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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 12: SUBSEQUENT EVENTS

 

On July 5, 2022 the Company issued 260,000 shares of common stock valued at $0.095985 per share pursuant to a Notice of Conversion from Mast Hill in respect to accrued and unpaid interest on the November 3, 2021 Convertible Note.

 

On July 7, 2022 the Company issued 560,000 shares of common stock to Talos at $0.095985 per share pursuant to the exercise of a share purchase warrant.

 

On July 7, 2022, effective June 14, 2022, the Company entered into a Sponsorship & Services Agreement (Agreement) with the Texas Rangers MLB Stadium called Globe Life Field (Rangers) wherein the Rangers granted sponsorship benefits to the Company.  The Agreement calls for advanced sponsorship revenue share payments of $375,000 by the Company to the Rangers during the fiscal years 2023 and 2024, pursuant to a split fee arrangement for WiFi managed services and Sponsorship opportunity.  The Agreement offers the rights of the Company to place stadium ads in a shared revenue model.  The Company will also manage the WiFi Network captive portal remotely, as an exclusive arrangement.

 

On July 11, 2022, the Company entered into a further Convertible Promissory Note with 1800 Diagonal Lending, LLC, a Virginia limited liability company, in which 1800 Diagonal agreed to lend the Company $63,750, with gross proceeds of $60,000 after deducting fees. The Term of the Note is twelve months with an interest rate of 10%. The conversion rate of the Note is as follows: 35% discount to the lowest bid price during the ten-day trading period prior to a notice of conversion. Funds were deposited on July 25, 2022 and will be used for operating costs and further execution of GZ6G’s business plan.

 

On July 19, 2022, 383,000 unregistered shares of the Company’s common stock were issued to Acorn Management Partners, LLC in lieu of cash payments owed to Acorn pursuant to a Professional Relations and Consulting Agreement (Consulting Agreement) entered into on April 7, 2022, and an Addendum to that Consulting Agreement entered into on July 6, 2022.

 

On August 3, 2022 the Company received a conversion notice from eSilkroad for the issuance of 1,538,462 shares to settle $300,000 in note proceeds at $0.195 per share, which remain unissued at the date of this report.

 

Subsequent to June 30, 2022 the Company issued 642,983 shares of common stock in respect to Put Notices issued to Mast Hill for total net proceeds of $46,420.

 

The Company has evaluated subsequent events from the balance sheet date through the date that the financial statements were issued and determined that there are no additional subsequent events requiring disclosure.