COMMON STOCK

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

COMMON STOCK

NOTE 5 – COMMON STOCK

Stock Subscription Payable:

At June 30, 2021 and December 31, 2020, the Company had $-0- and $21,000, respectively, in stock subscriptions payable for which it is obligated to issue -0- and 84,000 shares of restricted common stock, respectively, pursuant to separate subscription agreements.

Common Stock Issued for Cash

During the six months ending June 30, 2021, the Company issued 120,000 shares of restricted common stock for $30,000 to an unrelated investor. During the six months ending June 30, 2020, the Company issued 200,000 shares of restricted common stock for $50,000 to an unrelated investor.

Common Stock Issued for conversion of liabilities

During the six months ended June 30, 2020, the Company issued 1,000,000 shares of restricted common stock in exchange for the conversion of $10,000 of accrued interest on notes payable.

Common Stock Issued to Officer:

In February 14, 2018 the Company announced that the consulting agreement with the Chief Financial Officer (Mr. Merrell) was terminated effective December 31, 2017, and that a new agreement was entered into effective January 1, 2018 under which Mr. Merrell would receive 2,000,000 shares of restricted common stock, vesting at 500,000 shares per year, for his service. The term of the agreement is for one year, which term automatically renews for one-year extensions up to four years unless terminated by either party with 30 days written notice. The Company issued all 2,000,000 shares to Mr. Merrell on August 20, 2018. Any common shares not earned during the four-year period are to be returned or cancelled. A charge will be made each quarter as the shares are earned under the provisions of the agreement until such time as all shares have been earned. A charge of $100,000 and $100,000 was recorded for the six months ended June 30, 2021 and 2020, respectively. In June 2020 Mr. Merrell was issued an additional 500,000 shares which vested at issuance, resulting in a $435,000 stock-based compensation charge recorded in the six-month period ended June 30, 2020.

Common Stock Issued for Services:

The Company issued no shares of stock for services in the six months ended June 30, 2021. During the six months ended June 30, 2020 the Company issued 1,545,000 shares of restricted common stock to consultants for services

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performed and/or to be performed. The issuances were valued at $1,601,650 and of that amount $940,500 was recorded as prepaid assets. The Company incurred stock-based compensation of $245,899 during the six-months ended June 30, 2020. As of June 30, 2021, the prepaid amount has been fully amortized.