STOCKHOLDERS’ DEFICIT |
6 Months Ended |
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Jun. 30, 2021 | |
| Equity [Abstract] | |
| STOCKHOLDERS’ DEFICIT |
NOTE 7 – STOCKHOLDERS’ DEFICIT
The Company issued restricted common shares to founder’s, valued at $50 (based on the par value on the date of grant). The issuance was an isolated transaction not involving a public offering pursuant to Section 4(2) of the Securities Act of 1933.
The Company has authorized shares of par value $ common stock, of which shares are outstanding at June 30, 2021.
On January 14, 2021, the Company issued a total of shares of its restricted common stock valued at $82,250 (based on the stock price of the Company’s common stock on the date of issuance) to a third party, for communications to the financial industry. This issuance was pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, in a transaction exempt from registration.
On April 14, 2021, the Company issued a total of shares of its restricted common stock valued at $82,250 (based on the stock price of the Company’s common stock on the date of issuance) to a third party, for communications to the financial industry. This issuance was pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, in a transaction exempt from registration.
In April 2021, the Company initiated a private placement of up to $1.5 million of the Company’s restricted common shares. The offering allowed for qualified investors to purchase one share of the Company’s common stock $. For each share purchased, the investor received a five-year warrant to purchase one share of common stock at $1.75 per share. On May 10, 2021, the Company closed the offering to investors and subsequently disclosed that it had entered into securities purchase agreements with accredited investors that resulted in the issuance of shares of common stock and warrants to purchase an aggregate of 1,172,000 shares of the Company’s common stock for total proceeds totaling $1,465,000. No commissions were paid in the offering. This issuance was pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, in a transaction exempt from registration.
On May 10, 2021, Brio Capital elected to convert the aggregate principal amount of a $110,000 convertible note issued on February 10, 2021 into shares of the Company’s common stock (see Note 6).
During the six months ended June 30, 2021 and 2020, the Company issued shares common shares to third parties for services and cash, and common shares to third parties in conjunction with the conversion of convertible promissory debentures, and none, respectively (see Note 6).
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