PREPAID EXPENSES AND OTHER CURRENT ASSETS AND LAND DEPOSIT (Tables)

12 Months Ended

Dec. 31, 2022

Prepaid Expenses And Other Current Assets And Land Deposit

SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS

	December 31, 2022		December 31, 2021
Deposits	$	12,000	$	32,000
Legal retainer		24,457		33,692
Prepaid expenses		436,496		214,445
Deferred offering costs		100,337		-
Others		25,052		28,903
	$	598,342	$	309,040

On August 31, 2022, the Company signed a purchase and sale agreement with Stronghold Power Systems, Inc. (“Stronghold”), to purchase approximately seventy acres of land located in the City of Coachella as well as the completion of certain permitting, zoning, and infrastructure work by Stronghold for a total purchase price of $4,300,000. The purchase price consists of:

(i)	$1,500,000 in cash due on March 31, 2023.
(ii)	A first stock deposit of $1,700,000 in prefunded warrants. The Company issued 695,866 prefunded warrants on September 9, 2022 to Stronghold.
(iii)	A second stock deposit $1,100,000 in prefunded warrants. The Company issued 450,266 prefunded warrants on September 9, 2022 to Stronghold.

At December 31, 2022 the $2,085,960 of prefunded warrants were recorded under land deposit in relation to the Stronghold agreement. The prefunded warrant issuance may be rescinded and the warrants null and void if Stronghold does not meet all escrow performance conditions by March 31, 2023.