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Subsequent Events
6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events

Note 17 – Subsequent Events

 

Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the financial statements were available to be issued and has determined that no material subsequent events exist other than the following:

 

On August 5, 2024, the Company issued 1,000,000 shares of common stock in satisfaction of principle, interest, and fees on a Convertible Note held by a third party.

 

On September 30, 2024, the Company amended its Articles of Incorporation to authorize Series A Convertible Preferred Stock. The number of shares constituting such Series A Preferred Stock shall be 10,000 shares, par value of $.0001, out of the 5,000,000 shares, par value of $.0001, of preferred stock authorized by the Corporation in its Certificate of Incorporation. Each share of Series A Preferred Stock shall have a stated value of $1,000 (the “Stated Value”). Each holder of Series A Preferred Stock shall have the right to convert 1 share of Series A Preferred Stock into 10,000 shares of common stock in the Corporation, at the election of the holder by the holder delivering written notice of such conversion to the Board of Directors for the Corporation, pursuant to any procedure established by the Board of Directors. Holders of Series A Preferred Stock shall be entitled to receive an annual dividend, payable quarterly (i.e., every three months in a calendar year), within ninety (90) days of the last day of the applicable quarter, and prorated, where and if necessary, of either (a) 6% of the holder’s Stated Value, in the aggregate based on the number of Series A Convertible Shares titled to such holder, in cash, or (b) 12% of the holder’s Stated Value, in the aggregate based on the number of Series A Convertible Shares titled to such holder, in shares of common stock valued as of the date of the last day of the applicable quarter, based on the listing of the Corporation’s common stock on the OTC Market, or if such shares of common stock are not listed on the OTC Market as of the last day of the applicable quarter, the fair market value of the common stock, as valuated by the Board of Directors exercising its sole discretion. Holders of Series A Preferred Stock are entitled to vote on any and all matters submitted to the vote of the common shareholders of the Corporation with each share of Series A Preferred Stock equaling 10,000 shares of shares of common stock on a fully converted basis.

 

On September 30, 2024, the Company’s CEO agreed to forgive $60,000 in accrued compensation owed to him by the Company.

 

On September 30, 2024, the Company’s CEO converted $350,000 of his accrued compensation to a long-term note payable.

 

On September 30, 2024, the Company’s CEO converted $375,000 of his accrued compensation to 375 Series A Convertible Preferred Stock.

 

On September 30, 2024, the Company’s CEO agreed to forgive $300,000 of shareholder loans owed to him by the Company.

 

On September 30, 2024, the Company’s CEO converted $1,203,000 of shareholder loans owed to him by the Company to 1,203 Series A Convertible Preferred Stock.

 

On September 30, 2024, the Company’s prior CFO, Richard Landry, agreed to forgive $60,000 in accrued compensation owed to him by the Company and converted the remainder of $150,000 in accrued compensation to a long-term note payable.

 

On September 30, 2024, Gold Team Inc., a company principally owned by the Company’s CEO, agreed to convert $300,000 in rent owed by the Company to a long-term note payable. (See Note 14)

 

On September 30, 2024, Gold Team Inc., a company principally owned by the Company’s CEO, agreed to convert $300,000 in rent owed by the Company to 300 Series A Convertible Preferred Stock. (See Note 14)