v3.22.2.2
SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 18 - SUBSEQUENT EVENTS

 

In July 2022, the Company amended its Articles of Incorporation to increase the number of authorized shares of Series B and Series C preferred stock to 2,500,000. Both Series B and C are convertible into 1,000 shares of the Company’s common stock and have voting rights. Certain actions of the Company require the written consent of at least 75% of the Series C preferred stockholders.

 

In July and September, the Company issued approximately 2,256,000 shares of its Series B and Series C Preferred Stock to payoff convertible notes, stock subscription payable and vendor payables of approximately $7,500,000.

 

Blue Oar and Steve Rotman has advanced the Company funds totaling $32,911 and $5,000, respectively. The Company has not formalized agreements with repayment terms as of this date.

 

Other investors have advanced the Company $45,000. The Company has not formalized agreements with repayment terms as of this date.