Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS EQUITY (DEFICIT)

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STOCKHOLDERS EQUITY (DEFICIT)
6 Months Ended
Jun. 30, 2021
STOCKHOLDERS EQUITY (DEFICIT)  
NOTE 15 - STOCKHOLDERS' EQUITY/(DEFICIT)

NOTE 15 - STOCKHOLDERS’ EQUITY/(DEFICIT)

 

Convertible Preferred stock

 

The Company is authorized to issue 600,000 shares of preferred stock with no par value. As of June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020 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 June 30, 2021 and December 31, 2020 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

 

Six months ended June 30, 2021

 

During the six months ended June 30, 2021, the Company issued an aggregate of 39,880 shares of its common stock for services rendered valued at $106,225 based on the underlying market value of the common stock at the date of issuance.

During the six months ended June 30, 2021, the Company issued an aggregate of 1,125,000 shares of its common stock under these Subscription Agreements. The common shares were recorded at a price of $2.00 per shares at the date of the agreements of $2,250,000.

 

Six months ended June 30, 2020

 

During the six months ended June 30, 2020, the Company issued an aggregate of 53,923 shares of its common stock for services rendered valued at $128,263 based on the underlying market value of the common stock at the date of issuance, among which 22,010 shares valued at $50,000 were issued to the board of directors for board compensation.

 

As of June 30, 2021, and December 31, 2020, the Company had 6,628,324 shares and 5,463,444 shares of common stock issued and outstanding, respectively.