SUBSEQUENT EVENTS |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | NOTE 14 – SUBSEQUENT EVENTS
The Company evaluated all events and transactions that occurred after June 30, 2021 and through the date of this filing in accordance with FASB ASC 855, “Subsequent Events”. The Company determined that it does have a material subsequent events to disclose as follows:
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.
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.
As a subsequent event, Geneva Roth converted the remaining series B preferred shares or $106,000 into common shares.
On July 9, 2021, the Company received $50,000 from Adar Alef, LLC (“Adar”) from a $55,125 convertible promissory note agreement including fees and legal expenses of $3,600. The note is convertible after 181 days at a (i) $0.0075 ceiling or (ii) 60% of the lowest trading price over the past twenty trading days prior to the conversion date.
On July 12, 2021, the Company received $50,000 from Adar Alef, LLC (“Adar”) from a $55,125 convertible promissory note agreement including fees and legal expenses of $3,600. The note is convertible after 181 days at a (i) $0.0075 ceiling or (ii) 60% of the lowest trading price over the past twenty trading days prior to the conversion date.
On August 2, 2021, the Company received $60,000 from Adar Alef, LLC (“Adar”) from a $66,150 convertible promissory note agreement including fees and legal expenses of $6,150. The note is convertible after 181 days at a (i) $0.0075 ceiling or (ii) 60% of the lowest trading price over the past twenty trading days prior to the conversion date.
Subsequent to the period ended June 30th 2021, the Company entered into an agreement with very accomplished developers located in South Africa. These same developers were instrumental in designing the software that is operating today on all debit and credit card smart chips worldwide. These developers will complete our Social Shopping App platform which processes payments securely to our merchants such that our users will never have their personal payment data “at risk” online. The total cost will not exceed $650,000 including cash and stock, and it is estimated that the App may be released before the end of 2021. As of this filing $50,000 have already been made under our installment arrangement.
As a subsequent event, Company consummated a License Purchase with Tiltsa, Inc of Tiltsa’s cutting edge software. This software license, among other things, will allow us to access more than 300,000 merchants for our APP and will allow easy uploading of new merchants. We have made the full $19,000 Payment for the software and our app developers are already integrating this software into our platform. |