NOTE 6: STOCKHOLDERS' DEFICIT |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| NOTE 6: STOCKHOLDERS' DEFICIT | NOTE 6: STOCKHOLDERS’ DEFICIT
Common Stock
On April 10, 2025, the Company and the holder of the $500,000 promissory note dated September 10, 2019 reached an agreement to extend the maturity date of the note until December 31, 2027. In connection with the extension, the Company issued 60,000 shares of its common stock to the noteholder in consideration of the extension and in lieu of $60,000 of interest accrued on the promissory note through March 31, 2025.
Preferred Stock
The Company is authorized to issue 2,000,000 shares of preferred stock with a par value of $0.001 per share, of which 500 have been authorized as Series A Preferred Stock and 3,000 have been authorized as Series B Preferred Stock.
For the six months ending June 30, 2025 and 2024, the Company incurred $120,000 and $120,000, respectively, of interest from the outstanding preferred stock.
Warrants
The following summarizes the Company’s warrant activity for the six months ended June 30, 2025:
As of June 30, 2025, all outstanding warrants were fully vested and there was no remaining unrecorded compensation expense.
Options The Company had a Stock Option Plan, or the Plan, under which the total number of shares of capital stock of the Company that may be subject to options under the Plan was 150,000 shares of Common Stock from either authorized but unissued shares or treasury shares. The Plan expired on December 14, 2016.
As of June 30, 2025, there were no outstanding options. |