its personnel resources and technical accounting expertise within the accounting function by:
|
(i) |
appointing one or more outside directors to its board of directors who will also be appointed to the audit committee of the Company resulting in a fully functioning audit committee who will undertake the oversight in the establishment and monitoring of required internal controls over financial reporting; |
|
|
|
|
(ii) |
preparing and implementing sufficient written policies and checklists that will set forth procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements; |
|
|
|
|
(iii) |
preparing and implementing sufficient written policies and checklists that will set forth procedures for the treatment of impairment for intangible assets with respect to the requirements and application of US GAAP; and |
|
|
|
|
(iv) |
preparing and implementing sufficient written policies and checklists that will set forth procedures for the treatment of subsequent events with respect to the requirements and application of US GAAP and SEC disclosure requirements. |
Management believes that the appointment of one or
more outside directors, who will also be appointed to a fully functioning audit committee, will remedy the lack of a functioning audit
committee and a lack of a majority of outside directors on the Company’s Board. In addition, management believes that preparing
and implementing sufficient written policies and checklists will remedy the following material weaknesses:
|
(i) |
insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements; |
|
|
|
|
(ii) |
ineffective controls over period end financial disclosure and reporting processes; |
|
|
|
|
(iii) |
ineffective controls over required impairments of intellectual assets; and |
|
|
|
|
(iv) |
lack of internal control over financial reporting in the controls over the accounting treatment of subsequent events. |
Further, management believes that the hiring of additional
personnel who have technical expertise and knowledge will result in proper segregation of duties and provide more checks and balances
within the Company’s finance department. The Company expects additional personnel will also provide the cross training needed to
support the Company if personnel turnover issues occur within the finance department.
Management will continue to monitor and evaluate the effectiveness of the
Company’s internal controls over financial reporting on an ongoing basis and is committed to taking further action and implementing
additional enhancements or improvements, as necessary and as funds allow. The material weaknesses will not be considered remediated until
management completes the design and implementation of the measures described above, until the controls operate for a sufficient period
of time, and until management has concluded, through testing, that the controls are effective.
Changes
in Internal Controls over Financial Reporting
There
have been no changes (other than as described above) in the Company’s internal controls over financial reporting (as defined in
Rule 13a-15(f) of the Exchange Act) during the quarter ended June 30, 2023, that materially affected, or are reasonably likely to materially
affect, the Company’s internal control over financial reporting.
Limitations
on the Effectiveness of Controls and Procedures
Management,
including our Chief Executive Officer and Chief Financial Officer, does not expect that the Company’s controls and procedures will
prevent all potential error and fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not
absolute, assurance that the objectives of the control system are met
Part
II – Other Information
Item
1. Legal Proceedings.
The
Company is not a party to any material pending legal proceedings and, to the best of management’s knowledge, none of the Company’s
property or assets are the subject of any material pending legal proceedings.
Item
1A. Risk Factors.
The
Company is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required
under this item. See Part I, Item 1A. “Risk Factors” of the Annual Report for risk factors identified at the end of the last
fiscal year.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
On May 10, 2023, the Company’s Board of Directors adopted the Sustainable Projects Group Inc. 2023 Equity Incentive
Plan (the “Incentive Plan”), subject to stockholder approval. The Incentive Plan provides for the grant of stock options,
stock appreciation rights, restricted stock, restricted stock units and other stock-based awards. All of the Company’s employees,
officers and directors, as well as consultants and advisors, are eligible to receive awards under the Incentive Plan.
On
May 11, 2023, the Company issued an aggregate of 14,930,555 restricted stock units (the “RSUs”) as awards under the
Incentive Plan to certain officers and directors of the Company. The RSUs will vest in increments of one-third in May of
each of 2024, 2025 and 2026, subject to earlier vesting and forfeiture on terms and conditions set forth in the applicable award
agreement. The vesting of the RSUs is further subject to approval of the Incentive Plan by the Company’s stockholders. Upon
vesting, the Company will issue one share of common stock for each vested RSU, provided that, under certain circumstances, the
Company may pay cash in an amount equal to the fair market value of the shares otherwise issuable in settlement of the vested RSUs,
net of any required tax withholdings. The issuance of the RSUs under the Incentive Plan was exempt from registration under the
Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) of the Securities Act.
The
Company issued a total of 5,506,000 restricted shares of common stock to residents of Denmark in an unregistered private placement
that closed on August 18, 2023 (the “August Private Placement”). The shares were issued in two tranches. The
1,5000,000 shares issued in the first tranche were sold at a price of $0.25 per share, for total gross proceeds of $375,000. The
4,006,000 shares issued in the second tranche were sold at a price of $0.35 per share, for total gross proceeds of $1,402,100. The
issuance of the shares of common stock in the August Private Placement was exempt from registration under the Securities Act
pursuant to Section 4(a)(2) of the Securities Act and/or Regulation S under the Securities Act as an offer and sale made outside the
United States that involved no directed selling efforts in or into the United States.
Item
3. Defaults Upon Senior Securities.
During
the quarter of the fiscal year covered by this report, no material default has occurred with respect to any indebtedness of the Company.
Also, during this quarter, no material arrearage in the payment of dividends has occurred.
Item
4. Mining Safety Disclosures.
There
are no current mining activities at the date of this report.
Item
5. Other Information.
The information in Part II, Item 2 of this report
regarding the issuance of RSUs under the Incentive Plan and the issuance of shares of common stock in the August Private Placement is
incorporated by reference into this Part II, Item 5.
The descriptions of Incentive Plan and the RSU awards do not purport to be complete and are qualified in their entirety
by reference to the full text of the Incentive Plan, which is included in this report as Exhibit 10.1 and incorporated into this Part
II, Item 5 by reference, and to full text of the Form of Restricted Stock Unit Award Agreement, which is included in this report as Exhibit
10.2 and incorporated into this Part II, Item 5 by reference.
Item
6. Exhibits
Index
to and Description of Exhibits
Exhibit |
|
Description |
|
Filed
or furnished with this Form 10-Q/A |
2.1 |
|
Securities Exchange Agreement among the Company, Lithium Harvest ApS and, for certain limited purposes, its shareholders, dated as of February 14, 2023 (incorporated herein by reference to Exhibit 2.1 to Current Report on Form 8-K filed February 14, 2023). |
|
|
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|
|
|
|
3.1 |
|
Articles
of Incorporation (incorporated by reference to Exhibit 3.1 to Registration Statement on Form S-1/A Amendment #1 filed on December
17, 2010). |
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3.2 |
|
By-Laws
(incorporated by reference to Exhibit 3.2 to Registration Statement on Form S-1 filed on September 13, 2010). |
|
|
|
|
|
|
|
3.3 |
|
Certificate
of Amendment (incorporated by reference to Exhibit 3.3 to Registration Statement on Form S-1 filed on September 13, 2010). |
|
|
|
|
|
|
|
3.4 |
|
Certificate
of Amendment (incorporated by reference to Exhibit to 3.4 to Current Report on Form 8-K filed on December 19, 2016). |
|
|
|
|
|
|
|
3.5 |
|
Certificate
of Amendment (incorporated by reference to Exhibit 3.5 to Current Report on Form 8-K filed on October 26, 2017). |
|
|
|
|
|
|
|
*10.1 |
|
Sustainable Projects Group Inc. 2023 Equity Incentive Plan. (Incorporated
by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on August 22, 2023). |
|
|
|
|
|
|
|
*10.2 |
|
Form of Restricted Stock Unit Award Agreement. (Incorporated by reference
to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on August 22, 2023). |
|
|
|
|
|
|
|
31.1 |
|
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Chief Executive Officer. |
|
X |
|
|
|
|
|
31.2 |
|
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Chief Financial Officer. |
|
X |
|
|
|
|
|
32.1 |
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Chief Executive Officer. |
|
X |
|
|
|
|
|
32.2 |
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Chief Financial Officer. |
|
X |
|
|
|
|
|
101
|
|
Financial
statements from the quarterly report on Form 10-Q/A of SPGX for the period ended June 30, 2023, formatted in Inline XBRL (Extensible
Business Reporting Language): (i) the Condensed Consolidated Unaudited Interim Balance Sheets, (ii) the Condensed Consolidated Unaudited
Interim Statements of Operations; (iii) the Condensed Consolidated Unaudited Interim Statements of Stockholders’ Equity and
Comprehensive Income, and (iv) the Condensed Consolidated Unaudited Interim Statements of Cash Flows |
|
X |
|
|
|
|
|
104 |
|
Cover
Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
|
X |
* Management contract or compensatory plan or arrangement
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.
|
Sustainable
projects Group Inc. |
|
|
|
Date: December 27, 2023 |
By: |
/s/
Sune Mathiesen |
|
Name: |
Sune Mathiesen |
|
Title: |
President & Chief Executive Officer |
|
|
(Principal Executive Officer) |
|
|
|
Date: December 27, 2023 |
By: |
/s/
Stefan Muehlbauer |
|
Name: |
Stefan Muehlbauer |
|
Title: |
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
Exhibit 31.1
CERTIFICATION
PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES
EXCHANGE
ACT OF 1934, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Sune Mathiesen, certify that:
1. I have reviewed this quarterly report on Form 10-Q/A of Sustainable Projects Group Inc.;
2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of 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: December 27, 2023
/s/ Sune Mathiesen |
|
Sune Mathiesen |
|
Chief Executive Officer
(Principal Executive Officer) |
|
Exhibit 31.2
CERTIFICATION
PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES
EXCHANGE
ACT OF 1934, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Stefan Muehlbauer, certify that:
1. I have reviewed this quarterly report on Form 10-Q/A of Sustainable Projects Group Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of 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: December 27, 2023
/s/ Stefan Muehlbauer |
|
Stefan Muehlbauer |
|
Chief Financial Officer |
|
Exhibit 32.1
CERTIFICATION 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/A
of Sustainable Projects Group 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, Sune Mathiesen, President and Chief Executive Officer of the Company, certify,
pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
(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. |
/s/ Sune Mathiesen |
|
Sune Mathiesen |
|
Chief Executive Officer |
|
Date: December 27, 2023 |
|
Exhibit 32.2
CERTIFICATION 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/A
of Sustainable Projects Group 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, Stefan Muehlbauer, Chief Financial Officer of the Company, certify, pursuant
to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
(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. |
/s/ Stefan Muehlbauer |
|
Stefan Muehlbauer |
|
Chief Financial Officer |
|
Date: December 27, 2023 |
|
v3.23.4
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 18, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q/A
|
|
Amendment Flag |
true
|
|
Amendment Description |
Sustainable
Projects Group Inc. (the “Company”) is filing this Amendment No. 2 on Form 10-Q/A (the “Amendment”) to amend
its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, originally filed with the U.S. Securities and Exchange Commission
(the “SEC”) on August 22, 2023 (the “Original Form 10-Q”), as amended by Amendment No. 1 on Form 10-Q/A filed
on December 18, 2023 (“Amendment No. 1”), to remove the following statement from Note 3 – Summary of accounting policies
of Notes to Consolidated Unaudited Interim Financial Statements in Amendment No. 1:
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-54875
|
|
Entity Registrant Name |
Sustainable
Projects Group Inc.
|
|
Entity Central Index Key |
0001500305
|
|
Entity Tax Identification Number |
81-5445107
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
Tankedraget 7
|
|
Entity Address, City or Town |
Aalborg
|
|
Entity Address, Country |
DK
|
|
Entity Address, Postal Zip Code |
9000
|
|
City Area Code |
305
|
|
Local Phone Number |
814-2915
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
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v3.23.4
Consolidated Interim Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current Assets: |
|
|
Cash |
$ 629,508
|
|
Accounts receivables |
47
|
|
Other receivables – Note 4 |
108,362
|
32,180
|
Prepaid expenses |
221,971
|
10,089
|
TOTAL CURRENT ASSETS |
959,888
|
42,269
|
Right Of Use Assets – Note 9 |
1,790,787
|
|
Equipment – Note 5 |
118,276
|
|
Intangible assets – Note 7 |
10,126
|
|
TOTAL ASSETS |
2,879,077
|
42,269
|
CURRENT LIABILITIES: |
|
|
Accounts payable and accrued liabilities – Note 8 |
563,198
|
117,199
|
Payroll liabilities |
53,807
|
|
Deferred revenues |
8,388
|
|
Deposits received |
71,109
|
|
Lease liability, current portion – Note 9 |
173,235
|
|
TOTAL CURRENT LIABILITIES |
1,588,376
|
263,601
|
NON-CURRENT LIABILITIES |
|
|
Note payable |
|
|
Lease liability obligation – long term – Note 9 |
1,636,886
|
|
TOTAL NON-CURRENT LIABILITIES |
1,636,886
|
|
TOTAL LIABILITIES |
3,225,262
|
263,601
|
STOCKHOLDERS’ DEFICIT |
|
|
Common Stock – Note 11 Par Value: $0.0001 Authorized 500,000,000 shares Common Stock Issued: 287,190,813 (Dec 31, 2022 – Capital Shares 50,000) |
28,719
|
7,940
|
Additional Paid in Capital |
164,236
|
|
Shares subscribed |
1,252,100
|
|
Accumulated Deficit |
(1,774,530)
|
(224,419)
|
Other Accumulated Comprehensive Loss |
(16,710)
|
(4,853)
|
TOTAL STOCKHOLDERS’ DEFICIT |
(346,185)
|
(221,332)
|
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
2,879,077
|
42,269
|
Related Party [Member] |
|
|
CURRENT LIABILITIES: |
|
|
Amounts due to related parties – Note 12 |
636,068
|
146,402
|
Notes and interest payable – Note 10 |
14,605
|
|
Nonrelated Party [Member] |
|
|
CURRENT LIABILITIES: |
|
|
Notes and interest payable – Note 10 |
$ 67,966
|
|
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v3.23.4
Consolidated Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, shares issued |
287,190,813
|
287,190,813
|
Capital shares outstanding |
|
50,000
|
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v3.23.4
Consolidated Interim 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 |
Operating and administrative expenses |
|
|
|
|
General and administrative expenses |
$ 28,387
|
$ 672
|
$ 47,451
|
$ 847
|
Depreciation |
11,687
|
|
12,457
|
|
Amortized right of use assets |
58,878
|
|
58,878
|
|
Advertising and promotion |
8,157
|
|
8,157
|
|
Interest on lease |
45,718
|
|
45,718
|
|
Office Maintenance & Utilities |
36,116
|
|
36,116
|
|
Consulting fees |
61,221
|
|
61,221
|
|
Management fees |
191,885
|
4,384
|
393,476
|
4,384
|
Professional fees |
55,622
|
|
138,930
|
|
Rent |
2,194
|
|
51,801
|
|
Stock based compensation (Note 13) |
164,236
|
|
164,236
|
|
Travel expenses |
10,319
|
|
17,337
|
|
Wages and salaries |
146,236
|
|
199,712
|
|
Vehicle expense |
18,878
|
|
18,878
|
|
Total operating and administrative expenses |
839,534
|
5,056
|
1,254,368
|
5,231
|
Operating loss before other items |
(839,534)
|
(5,056)
|
(1,254,368)
|
(5,231)
|
Miscellaneous income |
69,817
|
|
91,391
|
|
Interest expense |
(976)
|
|
252
|
|
Net Loss |
(770,693)
|
(5,056)
|
(1,162,725)
|
(5,231)
|
Translation loss |
(6,959)
|
(140)
|
(11,857)
|
(541)
|
Net loss and comprehensive loss, attributed to shareholders |
$ (777,652)
|
$ (5,196)
|
$ (1,174,582)
|
$ (5,772)
|
Basic loss per share |
$ (0.003)
|
$ (0.104)
|
$ (0.005)
|
$ (0.115)
|
Diluted loss per share |
$ (0.003)
|
$ (0.104)
|
$ (0.005)
|
$ (0.115)
|
Weighted average number of common shares outstanding , basic |
287,190,813
|
50,000
|
217,959,199
|
50,000
|
Weighted average number of common shares outstanding , Diluted |
287,190,813
|
50,000
|
217,959,199
|
50,000
|
X |
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v3.23.4
Consolidated Interim Statements of Stockholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member] |
Share Capital [Member] |
Additional Paid-in Capital [Member] |
Shares Subscribed [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
Beginning balance at Dec. 31, 2021 |
|
|
$ 7,940
|
|
|
$ (1,475)
|
$ (268)
|
$ 6,197
|
Beginning balance, shares at Dec. 31, 2021 |
|
50,000
|
|
|
|
|
|
|
Net loss for the period |
|
|
|
|
|
(175)
|
(133)
|
(308)
|
Ending balance at Mar. 31, 2022 |
|
|
7,940
|
|
|
(1,650)
|
(401)
|
5,889
|
Ending balance, shares at Mar. 31, 2022 |
|
50,000
|
|
|
|
|
|
|
Net loss for the period |
|
|
|
|
|
(5,056)
|
(140)
|
(5,196)
|
Ending balance at Jun. 30, 2022 |
|
|
7,940
|
|
|
(6,706)
|
(541)
|
693
|
Ending balance, shares at Jun. 30, 2022 |
|
50,000
|
|
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
|
|
7,940
|
|
|
(224,419)
|
(4,853)
|
(221,332)
|
Beginning balance, shares at Dec. 31, 2022 |
|
50,000
|
|
|
|
|
|
|
Common stock issued in reverse acquisition |
[1] |
$ 28,719
|
(7,940)
|
|
|
(387,386)
|
|
(366,607)
|
Common stock issued in reverse acquisition shares |
[1] |
287,140,813
|
|
|
|
|
|
|
Net loss for the period |
|
|
|
|
|
(392,032)
|
(4,898)
|
(396,930)
|
Ending balance at Mar. 31, 2023 |
|
$ 28,719
|
|
|
|
(1,003,837)
|
(9,751)
|
(984,869)
|
Ending balance, shares at Mar. 31, 2023 |
|
287,190,813
|
|
|
|
|
|
|
Net loss for the period |
|
|
|
|
|
(606,457)
|
(6,959)
|
(613,416)
|
Shares subscribed at $0.25 per share |
|
|
|
|
375,000
|
|
|
375,000
|
Shares subscribed at $0.35 per share |
|
|
|
|
877,100
|
|
|
877,100
|
Stock based payments |
|
|
|
164,236
|
|
(164,236)
|
|
|
Ending balance at Jun. 30, 2023 |
|
$ 28,719
|
|
$ 164,236
|
$ 1,252,100
|
$ (1,774,530)
|
$ (16,710)
|
$ (346,185)
|
Ending balance, shares at Jun. 30, 2023 |
|
287,190,813
|
|
|
|
|
|
|
|
|
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v3.23.4
Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash Flows from operating activities: |
|
|
Net loss |
$ (1,162,725)
|
$ (5,231)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
12,457
|
|
Amortized right of use assets |
58,878
|
|
Stock based compensation |
164,236
|
|
Write down of inventory |
|
|
Changes in current assets and liabilities |
|
|
Prepaid expenses |
(211,882)
|
(197)
|
Accounts receivable |
(47)
|
|
Other receivables |
(76,182)
|
(1,292)
|
Accounts payable and accrued expenses |
445,324
|
6,186
|
Payroll liabilities |
53,807
|
|
Deposits received |
71,109
|
|
Deferred revenue |
8,388
|
|
Amount due to related parties |
490,341
|
|
Net cash used in operating activities |
(146,296)
|
(534)
|
Cash Flows from investing activities: |
|
|
Office + furniture equipment |
(108,837)
|
|
Filtration equipment |
(25,056)
|
|
Intangible assets |
(10,538)
|
|
Net cash used in investing activities |
(144,431)
|
|
Cash Flows from financing activities: |
|
|
Shares subscribed |
1,252,100
|
|
Common stock issued in reverse acquisition |
(366,607)
|
|
Lease payment |
(45,718)
|
|
Proceeds from note and interest payable, related party |
14,605
|
|
Proceeds from note payable and interest payable |
67,966
|
|
Net cash provided by financing activities |
922,346
|
|
Effect of foreign exchange on cash |
(2,111)
|
(1,034)
|
Net increase (decrease) in cash |
629,508
|
(1,568)
|
Cash at beginning of period |
|
6,958
|
Cash at end of period |
629,508
|
5,390
|
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|
|
Interest |
|
|
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v3.23.4
Organization and Nature of Operations
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Nature of Operations |
1.
Organization and Nature of Operations
Sustainable Projects Group Inc. (the “Company”) was incorporated
in the State of Nevada, USA on September 4, 2009 as Blue Spa Incorporated. On December 19, 2016, the Company amended its name from “Blue
Spa Incorporated” to “Sustainable Petroleum Group Inc.” On September 6, 2017, the Company obtained a majority vote from
its shareholders to amend the Company’s name from “Sustainable Petroleum Group Inc.” to “Sustainable Projects
Group Inc.” to better reflect its business at the time. The name change was effective on October 20, 2017. Prior to the Exchange
Transaction (as defined below), the Company was a multinational business development company that pursued investments and partnerships
with companies across sustainable sectors. The Company also was involved in consulting services and collaborative partnerships.
The Company is a pure-play lithium company focused on supplying high performance lithium compounds to the fast-growing
electric vehicle (“EV”) and broader battery markets. It has developed a proprietary technology to extract lithium from oilfield
wastewater, which it believes will enable it to manufacture lithium compounds quickly, at an attractive cost, and with a minimal environmental
footprint, which it expects to provide a competitive advantage over other lithium manufacturers.
On
February 14, 2023, the Company entered into a Securities Exchange Agreement (the “Agreement”) with Lithium Harvest ApS (“Lithium
Harvest”), and all the shareholders of Lithium Harvest (the “Shareholders”). Pursuant to the Agreement, the Company
acquired all outstanding shares of capital stock of Lithium Harvest in exchange for issuing to the Shareholders 206,667,233
shares of the Company’s common stock (the
“Exchange Transaction”). In addition, the lender of a convertible note payable exercised its conversion feature and received
71,797,703
shares of common stock in exchange for its debt
and interest. The Exchange Transaction represents a change of control and was accounted for as
a reverse acquisition with Lithium Harvest being the accounting acquirer and the Company being the accounting acquiree. As a result of
the transaction, the number of shares of common stock outstanding was increased to 287,190,813.
The
Company’s year-end is December 31.
|
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v3.23.4
Going Concern
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Going Concern |
2.
Going Concern
These
consolidated interim financial statements have been prepared in conformity with generally accepted accounting principles in the
United States or “GAAP,” which contemplate continuation of the Company as a going concern. However, the Company has
limited revenue and has sustained operating losses resulting in a deficit. In view of these matters, realization of a major portion
of the assets in the accompanying consolidated balance sheets is dependent upon the continued operations of the Company, which in
turn is dependent upon the Company’s ability to meet its financing requirements, and the successful implementation of the
Company´s planned strategy of supplying high performance lithium compounds to the electric vehicle and broader battery
markets.
The
Company has accumulated a deficit of $1,774,530 since inception and has yet to achieve profitable operations and further losses are
anticipated in the development of its business. The Company’s ability to continue as a going concern is in substantial doubt and
is dependent upon obtaining additional financing and/or achieving a sustainable profitable level of operations. The consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
The
Company had $629,508
in cash as of June 30, 2023. The Company will need to raise additional cash in order to fund ongoing operations over the next 12
months. The Company may seek additional equity as necessary, and it expects to raise funds through private or public equity
investment in order to support the existing operations and expand the range of its business. There is no assurance that such
additional funds will be available for the Company on acceptable terms, if at all.
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v3.23.4
Summary of accounting policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of accounting policies |
3.
Summary of accounting policies
Basis
of presentation
While
the information presented is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present
fairly the financial position, results of operations and cashflows for the interim period presented in accordance with GAAP. All
adjustments are of a normal recurring nature. These consolidated interim financial statements should be read in conjunction with the
Company’s audited December 31, 2022 year-end financial statements. Operating results for the six months ended June 30,
2023 are not necessarily indicative of the results that can be expected for the year ending December 31, 2023.
Reverse Acquisition
The Exchange Transaction between
the Company and Lithium Harvest was accounted for as a “reverse acquisition” since, immediately following completion of the
Exchange Transaction, the Shareholders effectuated control of the post-combination Company. For accounting purposes, Lithium Harvest was
deemed to be the accounting acquirer in the transaction and, consequently, the transaction is treated as a recapitalization of Lithium
Harvest (i.e., a capital transaction involving the issuance of shares by the Company for the shares of Lithium Harvest). Accordingly,
the consolidated assets, liabilities and results of operations of Lithium Harvest became the historical financial statements of the Company
and its subsidiaries, and the Company’s assets, liabilities and results of operations were consolidated with those of Lithium Harvest
beginning on the acquisition date. No step-up in basis or intangible assets or goodwill were recorded in this Exchange Transaction. As
a result of the Exchange Transaction, Lithium Harvest became a wholly owned subsidiary of the Company.
1. Restatement of Financial
Statements:
The Company is restating
its financial statements as of and for the three and six months ended June 30, 2023 and 2022, included in its Original Form 10-Q, due
to the identification of impairment of goodwill associated with the Company’s intellectual property related to its YER Brands subsidiary.
This impairment occurred subsequent to the filing of the Original Form 10-Q, retroactively, and has resulted in material adjustments to
the consolidated interim financial statements. The impairment assessment was performed in accordance with auditing standards generally
accepted in the United States (“US GAAP”).
2. Change in Accounting Treatment
of Reverse Acquisition:
The Company has revised its
accounting treatment for a reverse acquisition that was previously reported in its Original Form 10-Q. Upon further evaluation, the Company
determined that prior year adjustments were necessary. The Company impaired goodwill and intellectual property and wrote-off inventory
of YER Brands Inc. as of the year ended December 31, 2021.
Consolidation
The
accompanying consolidated unaudited interim financial statements include the accounts of Sustainable Projects Group Inc., Lithium
Harvest ApS and YER Brands Inc. All significant intercompany transactions have been eliminated in the consolidation process.
Operating
Leases – Right of Use Assets
In
February 2016, the FASB issued ASU 2016-02, Leases (“Topic 842”). The new standard establishes a right-of-use model that
requires a lessee to record a right-of-use asset (“ROU asset”) and a lease liability on the balance sheet for all leases
with terms longer than 12 months. For leases with an initial 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. If a lessee makes this election, it should
recognize lease expense for such leases generally on a straight-line basis over the term of the lease. Leases will be classified as either
finance or operating, with classification affecting the pattern of expense recognition. Similarly, lessors will be required to classify
leases as sales-type, finance or operating, with classification affecting the pattern of income recognition. Classification for both
lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred
through a lease contract. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods
within those fiscal years, with early adoption permitted.
The
Company adopted the new standard. The Company has elected not to recognize lease assets and lease liabilities for leases with an initial
term of 12 months or less. There are no other material asset leases whether operating or finance except as indicated below.
Lithium
Harvest has one office lease. The lease conveys no ownership at the end of the lease term and contains no purchase option nor any
guarantee of residual value. The lease does not contain renewal periods at the end of the term. The lease is amortized straight line
over the entire term of the office lease agreement. The Company uses an annual interest rate of 10%,
or a rate of 2.50%
per quarter. This operating lease is classified as a right-to-use asset under the new standard (ASU 2016-02). The office lease
commenced April 1, 2023.
Lithium
Harvest has one software lease. The lease conveys no ownership at the end of the lease term and contains no purchase option nor any
guarantee of residual value. The lease has one renewal period of one year at the end of the term. The lease is amortized straight
line over the entire term of the software lease. The Company uses an annual interest rate of 10%,
or a rate of 2.50%
per quarter. This operating lease was classified as a right-to-use asset under the new standard (ASU 2016-02). The software lease
commenced May 1, 2023.
Lithium
Harvest has one equipment lease. The lease conveys no ownership at the end of the lease term and contains no purchase option nor any
guarantee of residual value. The lease does not contain renewal periods at the end of the term. The lease is amortized straight line
over the entire term of the equipment lease. The Company uses an annual interest rate of 10%,
or a rate of 2.50%
per quarter. This operating lease is classified as a right-to-use asset under the new standard (ASU 2016-02). The equipment lease
commenced June 1, 2023.
Lithium
Harvest has one service equipment lease. The lease conveys no ownership at the end of the lease term and contains no purchase option
nor any guarantee of residual value. The lease does not contain renewal periods at the end of the term. The lease is amortized
straight line over the entire term of the software lease. The Company uses an annual interest rate of 10%,
or a rate of 2.50%
per quarter. This operating lease was classified as a right-to-use asset under the new standard (ASU 2016-02). The service equipment
lease commenced May 10, 2023.
Stock
Based Compensation
The
Company follows the guideline under ASC 718, “Stock Compensation”. The standard provides that for all stock-based compensation
plans, including employee stock options, restricted stock, employee stock purchase plans and stock appreciation rights, all share-based payments to both employees and directors be recognized in the income statement based on their fair values. For non-employee
stock-based compensation, the Company applies ASC 505 Equity-Based Payments to Non-employees. This standard provides that all stock-based
compensation related to non-employees be measured at the fair value of the consideration received or the fair value of the equity instruments
issued, whichever can be most reliably measured or determinable.
Significant
Accounting Policies
There
have been no material changes in the Company’s significant accounting policies previously disclosed in the December 31,
2022 annual report.
Use
of estimates
The
preparation of the consolidated interim financial statements in conformity with generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Management
makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial
statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically
in the period when new information becomes available to management. Actual results could differ from those estimates.
Segment
Reporting
The
Company reports segment information based on the “management” approach. The management approach designates the internal reporting
used by management for making decisions and assessing performance of its various businesses on a corporation-wide basis. As of June 30,
2023, the Company has three reportable segments: YER Brands, Sustainable Projects Group and Lithium Harvest. The segments are determined
based on several factors including the nature of products and services, nature of production processes and delivery channels and consultancy
services. Each operating segment’s performance is evaluated based on its segment income. Segment income is defined as gross sales
and miscellaneous income. At June 30, 2023, segment income and total assets were reported as follows:
Schedule of Segment Reporting
| |
For
the Six | | |
For
the Year | |
| |
Months
Ended | | |
Ended | |
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Sales
and miscellaneous income | |
| | | |
| | |
Sustainable Projects Group | |
$ | - | | |
$ | - | |
YER Brands | |
| - | | |
| - | |
Lithium Harvest | |
| 91,391 | | |
| - | |
Total Sales | |
$ | 91,391 | | |
$ | - | |
| |
| | | |
| | |
Total
Assets at End of Period | |
| | | |
| | |
Sustainable Projects Group | |
$ | 25,989 | | |
$ | - | |
YER Brands | |
| - | | |
| - | |
Lithium Harvest | |
| 2,853,088 | | |
| 42,269 | |
Total Assets | |
$ | 2,879,077 | | |
$ | 42,269 | |
Revenue
Recognition
The
Company adopted ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). The Company recognizes revenue when
the Company transfers promised services to the customer. The performance obligation is the monthly services rendered. The Company has
one main revenue source at the moment from Lithium Harvest, which is sub-leasing office space with and/or without furniture. Accordingly,
the Company recognizes revenue when services are provided. These revenues are billed in advance, arrears and/or are prepaid. The performance
obligation is the monthly services rendered. Where there is a sub-leasing contract for office space with and/or without furniture, the
Company bills monthly for its services as rendered. Where there is no contract, the revenue is recognized as provided.
The
Company recognizes revenue in accordance with ASC 606 using the following 5 steps to identify revenues:
· |
identify the contract with
a 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. |
Sub-leasing office
The Company recognizes revenue when the Company transfers
promised services to the customer. The performance obligation is the monthly services rendered. The Company has one main revenue source
at the moment from Lithium Harvest, which is sub-leasing office space with and/or without furniture. Accordingly, the Company recognizes
revenue when services are provided. These revenues are billed in advance, arrears and/or are prepaid. The performance obligation is the
monthly services rendered. Where there is a sub-leasing contract for office space with and/or without furniture, the Company bills monthly
for its services as rendered.
A
performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in
the new revenue standard. The contract transaction price is allocated to each distinct performance obligation and recognized as revenue
when or as the performance obligation is satisfied.
Advances
from client’s deposits are contract liabilities with customers that represent the Company’s obligation to either transfer goods or services
in the future, or refund the amount received. Where possible, the Company obtains retainers to lessen risk of non-payment by customers.
Advances from client’s deposits are recognized as revenue as the Company meets specified performance obligations as detailed in the contract.
The income earned from sub-leasing office space is recognized
as “miscellaneous income”.
Accounts Receivable and
Concentration of Risk
Accounts receivable, net
is stated at the amount the Company expects to collect, or the net realizable value. The Company provides a provision for allowances that
includes returns, allowances and doubtful accounts equal to the estimated uncollectible amounts. The Company estimates its provision for
allowances based on historical collection experience and a review of the current status of trade accounts receivable. It is reasonably
possible that the Company’s estimate of the provision for allowances will change.
Income Taxes
The Company
uses the asset and liability method of accounting for income taxes in accordance with Accounting Standards Codification (“ASC”)
740, “Income Taxes” (“ASC 740”). Under this method, income tax expense is recognized as the amount of: (i) taxes
payable or refundable for the current year and (ii) future tax consequences attributable to differences between financial statement carrying
amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted
tax rates expected to apply to taxable income in the years which those temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that
includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of available
evidence it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Recently
issued accounting pronouncements
The
Company adopts new pronouncements relating to GAAP applicable to the Company as they are issued, which may be in advance of their effective
date. Management does not believe that any pronouncements not included above will have a material effect on the Company’s consolidated
financial statements.
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v3.23.4
Other Receivables
|
6 Months Ended |
Jun. 30, 2023 |
Receivables [Abstract] |
|
Other Receivables |
4.
Other Receivables
Other
receivables pertain to VAT (value added taxes) receivables of Lithium Harvest. The standard VAT rate in Denmark is 25%. Included in other receivable was $43,958 (300,000 DKK) due from a consultant.
|
X |
- DefinitionThe entire disclosure for claims held for amounts due a company, excluding disclosure for allowance for credit losses. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Also excludes disclosure for financing receivables.
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v3.23.4
Equipment
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Equipment |
5.
Equipment
Schedule of Equipment
| |
| | |
Accumulated | | |
| |
| |
Cost | | |
Depreciation | | |
Net | |
| |
| | |
| | |
| |
Computer | |
$ | 16,055 | | |
$ | 5,307 | | |
$ | 10,748 | |
Equipment | |
| 5,000 | | |
| 5,000 | | |
| - | |
Office Furniture & Equipment | |
| 92,781 | | |
| 10,309 | | |
| 82,472 | |
Machinery under construction | |
| 25,056 | | |
| - | | |
| 25,056 | |
| |
$ | 138,892 | | |
$ | 20,616 | | |
$ | 118,276 | |
|
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.23.4
Reverse Acquisition
|
6 Months Ended |
Jun. 30, 2023 |
Reverse Acquisition |
|
Reverse Acquisition |
6. Reverse Acquisition
On
February 14, 2023, the Company entered into the Agreement with Lithium Harvest and all the Shareholders. Pursuant to the Agreement,
the Company acquired all outstanding shares of capital stock of Lithium Harvest in exchange for issuing to the Shareholders 206,667,233
shares of the Company’s common stock. The lender of a convertible note payable exercised its conversion feature
and received 71,797,703
shares of common stock in exchange for its debt and interest. The Exchange Transaction represents a change of control and was
accounted for as a reverse acquisition with Lithium Harvest being the accounting acquirer and the Company being the accounting
acquiree. As a result of the Exchange Transaction, the number of shares of common stock outstanding increased to 287,190,813.
The purchase price of Lithium Harvest was valued at $10,333,362
using the fair market value of the Company’s common stock price on the date of the Exchange Transaction, February 14,
2023.
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v3.23.4
X |
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v3.23.4
Accounts Payable and Accrued Liabilities
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
Accounts Payable and Accrued Liabilities |
8.
Accounts Payable and Accrued Liabilities
Accounts
payable and accrued liabilities as of June 30, 2023 and December 31, 2022 are summarized as follows:
Schedule of Accounts Payable and Accrued Liabilities
Accounts Payable: | |
Jun 30, 2023 | | |
Dec 31, 2022 | |
| |
| | |
| |
Accounting fee | |
$ | 15,575 | | |
$ | - | |
Audit fee | |
| 30,129 | | |
| - | |
Consulting fee | |
| 35,000 | | |
| - | |
Purchase of property, plant and equipment | |
| 77,318 | | |
| - | |
Purchase of intangible assets | |
| 8,976 | | |
| | |
Rental expenses | |
| 63,992 | | |
| - | |
Professional fees | |
| 231,950 | | |
| 117,199 | |
Others | |
| 91,508 | | |
| - | |
Total Accounts Payable | |
$ | 554,448 | | |
$ | 117,199 | |
Accrued liabilities: | |
| Jun 30, 2023 | | |
| Dec 31, 2022 | |
| |
| | | |
| | |
Accounting fee | |
| 5,000 | | |
| | |
Audit fee | |
$ | 3,750 | | |
$ | - | |
Total Accrued liabilities | |
$ | 8,750 | | |
$ | - | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.4
Right of Use Assets (“ROU”) and Lease Liability
|
6 Months Ended |
Jun. 30, 2023 |
Right Of Use Assets Rou And Lease Liability |
|
Right of Use Assets (“ROU”) and Lease Liability |
9.
Right of Use Assets (“ROU”) and Lease Liability
The Company has entered into lease agreements with various third parties.
The terms of the Company’s operating leases range from 12 to 94 months. These operating leases are included in “Right Of Use
Assets” on the Company’s Condensed Consolidated Balance Sheets and represent the Company’s right to use the underlying
asset for the lease term. The Company’s obligation to make lease payments are included in “Lease liability” on the Company’s
Condensed Consolidated Balance Sheets. Additionally, the Company has entered into various short-term operating leases with an initial
term of 12 months or less. These leases are not recorded on the Company’s Condensed Consolidated Balance Sheets. All operating lease
expense is recognized on a straight-line basis over the lease term.
Schedule
of Rights of Use Assets and Lease Liability
| |
June 30, 2023 | |
Right-of-use asset | |
| | |
Right-of-use asset, net | |
$ | 1,790,787 | |
| |
| | |
Lease liability | |
| | |
Current lease liability | |
$ | 173,235 | |
Non-current lease liability | |
| 1,636,886 | |
Total lease liability | |
$ | 1,810,121 | |
| |
| | |
Remaining lease term and discount rate | |
| | |
Weighted average remaining lease term | |
| 90 months | |
Discount rate used | |
| 10 | % |
Commitments
The
following table summarizes the future minimum lease payments due under the Company’s operating leases as of June 30, 2023:
Schedule
of Future Minimum Lease Payments
| |
| | |
2023 | |
$ | 173,942 | |
Thereafter | |
| 2,425,669 | |
Less: imputed interest | |
| (789,490 | ) |
Total | |
$ | 1,810,121 | |
|
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v3.23.4
Notes Payable, Convertible Notes Payable and Obligation to Issue Shares
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Notes Payable, Convertible Notes Payable and Obligation to Issue Shares |
10.
Notes Payable, Convertible Notes Payable and Obligation to Issue Shares
On
March 1, 2019, the Company entered into an unsecured loan agreement for $50,000
with an interest rate of 3.5%
per annum. The loan was originally due on or before April
15, 2022. On March 28, 2022, the term of the loan agreement was extended to April 15, 2024. At June 30, 2023, there was
$7,144
in accrued interest under the loan.
On
July 12, 2019, the Company entered into an unsecured convertible loan agreement with a relative of the Company’s CEO in the
amount of $20,000
with an interest rate of 3.0%
per annum. The loan was due on or before
July 12, 2022. The lender had the option to convert the whole loan and the accrued interest into shares of common stock of
the Company at the price of $1.45
per share. On May 10, 2021, the Company agreed to a debt settlement arrangement whereby it would issue 640,000
shares of common stock in settlement of the principal amount outstanding under the loan of $20,000
as well as accrued interest and fees valued at $1,098.
The transaction value was calculated to be $0.033
per share. The shares were issued during the six-month period ended June 30, 2022.
On
July 23, 2021, the Company borrowed $100,000
pursuant to a two-year
unsecured convertible promissory note, bearing
an interest at 10%
per annum. The loan could be renewed at the option of the lender and was secured by a security agreement with collateral consisting of
the Company’s present and future assets. The
outstanding principal and unpaid accrued interest would automatically convert into shares of the Company’s common stock on or before
the maturity date upon the closing of a “Qualified Transaction” in an amount equal to 25% of the fully diluted capitalization
of the Company on a post-money basis. In the event that a Qualified Transaction was not consummated on or prior to the maturity date,
the lender had the right to convert the principal and unpaid accrued interest of the note into shares of the Company’s common stock
in an amount equal to 25% of the fully diluted capitalization of the Company.
A Qualified Transaction is defined as the reverse acquisition of the Company with a target company. On June 22, 2022, the Company received
an additional loan advance of $25,000.
On February 14, 2023, the lender exercised the convertible feature of the debt, and the outstanding principal and accrued interest under
the loan was converted into 71,797,703
shares of common stock valued at a total amount
of $3,589,885.
During
the quarter ended June 30, 2023, Lithium Harvest entered into two notes payable with a company controlled by the CEO of the
Company, with one note in the principal amount of $17,173
(DKK 118,000)
and the other in the principal amount of $2,183
(DKK 15,000),
and each with a 3%
interest rate per annum that is due on or before May 1, 2023. These loans have been repaid. (See Note 12)
On
March 29, 2023, the Company entered into a $10,000 note payable with a 15% interest rate per annum. The loan is due on or before December
31, 2023.
On
April 28, 2023, a company controlled by a director and the Chief Technology Officer of the Company loaned the Company $14,506 (DKK 99,000). The loan has a 3% interest rate
that was due on or before June 30, 2023. As at June 30, 2023, the loan remains outstanding and the accrued interest was $76.
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v3.23.4
Common Stock
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Common Stock |
11.
Common Stock
The
following stock transactions occurred with respect to the Company’s common stock during the six months ended June 30, 2023:
|
a) |
On
February 14, 2023, 206,667,233
shares of common stock valued at $10,333,362 were issued to the shareholders of Lithium Harvest pursuant to the Agreement with
Lithium Harvest with respect to the Exchange Transaction. |
|
|
|
|
b) |
On
February 14, 2023, 71,979,703
shares of common stock valued at $3,589,885 were
issued to a lender pursuant to a convertible loan settlement in connection with the Exchange Transaction. |
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v3.23.4
Related-Party Transactions
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related-Party Transactions |
12.
Related-Party Transactions
Related
party transactions as of June 30, 2023 and December 31, 2022 are summarized as follows
Schedule of Related Party Transaction
| |
Jun 30, 2023 | | |
Dec 31, 2022 | |
| |
| | |
| |
Accounts payable | |
$ | 450,997 | | |
$ | 146,402 | |
Accrued liabilities | |
| 185,071 | | |
| - | |
Total | |
$ | 636,068 | | |
$ | 146,402 | |
Stefan
Muehlbauer resigned as a director of the Company on February 14, 2023 and is currently the Chief Financial Officer
(“CFO”) of the Company. During the six months ended June 30, 2023, the Company incurred management fees to the CFO
totaling an aggregate of $58,125.
At June 30, 2023, $110,465
was owing to the CFO for management fees, consisting of current and past due amounts, and $1,180
for reimbursement of out of pocket expenses. The Company entered into an Employment Agreement the CFO on February 14, 2023. His
annual salary is $125,000,
payable on a monthly basis with other benefits. The employment agreement is for a period of one year and at such time the CFO will
be eligible to receive a one-time, lump sum bonus of $25,000,
subject to other conditions and terms. This Employment Agreement was filed as Exhibit 10.3 to the Company’s Current Report on
a Form 8-K filed with the Securities and Exchange Commission on February 15, 2023.
On
February 14, 2023, Tiffany Muehlbauer resigned as Chief Technology Officer of the Company. At June 30, 2023, $12,766
was owing to Ms. Muehlbauer for past due salaries and $25,500
for management fees.
At
June 30, 2023, the Company owed a company controlled by Stefan Muehlbauer and Tiffany Muehlbauer the amount of $20,647 for office expenses.
On
February 14, 2023, Sune Mathiesen became a director and Chief Executive Officer (“CEO”) of the Company. During the six
months ended June 30, 2023, Lithium Harvest incurred management fees payable to the CEO totaling an aggregate of $119,808
(DKK 825,000).
At June 30, 2023, $91,945
(DKK 627,500)
was owing to the CEO for salaries and $2,459
(DKK 16,779)
for reimbursement of out of pocket expenses. At June 30, 2023, an aggregate of $23
(DKK 155)
was owed to the CEO for accrued interest under a loan made by the CEO to the Company. The loan had a 3%
interest rate that was due on or before May 1, 2023. The loan has been repaid. (See Note 12) Lithium Harvest entered into an
Employment Agreement with Mr. Mathiesen on February 14, 2023. His annual salary is approximately $300,000
(DKK 2,200,000),
payable on a monthly basis with other benefits. The employment agreement is non-terminable until December 31, 2025. Subject to other
conditions and terms, the CEO may be eligible to receive an annual bonus of up to 150%
of his current annual salary. This Employment Agreement was filed as Exhibit 10.2 to the Company’s Current Report on a Form 8-K filed with
the Securities and Exchange Commission on February 15, 2023.
At
June 30, 2023, a company controlled by the director and CEO was owed $286,176 (DKK 1,953,067) for management fees and out of pocket expenses,
current and past due. An aggregate of $17,217 (DKK 118,300) was also owed to a company controlled by the director and CEO for a notes
payable and accrued interest. The loan has a 3% interest rate that is due on or before May 1, 2023. The loan has been repaid. (See Note
12)
On
February 14, 2023, Paw Juul became the Chief Technology Officer (“CTO”) of the Company. During the six months ended June
30, 2023, Lithium Harvest incurred management fees from the CTO totaling an aggregate of $119,808 (DKK 825,000). At June 30, 2023, $91,945
(DKK 627,500) was owing to the CTO for salaries. Lithium Harvest entered into an Employment Agreement with Mr. Juul on February 14, 2023.
His annual salary is approximately $300,000 (DKK 2,200,000), payable on a monthly basis with other benefits. The employment agreement
is non-terminable until December 31, 2025. Subject to other conditions and terms, the CTO may be eligible to receive annual bonus up
to 150% of the current annual salary. This Employment Agreement was filed as Exhibit 10.5 to the Company’s Current Report on a Form 8-K filed with
the Securities and Exchange Commission on February 15, 2023.
On
April 28, 2023, a Company controlled by a director and CTO, Paw Juul, of the Company loaned the Company $14,506 (DKK 99,000). The loan has a 3% interest rate
that was due on or before June 30, 2023. As of June 30, 2023, the loan remains outstanding and the accrued interest was $76.
|
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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v3.23.4
Stock Based Compensation
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Stock Based Compensation |
13.
Stock Based Compensation
On
May 10, 2023, the Company granted restricted stock unit (“RSU”) awards to certain key employees and Directors under the
Company’s 2023 Equity Incentive Plan (the “Incentive Plan”). The grant of these restricted stock unit awards is
subject to stockholder approval. The Company is authorized to grant options and other stock-based awards to executive officers,
directors, employees and consultants enabling them to acquire up to 45,000,000
shares of common stock of the Company. The exercise price of each option equals the market price of the Company’s shares of
common stock as calculated on the date of the grant. The maximum term and/or vesting period shall not be more than ten
years from the grant date. The vesting period for all options is at the discretion of the board of directors of the Company
and shall not be more than ten years from the grant date. The options are non-transferable.
Restricted
stock awards are subject to vesting and spread over time at the discretion of the Committee administering the Incentive Plan. Upon
the vesting of shares of restricted stock and the Company’s determination that any necessary conditions precedent to the
release of vested shares have been satisfied, such vested shares will then be made available to the participants. Except as
otherwise provided in the Incentive Plan or award agreement, the participants with a restricted stock award shall have all the
rights of a stockholder, including the right to vote the shares of restricted stock. The RSU awards granted on May 10, 2023 provide
that the recipients do not have rights of a stockholder prior to vesting. The fair value of the Company’s common stock on the
grant date was $0.072
per share. At June 30, 2023, the stock based compensation expense was $164,236. The table below sets forth the vesting schedule with respect to the RSUs granted on May 10, 2023.
Summary
of Restricted Stock Award Activity
| |
| |
| | |
May 10 2024 | | |
May 10 2025 | | |
May 10 2026 | |
| |
| |
| | |
Vesting Schedule (Number of Shares) | |
Name | |
Title | |
Total RSUs | | |
May 10, 2024 | | |
May 10, 2025 | | |
May 10, 2026 | |
Sune Mathiesen | |
CEO, Director | |
| 6,111,111 | | |
| 2,037,037 | | |
| 2,037,037 | | |
| 2,037,037 | |
Paw Juul | |
CTO, Director | |
| 5,625,000 | | |
| 1,875,000 | | |
| 1,875,000 | | |
| 1,875,000 | |
Stefan Muehlbauer | |
CFO | |
| 1,736,111 | | |
| 578,704 | | |
| 578,704 | | |
| 578,703 | |
Kristian Jensen | |
Director | |
| 1,458,333 | | |
| 486,111 | | |
| 486,111 | | |
| 486,111 | |
Total | |
| |
| | | |
| 4,976,852 | | |
| 4,976,852 | | |
| 4,976,851 | |
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.4
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
14.
Commitments and Contingencies
During the period ended
June 30, 2023, the Company received commitments for shares subscribed but not issued in private placements. The Company received $375,000
from a private placement at $0.25 per share to issue 1,500,000 shares of common stock and received $877,100 from private placements at
$0.35 per share to issue 2,506,000 shares of common stock. (See Note 17)
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.4
Income Taxes
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
15.
Income Taxes
The
Company and its subsidiaries file separate income tax returns.
The
Company files income tax returns in the United States of America and in the States of Florida and Indiana (Sustainable Projects Group
Inc. and YER Brands Inc., respectively) and is subject to a U.S. federal corporate income tax rate of 21%. The Company generated a taxable
loss for the six months ended June 30, 2023 and 2022. Lithium Harvest ApS is
subject to Denmark corporate income tax rate of 22%.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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- DefinitionThe entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies.
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v3.23.4
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
17. Subsequent
Events
The
Company issued a total of 5,506,000
restricted shares of common stock to residents of Denmark in an unregistered private placement that closed on August 18, 2023. The
shares were issued in two tranches. The 1,500,000
shares issued in the first tranche were sold at a price of $0.25
per share, for total gross proceeds of $375,000.
The 4,006,000
shares issued in the second tranche were sold at a price of $0.35
per share, for total gross proceeds of $1,402,100.
As of the date of this Quarterly Report on Form 10-Q/A, there was $819,350
subscribed, which represents 2,341,000
common shares to be issued upon closing.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.4
Summary of accounting policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of presentation |
Basis
of presentation
While
the information presented is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present
fairly the financial position, results of operations and cashflows for the interim period presented in accordance with GAAP. All
adjustments are of a normal recurring nature. These consolidated interim financial statements should be read in conjunction with the
Company’s audited December 31, 2022 year-end financial statements. Operating results for the six months ended June 30,
2023 are not necessarily indicative of the results that can be expected for the year ending December 31, 2023.
|
Reverse Acquisition |
Reverse Acquisition
The Exchange Transaction between
the Company and Lithium Harvest was accounted for as a “reverse acquisition” since, immediately following completion of the
Exchange Transaction, the Shareholders effectuated control of the post-combination Company. For accounting purposes, Lithium Harvest was
deemed to be the accounting acquirer in the transaction and, consequently, the transaction is treated as a recapitalization of Lithium
Harvest (i.e., a capital transaction involving the issuance of shares by the Company for the shares of Lithium Harvest). Accordingly,
the consolidated assets, liabilities and results of operations of Lithium Harvest became the historical financial statements of the Company
and its subsidiaries, and the Company’s assets, liabilities and results of operations were consolidated with those of Lithium Harvest
beginning on the acquisition date. No step-up in basis or intangible assets or goodwill were recorded in this Exchange Transaction. As
a result of the Exchange Transaction, Lithium Harvest became a wholly owned subsidiary of the Company.
1. Restatement of Financial
Statements:
The Company is restating
its financial statements as of and for the three and six months ended June 30, 2023 and 2022, included in its Original Form 10-Q, due
to the identification of impairment of goodwill associated with the Company’s intellectual property related to its YER Brands subsidiary.
This impairment occurred subsequent to the filing of the Original Form 10-Q, retroactively, and has resulted in material adjustments to
the consolidated interim financial statements. The impairment assessment was performed in accordance with auditing standards generally
accepted in the United States (“US GAAP”).
2. Change in Accounting Treatment
of Reverse Acquisition:
The Company has revised its
accounting treatment for a reverse acquisition that was previously reported in its Original Form 10-Q. Upon further evaluation, the Company
determined that prior year adjustments were necessary. The Company impaired goodwill and intellectual property and wrote-off inventory
of YER Brands Inc. as of the year ended December 31, 2021.
|
Consolidation |
Consolidation
The
accompanying consolidated unaudited interim financial statements include the accounts of Sustainable Projects Group Inc., Lithium
Harvest ApS and YER Brands Inc. All significant intercompany transactions have been eliminated in the consolidation process.
|
Operating Leases – Right of Use Assets |
Operating
Leases – Right of Use Assets
In
February 2016, the FASB issued ASU 2016-02, Leases (“Topic 842”). The new standard establishes a right-of-use model that
requires a lessee to record a right-of-use asset (“ROU asset”) and a lease liability on the balance sheet for all leases
with terms longer than 12 months. For leases with an initial 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. If a lessee makes this election, it should
recognize lease expense for such leases generally on a straight-line basis over the term of the lease. Leases will be classified as either
finance or operating, with classification affecting the pattern of expense recognition. Similarly, lessors will be required to classify
leases as sales-type, finance or operating, with classification affecting the pattern of income recognition. Classification for both
lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred
through a lease contract. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods
within those fiscal years, with early adoption permitted.
The
Company adopted the new standard. The Company has elected not to recognize lease assets and lease liabilities for leases with an initial
term of 12 months or less. There are no other material asset leases whether operating or finance except as indicated below.
Lithium
Harvest has one office lease. The lease conveys no ownership at the end of the lease term and contains no purchase option nor any
guarantee of residual value. The lease does not contain renewal periods at the end of the term. The lease is amortized straight line
over the entire term of the office lease agreement. The Company uses an annual interest rate of 10%,
or a rate of 2.50%
per quarter. This operating lease is classified as a right-to-use asset under the new standard (ASU 2016-02). The office lease
commenced April 1, 2023.
Lithium
Harvest has one software lease. The lease conveys no ownership at the end of the lease term and contains no purchase option nor any
guarantee of residual value. The lease has one renewal period of one year at the end of the term. The lease is amortized straight
line over the entire term of the software lease. The Company uses an annual interest rate of 10%,
or a rate of 2.50%
per quarter. This operating lease was classified as a right-to-use asset under the new standard (ASU 2016-02). The software lease
commenced May 1, 2023.
Lithium
Harvest has one equipment lease. The lease conveys no ownership at the end of the lease term and contains no purchase option nor any
guarantee of residual value. The lease does not contain renewal periods at the end of the term. The lease is amortized straight line
over the entire term of the equipment lease. The Company uses an annual interest rate of 10%,
or a rate of 2.50%
per quarter. This operating lease is classified as a right-to-use asset under the new standard (ASU 2016-02). The equipment lease
commenced June 1, 2023.
Lithium
Harvest has one service equipment lease. The lease conveys no ownership at the end of the lease term and contains no purchase option
nor any guarantee of residual value. The lease does not contain renewal periods at the end of the term. The lease is amortized
straight line over the entire term of the software lease. The Company uses an annual interest rate of 10%,
or a rate of 2.50%
per quarter. This operating lease was classified as a right-to-use asset under the new standard (ASU 2016-02). The service equipment
lease commenced May 10, 2023.
|
Stock Based Compensation |
Stock
Based Compensation
The
Company follows the guideline under ASC 718, “Stock Compensation”. The standard provides that for all stock-based compensation
plans, including employee stock options, restricted stock, employee stock purchase plans and stock appreciation rights, all share-based payments to both employees and directors be recognized in the income statement based on their fair values. For non-employee
stock-based compensation, the Company applies ASC 505 Equity-Based Payments to Non-employees. This standard provides that all stock-based
compensation related to non-employees be measured at the fair value of the consideration received or the fair value of the equity instruments
issued, whichever can be most reliably measured or determinable.
|
Significant Accounting Policies |
Significant
Accounting Policies
There
have been no material changes in the Company’s significant accounting policies previously disclosed in the December 31,
2022 annual report.
|
Use of estimates |
Use
of estimates
The
preparation of the consolidated interim financial statements in conformity with generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Management
makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial
statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically
in the period when new information becomes available to management. Actual results could differ from those estimates.
|
Segment Reporting |
Segment
Reporting
The
Company reports segment information based on the “management” approach. The management approach designates the internal reporting
used by management for making decisions and assessing performance of its various businesses on a corporation-wide basis. As of June 30,
2023, the Company has three reportable segments: YER Brands, Sustainable Projects Group and Lithium Harvest. The segments are determined
based on several factors including the nature of products and services, nature of production processes and delivery channels and consultancy
services. Each operating segment’s performance is evaluated based on its segment income. Segment income is defined as gross sales
and miscellaneous income. At June 30, 2023, segment income and total assets were reported as follows:
Schedule of Segment Reporting
| |
For
the Six | | |
For
the Year | |
| |
Months
Ended | | |
Ended | |
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Sales
and miscellaneous income | |
| | | |
| | |
Sustainable Projects Group | |
$ | - | | |
$ | - | |
YER Brands | |
| - | | |
| - | |
Lithium Harvest | |
| 91,391 | | |
| - | |
Total Sales | |
$ | 91,391 | | |
$ | - | |
| |
| | | |
| | |
Total
Assets at End of Period | |
| | | |
| | |
Sustainable Projects Group | |
$ | 25,989 | | |
$ | - | |
YER Brands | |
| - | | |
| - | |
Lithium Harvest | |
| 2,853,088 | | |
| 42,269 | |
Total Assets | |
$ | 2,879,077 | | |
$ | 42,269 | |
|
Revenue Recognition |
Revenue
Recognition
The
Company adopted ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). The Company recognizes revenue when
the Company transfers promised services to the customer. The performance obligation is the monthly services rendered. The Company has
one main revenue source at the moment from Lithium Harvest, which is sub-leasing office space with and/or without furniture. Accordingly,
the Company recognizes revenue when services are provided. These revenues are billed in advance, arrears and/or are prepaid. The performance
obligation is the monthly services rendered. Where there is a sub-leasing contract for office space with and/or without furniture, the
Company bills monthly for its services as rendered. Where there is no contract, the revenue is recognized as provided.
The
Company recognizes revenue in accordance with ASC 606 using the following 5 steps to identify revenues:
· |
identify the contract with
a 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. |
|
Sub-leasing office |
Sub-leasing office
The Company recognizes revenue when the Company transfers
promised services to the customer. The performance obligation is the monthly services rendered. The Company has one main revenue source
at the moment from Lithium Harvest, which is sub-leasing office space with and/or without furniture. Accordingly, the Company recognizes
revenue when services are provided. These revenues are billed in advance, arrears and/or are prepaid. The performance obligation is the
monthly services rendered. Where there is a sub-leasing contract for office space with and/or without furniture, the Company bills monthly
for its services as rendered.
A
performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in
the new revenue standard. The contract transaction price is allocated to each distinct performance obligation and recognized as revenue
when or as the performance obligation is satisfied.
Advances
from client’s deposits are contract liabilities with customers that represent the Company’s obligation to either transfer goods or services
in the future, or refund the amount received. Where possible, the Company obtains retainers to lessen risk of non-payment by customers.
Advances from client’s deposits are recognized as revenue as the Company meets specified performance obligations as detailed in the contract.
The income earned from sub-leasing office space is recognized
as “miscellaneous income”.
|
Accounts Receivable and Concentration of Risk |
Accounts Receivable and
Concentration of Risk
Accounts receivable, net
is stated at the amount the Company expects to collect, or the net realizable value. The Company provides a provision for allowances that
includes returns, allowances and doubtful accounts equal to the estimated uncollectible amounts. The Company estimates its provision for
allowances based on historical collection experience and a review of the current status of trade accounts receivable. It is reasonably
possible that the Company’s estimate of the provision for allowances will change.
|
Income Taxes |
Income Taxes
The Company
uses the asset and liability method of accounting for income taxes in accordance with Accounting Standards Codification (“ASC”)
740, “Income Taxes” (“ASC 740”). Under this method, income tax expense is recognized as the amount of: (i) taxes
payable or refundable for the current year and (ii) future tax consequences attributable to differences between financial statement carrying
amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted
tax rates expected to apply to taxable income in the years which those temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that
includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of available
evidence it is more likely than not that some portion or all of the deferred tax assets will not be realized.
|
Recently issued accounting pronouncements |
Recently
issued accounting pronouncements
The
Company adopts new pronouncements relating to GAAP applicable to the Company as they are issued, which may be in advance of their effective
date. Management does not believe that any pronouncements not included above will have a material effect on the Company’s consolidated
financial statements.
|
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v3.23.4
Summary of accounting policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Segment Reporting |
Schedule of Segment Reporting
| |
For
the Six | | |
For
the Year | |
| |
Months
Ended | | |
Ended | |
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Sales
and miscellaneous income | |
| | | |
| | |
Sustainable Projects Group | |
$ | - | | |
$ | - | |
YER Brands | |
| - | | |
| - | |
Lithium Harvest | |
| 91,391 | | |
| - | |
Total Sales | |
$ | 91,391 | | |
$ | - | |
| |
| | | |
| | |
Total
Assets at End of Period | |
| | | |
| | |
Sustainable Projects Group | |
$ | 25,989 | | |
$ | - | |
YER Brands | |
| - | | |
| - | |
Lithium Harvest | |
| 2,853,088 | | |
| 42,269 | |
Total Assets | |
$ | 2,879,077 | | |
$ | 42,269 | |
|
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Equipment (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Schedule of Equipment |
Schedule of Equipment
| |
| | |
Accumulated | | |
| |
| |
Cost | | |
Depreciation | | |
Net | |
| |
| | |
| | |
| |
Computer | |
$ | 16,055 | | |
$ | 5,307 | | |
$ | 10,748 | |
Equipment | |
| 5,000 | | |
| 5,000 | | |
| - | |
Office Furniture & Equipment | |
| 92,781 | | |
| 10,309 | | |
| 82,472 | |
Machinery under construction | |
| 25,056 | | |
| - | | |
| 25,056 | |
| |
$ | 138,892 | | |
$ | 20,616 | | |
$ | 118,276 | |
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v3.23.4
Accounts Payable and Accrued Liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of Accounts Payable and Accrued Liabilities |
Accounts
payable and accrued liabilities as of June 30, 2023 and December 31, 2022 are summarized as follows:
Schedule of Accounts Payable and Accrued Liabilities
Accounts Payable: | |
Jun 30, 2023 | | |
Dec 31, 2022 | |
| |
| | |
| |
Accounting fee | |
$ | 15,575 | | |
$ | - | |
Audit fee | |
| 30,129 | | |
| - | |
Consulting fee | |
| 35,000 | | |
| - | |
Purchase of property, plant and equipment | |
| 77,318 | | |
| - | |
Purchase of intangible assets | |
| 8,976 | | |
| | |
Rental expenses | |
| 63,992 | | |
| - | |
Professional fees | |
| 231,950 | | |
| 117,199 | |
Others | |
| 91,508 | | |
| - | |
Total Accounts Payable | |
$ | 554,448 | | |
$ | 117,199 | |
Accrued liabilities: | |
| Jun 30, 2023 | | |
| Dec 31, 2022 | |
| |
| | | |
| | |
Accounting fee | |
| 5,000 | | |
| | |
Audit fee | |
$ | 3,750 | | |
$ | - | |
Total Accrued liabilities | |
$ | 8,750 | | |
$ | - | |
|
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v3.23.4
Right of Use Assets (“ROU”) and Lease Liability (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Right Of Use Assets Rou And Lease Liability |
|
Schedule of Rights of Use Assets and Lease Liability |
Schedule
of Rights of Use Assets and Lease Liability
| |
June 30, 2023 | |
Right-of-use asset | |
| | |
Right-of-use asset, net | |
$ | 1,790,787 | |
| |
| | |
Lease liability | |
| | |
Current lease liability | |
$ | 173,235 | |
Non-current lease liability | |
| 1,636,886 | |
Total lease liability | |
$ | 1,810,121 | |
| |
| | |
Remaining lease term and discount rate | |
| | |
Weighted average remaining lease term | |
| 90 months | |
Discount rate used | |
| 10 | % |
|
Schedule of Future Minimum Lease Payments |
Schedule
of Future Minimum Lease Payments
| |
| | |
2023 | |
$ | 173,942 | |
Thereafter | |
| 2,425,669 | |
Less: imputed interest | |
| (789,490 | ) |
Total | |
$ | 1,810,121 | |
|
X |
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v3.23.4
Related-Party Transactions (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Schedule of Related Party Transaction |
Related
party transactions as of June 30, 2023 and December 31, 2022 are summarized as follows
Schedule of Related Party Transaction
| |
Jun 30, 2023 | | |
Dec 31, 2022 | |
| |
| | |
| |
Accounts payable | |
$ | 450,997 | | |
$ | 146,402 | |
Accrued liabilities | |
| 185,071 | | |
| - | |
Total | |
$ | 636,068 | | |
$ | 146,402 | |
|
X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, 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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v3.23.4
Stock Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Summary of Restricted Stock Award Activity |
Summary
of Restricted Stock Award Activity
| |
| |
| | |
May 10 2024 | | |
May 10 2025 | | |
May 10 2026 | |
| |
| |
| | |
Vesting Schedule (Number of Shares) | |
Name | |
Title | |
Total RSUs | | |
May 10, 2024 | | |
May 10, 2025 | | |
May 10, 2026 | |
Sune Mathiesen | |
CEO, Director | |
| 6,111,111 | | |
| 2,037,037 | | |
| 2,037,037 | | |
| 2,037,037 | |
Paw Juul | |
CTO, Director | |
| 5,625,000 | | |
| 1,875,000 | | |
| 1,875,000 | | |
| 1,875,000 | |
Stefan Muehlbauer | |
CFO | |
| 1,736,111 | | |
| 578,704 | | |
| 578,704 | | |
| 578,703 | |
Kristian Jensen | |
Director | |
| 1,458,333 | | |
| 486,111 | | |
| 486,111 | | |
| 486,111 | |
Total | |
| |
| | | |
| 4,976,852 | | |
| 4,976,852 | | |
| 4,976,851 | |
|
X |
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v3.23.4
Organization and Nature of Operations (Details Narrative) - shares
|
May 10, 2023 |
Feb. 14, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Shares of common stock |
45,000,000
|
|
Securities Agreement [Member] | Common Stock [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Shares of common stock |
|
206,667,233
|
Increase in outstanding, shares |
|
287,190,813
|
Securities Agreement [Member] | Common Stock [Member] | Convertible Notes Payable [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Shares of common stock |
|
71,797,703
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.4
Schedule of Segment Reporting (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Total Sales |
$ 69,817
|
|
$ 91,391
|
|
|
Assets |
2,879,077
|
|
2,879,077
|
|
42,269
|
Sustainable Projects Group [Member] |
|
|
|
|
|
Total Sales |
|
|
|
|
|
Assets |
25,989
|
|
25,989
|
|
|
Y E R Brands [Member] |
|
|
|
|
|
Total Sales |
|
|
|
|
|
Assets |
|
|
|
|
|
Lithium Harvest [Member] |
|
|
|
|
|
Total Sales |
|
|
91,391
|
|
|
Assets |
$ 2,853,088
|
|
$ 2,853,088
|
|
$ 42,269
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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Schedule of Equipment (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Cost |
$ 138,892
|
|
Accumulated Depreciation |
20,616
|
|
Net |
118,276
|
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Cost |
16,055
|
|
Accumulated Depreciation |
5,307
|
|
Net |
10,748
|
|
Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Cost |
5,000
|
|
Accumulated Depreciation |
5,000
|
|
Net |
|
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Cost |
92,781
|
|
Accumulated Depreciation |
10,309
|
|
Net |
82,472
|
|
Machinery Under Construction [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Cost |
25,056
|
|
Accumulated Depreciation |
|
|
Net |
$ 25,056
|
|
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v3.23.4
Reverse Acquisition (Details Narrative) - USD ($)
|
May 10, 2023 |
Feb. 14, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Shares issued on exchange transaction |
45,000,000
|
|
Securities Agreement [Member] | Common Stock [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Shares issued on exchange transaction |
|
206,667,233
|
Increase in outstanding, shares |
|
287,190,813
|
Purchase value |
|
$ 10,333,362
|
Securities Agreement [Member] | Common Stock [Member] | Convertible Notes Payable [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Shares issued on exchange transaction |
|
71,797,703
|
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v3.23.4
Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accounting fee |
$ 15,575
|
|
Audit fee |
30,129
|
|
Consulting fee |
35,000
|
|
Purchase of property, plant and equipment |
77,318
|
|
Purchase of intangible assets |
8,976
|
|
Rental expenses |
63,992
|
|
Professional fees |
231,950
|
117,199
|
Others |
91,508
|
|
Total Accounts Payable |
554,448
|
117,199
|
Accounting fee |
5,000
|
|
Audit fee |
3,750
|
|
Total Accrued liabilities |
$ 8,750
|
|
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v3.23.4
Schedule of Rights of Use Assets and Lease Liability (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Right Of Use Assets Rou And Lease Liability |
|
|
Right-of-use asset, net |
$ 1,790,787
|
|
Current lease liability |
173,235
|
|
Non-current lease liability |
1,636,886
|
|
Total lease liability |
$ 1,810,121
|
|
Weighted average remaining lease term |
90 months
|
|
Discount rate used |
10.00%
|
|
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v3.23.4
Notes Payable, Convertible Notes Payable and Obligation to Issue Shares (Details Narrative)
|
|
|
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
May 10, 2023
shares
|
Apr. 28, 2023
USD ($)
|
Apr. 28, 2023
DKK (kr)
|
Mar. 29, 2023
USD ($)
|
Feb. 14, 2023
USD ($)
shares
|
Feb. 14, 2023
DKK (kr)
shares
|
Jul. 23, 2021
USD ($)
|
May 10, 2021
USD ($)
$ / shares
shares
|
Jul. 12, 2019
USD ($)
$ / shares
|
Mar. 01, 2019
USD ($)
|
Jun. 30, 2023
USD ($)
$ / shares
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
$ / shares
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
DKK (kr)
|
Jun. 22, 2022
USD ($)
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate percenatge |
|
|
|
15.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued | shares |
45,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock to convertible loan, shares | shares |
|
|
|
|
71,979,703
|
71,979,703
|
|
|
|
|
|
|
|
|
|
|
Promissory note |
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fee |
|
|
|
|
|
|
|
|
|
|
$ 191,885
|
$ 4,384
|
$ 393,476
|
$ 4,384
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
$ 0.25
|
|
$ 0.25
|
|
|
|
Issuance of common stock to convertible loan, shares | shares |
|
|
|
|
71,797,703
|
71,797,703
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock to convertible loan |
|
|
|
|
$ 3,589,885
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Promissory Note Payable [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate percenatge |
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
Convertible Notes Payable |
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
$ 25,000
|
Debt instrument term |
|
|
|
|
|
|
2 years
|
|
|
|
|
|
|
|
|
|
Debt Conversion, Description |
|
|
|
|
|
|
The
outstanding principal and unpaid accrued interest would automatically convert into shares of the Company’s common stock on or before
the maturity date upon the closing of a “Qualified Transaction” in an amount equal to 25% of the fully diluted capitalization
of the Company on a post-money basis. In the event that a Qualified Transaction was not consummated on or prior to the maturity date,
the lender had the right to convert the principal and unpaid accrued interest of the note into shares of the Company’s common stock
in an amount equal to 25% of the fully diluted capitalization of the Company
|
|
|
|
|
|
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
principal amount |
|
|
|
|
|
|
|
|
|
|
$ 2,183
|
|
$ 2,183
|
|
kr 15,000
|
|
Interest rate percenatge |
|
|
|
|
|
|
|
|
|
|
3.00%
|
|
3.00%
|
|
3.00%
|
|
Management fee |
|
|
|
|
|
kr 825,000
|
|
|
|
|
|
|
$ 119,808
|
|
|
|
Director And Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
principal amount |
|
|
|
|
|
|
|
|
|
|
$ 17,173
|
|
$ 17,173
|
|
kr 118,000
|
|
Interest rate percenatge |
|
3.00%
|
3.00%
|
|
|
|
|
|
|
|
3.00%
|
|
3.00%
|
|
3.00%
|
|
Management fee |
|
$ 14,506
|
kr 99,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
|
|
$ 76
|
|
$ 76
|
|
|
|
Director And Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate percenatge |
|
3.00%
|
3.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fee |
|
$ 14,506
|
kr 99,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest |
|
|
|
|
|
|
|
|
|
|
76
|
|
76
|
|
|
|
Loan Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
principal amount |
|
|
|
|
|
|
|
|
|
$ 50,000
|
|
|
|
|
|
|
Interest rate percenatge |
|
|
|
|
|
|
|
|
|
3.50%
|
|
|
|
|
|
|
Debt instrument maturity date |
|
|
|
|
|
|
|
|
|
Apr. 15, 2022
|
|
|
|
|
|
|
Accrued interest and fees |
|
|
|
|
|
|
|
|
|
|
$ 7,144
|
|
$ 7,144
|
|
|
|
Convertible Loan Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share | $ / shares |
|
|
|
|
|
|
|
|
$ 1.45
|
|
|
|
|
|
|
|
Convertible Loan Agreement [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
principal amount |
|
|
|
|
|
|
|
|
$ 20,000
|
|
|
|
|
|
|
|
Interest rate percenatge |
|
|
|
|
|
|
|
|
3.00%
|
|
|
|
|
|
|
|
Debt instrument maturity date |
|
|
|
|
|
|
|
|
Jul. 12, 2022
|
|
|
|
|
|
|
|
Debt Settlement Arrangement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
principal amount |
|
|
|
|
|
|
|
$ 20,000
|
|
|
|
|
|
|
|
|
Accrued interest and fees |
|
|
|
|
|
|
|
$ 1,098
|
|
|
|
|
|
|
|
|
Stock issued | shares |
|
|
|
|
|
|
|
640,000
|
|
|
|
|
|
|
|
|
Share per price | $ / shares |
|
|
|
|
|
|
|
$ 0.033
|
|
|
|
|
|
|
|
|
X |
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v3.23.4
Common Stock (Details Narrative) - USD ($)
|
May 10, 2023 |
Feb. 14, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Shares of common stock |
45,000,000
|
|
Issuance of common stock to convertible loan, shares |
|
71,979,703
|
Common Stock [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Issuance of common stock to convertible loan, shares |
|
71,797,703
|
Issuance of common stock to convertible loan |
|
$ 3,589,885
|
Common Stock [Member] | Convetible Loan Settlement [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Issuance of common stock to convertible loan, shares |
|
71,979,703
|
Issuance of common stock to convertible loan |
|
$ 3,589,885
|
Lithium Harvest [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Shares of common stock |
|
206,667,233
|
Issuance of common stock |
|
$ 10,333,362
|
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v3.23.4
Schedule of Related Party Transaction (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
Accounts payable |
$ 554,448
|
$ 117,199
|
Accrued liabilities |
8,750
|
|
Related Party [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Accounts payable |
450,997
|
146,402
|
Accrued liabilities |
185,071
|
|
Total |
$ 636,068
|
$ 146,402
|
X |
- DefinitionCarrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
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v3.23.4
Related-Party Transactions (Details Narrative)
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
Apr. 28, 2023
USD ($)
|
Apr. 28, 2023
DKK (kr)
|
Feb. 14, 2023
USD ($)
|
Feb. 14, 2023
DKK (kr)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2023
DKK (kr)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
DKK (kr)
|
Mar. 29, 2023 |
Dec. 31, 2022
USD ($)
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Management fee |
|
|
|
|
$ 191,885
|
$ 4,384
|
$ 393,476
|
|
$ 4,384
|
|
|
|
Annual salary |
|
|
|
|
146,236
|
|
199,712
|
|
|
|
|
|
Interest rate percenatge |
|
|
|
|
|
|
|
|
|
|
15.00%
|
|
Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable and accrued interest |
|
|
|
|
14,605
|
|
14,605
|
|
|
|
|
|
Stefan Muehlbauer And Tiffany Muehlbauer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Office expenses |
|
|
|
|
20,647
|
|
20,647
|
|
|
|
|
|
Chief Financial Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Management fee |
|
|
|
|
|
|
58,125
|
|
|
|
|
|
Pocket expenses |
|
|
|
|
|
|
1,180
|
|
|
|
|
|
Annual salary |
|
|
|
|
|
|
125,000
|
|
|
|
|
|
Lump sum bonus |
|
|
|
|
|
|
25,000
|
|
|
|
|
|
Chief Financial Officer [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Office expenses |
|
|
|
|
110,465
|
|
110,465
|
|
|
|
|
|
Chief Technology Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Management fee |
|
|
$ 25,500
|
|
|
|
|
|
|
|
|
|
Salaries |
|
|
12,766
|
|
|
|
|
|
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Management fee |
|
|
|
kr 825,000
|
|
|
119,808
|
|
|
|
|
|
Pocket expenses |
|
|
|
|
|
|
2,459
|
kr 16,779
|
|
|
|
|
Annual salary |
|
|
300,000
|
2,200,000
|
|
|
|
|
|
|
|
|
Salaries |
|
|
|
|
91,945
|
|
91,945
|
|
|
kr 627,500
|
|
|
Notes payable and accrued interest |
|
|
|
|
$ 23
|
|
$ 23
|
|
|
kr 155
|
|
|
Interest rate percenatge |
|
|
|
|
3.00%
|
|
3.00%
|
|
|
3.00%
|
|
|
Annual bonus percentage |
|
|
|
|
|
|
150.00%
|
150.00%
|
|
|
|
|
Director And Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Management fee |
|
|
|
|
|
|
$ 286,176
|
kr 1,953,067
|
|
|
|
|
Notes payable and accrued interest |
|
|
|
|
$ 17,217
|
|
$ 17,217
|
|
|
kr 118,300
|
|
|
Interest rate percenatge |
|
|
|
|
3.00%
|
|
3.00%
|
|
|
3.00%
|
|
|
Paw Juul Chief Technology Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Annual salary |
|
|
$ 300,000
|
kr 2,200,000
|
|
|
|
|
|
|
|
|
Salaries |
|
|
|
|
$ 91,945
|
|
$ 91,945
|
|
|
kr 627,500
|
|
|
Annual bonus percentage |
|
|
150.00%
|
150.00%
|
|
|
|
|
|
|
|
|
Management fees |
|
|
$ 119,808
|
|
|
|
|
|
|
|
|
|
Management fees | kr |
|
|
|
kr 825,000
|
|
|
|
|
|
|
|
|
Director And Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Management fee |
$ 14,506
|
kr 99,000
|
|
|
|
|
|
|
|
|
|
|
Interest rate percenatge |
3.00%
|
3.00%
|
|
|
3.00%
|
|
3.00%
|
|
|
3.00%
|
|
|
Accrued interest |
|
|
|
|
$ 76
|
|
$ 76
|
|
|
|
|
|
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v3.23.4
Summary of Restricted Stock Award Activity (Details)
|
Jun. 30, 2023
shares
|
Share-Based Payment Arrangement, Tranche One [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
4,976,852
|
Share-Based Payment Arrangement, Tranche Two [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
4,976,852
|
Share-Based Payment Arrangement, Tranche Three [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
4,976,851
|
Chief Executive Officer [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
6,111,111
|
Chief Executive Officer [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
2,037,037
|
Chief Executive Officer [Member] | Share-Based Payment Arrangement, Tranche Two [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
2,037,037
|
Chief Executive Officer [Member] | Share-Based Payment Arrangement, Tranche Three [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
2,037,037
|
Chief Technology Officer [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
5,625,000
|
Chief Technology Officer [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
1,875,000
|
Chief Technology Officer [Member] | Share-Based Payment Arrangement, Tranche Two [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
1,875,000
|
Chief Technology Officer [Member] | Share-Based Payment Arrangement, Tranche Three [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
1,875,000
|
Chief Financial Officer [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
1,736,111
|
Chief Financial Officer [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
578,704
|
Chief Financial Officer [Member] | Share-Based Payment Arrangement, Tranche Two [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
578,704
|
Chief Financial Officer [Member] | Share-Based Payment Arrangement, Tranche Three [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
578,703
|
Director [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
1,458,333
|
Director [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
486,111
|
Director [Member] | Share-Based Payment Arrangement, Tranche Two [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
486,111
|
Director [Member] | Share-Based Payment Arrangement, Tranche Three [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Total |
486,111
|
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v3.23.4
Commitments and Contingencies (Details Narrative) - USD ($)
|
|
6 Months Ended |
May 10, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Gross proceeds |
|
$ (366,607)
|
|
Shares of common stock |
45,000,000
|
|
|
Total subscriptions |
|
$ 877,100
|
|
Private Placement One [Member] |
|
|
|
Share issued price per share |
|
$ 0.25
|
|
Private Placement Two [Member] |
|
|
|
Share issued price per share |
|
$ 0.35
|
|
Common stock one [Member] |
|
|
|
Gross proceeds |
|
$ 375,000
|
|
Share issued price per share |
|
$ 0.35
|
|
Shares of common stock |
|
1,500,000
|
|
Common Stock Two [Member] |
|
|
|
Shares of common stock |
|
2,506,000
|
|
X |
- DefinitionThe cash inflow from the additional capital contribution to the entity.
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v3.23.4
v3.23.4
Subsequent Events (Details Narrative) - Subsequent Event [Member]
|
Aug. 18, 2023
USD ($)
$ / shares
shares
|
Subsequent Event [Line Items] |
|
Number of restricted common stock, shares |
5,506,000
|
Common stock shares to be issued, value | $ |
$ 819,350
|
Common shares to be issued |
2,341,000
|
Share-Based Payment Arrangement, Tranche One [Member] |
|
Subsequent Event [Line Items] |
|
Number of restricted common stock, shares |
1,500,000
|
Share issued price per share | $ / shares |
$ 0.25
|
Number of restricted common stock | $ |
$ 375,000
|
Share-Based Payment Arrangement, Tranche Two [Member] |
|
Subsequent Event [Line Items] |
|
Number of restricted common stock, shares |
4,006,000
|
Share issued price per share | $ / shares |
$ 0.35
|
Number of restricted common stock | $ |
$ 1,402,100
|
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