STOCKHOLDERS’ EQUITY (DEFICIT)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

STOCKHOLDERS’ EQUITY (DEFICIT)

10.       STOCKHOLDERS’ EQUITY (DEFICIT)

Preferred stock

On January 10, 2022, the Company amended the Articles of Incorporation to increase the Company’s authorized capital from 2,000,000,000 to 300,000,000,000 shares, consisting of 270,000,000,000 shares of common stock, par value $0.0001, and 30,000,000,000 shares of preferred stock, par value $0.0001.

As of June 30, 2023 and December 31,2022, the Company’s authorized shares were 30,000,000,000 shares of preferred stock, with a par value of $0.0001.

The Company has designated 10,000,000 shares of its preferred stock as Series A Preferred Stock.

The Company has designated 1,000,000 shares of its preferred stock as Series B Preferred Stock.

The Company has designated 1 share of its preferred stock as Series C Preferred Stock.

As of June 30, 2023 and December 31, 2022, the Company had 10,000,000 and 10,000,000 shares of Series A Preferred Stock issued and outstanding, respectively.

As of June 30, 2023 and December 31, 2022, the Company had 366,346 and 366,346 shares of Series B Preferred Stock issued and outstanding, respectively.

As of June 30, 2023 and December 31, 2022, the Company had 1 and 1 share of Series C Preferred Stock issued and outstanding, respectively.

Common stock

On January 10, 2022, the Company amended the Articles of Incorporation to increase the Company’s authorized capital from 2,000,000,000 to 300,000,000,000 shares, consisting of 270,000,000,000 shares of common stock, par value $0.0001, and 30,000,000,000 shares of preferred stock, par value $0.0001.

As of June 30, 2023 and December 31, 2022, the Company’s authorized shares were 270,000,000,000 shares of common stock, with a par value of $0.0001.

On April 11, 2023, the Company issued 218,574,618 shares of common stock to complete the share swap agreement with China Information Technology Development Limited (“CITD”), which is a listed company on Hong Kong Stock Exchange (HK:8178), in exchange of 2,652,038 shares of CITD shares.

Concurrently, on April 11, 2023, the Company also issued 2,325,581,395 shares of common stock at par value to consummate the Share Issuance under Share Exchange Agreement dated October 25, 2002.

On May 2, 2023, the Company issued 67,000,000 shares of common stock as commitment shares under Equity Purchase Agreement with Williamsburg Venture Holdings, LLC.

As of June 30, 2023 and December 31, 2022, the Company had 4,553,837,889 and 1,942,681,876 shares of common stock issued and outstanding, respectively.

Common stock to be issued

As of June 30, 2023 and December 31, 2022, the Company had 138,468,716,631 and 140,794,298,026 shares of its common stock committed to be issued but pending to be consummated, respectively.

For the six months ended June 30, 2023, 2,325,581,395 shares of common stock are issued.

The remaining balance of 138,468,716,631 shares are subsequently issued as common stock.