v3.25.2
Stockholders’ Deficit (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Dividends Payable

The following is a summary of the Company’s dividends:

 

  

Series A

Convertible

Preferred Stock

 

Series B

Convertible

Preferred Stock

  Total Dividends Payable
          
Shares issued and outstanding   363,000    140,000      
Stated value per share  $10   $10      
Dividend rate (10%/12%)   10%   12%     
                
Dividend shares due per year   363,000    168,000      
                
Market price - at issuance date   2.76    2.76      
Minimum price - 70%/80% discount to market price   80%   70%     
Conversion price   2.21    1.93      
                
Dividend shares due per quarter   41,101    21,739    62,840 
                
Equivalent common shares - per year   164,402    86,957    251,359 
Schedule of Series A and B Convertible Preferred Stock Dividends Payable

The following represents the Company’s Series A and B convertible preferred stock quantity of shares due at June 30, 2025 and December 31, 2024:

 

  

Series A

Convertible

Preferred Stock

 

Series B

Convertible

Preferred Stock

  Total Dividends Payable
          
December 31, 2024   61,204    32,372    93,576 
                
Accrued dividends payable - Series A and Series B convertible preferred stock   82,200    43,478    62,840 
                
Payment of accrued dividends as common stock   (102,304)   (54,111)   (156,414)
                
June 30, 2025   41,100    21,739    62,839 

 

The following represents the Company’s Series A and B convertible preferred stock valuation due at June 30, 2025 and December 31, 2024:

 

   

Series A

Convertible Preferred Stock

    

Series B

Convertible Preferred Stock

     Total Dividends Payable  
December 31, 2024   $ 168,923     $ 89,348     $ 258,271  
Accrued dividends payable - Series A and Series B convertible preferred stock     226,876       120,000       346,876  
Payment of accrued dividends as common stock     (340,314 )     (149,348 )     (489,662 )
June 30, 2025   $ 113,438     $ 60,000     $ 173,438  
Schedule of Company Nonvested Shares

A summary of the Company’s non-vested shares (due to service time-based restrictions) as of June 30, 2025 and December 31, 2024, is presented below:

 

       Weighted Average 
   Number of   Grant Date 
Non-Vested Shares  Shares   Fair Value 
Balance - December 31, 2023   114,336    6.40 
Granted   -    - 
Vested   (88,336)   5.15 
Cancelled/Forfeited   -    - 
Balance - December 31, 2024   26,000   $6.40 
Granted   1,000,000    

3.18

 
Vested   13,000    6.40 
Cancelled/Forfeited   -    - 
Balance - June 30, 2025   1,039,000   $3.22 
Schedule of Stock Warrant Activity

Warrant activity for the three months ended June 30, 2025 and December 31, 2024 are summarized as follows:

 

           Weighted     
       Weighted   Average     
       Average   Remaining   Aggregate 
   Number of   Exercise   Contractual   Intrinsic 
Warrants  Warrants   Price   Term (Years)   Value 
Outstanding - December 31, 2023   81,452   $10.36    1.22   $36,030 
Vested and Exercisable - December 31, 2023   81,452   $10.36    1.22   $36,030 
Unvested and non-exercisable - December 31, 2023   -   $-    -   $- 
Granted   -    -    -    - 
Exercised   -    -    -    - 
Cancelled/Forfeited   (35,107)  $17.28    -    - 
Outstanding - December 31, 2024   46,345   $5.12    0.65   $9,156 
Vested and Exercisable - December 31, 2024   46,345   $5.12    0.65   $9,156 
Unvested and non-exercisable - December 31, 2024   -   $-    -   $- 
Granted   250,000   $3.75    -    -

Exercised   -    -    -    - 
Cancelled/Forfeited   (19,062)  $4.37    -    - 
Outstanding - June 30, 2025   277,282   $3.94    4.33   $- 
Vested and Exercisable - June 30, 2025   277,282   $3.94    4.33   $- 
Unvested and non-exercisable - June 30, 2025   -   $-    -   $-