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STOCKHOLDERS’ EQUITY (DEFICIT)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
STOCKHOLDERS’ EQUITY (DEFICIT)

NOTE 7 — STOCKHOLDERS’ EQUITY (DEFICIT)

 

Issuance of Common Stock

 

During the year ended December 31, 2021, the Company issued an aggregate of 297,099 shares of common stock to various investors for cash proceeds of $1,433,767.

 

During the year ended December 31, 2021, the Company issued an aggregate of 865,861 shares of common stock with a fair value of $5.00 per share to various consultants for services rendered in lieu of cash for a compensation charge of $4,465,535.

 

During the year ended December 31, 2021, the company issued an aggregate of 10,507 shares of common stock to various note holders for the conversion of debt.

 

During the year ended December 31, 2021, the company issued an aggregate of 8,492 shares of common stock to various investors for the conversion of warrants.

 

During the year ended December 31, 2021, the Company issued an aggregate of 2,500 shares of common stock with a fair value of $5.00 per share to a note holder as inducement.

 

During the year ended December 31, 2022, the Company issued 2,315,850 shares of common stock to investors for net proceeds of $8,545,270.

 

During the year ended December 31, 2022, the Company issued 90,789 shares of common stock for services in lieu of cash of which 55,591 was to outside consultants, 17,699 to U.S. Asian (a related party) and 17,499 shares to the members of the Board of Directors for their services. The amount expensed during the year ended December 31, 2022 in the audited consolidated statement of operations was $270,670.

 

Warrants

 

The issuance of warrants to purchase shares of the Company’s common stock are summarized as follows:

 

          
  

Number of
Warrants

  

Weighted
Average
Exercise
Price

 
Outstanding December 31, 2021   21,600   $10.00 
Issued   2,662,250    4.15 
Exercised   -    - 
Expired or cancelled   21,600    - 
Outstanding December 31, 2022   2,662,250   $4.15 

 

The following table summarizes information about warrants to purchase shares of the Company’s common stock outstanding and exercisable at December 31, 2022:

 

                      
Exercise Price   Outstanding
Number of
Warrants		  

Weighted Average
Remaining Life
In Years

   Weighted Average
Exercise Price		   Exercisable
Number of
Warrants		 
$4.15    2,315,000    2.75    4.15    2,135,000 
$4.15    347,250    2.75    4.15    347,250 
      2,662,250    2.75   $4.15    2,662,250 

 

The compensation expense attributed to the issuance of the warrants, if required to be recognized on the nature of the transaction, was recognized as they vested/earned. These warrants are exercisable up to three years from the date of grant. All are currently exercisable.