STOCKHOLDERS’ DEFICIT |
6 Months Ended |
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Jun. 30, 2022 | |
| Equity [Abstract] | |
| STOCKHOLDERS’ DEFICIT | NOTE 10 - STOCKHOLDERS’ DEFICIT
Cumulative Convertible Preferred Stock
On May 2, 2013, the Company began a private placement offering to sell up to shares of the Company’s 10% Series A Cumulative Convertible Preferred Stock. Under the terms of the offering, the Company offered to sell up to shares of preferred stock at $ per share for a value of $2,000,000. The preferred stock accumulates a 10% per annum dividend and was convertible at a conversion price of $0.075 per common share at the option of the holder after a nine-month holding period. The conversion price was lowered to $0.05 per common share for those holders who invested an additional $ or more in the Company’s common stock in the aforementioned September 2014 Private Placement. The preferred shares have full voting rights as if converted and have a fully participating liquidation preference.
As of June 30, 2022, the shares of outstanding preferred stock had undeclared dividends of approximately $79,000 and could be converted into shares of common stock, at the option of the holder.
As of December 31, 2021, the shares of outstanding preferred stock had undeclared dividends of approximately $75,000 and could be converted into shares of common stock, at the option of the holder.
Common Stock and Warrants
During the six months ended June 30, 2022, the Company retired shares of previously issued common stock at par value. Included in stock subscription payable at June 30, 2022, is $ received under common stock subscription agreements for shares during the year ended December 31, 2020.
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