Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

The Company’s management has evaluated the subsequent events up to April 17, 2023. The date the financial statements were issued, pursuant to the requirements of ASC 855, and has determined the following constitute material subsequent events:

As of December 31, 2022, we notified the land owners of our intention to exercise the two Real Estate Option Agreements and are in process of negotiating final terms of acquisition. The acquisition has yet to be completed.

On January 31, 2023, LDS Capital LLC assigned the related party line of credit note to its sole member, an individual, Lynn Stockwell, who is a member of the Board and majority shareholder of the Company.

On February 1, 2023, the related party line of credit note was used to pay in full, the related party loan balance of $392,194.

On February 1, 2023, the Company initiated their EB-5 Program, whereby they may issue up to an aggregate of 12,609,152 shares of common stock to accredited or institutional investors, at a price of $39.99 per share.

On February 1, 2023, 200,000 of the September Warrants were redeemed for $210,000.

On February 6, 2023, through a cashless conversion, the related party line of credit note was paid down $880,000 in exchange for an $880,000 investment for 22,005 shares of the Company’s common stock valued at $39.99 pursuant to the EB-5 Program.

On March 14, 2023, the Company drew an additional $200,000 on the June Note, leaving available $11.5 million to draw from that credit facility.

On March 27, 2023, we received an additional $880,000 investment for 22,005 shares of the Company’s common stock valued at $39.99 pursuant to the EB-5 Program.

On March 31, 2023, the Company issued 875,000 shares to the former Chief Executive Officer, Terry Rafih, pursuant to his employment agreement.

On April 4, 2023, we announced our intention to acquire the remaining issued and outstanding common stock of Alterola.