Shareholders’ Equity |
12 Months Ended |
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Dec. 31, 2022 | |
Equity [Abstract] | |
Shareholders’ Equity |
Note 5 - Shareholders’ Equity
Preferred Stock
The Company is authorized to issue 3.00 per share of Common Stock subject to adjustments. shares of preferred stock, par value $ per share. On September 26, 2022, the Company amended a Certificate of Designation to the Secretary of State of Nevada designating shares of preferred stock as Series A Preferred which was originally submitted on September 21, 2022 (“Series A COD”). 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 $
The holders of Series A Preferred shall be entitled to receive dividends, in cash or in-kind at 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.
For the year ended December 31, 2022 the Company entered into a Securities Purchase Agreement with accredited investors. Pursuant to the Securities Purchase Agreements, the company sold 1,259,995. The Company issued shares of its Series A Preferred for the exchange of the Senior Notes and the associated accrued interest payable of $157,733. Shares of its Series A Preferred at $ per preferred share and received gross proceeds of approximately $
On December 30, 2022, the Company issued shares of Series A Preferred as Dividend Shares per the Series A COD.
As of December 31, 2022, there were shares of Series A Preferred outstanding.
Common Stock
The Company is authorized to issue million shares of common stock, par value $ per share. As of December 31, 2022 and 2021, the Company had and shares issued and outstanding, respectively.
During the year ended December 31, 2021, the Company issued 30 for services rendered. shares of common stock at par value of $
During the year ended December 31, 2021, the Company issued 1,042,787, net offering costs of $106,731. shares of common stock for investment of $
During the year ended December 31, 2022, the Company issued 50,960 based on the market value of $8.49 per share on the date of the stock grant for services rendered. shares valued at $
During the year ended December 31, 2022, the Company issued shares of common stock for investment of $587,863, net offering expenses of $149,137.
During the year ended December 31, 2022, the Company issued 85,543. shares of common stock for the conversion of convertible debt and accrued interest of $
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