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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 17 — SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, Subsequent Events, management evaluated subsequent events through the date the financial statements were issued. Management identified the following material subsequent events requiring disclosure in these unaudited financial statements.

 

The Company filed the Amended and Restated Articles of Incorporation with Florida Secretary of State reflecting the 1:500 reverse split of the Company’s common stock. The reverse split was approved by FINRA effective April 24, 2025. All shares reported in these financial statements have been retroactively adjusted to reflect the reverse split.

 

On May 2, 2025, the Company’s majority shareholder, Evan Bloomberg, acting pursuant to his voting control of 100,000 shares of Series A Preferred Stock, convened a shareholder meeting and removed Paul Strickland and Nicholas Cardosi from the Company’s Board of Directors.

 

On May 2, 2025, after removing Mr. Strickland from the board of directors, Mr. Bloomberg, as sole director of the Company, held a board meeting and removed Mr. Strickland as Secretary of the Company.

 

On May 12, 2025, the Company entered into a Membership Interest Assignment Agreement with Mr. Evan Bloomberg. Pursuant to the agreement, the Company transferred 100% of its membership interest in Jubilee Intel, LLC to Mr. Bloomberg. In exchange, Mr. Bloomberg transferred all 100,000 shares of the Company’s Series A Preferred Stock to Selkirk Global Holdings, LLC, an entity controlled by Mr. Paul Strickland, the sole director and officer of the Company. As a result of the assignment, Jubilee Intel, LLC is no longer a wholly-owned subsidiary of the Company.

 

On May 12, 2025, Mr. Bloomberg, in his capacity as controlling shareholder, held a shareholder meeting and nominated Mr. Paul Strickland to the board of directors.

 

On May 12, 2025, Mr. Bloomberg, in his capacity as sole director of the Company, held a board meeting and appointed Mr. Paul Strickland as President and Secretary of the Company.

 

On May 12, 2025, Mr. Bloomberg resigned from the board of the Company and all other positions he held in the Company.

 

On May 16, 2025, the Company issued 50,000,000 shares of common stock to Beartooth Asset Holdings, Inc. (“Beartooth”), for services provided. Beartooth is an entity owned by Mr. Strickland.

 

Subsequent to March 31, 2025, Nicosel, LLC loaned the Company an additional $136,000.

 

Subsequent to March 31, 2025, GMF Ventures LLC loaned the Company $232,187.

 

Subsequent to March 31, 2025, Phase I Operations, Inc, loaned the Company $59,106.

 

On May 20, 2025, the Company issued 144,007 shares of common stock to Nicosel, LLC, for retirement of the $146,799 settlement liability (Note 7).

 

On June 2, 2025, GMF Ventures LLC, all amounts due into 2,385,946 shares of common stock.

 

On June 2, 2025, Nicosel, LLC converted $237,275 of amounts due into 5,366,085 shares of common stock.