Shareholders’ Equity |
3 Months Ended |
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Mar. 31, 2023 | |
| Equity [Abstract] | |
| Shareholders’ Equity |
Note 4 – Shareholders’ Equity
Preferred Stock
The Company is authorized to issue shares of preferred stock, par value $ per share. On September 26, 2022 the Company submitted a Certificate of Designation to the Secretary of State of Nevada designating shares of preferred stock as Series A Preferred. Each shareholder shall have the right, at any time and from time to time, at the shareholder’s option to convert any or all of such holder’s shares of Series A Preferred into the number of shares of Common Stock. Each share of Series A Preferred initially converts into shares of Common Stock at a reference rate of $3.00 per share of Common Stock subject to adjustments.
The holders of Series A Preferred shall be entitled to receive, in cash or in-kind at the Company’s election, in an amount equal to $ per share. If paid in kind, the dividend shall be in shares of Series A Preferred (the “Dividend Shares”) valued at the $ per share of Series A Preferred (the “Purchase Price”) unless the closing price of the Common Stock on the Trading Day prior to the issuance of the dividend is below the Reference Rate, in which case the Dividend Shares shall be valued at the Purchase Price adjusted pursuant to the formula set forth in Section 3 of the Certificate of Designations.
On March 15, 2023, the Company issued Series A Preferred Convertible Voting Shares (“Series A Preferred”) for a dividend per the terms of the Series A Preferred Certificate of Designation.
As March 31, 2023 and December 31, 2022, the Company had and Series A preferred shares issued and outstanding, respectively.
Common Stock
The Company is authorized to issue million shares of common stock, par value $ per share. As March 31, 2023 and December 31, 2022, the Company had and shares issued and outstanding, respectively.
During the three months ended March 31, 2023, the Company issued shares of common stock valued at $132,000 for services rendered.
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