XML 23 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Note 3 - Stockholders' Deficit
 9 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
3.
   Stockholders' Deficit
 
The Company has authorized
10,000,000
shares of preferred stock at
$0.001
par value,
5,000,000
of which are designated as “Series A Convertible Preferred Stock” at
$0.001
par value and
100,000,000
authorized shares of common stock at
$0.001
par value (“Common Stock”).
 
Shares of Series A Convertible Preferred Stock do
not
accumulate dividends, have
no
liquidation preferences and are convertible into shares of Common Stock on a
one
-for-
one
basis. Additionally, each share entitles the holder to
100
votes and, with respect to dividend and liquidation rights, the shares rank pari passu with the Company's Common Stock. All shares are held by Gust C. Kepler, Director, Chief Executive Officer, and President and Chief Financial Officers (“Mr. Kepler”).
 
On
January 28, 2020
the Company issued
50,000
shares of its Common Stock at a value of
$2.00
to a
third
party in conjunction with the financing arrangement executed on
January 27, 2020 (
Note
6
).
 
On
July 6, 2020,
warrants to purchase
115,385
shares of Common Stock, issued in conjunction with Amended Convertible Promissory Notes, as described in Note
6,
were exercised at
$0.01
per share for aggregate cash consideration of
$1,154.
 
On
August 27, 2020
the Company sold
5,129
shares of Common Stock to a
third
party for
$10,001.
 
On
August 28, 2020
the Company issued
3,334
shares of its Common Stock at a value of
$1.95
to a
third
party in settlement of services provided for marketing and advertising.
 
On
September 25, 2020
the Company issued
25,000
shares of its Common Stock at a value of
$1.95
to a
third
party in conjunction with a consulting services agreement (Note
8
).
 
During the quarter ended
September 30, 2020
the Company sold
64,103
shares of Common Stock and Warrants, exercisable for a period of
5
years, to purchase
32,053
shares of Common Stock at an exercise price of
$1.95
per share, to
third
parties for aggregate consideration of
$125,000.