STOCKHOLDERS’ DEFICIT

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

STOCKHOLDERS’ DEFICIT

NOTE－ 12 STOCKHOLDERS’ DEFICIT

Authorized Shares

The Company is authorized to issue 5,000,000 shares of preferred stock and 70,000,000 shares of common stock each with a par value of $0.001 per share.

VIVIC CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Preferred Stock

As of March 31, 2023 and December 31, 2022, the Company had a total of 832,000 shares of its preferred stock issued and outstanding.

Common Stock

On February 15, 2022, the Company issued 50,000 shares of common stock to settle a debt in the amount of $50,000, at an agreed conversion price of $1.00 per share. A loss of $2,000 on the loan settlement has been recognized for the three months ended March 31, 2022.

On March 22, 2022, the Company cancelled 60,000 shares of common stock previously issued to its former CFO due to termination of employment.

As of March 31, 2023 and December 31, 2022, the Company had a total of 25,546,810 shares of its common stock issued and outstanding.