STOCKHOLDERS EQUITY (DEFICIT) |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| STOCKHOLDERS EQUITY (DEFICIT) | |
| STOCKHOLDERS' EQITY DEFICIT |
NOTE 13 - STOCKHOLDERS’ EQUITY/(DEFICIT)
Convertible Preferred stock
The Company is authorized to issue 600,000 shares of preferred stock with no par value. As of March 31, 2024 and December 31, 2023 and 2022, the Company had 80,000 shares of Series A preferred stock and 160,000 shares of Series B preferred stock issued and outstanding.
As of March 31, 2024 and December 31, 2023, each share of Series A preferred stock is entitled to one thousand (1,000) votes and is convertible into one share of common stock. 30,000 shares of Series A Preferred Stock are owned by management. The Series A Preferred Stock is not entitled to dividends and there are no liquidation rights associated with Series A. Each share of Series A Preferred Stock may be converted, at the option of the holder each share of Series A Preferred Stock may be converted equal to one (1) fully paid and nonassessable share of Common Stock, par value $0.001.
As of March 31, 2024 and December 31, 2023, each share of Series B stock is entitled to two thousand (2,000) votes and is convertible into one share of common stock. 120,000 shares of Series B Preferred Stock are owned by management. The Series B Preferred Stock is not entitled to dividends and there are no liquidation rights associated with Series B. Each share of Series B Preferred Stock may be converted, at the option of the holder each share of Series B Preferred Stock may be converted equal to one (1) fully paid and nonassessable share of Common Stock, par value $0.001. Common stock
Three months ended March 31, 2023
During the three months ended March 31, 2023, the Company issued an aggregate of 36,660 shares of its common stock for services rendered valued at $63,144 based on the underlying market value of the common stock at the date of issuance, among which 16,351 shares valued at $28,933 were issued to the board of directors for board compensation.
During the three months ended March 31, 2023, the Company issued an aggregate of 342,592 shares of its common stock pursuant to the Lucido 2023 Subscription Agreement and the Galligan 2023 Subscription Agreement (as defined in Note 15). The common shares were recorded at a price of $1.75 per shares for gross proceeds to the Company of $600,000. $300,000 was received on March 30, 2023 and $300,000 was received subsequent to March 31, 2023.
During the three months ended March 31, 2023, the Company issued 4,285 shares as additional consideration for the issuance of a promissory note (see Note 9). The 4,285 shares of common stock were valued at an aggregate value of $6,000.
Three months ended March 31, 2024
During the three months ended March 31, 2024, the Company issued an aggregate of 169,075 shares of its common stock for services rendered valued at $149,625 based on the underlying market value of the common stock at the date of issuance, among which 70,584 shares valued at $60,000 were issued to the board of directors for board compensation.
During the three months ended March 31, 2024, the Company issued an aggregate of 30,000 shares as consideration to the holders of promissory notes entering into the amended agreements to the promissory notes (see Note 9). The 30,000 shares of common stock were valued at an aggregate value of $28,350. The Company also issued 24,000 shares as additional consideration for the issuance of one promissory note (see Note 9). The 24,000 shares of common stock were valued at a value of $11,867.
As of March 31, 2024 and December 31, 2023, the Company had 8,897,104 shares and 8,674,029 shares of common stock issued and outstanding, respectively. |