Equity Transactions

9 Months Ended

Mar. 31, 2024

Equity Transactions

Equity Transactions

Note 11. Equity Transactions

Convertible Preferred Stock

The Company has 500,000 shares of Preferred Stock issued and outstanding to Allan Marshall, CEO. The preferred stock is convertible into the Company’s common stock at a ratio of 1.8 shares of preferred stock for a single share of the Company’s common stock at the holder’s option, has preferential liquidation rights and the preferred stock shall vote together with the common stock as a single class on all matters to which shareholders of the Company are entitled to vote at the rate of ten votes per share of preferred stock.

Common Stock

On October 31, 2022, the Company issued 1,247,403 shares of common stock for the acquisition of E-Core Technologies Inc., a Florida corporation, valued at $6,000,000.

On September 1, 2023, the Company issued 90,909 shares of common stock for the acquisition of the remaining 45% of Cygnet Online, LLC.  The shares were valued at $162,727 or $1.79 per common share.  The Company has not released these to the seller as of this report. 

On January 18, 2024, the Company issued 501,605 shares of common stock as repayment of $500,000 of the Company’s long-term debt. The shares were valued at 500,000 or .09868 per common share. 

On March 18, 2024, the Company issued 100,000 shares of common stock as an incentive-restricted stock grant to certain employees. The shares were valued at $85,000 or $0.85 per common share.