STOCKHOLDERS EQUITY |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| STOCKHOLDERS EQUITY | |
| STOCKHOLDERS' EQUITY | NOTE 6 – STOCKHOLDERS’ EQUITY
Common Stock
During the six months ended June 30, 2025, we entered into stock purchase agreements with a number of investors. The investors agreed to purchase 6,750,000 shares of common stock, and we received aggregate proceeds of $135,000.
As of June 30, 2026, we have entered into stock purchase agreements to purchase 35,625,000 shares and have received aggregate proceeds of $447,500. To date, no shares of common stock have been issued pursuant to these agreements.
Preferred Stock
On July 1, 2026, our board of directors approved the issuance of 150 shares of Series E Preferred Stock with a par value of $0.001. The Preferred Shares have a liquidation value of $10,000 per share and bear an annual cumulative dividend of 8.0%, payable in cash or shares of the company’s common stock. The newly authorized Preferred Shares will convert into common shares if the Company: executes a power purchase agreement or other commercial contract relating to ocean thermal energy conversion power, desalinated water, cooling, or related infrastructure services; undergoes a change of control; or makes a significant public offering of its shares. The number of common shares issuable upon conversion of each Preferred Share will be based on the volume-weighted average trading price of the Company’s common stock over the ten trading days before the conversion, multiplied by 0.5. After two years, we may redeem the Preferred Shares at any time before they have converted. The Preferred Shares have limited voting rights, generally in connection with authorizing shares senior to the Preferred Shares, changing the terms of the Preferred Shares, redeeming shares, or declaring bankruptcy.
In anticipation of the approval of the issuance of the Series E Preferred Stock, we executed documents for the sale of 2 shares of Series E stock and received proceeds of $20,000 during June 2026. |