STOCKHOLDERS’ DEFICIT |
9 Months Ended |
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Sep. 30, 2022 | |
| Equity [Abstract] | |
| STOCKHOLDERS’ DEFICIT | NOTE 5 – STOCKHOLDERS’ DEFICIT
Series A Preferred Stock
On March 16, 2020, the Company filed a Certificate of Designations (the “Certificate”) with the Secretary of State of Wyoming to amend its Articles of Incorporation to designate the Series A Preferred Stock as a series of preferred stock of the Company. shares of Series A Preferred Stock are authorized in the Certificate. The Series A Preferred Stock has voting rights equivalent to three times the total voting power of the total common stock outstanding at any time. The Series A Preferred Stock has no transfer rights, no conversion rights, no dividends, and no liquidation preference. As of September 30, 2022, all authorized Series A Preferred Stock are issued and outstanding and held by James Owens.
On June 14, 2022, the Certificate of Designations was amended with the Secretary of State of Wyoming to remove the prohibition of transfer rights of the Series A Preferred Stock.
Common Stock
As of September 30, 2022 and 2021, the Company had issued and outstanding shares of common stock. There were issuances of common stock during the three and nine-month periods ended September 30, 2022 and 2021.
Stock Option Grant
On December 9, 2021, the Company issued non-qualified options to purchase the Company’s common stock to its Chief Financial Officer. The options were fully vested as of the grant date and have an exercise price of $ per share. Given the exercise price is equal to par value, the Company valued the option grant at $ per option, which was the market price of the underlying stock as quoted on the OTC market on the grant date. The total value of $ of the option grant was recorded as an increase to additional paid-in-capital and stock compensation expense during the year ended December 31, 2021. Stock compensation expense was $0 for the three and nine-month periods ended September 30, 2022 and 2021. The Company has no other issued or outstanding stock options.
On June 3, 2022, the Company canceled the stock options granted to the Company’s Chief Financial Officer on December 9, 2021.
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