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Stockholders’ Equity
 6 Months Ended
Jun. 30, 2021
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS’ EQUITY
NOTE 7 STOCKHOLDERS’ EQUITY

 

(A) Increase in Authorized Shares

 

On March 23, 2020, the Company filed a Certificate of Amendment to the Company’s Articles of Incorporation with the Secretary of State of the State of Nevada, increasing the number of shares of common stock the Company is authorized to issue from 100,000,000 to 250,000,000, with a par value of $0.0001 per share.

 

(B) In-kind Contribution of Services

 

For the three months ended June 30, 2021 and 2020, the Company recorded $3,857 and $7,714, respectively, as in-kind contribution of services provided by the former President and former Vice President of the Company (See Note 9).

 

For the six months ended June 30, 2021 and 2020, the Company recorded $11,571 and $15,428, respectively, as in-kind contribution of services provided by the former President and former Vice President of the Company (See Note 9).

 

For the three months ended June 30, 2021 and 2020, the Company recorded $12,000 and $0, respectively, as in-kind contribution of services provided by the current President of the Company (See Note 9).

 

(C) Common Stock Repurchase

 

On March 18, 2020, the Company repurchased an aggregate of 38,336 shares of the Company’s common stock from a total of 11 shareholders, at a purchase price of $1.00 per share.

 

(D) Warrant Issuance

 

On March 18, 2020, the Board of Directors of the Company authorized the issuance of warrants to the shareholders of record as of the issuance date. As of such date, the Company was to issue each shareholder of record (i) five Class A Warrants entitling the holder thereof to purchase five shares of common stock at an exercise price of $1.25 per share, (ii) five Class B Warrants entitling the holder thereof to purchase five shares of common stock at an exercise price of $1.50 per share, (iii) five Class C Warrants entitling the holder thereof to purchase five shares of common stock at an exercise price of $1.75 per share and (iv) five Class D Warrants entitling the holder thereof to purchase five shares of common stock at an exercise price of $2.00 per share, with each warrant expiring on March 31, 2035. On March 31, 2020, the record date for the issuance of the warrants as extended to April 15, 2020.

 

On April 15, 2020, the Company issued twenty warrants for every one share of common stock held to shareholders of record as of April 15, 2020. The warrants were issued to the shareholders of record on a pro-rata basis on the issuance date. There was no consideration in exchange for the issuance of these warrants and, therefore, these warrants are treated as a shareholder’s distribution with a net effect of zero on the stockholder’s equity.

 

The Company issued the following warrants:

 

  ● 38,985,020 Class A Warrants
     
  ● 38,985,020 Class B Warrants
     
  ● 38,985,020 Class C Warrants
     
  ●

38,985,020 Class D Warrants

 

As of the date of this report, no warrants have been exercised.

 

   Number of
Warrants		   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Contractual
Life
(in Years)		 
Balance, December 31, 2020   155,940,080    1.625    14.25 
Granted   
-
    
-
    
-
 
Exercised   
-
    
-
    
-
 
Cancelled/Forfeited   
-
    
-
    
-
 
Balance, June 30, 2021 (Unaudited)   155,940,080   $1.625    13.76 
Intrinsic Value  $1,553,942,897    
-
    
-
 

 

As of June 30, 2021, the following warrants were outstanding:

 

Exercise Price
Warrants
Outstanding		   Warrants
Exercisable		   Weighted Average
Remaining
Contractual Life		   Aggregate
Intrinsic Value		 
$1.25    38,985,020    13.76   $403,105,107 
$1.50    38,985,020    13.76   $393,358,852 
$1.75    38,985,020    13.76   $383,612,597 
$2.00    38,985,020    13.76   $373,866,342 

 

As of December 31, 2020, the following warrants were outstanding:

 

Exercise Price
Warrants
Outstanding		   Warrants
Exercisable		   Weighted Average
Remaining
Contractual Life		   Aggregate
Intrinsic Value		 
$1.25    38,985,020    14.25   $467,820,240 
$1.50    38,985,020    14.25   $458,073,985 
$1.75    38,985,020    14.25   $448,327,730 
$2.00    38,985,020    14.25   $438,581,475 

 

(E) Common Stock Issued on Debt Conversion

 

On March 18, 2020, the Company entered into a Debt Exchange Agreement with a related party pursuant to which $100,000 of the principal amount of debt owed by the Company was converted to 100,000 shares of the Company’s common stock (See Notes 4 and 9).

 

(F) Common Stock Issued for Cash

 

In April 2020, the Company sold 663,750 shares of common stock to an unrelated party for $663,750 in cash. The funds were received by the Company on April 14, 2020.

 

In April 2020, the Company sold 1,380,000 shares of common stock to an unrelated party for $1,380,000 in cash. The funds were received by the Company on April 15, 2020.

 

In April 2020, the Company sold 456,250 shares of common stock to an unrelated party for $456,250 in cash. The funds were received by the Company on April 14, 2020.