6. Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Notes

6. Stockholders' Equity

6. Stockholders’ Equity

Change in Authorized Shares

The Company increased the number of authorized common shares the Company is authorized to issue to 495,000,000 on August 8, 2022.  This change in capital structure was approved without a meeting by the consent of the shareholders holding a majority of the common stock outstanding and Articles of Amendment were filed with the State of Nevada.

Securities Issuances

During the three months ended March 31, 2023, 320,513 shares of common stock were issued to convert $15,000 of a note payable to a non-related party.  See Note 5.

Stock payable at March 31, 2023 consists of 1,219,513 preferred shares and 838,415 common shares owed to members of the board of directors for directors’ fees and contract services. These shares were valued at $84,375 based on the fair value of the Company’s common stock at the date of board authorization. Subsequent to year end, no issuances of the shares have been made. 

Stock payable at March 31, 2024 consists of 18,977,126 preferred shares and 15,087,071 restricted common shares owed to members of the board of directors and officers for directors’ fees and contract services.  These shares were valued at $767,768 based on the fair value of the Company’s common stock at the date of board authorization.  An additional 1,543,210 common shares were owed to various non-related vendors at March 31, 2024 valued at $27,778 based on the fair value of the Company’s common stock at the date of board authorization.  Subsequent to year end, no issuance of the shares have been made.

Stock Compensation Plans

2020 Stock Plan

On September 25, 2020, the Company adopted the Cannabis Sativa 2020 Stock Plan which authorized the Company to utilize common stock to compensate employees, officers, directors, and independent contractors for services provided to the Company. By resolution dated September 25, 2020, the Company authorized up to 1,000,000 shares of common stock to be issued pursuant to the 2020 Stock Plan. This amount was subsequently increased to 2,000,000 shares on January 27, 2021.  At March 31, 2024 and December 31, 2023 44,425 shares were available for future issuance.