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CAPITAL STOCK
3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
CAPITAL STOCK

NOTE 10 - CAPITAL STOCK

 

The Company is authorized to issue (i) 300,000,000 shares of common stock, $0.001 par value, and (ii) 10,000,000 shares of preferred stock, par value $0.001 per share, with such designations, rights and preferences as may be determined from time to time by the Board of Directors.

 

Preferred stock

 

10,000,000 shares of preferred stock has been designated Series A Convertible Preferred.

 

Each share of Series A Convertible Preferred holds with it conversion rights of 100 shares of common stock for every share of Series A Convertible Preferred stock held, and that each share of Series A Convertible Preferred stock also holds with it the same number of common share votes prior to conversion as it would if fully converted to be used in voting on any company matter requiring a vote of shareholders. At March 31, 2024 and December 31, 2023, there were 8,957,500 of Series A Convertible Preferred issued and outstanding, respectively.

 

Common stock 

 

At March 31, 2024 and December 31, 2023, there were 200,824,868 and 198,724,868 shares issued and outstanding, respectively.

 

During the period ended March 31, 2024, the Company sold a total of 2,600,000 shares of restricted common stock to accredited investors for total cash proceeds of $390,000. A total of 500,000 shares of common stock were not issued as of the date of this report related to $75,000 of cash proceeds, which are included in subscriptions payable on the Company’s consolidated balance sheet.

 

As part of the license agreement disclosed in Note 4, the Company agreed to issue 300,000 restricted shares of common stock with a fair value of $15,000. The shares have not been issued to date, and the fair value is included in subscriptions payable on the Company’s consolidated balance sheet.

 

During the period ended March 31, 2023, the Company issued a total of 1,141,298 restricted shares of common stock to accredited investors for total cash proceeds of $85,598.