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Subsequent Events
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

NOTE 12 - SUBSEQUENT EVENTS

 

Series C Stock

On October 7, 2020, the Company filed a Certificate of Designation with the Delaware Secretary of State thereby designating five thousand (5,000) shares as Series C Convertible Preferred Stock, par value $0.001 per share (“Series C Stock”). Each share of Series C Stock (i) has a liquidation value of $100, subject to various anti-dilution protections (ii) is convertible into shares of common stock of the Company six months after the date of issuance at a price of $0.0035 per share, subject to various anti-dilution protections (iii) on conversion will receive an aggregate number of shares of common stock as is determined by dividing the liquidation value by the conversion price. Series C Stock are non-voting.

On October 7, 2020, the Company agree to issue 5,000 shares of Series C Convertible Preferred Stock for a one-year subscription with SRAX, Inc. to an online marketing platform to support the GoCart grocery delivery application.

 

Common Stock

 

From October 1, 2020 to November 5, 2020, the Company elected to convert $5,849 of principal and interest of non-redeemable convertible notes into 58,490,000 shares of common stock of the Company with a fair value of $145,275 resulting in a loss of extinguishment of debt of $139,426.

 

On October 8, 2020, the Holder of the Senior Convertible Note issued to Crown Bridge Partners LLP on January 20, 2020 elected to convert $17,616 of principal and $1,500 of interest and fees into 12,253,846 shares of common stock of the Company with a fair value of $49,015 to fully settle the Note.

 

From October 16, 2020 to October 26, 2020, the Holder of the Senior Convertible Notes issued to Power Up Lending Group Ltd. on April 14, 2020 elected to convert $68,000 of principal and $2,720 of interest into 36,290,909 shares of common stock of the Company with a fair value of $108,885 to fully settle the Note.

 

From October 5, 2020 to October 22, 2020, the Company issued 45,500,000 shares of common stock for stock-based compensation due to officer and directors with a fair value of $107,750.

 

Lease

 

On October 30, 2020, the Company entered into a lease for warehouse space from November 1, 2020 to October 31, 2021 for GoCart business operations. Rent is $3,507 per month ($5,205 CAD per month).