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Subsequent Events
12 Months Ended
Dec. 31, 2020
Subsequent Events  
Note 9. Subsequent Events

The Company has evaluated events from December 31, 2020, through the date whereupon the financial statements were issued and has determined that there are no material events that need to be disclosed, except as follows:

 

The Board of Directors approved the second amendment to the Restricted Stock Unit Agreement between the Company and its former Chief Executive Officer and current Chairman of the Board, Douglas Beplate in conjunction with Mr. Beplate’s retirement from his day-to-day management role with the Company. The amendment accelerated the vesting and immediately settled his remaining Restricted Stock Units (“RSUs”) in a total of 28,730,000 restricted shares. Further, as a bonus in recognition of Mr. Beplate’s service to the Company and in recruitment of new executive management, the Company agreed to issue to Mr. Beplate an additional 2,000,000 restricted shares of common stock.

 

The Company issued to various officers/director and other persons providing services to the Company, a total of 3,200,000 shares of common stock, in settlement of the scheduled vesting of RSU’s that were originally issued in March 2019 and vested on January 1, 2021. Of the 3,200,000 shares of common stock, 2,000,000 shares were issued to Louis Schiliro, Chief Operating Officer/director, and 100,000 shares were issued to Kristofer Heaton, our Principal Financial Officer.

 

The Company’s legal counsel was assigned a total amount of $175,000 which were all convertible notes – related party. The convertible note was convertible at $0.50 per share and the Company’s legal counsel converted the $175,000 into 350,000 shares of common stock.

 

Mr. Schiliro, the Chief Operating Officer, advanced the Company $20,000 to pay for operating expenses. The advance is due on demand and non-interest bearing.

 

The Company issued a total of $115,000 in convertible notes to two unaffiliated individuals. The notes are convertible at $0.85 per share have a maturity date of June 30, 2021 and has an interest rate of 3%. One note in the amount of $85,000 was converted into 100,000 shares of common stock.

 

One holder of a convertible note with a balance of $101,161, which included principal and accrued interest, converted the entire amount into 202,322 shares of common stock.

 

The Company issued 100,000 shares of common stock for settlement of a business consulting agreement. The shares had a fair market value of $111,000.

 

The Company cancelled 117,647 shares of common stock.

 

The Company issued 78,500 shares of common stock to Nate Knight, the former Chief Financial Officer, for amounts owed related to accrued compensation and reimbursable expenses.