Shareholders’ Equity

6 Months Ended

Jun. 30, 2024

Shareholders’ Equity [Abstract]

Shareholders’ Equity

Note 11 – Shareholders’ Equity

Common Stock

During the six months ended June 30, 2024, the Company issued:

● 2,502,000 shares of common stock valued at $130,120 in satisfaction of convertible debt, interest, and fees;

● 2,950,000 shares of common stock to consultants for services rendered valued at $153,801. The fair value was determined based on the Company’s stock price on the grant date; and

During the six months ended June 30, 2023, the Company issued:

● 1,500,000 shares of common stock to its Directors and President, valued at $175,500;

● 800,000 shares of common stock valued at $120,000 in satisfaction of convertible debt and interest, and fees;

● 1,180,000 shares of common stock to consultants for services rendered valued at $139,980. The fair value was determined based on the Company’s stock price on the grand date; and  

● 771,845 and 517,391 shares of common stock in a cashless exercise of 1,500,000 and 1,000,000 warrants.

Warrants

The following table summarizes the activity related to warrants:

					Weighted
			Weighted		Average
			Average		Remaining		Aggregate
	Warrants		Exercise		Contractual		Intrinsic
	Outstanding		Price		Life		Value
Outstanding, December 31, 2023		1,000,000	$	0.05		4.86	$	-
Granted		-		-		-
Forfeited		-
Exercised		-
Outstanding, June 30, 2024		1,000,000	$	0.04		4.36	$	-
Exercisable, June 30, 2024		1,000,000	$	0.04		4.36	$	-

The above warrants contain a down-round provision that requires the exercise price to be adjusted if the Company sells shares of common stock below the current exercise price. During the six months ended June 30, 2024, the Company issued shares of common stock for $0.04 therefore, the exercise price of these warrants was adjusted from $0.052 to $0.04.  The change in fair value between the value of the warrants using the new exercise price versus the old exercise price as of June 30, 2024, and December 31, 2023, was calculated to be $0 and $2,013, respectively, and is recorded as a deemed dividend in the accompanying consolidated financial statements.