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Shareholders' equity
6 Months Ended
Jun. 30, 2019
Shareholders Equity  
Shareholders' equity

Note 7 - Shareholders’ equity

 

Preferred Stock

 

The Company has authorized 20,000,000 shares of Series A Preferred Stock, $.001 par value, and 30,000,000 shares of Series B Preferred Stock, $.001 par value.

 

As of June 30, 2019, and December 31, 2018, the Company had agreed to issue 10,350 shares of Series A Preferred Stock, but no shares were issued and outstanding.

 

As of June 30, 2019, and December 31, 2018, the Company had agreed to issue 26,038,572 shares of Series B Preferred Stock, but no shares were issued and outstanding.

 

An agreement was signed with FOGT, LLC, an entity controlled by a former member of the Board of Directors on April 18, 2018 to purchase an additional 3,000 Preferred A shares, which remain to be issued. The shares were valued based on the agreed upon purchase price of $100 per share. There was no value assigned to the imbedded conversion feature as it was out of the money and did not qualify for bifurcation based on the terms. Moreover, on December 6, 2019, Fredric Oeschger, owner of FOGT, LLC, resigned as a board member of GeneThera, and also as their investor, failed to pay the third milestone from their agreement with GeneThera. The failure to receive the third milestone payment financially damaged the Company’s plan to generate revenues with their robotic technology project.

 

Common stock

 

The Company has authorized 300,000,000 shares of its common stock, $.001 par value. The Company had issued and outstanding 35,902,602 shares as of June 30, 2019 and December 31, 2018, respectively.