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INVESTMENTS | 3 Months Ended
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Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS | 10. Investments INVESTMENTS (a) The Company has a 50% ownership interest in ENP Peru Investments LLC (“ENP Peru”). ENP Peru is located in Illinois and leases warehouse space. The Company accounts for this investment using the equity method of accounting. A summary of the Company’s investment follows: SCHEDULE OF EQUITY METHOD INVESTMENT
Balance, December 31, 2020 |  | $ | 3,822 |
Return of equity |  |  | (3,822 | )
Gain in equity method investment |  |  | 22,642 |
Balance, December 31, 2021 |  |  | 22,642 |
Return of equity |  |  | (7,500 | )
Balance, March 31, 2022 |  | $ | 15,142 |
Summarized profit and loss information related to the equity accounted investment is as follows for the full year: SUMMARY OF PROFIT AND LOSS INFORMATION RELATED TO EQUITY ACCOUNTED INVESTMENT
|  | 2021 |
Net sales |  | $ | 322,079 |
Net income |  | $ | 45,285 |
(b) In December 2018 the Company invested $200,000 in Applied Holding Corp. (“Applied”). Applied is a captive insurance company and the Company received a non-convertible promissory note for its investment which becomes due in 2021 but may be extended with notice for a maximum of two years. In accordance with FASB Codification Topic 323, Investments – Equity Method and Joint Ventures (ASC 323), the Company has elected to account for this investment at cost. During the year ended December 31, 2021, the Company entered an agreement with Applied to extend the maturity date of this promissory note to December 6, 2023. (c) In December 2018 the Company invested $500,000 in Trio Opportunity Corp. (“Trio”), a privately held entity. Trio is a real estate investment vehicle and the Company received 50,000 non-voting Class B shares at $10.00/share. In accordance with FASB Codification Topic 321, Investments – Equity Securities (ASC 321), the Company has elected to account for this investment at cost. (d) In January 2019, the Company invested $1,001,000 in a Florida based LLC that is engaged in international sales of fertilizer additives. The Company accounts for this investment using the equity method of accounting. According to the operating agreement, the Company has a 50% interest in the profit and loss of the Florida based LLC but does not have control. A summary of the Company’s investment follows: SCHEDULE OF EQUITY METHOD INVESTMENT
Balance, December 31, 2020 |  | $ | 3,572,345 |
Gain in equity method investment |  |  | 454,023 |
Return of equity |  |  | (325,000 | )
Balance, December 31, 2021 |  |  | 3,701,368 |
Gain in equity method investment |  |  | 36,764 |
Balance, March 31, 2022 |  | $ | 3,738,132 |
Further to the original investment amount, the Company had placed $1,000,000 in trust, which was released during the year ended December 31, 2020 upon the Florida based LLC reaching a milestone related to earnings before interest, taxes and depreciation (“EBITDA”) targets. The additional payments of $2,518,684 made during the year ended December 31, 2020 related to contingent consideration which was dependent on the Florida based LLC meeting certain performance millstones during the year. Summarized profit and loss information related to the equity accounted investment is as follows: SUMMARY OF PROFIT AND LOSS INFORMATION RELATED TO EQUITY ACCOUNTED INVESTMENT
|  | Three months ended March 31, 2022 |  |  | Three months ended March 31, 2021 |
Net sales |  | $ | 2,201,518 |  |  | $ | 2,332,304 |
Gross profit |  |  | 512,884 |  |  |  | 860,676 |
Net income |  |  | 73,528 |  |  |  | 400,580 |
During the three months ended March 31, 2022, the Company had sales of $1,672,200 (2021 - $1,434,684) to the Florida Based LLC, of which $1,419,306 is included within Accounts Receivable as at March 31, 2022 (December 31, 2021 -2020 - $2,202,345). (e) In December 2020, the Company invested $500,000 in Lygos Inc. (“Lygo’s”), a privately held entity, under a Simple Agreement for Future Equity agreement. Both companies intend to work together in pursuit of sustainable aspartic acid through synthetic biology (Note 18). In 2021, a second investment of $500,000 was in order to continue development of the aspartic acid microbe strain. T he Company has elected to account for this investment at cost. A summary of the Company’s investment follows: SCHEDULE OF EQUITY METHOD INVESTMENT
Balance, December 31, 2020 |  | $ | 500,000 |
Additional payment |  |  | 500,000 |
Balance, December 31, 2021 and March 31, 2022 |  | $ | 1,000,000 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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