Note 13 - Subsequent Events

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Subsequent Events [Text Block]

Note 13.         Subsequent Events

On August 2, 2023, the Company sold 200,000 shares of common stock under the ELOC at a price of $0.59 per share, net of fees of $0.03 per share. The net proceeds from this sale were $118,655.

On August 9, 2023, the Company and GMDC closed a rollover stock purchase agreement and an amendment agreement to the Stock Purchase agreement dated March 17, 2023, wherein the Company had sold effectively 75.1% of the equity of GMI to GMDC (the "Agreement"). The rollover stock purchase agreement and the amendment agreement together provide for the following:

● The termination of the rights and obligations under the Agreement with respect to the calculation and payment of future contingent payments from GMDC to the Company, in exchange for the payment of $1,000,000 cash by GMDC to the Company;

● The sale by the Company, to certain of GMDC's investors, of all of its common stock of GMDC, in exchange for cash of $400,000; and,

● The termination of various ongoing rights and obligations of the Company and GMDC established in the Agreement and ancillary agreements entered into in connection with the Agreement.

As a result of this transaction, the Company will recognize a gain of approximately $382,525. As of August 9, 2023 the Company has no remaining investment or financial interest in GMDC or GMI.