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Shareholders’ Equity (Deficit)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Shareholders’ Equity (Deficit)

9. Shareholders’ Equity (Deficit)

 

During six months ended June 30, 2023, the following transactions occurred:

 

During the six months ended June 30, 2023, the Company sold 4,434 shares of common stock at $1.72 per share incurring share issuance cost of $492. The sale of shares was in connection with the shelf registration statement on Form S-3 effective on October 13, 2022, allowing the Company to issue up to $30,000,000 of common stock and prospectus supplement covering the offering, issuance and sale by us of up to $13,000,000 of common stock  that may be issued and sold under an At The Market Offering Agreement dated as of September 30, 2022.

 

The Company recognized consulting expense of $903,596 to share subscriptions payable from restricted shares and stock options to be issued. As of June 30, 2023, the restricted shares have not been issued. During the same period the Company issued 250,000 shares of common stock for consulting services valued at $635,000.

 

Refer to notes 17 and 18 for additional shareholders’ equity (deficit).

 

During six months ended June 30, 2022, the following transactions occurred:

 

During the six months ended June 30, 2022, the Company issued 10,000 shares of common stock to a consultant for services received valued at $86,000, $66,329 of which was issued from share subscriptions payable. During the same period the Company issued 80,000 shares of common stock for consulting services valued at $240,000.

 

During the six months ended June 30, 2022, the Company recognized share subscriptions payable and consulting expense of $134,273 to consulting services.

 

During the six months ended June 30, 2022, the Company recognized consulting expense of $1,482 to share subscriptions payable from restricted shares issued during the year ended December 31, 2021. As of June 30, 2022, the restricted shares have not been issued.

 

Refer to note 17 and 18 for additional shareholders’ equity (deficit).

 

As of June 30, 2023, the Company was authorized to issue 299,000,000 shares of its common stock with a par value of $0.0001. All shares were ranked equally with regard to the Company’s residual assets. During the three and six months ended June 30, 2023, the Company was authorized to issue 100 shares of its Series A and 100,000 Series B Preferred Stock with a par value of $0.0001. Series A preferred Stock have voting rights equal to 299 shares of common stock, per share of preferred stock. Series B preferred Stock have voting rights equal to 10,000 shares of common stock, per share of preferred stock.