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Stockholders’ Equity
3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 7 – STOCKHOLDERS’ EQUITY


Preferred Stock


The Company has authorized 50,000,000 shares of preferred stock Series A, with a par value of $0.001 per share. There were 531,600 and 531,600 preferred shares issued and outstanding at March 31, 2021 and December 31, 2020.


Common Stock


The Company has authorized 7,400,000,000 shares of common stock with a par value of $0.001 per share.


As of March 31, 2021 and December 31, 2020, the Company has 193,670,023 shares and 172,883,435 shares of common stock issued and outstanding, respectively.


Preferred stock issued for services and acquisition of a non-wholly owned subsidiary


During the year ended December 31, 2020, the Company issued an aggregate of 531,600 shares of preferred stock to one consultant and vendors for the services rendered and to be rendered. These shares were valued at the fair market value on the grant date using the reported closing share price on the date of grant. At the end of each financial reporting period prior to issuance of these shares, the fair value of these shares is measured using the fair value of the Company’s preferred stock at reporting date. During the year ended December 31, 2020, the fair value of the above mentioned shares issued and the change in value of the shares to be issued was $202,008. The Company recognizes stock-based professional fees over the period during which the services are rendered by such consultant or vendor. For the year ended December 31, 2020, the Company recorded stock-based consulting and service fees to service provider of $202,008. In connection with the issuance/future issuance of shares to consultants and vendors, the Company recorded prepaid expenses of $0 which will be amortized over the remaining service period.


Common stock issued for services


During the period ended March 31, 2021, the Company issued an aggregate of 8,333,335 shares of common stock to the Board of Directors and Advisory Committee members for the services rendered. For the period ended March 31, 2021, the Company recorded service fee to the Board of Directors and Advisory Committee members of HK$500,000.


Common stock issued for debt conversion


In January 2021, the Company issued 12,452,413 shares of its common stock upon conversion of debt (note 5).