STOCKHOLDERS’ DEFICIT |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Equity [Abstract] | |
| STOCKHOLDERS’ DEFICIT | NOTE 14 - STOCKHOLDERS’ DEFICIT
Reverse Stock Split
On October 18, 2019, the Company completed a 100 for 1 reverse common stock split reducing the outstanding common shares to . On May 18, 2021 the authorized was increased to shares of common stock.
Preferred Stock
The Preferred Stock may be divided into such number of series as the Board of Directors may determine. The Board of Directors is authorized to determine and alter the rights, preferences, privileges, and restrictions granted to and imposed upon any wholly unissued series of Preferred Stock, and to fix the number of shares of any series of Preferred Stock and the designation of any such series of Preferred Stock. The Board of Directors may increase or decrease (but not below the number of shares such series then outstanding) the number of shares of any series subsequent to the issue of shares of that series.
The Series B Redeemable Convertible Preferred Stock is classified as temporary equity as it is mandatorily redeemable by the holder at a future date. The Series D-1 and D-2 Preferred Stock are classified as temporary equity as they are redeemable immediately. The Series D-3 Preferred Stock is also classified as temporary equity due to its put option, which providers the holders the right to put the shares to the Company for cash if they elect not to convert into shares of common stock.
2021 Transactions
In March 2021, the company issued Series A shares for cash for $5,000.
In April 2021, the company issued Series A shares for cash $5,000.
In April 2021, the company issued Series A shares for cash for $50,000.
In June 2021, the company converted of series B shares and $64,400 into common shares.
During the second quarter, Oasis converted series D-2 preferred shares and $888,860 of principal and interest into common shares.
As a subsequent event, Geneva Roth converted the remaining series B preferred shares or $106,000 into common shares.
2020 Transactions
On January 16, 2020, an existing Series B stockholder purchased Series B Preferred shares for proceeds of $53,000 under the same terms as their prior purchases.
In June 2020, the holders of shares of Series B Preferred Stock converted these shares for shares of common stock.
During the three months ended March 31, 2020, Oasis Capital converted Series D-2 Preferred shares with a value of $10,897 into common shares.
During the third quarter, 2020 the company issued $12,750 Series A shares in restricted shares to employees under the Employee Restricted Stock Plan.
During the remainder of 2020, the Company converted an aggregate of shares of Series D-2 Preferred Stock with a fair value of $35,103 into shares of common stock.
Common Stock
2021 Transactions
During the first quarter, 2021, LG converted $8,500 of principal and $3,455 of interest of its outstanding convertible note into shares of common stock.
During the first quarter, 2021, SBI Investments converted $37,125 of principal of the outstanding convertible note into shares of common stock.
During the first quarter, 2021, Adar Alef converted $25,733 of principal the outstanding convertible note into shares of common stock.
During the second quarter, 2021 the company converted $211,320 of principal and $351,498 of principal and interest and penalties into common shares made up of the following:
During the second quarter of 2021, LG converted $2,817 of principal and $1,251 of interest of its outstanding convertible note into shares of common stock.
During the second quarter of 2021, SBI Investments converted $93,777 of principal and $307,847 of interest and penalties of the outstanding convertible note into shares of common stock.
During the second quarter of 2021, Adar Alef converted $130,047 of principal and $30,016 of interest of the outstanding convertible note into shares of common stock.
During the second quarter, Oasis converted Oasis converted series D-2 preferred shares and $888,860 of principal and interest into common shares.
As a subsequent event, during the third quarter of 2021, SBI Investments converted $ 40,000 of interest and penalties of the outstanding convertible note into shares of common stock.
As a subsequent event, during the third quarter of 2021, Adar Alef converted $60,350 of principal and $22,820 of interest of the outstanding convertible note into shares of common stock.
2020 Transactions
During the three months ended March 31, 2020, LG converted $20,100 of principal and $2,274 of interest of its outstanding convertible note into shares of common stock.
During the three months ended March 31, 2020, SBI Investments converted $4,722 of principal of the outstanding convertible note into shares of common stock.
During the three months ended March 31, 2020, Adar Alef converted $25,410 of principal and $4,659 of interest of the outstanding convertible note into shares of common stock.
During the three months ended March 31, 2020, Oasis Capital converted Series D -2 Preferred shares with a value of $10,897 into shares of common stock.
During the remainder of 2020, LG converted $16,070 of principal and $4,875 of interest of its outstanding convertible note into shares of common stock.
During the remainder of 2020, SBI Investments converted $7,098 of principal of the outstanding convertible note into shares of common stock.
During the remainder of 2020, Adar Alef converted $21,444 of principal of the outstanding convertible note into shares of common stock.
During the remainder of 2020, the Company converted an aggregate of shares of Series D-2 Preferred Stock with a fair value of $35,103 into shares of common stock. |