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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 7 – SUBSEQUENT EVENTS

 

On July 3, 2024, the Company sold to AAGC shares of the Company’s common stock, par value $0.001 per share (“Common Stock”) in exchange for AAGC’s release of obligations of the Company to repay expenses in the aggregate amount of $593,670 for expenses of the Company previously paid by AAGC. The 1,495,390 shares of Common Stock were issued by the Company to the AAGC based upon an implied price per share of Common Stock, equal to $0.397. The foregoing description of the sale of Common Stock to AAGC is only a summary and is qualified in its entirety by reference to the full text of the form of Purchase Agreement, which was filed as Exhibit 10.1 to the Current Report on Form 8-K filed on July 5, 2024.

 

Also on July 3, 2024, the Company issued warrants (the “Warrants”) to purchase Common Stock at an exercise price of $0.397 per share, (i) to James Askew (“Askew”), an individual, for an aggregate of 2,269,583 shares of Common Stock, and (ii) to Investments AKA, LLC (together with Askew, the “Warrant Holders”), a limited liability company indirectly controlled by Andre K. Agassi, for an aggregate of 705,417 shares of Common Stock. The Warrants are exercisable as to one half of the shares of Common Stock immediately, and exercisable as to the remaining half of the shares of Common Stock in one year of the date of the Warrant. The Warrants were issued to the Warrant Holders in consideration of services and support previously performed and provided, and expected to be performed or provided, by the Warrant Holders in furtherance of the Company’s business objectives. The Company entered into a Consulting Agreement, dated July 3, 2024, with Askew with respect to his services and the issuance of his Warrants.  The foregoing description of the terms relating to the issuances of the Warrants are only summaries and are qualified in its entirety by reference to the full text of the form of Warrant and the Consulting Agreement, which were filed as Exhibits 4.1 and 10.2, respectively, to the Current Report on Form 8-K filed on July 5, 2024.