XML 32 R19.htm IDEA: XBRL DOCUMENT v3.21.2
SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2021
SUBSEQUENT EVENTS  
13. SUBSEQUENT EVENTS

13. SUBSEQUENT EVENTS

 

Management has evaluated subsequent events according to the requirements of ASC TOPIC 855, and has reported the following:

 

Convertible Note

 

Effective July 12, 2021, the Company entered into a 12% convertible note with an institutional investor in the principal amount of $43,750 with a maturity date of July 12, 2022. The Company received net proceeds of $40,000 after payment of $3,000 in legal fees and $750 in due diligence fees to the lender. The lender, at its option after 180 days from the issuance of the note, may convert the unpaid principal balance of, and accrued interest on, the note into shares of the Company’s common stock at a 45% discount from the lowest trading price during the 20 consecutive trading days immediately prior to conversion. The Company may prepay the note at any time beginning on the date of the issuance of the note until 180 days after the date of issuance of the note at a prepayment premium of 150%, after which the Company has no right of prepayment.

 

Convertible Note Conversions

 

Subsequent to June 30, 2021, a lender converted principal of $33,500 and $2,010 accrued interest payable into 3,737,895 shares of the Company’s common stock, extinguishing in full the January 8, 2021 Convertible Note.

 

Common Shares Issued for Services

 

Subsequent to June 30, 2021, the Company issued a total of 1,428,570 shares of common stock to two consultants for services valued at $30,000.

 

Series B Preferred Stock Conversion

 

In July 2021, a holder converted 141 shares of the Company’s Series B Preferred Stock valued at $14,100 into 9,400,000 shares of the Company’s common stock.