STOCKHOLDERS’ EQUITY |
6 Months Ended |
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Jun. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE – 4 STOCKHOLDERS’ EQUITY
Authorized shares
As of June 30, 2023, the authorized share capital of the Company consisted of shares of common stock with $0.0001 par value (December 31, 2022: shares of common stock), and shares of preferred stock also with $0.0001 par value (December 31, 2022: shares of preferred stock). No other classes of stock are authorized.
On May 30, 2023, the Company approved an issuance of 41,000. common shares to Siu Chung Cheung and recipients (“CHEUNG el.”) in regard to an outstanding debt of USDThe Company's first issuance of common stock, totaling 580,000 shares, took place on March 6, 2014 pursuant to the Chapter 11 Plan of Reorganization confirmed by the U.S. Bankruptcy Court in the matter of Pacific Shores Development, Inc. (“PSD”). The Court ordered the distribution of shares in the Company to all general unsecured creditors of PSD, with these creditors to receive their Pro Rata share (according to amount of debt held) of a pool of 80,000 shares in the Company. The Court also ordered the distribution of shares in the Company to all administrative creditors of PSD, with these creditors to receive one share of common stock in the Company for each $0.10 of PSD's administrative debt which they held. A total of 500,000 shares were issued to PSD’s administrative creditors.
The Court has also ordered the distribution of 2,500,000 warrants in the Company to all administrative creditors of PSD, with these creditors to receive five warrants in the Company for each $0.10 of PSD's administrative debt which they held. These creditors received 2,500,000 warrants consisting of 500,000 “A Warrants” each convertible into one share of common stock at an exercise price of $4.00; 500,000 “B Warrants” each convertible into one share of common stock at an exercise price of $5.00; 500,000 “C Warrants” each convertible into one share of common stock at an exercise price of $6.00; 500,000 "D Warrants" each convertible into one share of common stock at an exercise price of $7.00; and 500,000 “E Warrants” each convertible into one share of common stock at an exercise price of $8.00. All warrants are exercisable at any time prior to August 30, 2025. As of the date of this report, no warrants have been exercised.
On May 22, 2020, the Company consummated the acquisition of Luduson Holding Company Limited (“LHCL”) and agreed to issue to the shareholders of LHCL Ten Million (10,000,000) shares of its common stock, at a value of $0.10 per share, for an aggregate value of $1,000,000. LHCL has been deconsolidated and disposed on May 12, 2023.
As of June 30, 2023, no warrants have been exercised.
Issued and outstanding shares
As of June 30, 2023, 2,500,000 warrants to acquire common shares were issued and exercisable (December 31, 2022: 2,500,000 warrants). common shares were issued and outstanding (December 31, 2022: common shares issued and outstanding), and
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