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STOCKHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 12 – STOCKHOLDERS’ EQUITY

 

Preferred Stock

 

The Company is authorized to issue 10,000,000 shares of blank check preferred stock, par value $0.001 per share.

 

Series Z

 

On September 30, 2021, the Company authorized the issuance of 500 shares of Series Z Preferred Stock, par value $0.001 per share. The Series Z Preferred Stock has a $20,000 stated value per share and all 500 Series Z preferred shares, in aggregate, are convertible into 19.98% of the issued and outstanding common shares of the Company (post conversion). The conversion rate is applicable on a pro rata basis to each share of Series Z Preferred Stock upon conversion. This anti-dilutive conversion feature is in effect until such time an S-1 Registration Statement is declared effective by the SEC in conjunction with a NASDAQ listing.

 

As of June 30, 2022 and December 31, 2021, there were 500 shares of Series Z Preferred Stock issued and outstanding.

 

Common Stock

 

The Company is authorized to issue 1,200,000,000 shares of common stock, par value $0.001 per share.

 

During the six months ended June 30, 2022, the Company issued 8,500 shares of the Company’s common stock previously recorded as to be issued as of December 31, 2021.

 

 

As of June 30, 2022 and December 31, 2021, there were 3,340,416 and 3,331,916 shares, respectively, of common stock issued and outstanding.