Annual report pursuant to Section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES (Details Narrative)

v3.22.1
COMMITMENTS AND CONTINGENCIES (Details Narrative)
1 Months Ended 12 Months Ended
Dec. 28, 2021
shares
Dec. 02, 2021
USD ($)
ft²
Oct. 08, 2021
Oct. 07, 2021
USD ($)
Aug. 07, 2021
USD ($)
Jun. 22, 2021
USD ($)
Jun. 05, 2021
USD ($)
Jun. 02, 2021
USD ($)
$ / shares
May 28, 2021
shares
May 23, 2021
USD ($)
$ / shares
Mar. 11, 2021
Jul. 16, 2020
USD ($)
shares
Jul. 24, 2019
USD ($)
ft²
Jul. 24, 2019
GBP (£)
ft²
Aug. 24, 2021
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Loss Contingencies [Line Items]                                  
Professional fees                               $ 1,198,063 $ 595,622
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares                               $ 3.53 $ 2.35
Stock issued during period, shares, restricted stock award, gross | shares 15,000                                
Weighted average incremental borrowing rate                               600.00%  
Operating lease liability - long term                               $ 19,763 $ 30,125
Operating lease liability - long term                               22,574
Operating lease right of use assets                               22,643 55,606
ASC 840 [Member]                                  
Loss Contingencies [Line Items]                                  
Net rent expense                               $ 35,112 $ 32,607
Charles M. Fernandez [Member]                                  
Loss Contingencies [Line Items]                                  
Stock issued during period, shares, restricted stock award, gross | shares                 600,000                
Employment Agreements [Member] | David Phipps [Member]                                  
Loss Contingencies [Line Items]                                  
Annual base compensation             $ 350,000                    
Additional compensation         $ 1,000                        
Employment agreement term                     3 years            
Employment Agreements [Member] | Ellenoff [Member]                                  
Loss Contingencies [Line Items]                                  
Employment agreement, description                             Mr. Ellenoff will receive, in lieu of cash compensation: (i) a restricted stock award of 100,000 shares of Common Stock of the Company, 40,000 of which will be issued within 5 business days of the execution of the Ellenoff Employment Agreement and vest immediately, and the remaining 60,000 of which will be issued and vest at the rate of 20,000 shares at the end of each of the next three annual anniversaries of his employment, provided that Mr. Ellenoff serves on the Board at any time during such year; and (ii) options to purchase a total of 1,500,000 shares of the Corporation’s Common Stock, 300,000 of which will issued within 5 business days of the execution of the Ellenoff Employment Agreement and vest immediately, 150,000 of which will vest on each of the next three annual anniversaries of the commencement of his employment, and the remaining 750,000 of which will vest at the rate of 250,000 per year on each of the first three anniversaries of the commencement of his employment if during each such year Mr. Ellenoff introduces the Company to twelve (12) or more potential Business Transactions (as defined in the Ellenoff Employment Agreement and which transactions need not be consummated); provided that the Company’s Chief Executive Officer may, in his sole discretion, waive the vesting requirement in any given year    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares                             $ 5.35    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period                             5 years    
Employment Agreements [Member] | Thomson [Member]                                  
Loss Contingencies [Line Items]                                  
Annual base compensation                             $ 250,000    
Employment agreement term                             3 years    
Employment agreement, description                             Mr. Thomson received (i) immediately vested options to purchase 25,000 shares of Common Stock at a per share price of $5.35, and having a term of 5 years; and (ii) a restricted stock grant of 25,000 shares of Common Stock, 10,000 of which vest immediately, and the remaining 15,000 of which will vest at the rate of 5,000 shares at the end of each of the next three annual anniversaries of his employment. These equity awards to Mr. Thomson were issued outside of a shareholder approved stock or option plan pursuant to the Nasdaq “inducement grant” exception (Nasdaq Listing Rule 5635(c)(4)). On October 7, 2021, the Board of Directors of the Company (the “Board”) appointed Paul R. Thomson, the Executive Vice President of the Company, to the additional position of Chief Financial Officer of the Company effective October 9, 2021. As Chief Financial Officer, Mr. Thomson will also become the Company’s principal financial officer, effective October 9, 2021. On October 8, 2021, on the approval and recommendation of the Compensation Committee of the Board (the “Compensation Committee”), and following subsequent approval of the Board, the Company entered into an amendment to the Company’s current employment agreement with Mr. Thomson to reflect his new title of “Executive Vice President and Chief Financial Officer” effective October 9, 2021 (the “Thomson Amendment”    
Employment Agreements [Member] | Cohen [Member]                                  
Loss Contingencies [Line Items]                                  
Annual base compensation       $ 250,000                          
Employment agreement term       3 years                          
Employment agreement, description                             Mr. Cohen received (i) immediately vested options to purchase 25,000 shares of Common Stock at a per share price of $5.35, and having a term of 5 years; and (ii) a restricted stock grant of 25,000 shares of Common Stock, 10,000 of which vest immediately, and the remaining 15,000 of which will vest at the rate of 5,000 shares at the end of each of the next three annual anniversaries of his employment.    
Fernandez Agreement [Member] | Charles M. Fernandez [Member]                                  
Loss Contingencies [Line Items]                                  
Annual base compensation                   $ 12,000              
Restricted stock fair value                   3,000,000              
Fernandez Agreement [Member] | Charles M. Fernandez [Member] | Maximum [Member]                                  
Loss Contingencies [Line Items]                                  
Professional fees                   $ 10,000              
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares                   $ 5.00              
June Agreement [Member] | Charles M. Fernandez [Member]                                  
Loss Contingencies [Line Items]                                  
Annual base compensation               $ 350,000                  
Additional compensation         1,000                        
Employment agreement term               5 years                  
Annual cash bonus percentage               100.00%                  
Restricted stock fair value               $ 3,000,000                  
Share Price | $ / shares               $ 5                  
June Agreement [Member] | Charles M. Fernandez [Member] | Maximum [Member]                                  
Loss Contingencies [Line Items]                                  
Professional fees               $ 10,000.00                  
Uddin Employment Agreement [Member] | Sarwar Uddin [Member]                                  
Loss Contingencies [Line Items]                                  
Annual base compensation           $ 240,000                      
Additional compensation         $ 600                        
Employment agreement term           1 year                      
Carlise Employment Agreement [Member] | Theresa Carlise [Member]                                  
Loss Contingencies [Line Items]                                  
Annual base compensation           $ 180,000                      
Carlise Employment Agreement [Member] | Theresa Carlise [Member] | Maximum [Member]                                  
Loss Contingencies [Line Items]                                  
Employment agreement term     3 years                            
Carlise Employment Agreement [Member] | Theresa Carlise [Member] | Minimum [Member]                                  
Loss Contingencies [Line Items]                                  
Employment agreement term     1 year                            
Consulting Agreement [Member] | Board Of Directors [Member]                                  
Loss Contingencies [Line Items]                                  
Stock issued during period, shares, restricted stock award, gross | shares                       20,000          
Additional restricted common shares                       $ 5,000          
Lease Agreement [Member]                                  
Loss Contingencies [Line Items]                                  
Area of square feet | ft²   4,141                     2,660 2,660      
Annual Rent   $ 186,345                       £ 25,536      
Annual lease percentage   3.00%                              
Facilities rent per month                         $ 2,926 £ 2,128      
Foreign currency translation rate                         1.375083 1.375083      
Lease expire date                         Jul. 31, 2022 Jul. 31, 2022