Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS EQUITY (DEFICIT)

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STOCKHOLDERS EQUITY (DEFICIT)
3 Months Ended
Mar. 31, 2022
STOCKHOLDERS EQUITY (DEFICIT)  
NOTE 14 - STOCKHOLDERS' EQITY /(DEFICIT)

NOTE 14 - 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, 2022 and December 31, 2021, 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, 2022 and December 31, 2021 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, 2022 and December 31, 2021 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, 2021

 

During the three months ended March 31, 2021, the Company issued an aggregate of 26,013 shares of its common stock for services rendered valued at $53,225 based on the underlying market value of the common stock at the date of issuance.

 

During the three months ended March 31, 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.

 

Three months ended March 31, 2022

 

During the three months ended March 31, 2022, the Company issued an aggregate of 25,423 shares of its common stock for services rendered valued at $100,030 based on the underlying market value of the common stock at the date of issuance, among which 7,040 shares valued at $25,000 were issued to the board of directors for board compensation.

 

During the three months ended March 31, 2022, the Company issued an aggregate of 229,886 shares of its common stock pursuant to the subscription agreements described in Note 16. The common shares were recorded at a price of $4.35 per shares for gross proceeds to the Company of $1,000,000.

 

As of March 31, 2022, and December 31, 2021, the Company had 6,954,277 and 6,698,968 shares of common stock issued and outstanding, respectively.