PREPAID EXPENSES, OTHER CURRENT ASSETS AND LAND DEPOSIT
|9 Months Ended|
Sep. 30, 2023
|Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]|
|PREPAID EXPENSES, OTHER CURRENT ASSETS AND LAND DEPOSIT||
3. PREPAID EXPENSES, OTHER CURRENT ASSETS AND LAND DEPOSIT
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS
The Company wrote off a non-refundable deposit amounting to $12,000 which was related to a previous land purchase agreement.
Inventory advances represent payments made to manufacturers for goods not received.
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 to have Stronghold complete certain permitting, zoning, and infrastructure work for a total purchase price of $4,300,000. The purchase price consists of:
As at December 31, 2022 the $2,085,960 of prefunded warrants were recorded under land deposit in relation to the Stronghold agreement.
On March 31, 2023 the prefunded warrants issued were rescinded and the warrants were rendered null and void as the Company presented a termination notice to Stronghold and the value under land deposit was also reversed.