SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, future amortization of patents is expected as follows:

2025	$	185
	$	185

Other Assets

Other Assets: Other assets is comprised of the following:

	As of December 31,
	2024		2023
Lease security deposit	$	625,000	$	625,000
Spare machine parts		603,399		603,797
Total Other Assets	$	1,228,399	$	1,228,797

Deferred Revenue

Deferred revenue was as follows:

Balance as of January 1, 2023	$	13,000
Additions		31,220
Recognized as revenue		(43,285	)
Balance as of December 31, 2023		935
Additions		7,700
Recognized as revenue		(7,700	)
Balance as of December 31, 2024	$	935

Other Income/(Expense), Net

Other income/(expense), net is comprised as follows:

	Year ended
	December 31, 2024		December 31, 2023
Gain on settlement of liabilities	$	165,548	$	-
Swiss liabilities (Note 5)		541,021		-
Interest income		88,387		-
Employee retention credit		-		769,983
Other		23,765		(22,244	)
Total Other Income/(Expense), net	$	818,721	$	747,739