Shareholders’ Equity (Deficit)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Shareholders’ Equity (Deficit)

8. Shareholders’ Equity (Deficit)

During nine months ended September 30, 2023, the following transactions occurred:

During the nine months ended September 30, 2023, the Company sold 27,429 shares of common stock for a total net proceeds of $95,541. The sale of shares was in connection with the shelf registration statement on Form S-3 effective on October 13, 2022, allowing the Company to issue up to $30,000,000 of common stock and prospectus supplement covering the offering, issuance and sale of up to $13,000,000 of common stock that may be issued and sold under an At The Market Offering Agreement dated as of September 30, 2022.

The Company recognized consulting expense of $1,022,963 to share subscriptions payable from restricted shares and stock options to be issued. As of September 30, 2023, the restricted shares have not been issued. During the same period, the Company issued 250,000 shares of common stock for consulting services valued at $635,000.

Refer to notes 16 for additional shareholders’ equity (deficit).

During nine months ended September 30, 2022, the following transactions occurred:

During the nine months ended September 30, 2022, the Company issued 10,000 common shares to a consultant for services received valued at $86,000, of which $66,329 was issued from share subscriptions payable. During the same period the Company issued 80,000 common shares for consulting, advisory services and employee compensation valued at $240,000.

During the nine months ended September 30, 2022, the Company issued 45,000 shares of restricted stock to members of the board valued at $260,100 from share subscriptions payable.

During the nine months ended September 30, 2022, the Company recognized consulting expenses of $186,107 to share subscriptions payable from restricted shares and stock options to be issued. As of September 30, 2022, the restricted shares have not been issued.

Refer to note 16 for additional shareholders’ equity (deficit).

As of September 30, 2023, the Company was authorized to issue 299,000,000 shares of its common stock with a par value of $0.0001. All shares were ranked equally with regard to the Company’s residual assets. During the three and nine months ended September 30, 2023, the Company was authorized to issue 100 shares of its Series A and 100,000 Series B Preferred Stock with a par value of $0.0001. Series A preferred Stock have voting rights equal to 299 shares of common stock, per share of preferred stock. Series B preferred Stock have voting rights equal to 10,000 shares of common stock per share of preferred stock.