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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 14 – SUBSEQUENT EVENTS

 

The Company evaluates subsequent events, for the purpose of adjustment or disclosure, up through the date the financial statements are available.

 

These were the material events after June 30, 2023:

 

Common Share Issuance

 

On July 7, 2023 the Company issued 600,000 shares of common stock to Arin Funding for services. The shares were valued at $0.03 per share or $18,000.

 

On January 19, 2024 the Company issued 2,500,000 shares of common stock to Coventry Enterprises, LLC on the conversion of $1,125 of Convertible Debt at a price of $0.00045. The value of the shares at the date of conversion was $0.0005 per share.

 

Convertible Promissory Notes

 

On various dates between July 7, 2023 and September 19, 2023, the Company entered various convertible promissory notes with five individuals amounting to $215,000 and with Fourth Man for $37,500. The notes for three of the individuals also provide for Warrants to purchase shares of the Company’s common stock for $0.01 per share and have a term of five years from issuance date. The note for 4th Man includes a Warrant to purchase 5,629,500 shares of the Company’s common stock for $0.01 per share and have a term of five years from issuance date. The notes to individuals carry 10% interest rate and the Fourth Man note carry 16% interest rate, and all have maturity dates of one year from issuance. The notes and accrued and unpaid interest are convertible at the option of the holder prior to maturity date at $0.04 per share.

 

On various dates between October 27, 2023 and January 3, 2024, the Company entered into various convertible promissory notes with various accredited investors amounting to $856,500. The notes also provide for 21,787,500 Warrants to purchase shares of the Company’s common stock for $0.01 per share and have a term of five years from issuance date. The notes carry 10% interest rate, have maturity dates of one year from issuance. The notes and accrued and unpaid interest are convertible at the option of the holder prior to maturity date at $0.04 per share.

 

On various dates between January 9, 2024 and June 30, 2024, the Company entered into various convertible promissory notes with various accredited investors amounting to $335,000. The notes also provide for 8,375,000 Warrants to purchase shares of the Company’s common stock for $0.01 per share and have a term of five years from issuance date. The notes carry 10% interest rate, have maturity dates of one year from issuance. The notes and accrued and unpaid interest are convertible at the option of the holder prior to maturity date at $0.04 per share.

 

Notes Payable

 

On various dates between April 19, 2024 and June 30, 2024, the Company entered into various promissory notes with various accredited investors amounting to $75,500 ($55,500 of which was from the CEO of the Company). The notes carry 10% interest rate, have maturity dates of one year from issuance.

 

On various dates between March 21, 2024 and May 7, 2024, the Company entered into promissory notes with two commercial lenders amounting to $71,400. The notes carry 40% interest rate, have maturity dates of less than one year from issuance.

 

Conversions

 

On various dates between July 7 and November 14, 2023, convertible debt holders converted principal and interest of $103,100 into 16,123,466 shares of the Company’s common stock at an average per share conversion price of $0.006.

  

On August 2, 2023 Coventry converted the remaining 600 preferred shares into 600,000 shares of the Company’s common stock.

 

Legal Complaint

 

On January 24, 2024 Coventry Enterprises filed a Complaint in the Superior Court in the State of Delaware alleging breach of contract and seeking damages of $265,811. The Company responded on February 23, 2024 disputing the amount of damages.