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Stockholders' Equity
3 Months Ended
Mar. 31, 2021
Stockholders Equity  
Stockholders' Equity

NOTE 10 - STOCKHOLDERS' EQUITY

 

The Company is authorized to issue an aggregate of 3,000,000,000 common shares with a par value of $0.0001 per share and 1,000,000 shares of preferred stock with a par value of $0.0001 per share.

 

During the three months ended March 31, 2021, the Company elected to convert $68,085 of principal and interest of non-redeemable convertible notes into 452,323,529 shares of common stock of the Company with a fair value of $1,964,621 resulting in a loss of extinguishment of debt of $1,896,536.

During the three months ended March 31, 2021, the Holders of the Senior Convertible Notes issued on July 13, 2020 and September 11, 2020 elected to convert $136,240 of principal and interest into 63,672,223 shares of common stock of the Company with a fair value of $218,127 resulting in a loss of extinguishment of debt of $43,041.

During the three months ended March 31, 2021, the Company issued 30,000,000 shares of common stock for stock-based compensation for consulting services with a fair value of $270,000.

During the three months ended March 31, 2021, the Company issued 4,000,000 shares of common stock for stock-based compensation for officer and directors with a fair value of $20,350.

Common stock to be issued

 

On March 31, 2021 and December 31, 2020, the Company had an obligation to issue 32,000,001 shares of common stock valued at $336,000 and 32,000,001 shares of common stock valued at $336,000, respectively, for stock-based compensation - consulting services. These shares relate to an agreement dated August 1, 2020 for services to be provided from August 1, 2020 to July 31, 2022 whereby the Company shall pay 50,000,000 shares of Common Stock of the Company with a fair value of $525,000 for consulting. The shares are expensed the earlier of (i) the date of issue of shares or (ii) on a straight line over the life of the contract.

 

2020 Stock Option Plan

 

On February 12, 2020, the Board of Directors approved the 2020 Stock Incentive Plan (the “2020 Plan”) to attract and retain the best available personnel, to provide additional incentive to employees, directors and consultants, and to promote the success of the Company's business. Pursuant to the 2020 Plan, the Board may grant incentive stock options, non-qualified stock options, stock appreciation rights, restricted shares and restricted share units. to eligible persons. The maximum aggregate number of shares of common stock with respect to which awards granted under the Plan shall not exceed 50,000,000. On March 31, 2021, there are 10,500,000 shares of common stock available in the 2020 Plan.