Quarterly report pursuant to Section 13 or 15(d)

Subsequent Event

v3.20.2
Subsequent Event
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENT

NOTE 14 – SUBSEQUENT EVENT

 

Shares issued for services

 

On July 1, 2020, the Company entered into a six-month consulting agreement with an entity for investor relations services. In connection with this consulting agreement, the Company issued 500,000 restricted common shares of the Company to the consultant. These shares vest immediately. These shares were valued at $6,500, or $0.013 per common share, based on contemporaneous common share sales by the Company.

 

Common stock issued for cash

 

In connection with subscription agreements dated July 2, 2020, the Company received cash proceeds of $280,000 from investors for the purchase of 21,538,462 shares of the Company's common stock at $0.013 per share.

 

Common stock issued for debt conversion

 

On July 15, 2020, the Company issued 7,500,000 shares its common stock upon the conversion of principal of $23,551, accrued interest of $2,449, and fees of $250. The conversion price was based on contractual terms of the related debt.

 

On August 5, 2020, Company issued 7,500,000 shares its common stock upon the conversion of principal of $27,656, accrued interest of $2,094, and fees of $250. The conversion price was based on contractual terms of the related debt.

 

Common stock issued for conversion of Series A preferred shares

 

On July 16, 2020, the Company issued 1,561,224 shares its common stock upon the conversion of 15,000 shares of Series A preferred with a stated redemption value of $15,000 and related accrued dividends payable of $300. On July 20, 2020, the Company issued 1,800,000 shares its common stock upon the conversion of 15,000 shares of Series A preferred with a stated redemption value of $15,000 and related accrued dividends payable of $300. On July 22, 2020, the Company issued 1,936,709 shares its common stock upon the conversion of 15,000 shares of Series A preferred with a stated redemption value of $15,000 and related accrued dividends payable of $300. On July 24, 2020, the Company issued 852,152 shares its common stock upon the conversion of 6,600 shares of Series A preferred with a stated redemption value of $6,600 and related accrued dividends payable of $132. The conversion price was based on contractual terms of the related Series A preferred shares.