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Stockholders’ Equity
 3 Months Ended
Mar. 31, 2026
Stockholders’ Equity [Abstract]  
STOCKHOLDERS’ EQUITY
10 STOCKHOLDERS’ EQUITY

 

a.Common Stock

 

On January 14, 2026, the Board of directors authorized the amendment to the articles of incorporation of the Company to increase the authorized shares of common stock from 1,500,000,000 to 5,000,000,000 shares of common stock. The amendment was registered on January 21, 2026.

 

The Company has total authorized Common Stock of 5,000,000,000 shares with a par value of $0.0001 each. The Company had 806,872,547 and 710,872,547 shares of Common Stock issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.

 

On February 9, 2026, in terms of a conversion notice received from a convertible note holder, the Company issued 13,000,000 shares of common stock for the conversion of principal and interest of $62,000 of convertible debt at a conversion price of $0.005, per share, realizing a loss on conversion of $94,000.

 

On February 3, 2026, in terms of a board resolution the company issued 50,000,000 shares of common stock to its board of directors and CEO. See Restricted stock below.

 

On February 3, 2026, the Board approved the issuance of 30,000,000 shares of common stock to a consultant, at a fair market price of $0.0126 per share for a total consideration of $378,000.

 

On March 12, 2026, the Company entered into a management consulting agreement and granted 3,000,000 shares to the consultant at a fair market price of $0.007 per share, totaling $21,000.

  b. Restricted stock awards

 

On February 3, 2026, The Board of Directors authorized the issue of 50,000,000 shares of common stock, 10,000,000 to each of our two directors and 30,000,000 shares to Mr. Corbett, the Company CEO. The fair value of the shares on the date of grant was $0.0126 per share, totaling $630,000.

 

A summary of restricted stock activity during the period January 1, 2025 to March 31, 2026 is as follows:

 

   Total
restricted
shares		   Weighted
average
fair market
value per
share		   Total
unvested
restricted
shares		  Weighted
average
fair market
value per
share		   Total
vested
restricted
shares		   Weighted
average
fair market
value per share		 
Outstanding January 1, 2025   783,167   $1.5000    
   -
    $
-
    783,167   $1.50 
Granted and issued   67,500,000    0.0037    
-
     
-
    67,500,000    0.0037 
Forfeited/Cancelled   
-
    
-
    
-
     
-
    
-
    
-
 
Vested   
-
    
-
    
-
     
-
    
-
    
-
 
Outstanding December 31, 2025   68,283,167   $0.0207    
-
    $    -    68,283,167   $0.0207 
Granted and issued   50,000,000    0.0126    
-
     
-
    50,000,000    0.0126 
Forfeited/Cancelled   
-
    
-
    
-
     
-
    
-
    
-
 
Vested   
-
    
-
    
-
     
-
    
-
    
-
 
Outstanding March 31, 2026   118,283,167   $0.0173    
-
    $    -    118,283,167   $0.0173 

 

The restricted stock granted, issued and exercisable at March 31, 2026 is as follows:

 

    Restricted Stock
Granted and Vested		 
Grant date Price   Number Granted   Weighted Average
Fair Value per Share		 
$0.0037    67,500,000    0.0037 
$0.0126    50,000,000    0.0126 
$1.4700    683,167   $1.4700 
$1.5000    33,333    1.5000 
$1.6500    66,667    1.6500 
      118,283,167   $0.0173 

 

The Company has recorded an expense and settled outstanding liabilities as follows:

 

Grant date 

Number of
shares
granted

  

Vesting
terms

  

Grant
date
fair value

  

Expensed
during
the
period

  

Liability
settled

 
                     
February 3, 2026   50,000,000    Immediate   $630,000   $553,000   $77,000 

 

c.Preferred Stock

 

The Company has authorized 100,000,000 shares of preferred stock with a par value of $0.0001 authorized. No preferred stock was issued and outstanding as of March 31, 2026 and December 31, 2025.

d.Warrants

 

Between March 16 and March 19, 2026, the Company entered into a Securities Purchase Agreement with three accredited investors. In terms of the Securities Purchase Agreement, the Company issued three-year warrants to purchase an aggregate of 1,250,000 shares of common stock at an exercise price of $0.02 per share and five-year warrants to purchase an aggregate of 16,000,000 shares of Common Stock at an exercise price of $0.01 per share. These warrants have price protection which reduces the exercise price of the warrant for any securities issued at a lower exercise or conversion price, subsequent to the issue date of the warrant as well as adjustments for stock splits, stock combinations, dilutive issuances and similar events). The Company is under no obligation to register the shares of Common Stock underlying the warrants for public resale.

 

The 2023, 2024, 2025 and 2026 Warrants contain exercise limitations providing that a holder thereof may not exercise the Warrants to the extent that, if after giving effect to such exercise, the holder or any of its affiliates would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the outstanding shares of the Common Stock immediately after giving effect to such exercise. A holder may increase or decrease its beneficial ownership limitation upon notice to the Company provided that in no event such limitation exceeds 9.99%, and that any increase shall not be effective until the 61st day after such notice.

 

The fair value of the warrants granted and issued, as described above, were determined by using a Black Scholes valuation model using the following assumptions:

 

   Three months  
ended
March 31,
2026		   Year ended
December 31,
2025		 
         
Exercise price  $0.01 to 0.02   $0.0005 to 0.084 
Risk free interest rate   3.79 to 3.80%   3.77 to 4.46%
Expected life of derivative liability   3 to 5 years    1 to 5 years 
Expected volatility of underlying stock   197.25 to 211.22%   183.1 to 352.45%
Expected dividend rate   0%   0%

 

A summary of warrant activity during the period January 1, 2025 to March 31, 2026 is as follows:

 

   Shares
Underlying
Warrants		   Exercise
price per
share		   Weighted
average
exercise
price		 
Outstanding January 1, 2025   22,011,614   $0.084 – 5.625   $0.319900 
Granted   55,204,761    0.005 to 0.084    0.00474 
Increase in warrants issued due to anti-dilution price protection   2,157,367,790    0.0005    0.00050 
Forfeited   (1,853,425,066)   0.0005 to $4.50    0.00149 
Exercised   (531,165)   0.0005 to 1.035    0.97430 
Outstanding December 31, 2025   380,627,934   $0.0005 – 5.625   $0.01052 
Granted   17,250,000    0.01 to 0.02    0.01072 
Forfeited   (552,438)   0.0005 to 5.625    2.22652 
Exercised   
-
    
-
    
-
 
Outstanding March 31, 2026   397,325,496   $0.0005 – 1.5000   $0.00745 

 

The warrants outstanding and exercisable at March 31, 2026 are as follows:

 

    Warrants Outstanding   Warrants Exercisable 
Exercise Price*   Number
Outstanding		   Weighted
Average
Remaining
Contractual
life in years		   Weighted
Average
Exercise
Price		   Number
Exercisable		   Weighted
Average
Exercise Price		   Weighted
Average
Remaining
Contractual
life in years		 
$0.000500    370,285,776    3.01         370,285,776         3.01 
$0.010000    18,550,000    4.90         18,550,000         4.90 
$0.020000    1,250,000    2.97         1,250,000         2.97 
$0.345000    6,939,718    2.45         6,939,718         2.45 
$0.450000    266,668    2.23         266,668         2.23 
$1.500000    33,334    2.37         33,334         2.37 
      397,325,496    3.08   $0.00745    397,325,496   $0.00745    3.08 

 

The warrants outstanding have an intrinsic value of $2,443,886 and $4,528,023 as of March 31, 2026 and December 31, 2025, respectively.

  e. Stock options

 

On June 18, 2018, the Company established its 2018 Stock Incentive Plan (the “Plan”). The purpose of the Plan is to promote the interests of the Company and the stockholders of the Company by providing directors, officers, employees and consultants of the Company with appropriate incentives and rewards to encourage them to enter into and continue in the employ or service of the Company, to acquire a proprietary interest in the long-term success of the Company and to reward the performance of individuals in fulfilling long-term corporate objectives. The Plan terminates after a period of ten years in June 2028.

 

The Plan is administered by the Board or a committee appointed by the Board, who have the authority to administer the Plan and to exercise all the powers and authorities specifically granted to it under the Plan.

 

The maximum number of securities available under the Plan is 26,667 shares of Common Stock. The maximum number of shares of Common Stock awarded to any individual during any fiscal year may not exceed 100,000 shares of Common Stock.

 

On October 22, 2021, the Company established its 2021 Stock Incentive Plan (“2021 Plan”). The purpose of the Plan is to promote the interests of the Company and the stockholders of the Company by providing directors, officers, employees and consultants, advisors and service providers of the Company with appropriate incentives and rewards to encourage them to enter into and continue in the employ or service of the Company, to acquire a proprietary interest in the long-term success of the Company and to reward the performance of individuals in fulfilling long-term corporate objectives. The Plan terminates after a period of ten years in August 2031.

 

The 2021 Plan is administered by the Board or a Compensation Committee appointed by the Board, who have the authority to administer the Plan and to exercise all the powers and authorities specifically granted to it under the Plan.

 

The maximum number of securities available under the 2021 Plan is 1,766,667 shares of Common Stock.

 

Under the 2021 Plan the Company may award the following: (i) non-qualified stock options; (ii)) incentive stock options; (iii) stock appreciation rights; (iv) restricted stock; (v) restricted stock unit; and (vi) other stock-based awards.

 

A summary of option activity during the period January 1, 2025 to March 31, 2026 is as follows:

 

   Shares
Underlying
options		   Exercise
price per
share		   Weighted
average
exercise
price		 
Outstanding January 1, 2025   1,513,335   $1.20 to 12.00   $4.47 
Granted   600,000    0.09    0.09 
Forfeited/Cancelled   (333,334)   4.50    4.50 
Exercised   
-
    
-
    
-
 
Outstanding December 31, 2025   1,780,001   $0.09 to 12.00   $2.989 
Granted   
-
    
-
    
-
 
Forfeited/Cancelled   
-
    
-
    
-
 
Exercised   
-
    
-
    
-
 
Outstanding March 31, 2026   1,780,001   $0.09 to 12.00   $2.989 

 

The options outstanding and exercisable at March 31, 2026 are as follows:

 

    Options Outstanding   Options Exercisable 
Exercise Price*   Number
Outstanding		   Weighted
Average
Remaining
Contractual
life in years		   Weighted
Average
Exercise
Price		   Number
Exercisable		   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Contractual
life in years		 
$0.09    600,000    8.78         425,000         8.78 
$1.20    13,334    6.46         13,334         6.46 
$4.50    1,166,667    5.77         1,166,667         5.77 
      1,780,001    6.79   $2.989    1,605,001   $3.305    6.79 

 

The options outstanding have an intrinsic value of $0 as of March 31, 2026 and December 31, 2025.

 

The option expense was $1,371 and $17,815 for the three months ended March 31, 2026 and 2025, respectively.