SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Property, Plant and Equipment

Assets are being depreciated over estimated useful lives of three to 10 years using the straight-line method, as presented in the table below, commencing when the asset is placed in service. Leasehold improvements are depreciated over the shorter of the remainder of the lease term or the life of the improvements. Upon retirement or disposal, the cost of the asset disposed of and

the related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. Expenditures for repairs and maintenance are expensed as incurred.

	Useful Lives
	in Years
Manufacturing machinery and equipment	5 - 10
Furniture, fixtures, computer hardware/software	3 - 7
Leasehold improvements	life of lease

Future Amortization of Patents

As of December 31, 2023, future amortization of patents is expected as follows:

2024	$	6,493
2025		185
	$	6,678

Other Assets

Other assets is comprised of the following:

	As of December 31,
	2023		2022
Lease security deposit	$	625,000	$	625,000
Spare machine parts		603,797		589,985
Total Other Assets	$	1,228,797	$	1,214,985

Deferred Revenue

Deferred revenue was as follows:

Balance as of January 1, 2022	$	22,500
Additions		229,813
Recognized as revenue		(239,313	)
Balance as of December 31, 2022		13,000
Additions		31,220
Recognized as revenue		(43,285	)
Balance as of December 31, 2023	$	935

Cumulative Effect of Changes in Fianancial Statement

The cumulative effect of the changes made to the Company’s January 1, 2023, Balance Sheet for the adoption of ASU 2020-06 is as follows:

	Balance at December 31, 2022			Adjustments Due to Adoption			Balance at January 1, 2023
Liabilities
Non-current convertible notes, net	$	5,268,399		$	3,686,243		$	8,954,642
Shareholders' equity
Additional paid in capital		452,135,653			(3,795,874	)		448,339,779
Accumulated deficit		(447,537,493	)		109,631			(447,427,862	)

The impact due to the change in accounting principle on net income and earnings per share for the year ended December 31, 2023 is as follows:

	Post ASU 2020-06			Pre ASU 2020-06			Difference
Year Ended December 31, 2023
Net Loss	$	(17,069,896	)	$	(25,739,479	)	$	8,669,583
Net Loss attributable to common shareholders		(35,050,574	)		(43,720,157	)		8,669,583
Earnings Per Share (Basic and Diluted)	$	(34.19	)	$	(42.65	)	$	(8.46	)