Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

7. Subsequent Events

On July 20, 2022, the Company granted options to purchase 8,500,000 shares of the Company’s common stock to certain consultants and advisory board members, 7,700,000 of which vested immediately and 800,000 of which vest on the six-month anniversary of the date of grant. Each option is exercisable at a price of $0.10 per share for a period of five years.

On July 21, 2022, the Company increased its authorized capital from 95,000,000 shares of common stock to 500,000,000 shares of common stock by filing a Certificate of Amendment with the Delaware Secretary of State.

On July 22, 2022, the Company entered into debt conversion agreements with the President and Vice President of the Company, pursuant to which a total of $3,038,000 of debt was converted into shares of the Company’s common stock at a price of $0.065 per share for a total of issuance of 46,738,460 shares. As a result of this transaction, the amount due by the Company to related parties decreased from $3,940,241 to $902,241.