0001213900-24-043619 | 10-Q | XBRL Viewer

Subsequent Events (Details) - USD ($)	Apr. 17, 2024	Feb. 02, 2023	Apr. 10, 2024	Mar. 31, 2024	Mar. 27, 2024	Dec. 31, 2023
Subsequent Events [Line Items]
Gross proceeds (in Dollars)	$ 211,341
Placement agent compensation (in Dollars)		$ 16,907
Exercise price per share (in Dollars per share)		$ 0.34
Subsequent Event [Member]
Subsequent Events [Line Items]
Percentage of boustead fee		7.00%
Percentage of non-accountable expense allowance		1.00%
Warrant issued (in Shares)		43,511
Percentage of number of second triton		7.00%
Common Class B [Member]
Subsequent Events [Line Items]
Purchase of second triton shares (in Shares)				6,892,381		6,039,134
Common Class B [Member] \| Subsequent Event [Member]
Subsequent Events [Line Items]
weighted average price per share (in Dollars per share)			$ 0.34
Common Class B [Member] \| Triton Funds LP [Member]
Subsequent Events [Line Items]
Purchase of second triton shares (in Shares)					621,590
weighted average price percentage					85.00%

Organization, Description of Business and Liquidity	3 Months Ended
Mar. 31, 2024
Organization, Description of Business and Liquidity [Abstract]
Organization, Description of Business and Liquidity	Note 1. Organization, Description of Business and Liquidity *Organization* Asset Entities Inc. (“Asset Entities”, “we”, “us” or the “Company”), began operations as a general partnership in August 2020 and formed Assets Entities Limited Liability Company in the state of California on October 20, 2020. The interim financial statements reflect the operations of the Company from inception of the general partnership. On March 15, 2022, the Company filed Articles of Merger to register and incorporate with the state of Nevada and changed the company name to Asset Entities Inc. On March 9, 2022, the Company filed Articles of Incorporation with the state of Nevada to authorize the Company to issue 250,000,000 shares, consisting of 10,000,000 shares of Class A Common Stock, $0.0001 par value per share (“Class A Common”), 190,000,000 shares of Class B Common stock, $0.0001 par value per share (“Class B Common”), and 50,000,000 shares of Preferred Stock, $0.0001 par value (the “Preferred Stock”). On March 28, 2022, all 51,250,000 units of the previously outstanding membership interests were exchanged for 9,756,000 shares of Class A Common Stock and 244,000 shares of Class B Common Stock. *Description of Business* Asset Entities is an Internet company providing social media marketing, content delivery, and development and design services across Discord, TikTok, and other social media platforms. Based on the rapid growth of our Discord servers and social media following, we have developed three categories of services. First, we provide subscription upgrades to premium content on our investment education and entertainment servers on Discord. Second, we codevelop and execute influencer social media and marketing campaigns for clients. Third, we design, develop and manage Discord servers for clients under our “AE.360.DDM” brand. Our AE.360.DDM service was released in December 2021. All of these services – our Discord investment education and entertainment, social media and marketing, and AE.360.DDM services – are therefore based on our effective use of Discord in combination with ongoing social media outreach on TikTok, Facebook, Twitter, Instagram, and YouTube. Liquidity The Company had an accumulated deficit of $6,945,219 as of March 31, 2024, cash of $1,869,786 as of March 31, 2024, and a net loss of $1,386,904 for the three months ended March 31, 2024. However, the Company initiated a sale of 621,590 shares of common stock under its Amended and Restated Closing Agreement on March 29, 2024, and intended to file a “shelf” registration statement and arranged for one or more financings to commence pursuant to such shelf registration statement shortly after it becomes effective. Based on the Company’s existing cash resources and the cash expected to be received from these financings, management believes that the Company will have sufficient funds to carry out the Company’s planned operations for at least the next 12 months from the issuance date of the accompanying interim financial statements.

Organization, Description of Business and Liquidity

3 Months Ended

Mar. 31, 2024

Organization, Description of Business and Liquidity [Abstract]

Organization, Description of Business and Liquidity

Note 1. Organization, Description of Business and Liquidity

Organization

Asset Entities Inc. (“Asset Entities”, “we”, “us” or the “Company”), began operations as a general partnership in August 2020 and formed Assets Entities Limited Liability Company in the state of California on October 20, 2020. The interim financial statements reflect the operations of the Company from inception of the general partnership. On March 15, 2022, the Company filed Articles of Merger to register and incorporate with the state of Nevada and changed the company name to Asset Entities Inc.

On March 9, 2022, the Company filed Articles of Incorporation with the state of Nevada to authorize the Company to issue 250,000,000 shares, consisting of 10,000,000 shares of Class A Common Stock, $0.0001 par value per share (“Class A Common”), 190,000,000 shares of Class B Common stock, $0.0001 par value per share (“Class B Common”), and 50,000,000 shares of Preferred Stock, $0.0001 par value (the “Preferred Stock”).

On March 28, 2022, all 51,250,000 units of the previously outstanding membership interests were exchanged for 9,756,000 shares of Class A Common Stock and 244,000 shares of Class B Common Stock.

Description of Business

Asset Entities is an Internet company providing social media marketing, content delivery, and development and design services across Discord, TikTok, and other social media platforms. Based on the rapid growth of our Discord servers and social media following, we have developed three categories of services. First, we provide subscription upgrades to premium content on our investment education and entertainment servers on Discord. Second, we codevelop and execute influencer social media and marketing campaigns for clients. Third, we design, develop and manage Discord servers for clients under our “AE.360.DDM” brand. Our AE.360.DDM service was released in December 2021. All of these services – our Discord investment education and entertainment, social media and marketing, and AE.360.DDM services – are therefore based on our effective use of Discord in combination with ongoing social media outreach on TikTok, Facebook, Twitter, Instagram, and YouTube.

Liquidity

The Company had an accumulated deficit of $6,945,219 as of March 31, 2024, cash of $1,869,786 as of March 31, 2024, and a net loss of $1,386,904 for the three months ended March 31, 2024. However, the Company initiated a sale of 621,590 shares of common stock under its Amended and Restated Closing Agreement on March 29, 2024, and intended to file a “shelf” registration statement and arranged for one or more financings to commence pursuant to such shelf registration statement shortly after it becomes effective. Based on the Company’s existing cash resources and the cash expected to be received from these financings, management believes that the Company will have sufficient funds to carry out the Company’s planned operations for at least the next 12 months from the issuance date of the accompanying interim financial statements.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The Company prepares its financial statements in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and generally accepted accounting principles in the United States of America (“GAAP”). The accompanying interim financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the Company’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024, are not necessarily indicative of the results for the full year. While management of the Company believes that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended December 31, 2023, contained in the Company’s Form 10-K filed on April 2, 2024.

Use of Estimates

The preparation of interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim financial statements and the reported amounts of expenses during the reporting period. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates.

Cash and Cash Equivalents

For purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The Company had no cash equivalents at March 31, 2024 and December 31, 2023.

Periodically, the Company may carry cash balances at financial institutions more than the federally insured limit of $250,000 per institution. The amount in excess of the FDIC insurance as of March 31, 2024, was approximately $1.38 million. The Company has not experienced losses on account balances and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.

Property and equipment

Property and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives on a straight-line basis.

Category	Useful life (years)
Building		39
Machinery and Equipment		5-10
Office Equipment and Fixtures		5
Vehicle		8

The Company did not have any Building, Machinery and Equipment, and Vehicle as of March 31, 2024.

Maintenance and repairs are charged to expense as incurred. Improvements of a major nature are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any gains or losses are reflected in the income.

The long-lived assets of the Company are reviewed for impairment in accordance with ASC No. 360, “Property, Plant and Equipment” (“ASC No. 360”), whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.

Intangible Assets

Intangible assets acquired are recorded at fair value. We test our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. We test our indefinite-lived intangible assets for impairment annually or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If the carrying value exceeds the fair value, we recognize an impairment in an amount equal to the excess, not to exceed the carrying value. Management uses considerable judgment to determine key assumptions, including projected revenue, royalty rates and appropriate discount rates. During the three months ended March 31, 2024 and 2023, there were no intangible asset impairment charges.

Finite-lived intangible assets are amortized using the straight-line method over their estimated useful lives, which ranges from 5 to 15 years. Our finite-lived intangible assets include acquired franchise agreements, acquired customer relationships, acquired customer lists, and internally developed software. Our indefinite-lived intangible assets include acquired domain names, trade names, and purchased software.

Intangible assets internally developed are measured at cost. We capitalize costs to develop or purchase computer software for internal use which are incurred during the application development stage. These costs include fees paid to third parties for development services and payroll costs for employees’ time spent developing the software. We expense costs incurred during the preliminary project stage and the post-implementation stage. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the software. The capitalization and ongoing assessment of recoverability of development costs requires considerable judgment by management with respect to certain external factors, including, but not limited to, technological and economic feasibility, and estimated economic life.

Impairment of Long-lived Assets Other Than Goodwill

Long-lived assets with finite lives, primarily property and equipment, intangible assets, and operating lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition are below the asset’s carrying value, then the asset is deemed to be impaired and written down to its fair value.

Fair Value Measurements

The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three tiers are defined as follows:

●

Level 1—Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets;

●

Level 2—Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and

●

Level 3—Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions.

The Company’s financial instruments, including cash, prepaid expense and contract liabilities, other current liabilities are carried at historical cost. At March 31, 2024 and December 31, 2023, the carrying amounts of these instruments approximated their fair values because of the short-term nature of these instruments.

Advertising Expenses

The Company expenses advertising costs as they incurred. Total advertising expenses were $143,915 and $19,697 for the three months ended March 31, 2024 and 2023, respectively, and have been included as part of general and administrative expenses.

Research and Development

Research and development costs are charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved as defined under the applicable agreement.

The Company incurred research and development expenses of $119,009 and $0 for the three months ended March 31, 2024 and 2023, respectively, and have been included as part of contract labor.

Stock based compensation

Service-Based Awards

The Company records stock-based compensation for awards granted to employees, non-employees, and to members of the Board for their services on the Board based on the grant date fair value of awards issued, and the expense is recorded on a straight-line basis over the requisite service period, which is generally one to three years.

For restricted stock awards (“RSAs”) issued under the Company’s stock-based compensation plans, the fair value of each grant is calculated based on the Company’s stock price on the date of grant.

Share Repurchase

Share repurchases are open market purchases. Share repurchases are generally recorded on the settlement date, as treasury stock. When shares are cancelled, the value of repurchased shares is deducted from stockholders’ equity through common stock with the excess over par value recorded to accumulated deficit.

Revenue Recognition

The Company recognizes revenue utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation.

Subscriptions

Subscription revenue is related to a single performance obligation that is recognized over time when earned. Subscriptions are paid in advance and can be purchased on a monthly, quarterly, or annual basis. Any quarterly or annual subscription revenue is recognized as a contract liability recorded over the contracted service period.

Marketing

Revenue related to marketing campaign contracts with customers are normally of a short duration, typically less than two (2) weeks.

AE.360.DDM Contracts

Revenue related to AE.360.DDM contracts with customers are normally of a short duration, typically less than one (1) week.

Contract Liabilities

Contract liabilities consist of quarterly and annual subscription revenue that have not been recognized. Revenue under these agreements is recognized over the related service period. As of March 31, 2024 and December 31, 2023, total contract liabilities were $2,031 and $3,445 respectively. Contract liabilities are expected to be recognized as revenue over a period not to exceed twelve (12) months.

Earnings Per Share of Common Stock

The Company has adopted ASC Topic 260, “Earnings per Share” which requires presentation of basic earnings per share on the face of the statements of operations for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic earnings per share computation. In the accompanying interim financial statements, basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing net income by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common stock issuable through contingent share arrangements, stock options and warrants unless the result would be antidilutive. The Company would account for the potential dilution from convertible securities using the as-if converted method. The Company accounts for warrants and options using the treasury stock method. As of March 31, 2024, dilutive potential common shares include outstanding warrants.

Related Parties

The Company follows ASC 850, “Related Party Disclosures”, for the identification of related parties and disclosure of related party transactions and balances. There were no related party transactions except management fees. During the three months ended March 31, 2024 and 2023, the Company paid management fees to their controlling members totaling $862,567 and $749,864, respectively.

Recent Accounting Pronouncements

The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its interim financial statements.

Intangible Assets (Details) - Schedule of Intangible Assets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Schedule of Intangible Assets [Abstract]
Purchased software	$ 100,000	$ 100,000
Less: Impairment
Total	$ 100,000	$ 100,000

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 6. Subsequent Events

Management evaluated all events from the date of the balance sheet, which was March 31, 2024 through May 15, 2024 which was the date these financial statements were available to be issue. Based on our evaluation no material events have occurred that require disclosure other than as disclosed below.

On March 27, 2024, the Company delivered a Closing Notice to Triton (the “Second Closing Notice”) for the purchase of 621,590 shares of the Company’s Class B Common Stock to Triton Funds LP, a Delaware limited partnership (“Triton”),. The price of the shares was required to be 85% of the lowest daily volume-weighted average price of the Class B Common Stock during the five business days prior to the closing of the purchase of the shares (the “Triton Closing”), and the Triton Closing was required to occur within five business days after the date that the Triton Shares were received by Triton, in accordance with the Amended and Restated Closing Agreement, dated as of August 1, 2023, between the Company and Triton, as amended by the Amendment to Amended and Restated Closing Agreement, dated as of September 27, 2023, between the Company and Triton, the Second Amendment to Amended and Restated Closing Agreement, dated as of December 30, 2023, between the Company and Triton, and the Third Amendment to Amended and Restated Closing Agreement, dated as of March 29, 2024, between the Company and Triton (as amended, the “Amended and Restated Closing Agreement”). On April 10, 2024, the date of the Triton Closing, the price of the Triton Shares was determined to be $0.34 per share based on the lowest daily volume-weighted average price of the Class B Common Stock during the five business days prior to the Triton Closing. On April 17, 2024, the Company received gross proceeds of $211,341.

In connection with the Triton Closing, pursuant to the engagement letter agreement between the Company and Boustead Securities, LLC (“Boustead”), dated November 29, 2021, and the underwriting agreement between the Company and Boustead, as representative of the underwriters of the Company’s initial public offering, dated February 2, 2023, the Company paid Boustead, as placement agent compensation, a total of $16,907, equal to 7% of the aggregate purchase price and a non-accountable expense allowance equal to 1% of the aggregate purchase price for the Triton Shares. In addition, the Company issued a warrant to Boustead for the purchase of 43,511 shares of Class B Common Stock, equal to 7% of the number of the Triton Shares, with an exercise price of $0.34 per share, equal to the purchase price per share of the Triton Shares (the “Tail Warrant”). The Tail Warrant is exercisable for a period of five years and contains cashless exercise provisions.

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,386,904)	$ (1,071,251)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Condensed Statement of Stockholders’ Equity (Unaudited) - USD ($)	Common stock Class A	Common stock Class B	Additional Paid in Capital	Treasury Stock	Accumulated Deficit	Total
Balance at Dec. 31, 2022	$ 839	$ 236	$ 779,826		$ (627,118)	$ 153,783
Balance (in Shares) at Dec. 31, 2022	8,385,276	2,364,724
Class B common stock and warrant issued		$ 150	6,540,343			6,540,493
Class B common stock and warrant issued (in Shares)		1,500,000
Class B common stock issued as restricted stock awards		$ 141	200,069			200,210
Class A and B Common stock issued for restricted stock awards (in Shares)		1,411,000
Net loss					(1,071,251)	(1,071,251)
Balance at Mar. 31, 2023	$ 839	$ 527	7,520,238		(1,698,369)	5,823,235
Balance (in Shares) at Mar. 31, 2023	8,385,276	5,275,724
Balance at Dec. 31, 2023	$ 839	$ 604	8,656,036	$ (176,876)	(5,558,315)	2,922,288
Balance (in Shares) at Dec. 31, 2023	8,385,276	6,039,134
Conversion from Class A to Class B common stock	$ (85)	$ 85
Conversion from Class A to Class B common stock (in Shares)	(853,247)	853,247
Stock Based Compensation			326,871			326,871
Net loss					(1,386,904)	(1,386,904)
Balance at Mar. 31, 2024	$ 754	$ 689	$ 8,982,907	$ (176,876)	$ (6,945,219)	$ 1,862,255
Balance (in Shares) at Mar. 31, 2024	7,532,029	6,892,381

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Property and Equipment

3 Months Ended

Mar. 31, 2024

Property and Equipment [Abstract]

Property and Equipment

Note 3. Property and Equipment

Property and equipment consisted of the following:

	March 31,			December 31,
	2024			2023
Office equipment	$	25,461		$	13,559
Accumulated depreciation		(1,802	)		(734	)
	$	23,659		$	12,825

During the three months ended March 31, 2024 and 2023, the Company recorded depreciation of $1,068 and $0, respectively.

Property and Equipment (Details) - Schedule of Property and Equipment - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Property and Equipment [Abstract]
Office equipment	$ 25,461		$ 13,559
Accumulated depreciation	(1,802)		(734)
Property and equipment, net	$ 23,659	$ 12,825	$ 12,825

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]
Insured limit per institution	$ 250,000
Excess of FDIC amount	1,380,000
Management fees paid	143,915	$ 19,697
Research and development expenses	119,009	0
Total contract liabilities	2,031		$ 3,445
Management fees	$ 862,567	$ 749,864

Stockholders’ Equity

3 Months Ended

Mar. 31, 2024

Stockholders’ Equity [Abstract]

Stockholders’ Equity

Note 5. Stockholders’ Equity

Authorized Capital Stock

On March 28, 2022, all 51,250,000 units of the previously outstanding membership interests were exchanged for 9,756,000 shares of Class A Common Stock and 244,000 shares of Class B Common Stock.

Preferred Stock

The Company shall have the authority to issue the shares of Preferred Stock in one or more series with such rights, preferences and designations as determined by the Board of Directors of the Company.

Class A Common Stock

Each share of Class A Common Stock entitles the holder to ten (10) votes, in person or proxy, on any matter on which an action of the stockholders of the Company is sought and is convertible by the holder into one (1) share of Class B Common Stock.

As part of a share conversion in March 2022, the Company converted the 97.56% membership interest to 9,756,000 shares of Class A Common Stock of the Company. The Company has reflected this conversion for all periods presented.

The Company had 7,532,029 and 8,385,276 shares of Class A Common Stock issued and outstanding as of March 31, 2024 and December 31, 2023, respectively.

Class B Common Stock

Each share of Class B Common Stock entitles the holder to one (1) vote, in person or proxy, on any matter on which an action of the stockholders of the Company is sought.

The Company had 6,892,381 and 6,039,134 shares of Class B Common Stock issued and outstanding as of March 31, 2024 and December 31, 2023, respectively.

Three months ended March 31, 2024

During the three months ended March 31, 2024, 853,247 shares of Class A common stock were converted into 853,247 shares of Class B common stock.

Treasury stock

During the year ended December 31, 2023, the Company repurchased 250,000 shares of Class B Common stock at $176,876 and recorded as treasury stock as of March 31, 2024 and December 31, 2023.

Triton Purchase Agreement

On June 30, 2023, the Company, entered into a Closing Agreement (the “Closing Agreement”) with Triton. Under the Closing Agreement, the Company agreed to sell to Triton shares of class B common stock, $0.0001 par value per share, of the Company (the “Class B Common Stock”), having a total value, as determined under the Amended and Restated Closing Agreement, of $1,000,000.

On August 1, 2023, the Company and Triton entered into an Amended and Restated Closing Agreement (the “Amended and Restated Closing Agreement”). Subject to the terms of the Amended and Restated Closing Agreement, the Company may deliver a closing notice (the “Closing Notice”) and issue certain securities to Triton at any time on or before April 30, 2024, pursuant to which Triton will be obligated to purchase such securities of the Company with an aggregate value of $1,000,000 in the following manner. Upon delivery of the Closing Notice, Triton must purchase newly-issued shares of Class B Common Stock of the Company (the “Triton Shares”) in an amount equal to up to 9.99% of the outstanding shares of Class B Common Stock following such purchase, plus pre-funded warrants (the “Triton Pre-Funded Warrants” and together with the Triton Shares, the “Triton Securities”) that may be exercised to purchase an amount of newly-issued shares of Class B Common Stock (the “Triton Warrant Shares”), such that the aggregate price of the Triton Shares and the Triton Pre-Funded Warrants together with the exercise price to be paid upon full exercise of the Triton Pre-Funded Warrants will equal a total gross purchase price of $1,000,000. Upon the Company’s election to deliver the Closing Notice, the price of each of the Triton Shares will be set at 85% of the lowest daily volume-weighted average price of the Class B Common Stock during the five (5) business days before and five business days after the date of the Closing Notice.

2022 Equity Incentive Plan

The maximum number of shares of Class B Common Stock that may be issued pursuant to awards granted under the 2022 Plan is 2,750,000 shares. Awards that may be granted include: (a) Incentive Stock Options, or ISO (b) Non-statutory Stock Options, (c) Stock Appreciation Rights, (d) Restricted Stock, the Restricted Stock Units, or RSUs, (f) Stock granted as a bonus or in lieu of another award, and (g) Performance Awards. These awards offer us and our shareholders the possibility of future value, depending on the long-term price appreciation of our Class B Common Stock and the award holder’s continuing service with us.

The RSA shares to directors vest quarterly for one year from the date of grantee’s appointment as a director. The RSA shares to officers vest annually over three years from the grant date. RSA shares are measured at fair market value on the date of grant and stock-based compensation expense is recognized as the shares vest with a corresponding offset credited to additional paid-in-capital. For the three months ended March 31, 2024 and 2023, the Company recorded stock-based compensation expense of $326,871 and $200,210, respectively. As of March 31, 2024, 674,330 RSA shares have vested.

As of March 31, 2024, there was $2,156,428 of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of 1.87 years.

Warrant

A summary of activity during the three months ended March 31, 2024, follows:

	Number of		Weighted Average		Weighted Average
	shares		Exercise Price		Life (years)
Outstanding, December 31, 2023		157,500	$	6.25		3.97
Granted		-		-		-
Expired		-		-		-
Exercised		-		-		-
Outstanding, March 31, 2024		157,500	$	6.25		3.72

All the outstanding warrants are exercisable as of March 31, 2024. The intrinsic value of the warrants as of March 31, 2024, is $0.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 124,841	$ 61,135
Operating expenses
Contract labor	127,139	36,581
General and administrative	522,039	345,941
Management compensation	862,567	749,864
Total operating expenses	1,511,745	1,132,386
Loss from operations	(1,386,904)	(1,071,251)
Net loss	$ (1,386,904)	$ (1,071,251)
Loss per share of common stock - basic (in Dollars per share)	$ (0.1)	$ (0.09)
Weighted average number of shares of common stock outstanding - basic (in Shares)	14,174,410	12,464,256

Property and Equipment (Details) - USD ($)	3 Months Ended
Property and Equipment (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Property and Equipment [Abstract]
Depreciation	$ 1,068	$ 0

Organization, Description of Business and Liquidity (Details) - USD ($)		3 Months Ended		12 Months Ended
	Mar. 28, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 09, 2022
Organization, Description of Business and Liquidity [Line Items]
Shares authorized		200,000,000		200,000,000
Common stock par value (in Dollars per share)		$ 0.0001		$ 0.0001
Shares authorized		50,000,000		50,000,000
Preferred stock par value (in Dollars per share)		$ 0.0001		$ 0.0001
Accumulated deficit (in Dollars)		$ (6,945,219)		$ (5,558,315)
Cash (in Dollars)		1,869,786
Net loss (in Dollars)		$ (1,386,904)	$ (1,071,251)
Purchase of second triton shares				621,590
Asset Entities Inc. [Member]
Organization, Description of Business and Liquidity [Line Items]
Aggregate number of shares authorized					250,000,000
Outstanding membership interests	51,250,000
Class A Common Stock [Member]
Organization, Description of Business and Liquidity [Line Items]
Shares authorized		10,000,000		10,000,000
Common stock par value (in Dollars per share)		$ 0.0001		$ 0.0001
Outstanding membership interests	51,250,000
Conversion of units	9,756,000	853,247
Class A Common Stock [Member] \| Asset Entities Inc. [Member]
Organization, Description of Business and Liquidity [Line Items]
Shares authorized					10,000,000
Common stock par value (in Dollars per share)					$ 0.0001
Conversion of units	9,756,000
Class B Common Stock [Member]
Organization, Description of Business and Liquidity [Line Items]
Shares authorized		190,000,000		190,000,000
Common stock par value (in Dollars per share)		$ 0.0001		$ 0.0001
Conversion of units	244,000	853,247
Class B Common Stock [Member] \| Asset Entities Inc. [Member]
Organization, Description of Business and Liquidity [Line Items]
Shares authorized					190,000,000
Common stock par value (in Dollars per share)					$ 0.0001
Conversion of units	244,000
Preferred Stock [Member] \| Asset Entities Inc. [Member]
Organization, Description of Business and Liquidity [Line Items]
Shares authorized					50,000,000
Preferred stock par value (in Dollars per share)					$ 0.0001

Intangible Assets

3 Months Ended

Mar. 31, 2024

Intangible Assets [Abstract]

Intangible Assets

Note 4. Intangible Assets

Intangible assets consist of the following:

	March 31,		December 31,
	2024		2023
Purchased software	$	100,000	$	100,000
Less: Impairment		-		-
	$	100,000	$	100,000

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Intangible Assets [Abstract]

Schedule of Intangible Assets

Intangible assets consist of the following:

	March 31,		December 31,
	2024		2023
Purchased software	$	100,000	$	100,000
Less: Impairment		-		-
	$	100,000	$	100,000

Condensed Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current Assets
Cash	$ 1,869,786	$ 2,924,323
Prepaid expenses	151,274	38,681
Total Current Assets	2,021,060	2,963,004
Non-Current Assets
Property and equipment, net	23,659	12,825
Intangible asset	100,000	100,000
Total Non-Current Assets	123,659	112,825
TOTAL ASSETS	2,144,719	3,075,829
Current Liabilities
Accounts payable and credit card liability	280,433	150,096
Contract liabilities	2,031	3,445
Total Current Liabilities	282,464	153,541
TOTAL LIABILITIES	282,464	153,541
Commitments and contingencies
Stockholders’ Equity
Preferred Stock; $0.0001 par value, 50,000,000 authorized
Common Stock Value
Treasury Stock, at cost: Class B Common Stock - 250,000 shares	(176,876)	(176,876)
Additional paid in capital	8,982,907	8,656,036
Accumulated deficit	(6,945,219)	(5,558,315)
TOTAL STOCKHOLDERS’ EQUITY	1,862,255	2,922,288
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	2,144,719	3,075,829
Class A Common Stock
Stockholders’ Equity
Common Stock Value	754	839
Class B Common Stock
Stockholders’ Equity
Common Stock Value	689	604
Treasury Stock, at cost: Class B Common Stock - 250,000 shares	$ (176,876)	$ (176,876)

Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2024

Warrant [Member]

Stockholders’ Equity [Line Items]

Schedule of Warrants Activities

A summary of activity during the three months ended March 31, 2024, follows:

	Number of		Weighted Average		Weighted Average
	shares		Exercise Price		Life (years)
Outstanding, December 31, 2023		157,500	$	6.25		3.97
Granted		-		-		-
Expired		-		-		-
Exercised		-		-		-
Outstanding, March 31, 2024		157,500	$	6.25		3.72

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Condensed Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Loss per share of common stock - diluted	$ (0.36)	$ (0.06)
Weighted average number of shares of common stock outstanding - diluted	13,577,993	10,249,315

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 15, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Information [Line Items]
Entity Registrant Name	ASSET ENTITIES INC.
Entity Central Index Key	0001920406
Entity File Number	001-41612
Entity Tax Identification Number	88-1293236
Entity Incorporation, State or Country Code	NV
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	100 Crescent Ct
Entity Address, Address Line Two	7th Floor
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
Entity Phone Fax Numbers [Line Items]
City Area Code	(214)
Local Phone Number	459-3117
Entity Listings [Line Items]
Title of 12(b) Security	Class B Common Stock, $0.0001 par value per share
Trading Symbol	ASST
Security Exchange Name	NASDAQ
Class A Common Stock
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		7,532,029
Class B Common Stock
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		7,513,971

Stockholders’ Equity (Details) - Schedule of Warrants Activities - Warrants [Member] - $ / shares		3 Months Ended
	Dec. 31, 2023	Mar. 31, 2024
Schedule of Warrants as Equity Classified Instruments [Line Items]
Number of shares, Outstanding Ending	157,500	157,500
Weighted Average Exercise Price, Outstanding Ending	$ 6.25	$ 6.25
Weighted Average Life (years), Outstanding Ending	3 years 11 months 19 days	3 years 8 months 19 days
Number of shares, Granted
Weighted Average Exercise Price, Granted
Number of shares, Expired
Weighted Average Exercise Price, Expired
Number of shares, Exercised
Weighted Average Exercise Price, Exercised

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:

	March 31,			December 31,
	2024			2023
Office equipment	$	25,461		$	13,559
Accumulated depreciation		(1,802	)		(734	)
	$	23,659		$	12,825

Summary of Significant Accounting Policies (Details) - Schedule of Property and Equipment are Stated at Cost Less Accumulated Depreciation and Impairment Loss	Mar. 31, 2024
Building [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Proprety and Equipment Useful Life	39 years
Equipment [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Proprety and Equipment Useful Life	5 years
Vehicles [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Proprety and Equipment Useful Life	8 years
Minimum [Member] \| Machinery and Equipment [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Proprety and Equipment Useful Life	5 years
Maximum [Member] \| Machinery and Equipment [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Proprety and Equipment Useful Life	10 years

Stockholders’ Equity (Details) - USD ($)					1 Months Ended	3 Months Ended		12 Months Ended
Stockholders’ Equity (Details) - USD ($)	Apr. 30, 2024	Aug. 01, 2023	Mar. 28, 2022	Mar. 09, 2022	Mar. 31, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jun. 30, 2023
Stockholders’ Equity [Line Items]
Authorized share issued				250,000,000
Common stock par value (in Dollars per share)						$ 0.0001		$ 0.0001
Preferred stock, par value (in Dollars per share)						$ 0.0001		$ 0.0001
Treasury stock								250,000
Treasury stock (in Dollars)						$ 176,876		$ 176,876
Common stock value issued (in Dollars)									$ 1,000,000
Outstanding shares percentage		9.99%
Gross purchase price (in Dollars)		$ 1,000,000
Weighted average price percentage		85.00%
Stock-based compensation expense (in Dollars)						$ 326,871	$ 200,210
Recognized over weighted-average period								1 year 317 days
Warrant [Member]
Stockholders’ Equity [Line Items]
Intrinsic value (in Dollars)								$ 0
2022 Equity Incentive Plan [Member]
Stockholders’ Equity [Line Items]
Granted shares						2,750,000
Preferred Stock [Member]
Stockholders’ Equity [Line Items]
Authorized share issued				50,000,000
Preferred Stock [Member] \| NEVADA
Stockholders’ Equity [Line Items]
Preferred stock, par value (in Dollars per share)				$ 0.0001
RSA [Member]
Stockholders’ Equity [Line Items]
Shares vested						674,330
Restricted Stock Units (RSUs) [Member]
Stockholders’ Equity [Line Items]
Unrecognized stock-based compensation expense (in Dollars)						$ 2,156,428
Subsequent Event [Member]
Stockholders’ Equity [Line Items]
Purchase securities (in Dollars)	$ 1,000,000
Common Class A [Member]
Stockholders’ Equity [Line Items]
Authorized share issued				10,000,000
Common stock par value (in Dollars per share)						$ 0.0001		$ 0.0001
Previously outstanding membership interests			51,250,000
Shares exchanged			9,756,000			853,247
Percentage of membership interest					97.56%
Shares issued					9,756,000
Common stock shares issued						7,532,029		8,385,276
Common stock shares outstanding						7,532,029		8,385,276
Common stock value issued (in Dollars)						$ 754		$ 839
Common Class A [Member] \| NEVADA
Stockholders’ Equity [Line Items]
Common stock par value (in Dollars per share)				$ 0.0001
Common Class B [Member]
Stockholders’ Equity [Line Items]
Authorized share issued				190,000,000
Common stock par value (in Dollars per share)						$ 0.0001		$ 0.0001
Shares exchanged			244,000			853,247
Common stock shares issued						6,892,381		6,039,134
Common stock shares outstanding						6,892,381		6,039,134
Treasury stock						250,000		250,000
Treasury stock (in Dollars)						$ 176,876		$ 176,876
Common stock value issued (in Dollars)						$ 689		$ 604
Common Class B [Member] \| NEVADA
Stockholders’ Equity [Line Items]
Common stock par value (in Dollars per share)				$ 0.0001
Common Class B [Member] \| Triton Shares [Member]
Stockholders’ Equity [Line Items]
Common stock par value (in Dollars per share)									$ 0.0001

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Summary of Significant Accounting Policies [Abstract]

Schedule of Property and Equipment are Stated at Cost Less Accumulated Depreciation and Impairment Loss

Property and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives on a straight-line basis.

Category	Useful life (years)
Building		39
Machinery and Equipment		5-10
Office Equipment and Fixtures		5
Vehicle		8

Condensed Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Treasury Stock, at cost Class B Common Stock		250,000
Class A Common Stock
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	7,532,029	8,385,276
Common stock, shares outstanding	7,532,029	8,385,276
Class B Common Stock
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	190,000,000	190,000,000
Common stock, shares issued	6,892,381	6,039,134
Common stock, shares outstanding	6,892,381	6,039,134
Treasury Stock, at cost Class B Common Stock	250,000	250,000

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,386,904)	$ (1,071,251)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation	326,871	200,210
Depreciation	1,068
Changes in operating assets and liabilities:
Accounts receivable		(2,995)
Prepaid expenses	(112,593)	(86,432)
Accounts payable and accrued expenses	130,337	131,125
Contract liabilities	(1,414)	(603)
Net cash used in operating activities	(1,042,635)	(829,946)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(11,902)
Net cash used in investing activities	(11,902)
CASH FLOWS FROM FINANCING ACTIVITIES
Class B common stock subscription proceeds received, net		6,615,120
Net cash provided by financing activities		6,615,120
Net increase (decrease) in cash	(1,054,537)	5,785,174
Cash at beginning of period	2,924,323	137,177
Cash at end of period	1,869,786	5,922,351
NON CASH INVESTING AND FINANCING ACTIVITIES
Conversion from Class A to Class B common stock	$ 85

Accounting Policies, by Policy (Policies)

3 Months Ended

Mar. 31, 2024

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

Property and equipment

Property and equipment

Category	Useful life (years)
Building		39
Machinery and Equipment		5-10
Office Equipment and Fixtures		5
Vehicle		8

The Company did not have any Building, Machinery and Equipment, and Vehicle as of March 31, 2024.

Intangible Assets

Intangible Assets

Impairment of Long-lived Assets Other Than Goodwill

Impairment of Long-lived Assets Other Than Goodwill

Fair Value Measurements

Fair Value Measurements

●

Level 1—Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets;

●

Level 2—Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and

●

Level 3—Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions.

Research and Development

Research and Development

The Company incurred research and development expenses of $119,009 and $0 for the three months ended March 31, 2024 and 2023, respectively, and have been included as part of contract labor.

Stock based compensation

Stock based compensation

Service-Based Awards

Share Repurchase

Revenue Recognition

Revenue Recognition

Subscriptions

Marketing

Revenue related to marketing campaign contracts with customers are normally of a short duration, typically less than two (2) weeks.

AE.360.DDM Contracts

Revenue related to AE.360.DDM contracts with customers are normally of a short duration, typically less than one (1) week.

Contract Liabilities

Contract Liabilities

Earnings Per Share of Common Stock

Earnings Per Share of Common Stock

Related Parties

Related Parties

Recent Accounting Pronouncements

Recent Accounting Pronouncements