Capital Stock and Equity Transactions

3 Months Ended

Sep. 30, 2020

Capital Stock and Equity Transactions

Note 4 - Capital Stock and Equity Transactions

The Company has 150,000,000 shares of common stock authorized with a par value of $0.001 per share as of September 30, 2020. In addition, the Company has 10,000,000 preferred stock authorized with a par value of $0.001 per share as of September 30, 2020.

The Series A Preferred Shares of 3,000,000 units are convertible into the greater of one share of Common Stock or a number of shares of Common Stock so that the Series A holders would hold 55% of the number of outstanding shares of Common Stock. The Series A Shares vote on an “as-converted” basis. The Series B Convertible Preferred Stock of 1,120,000 units are convertible into 1,120,000 common shares.  

Issuance of Common Stock

During the three month period ended September 30, 2020 the Company issued 475,365 shares of Common Stock to employees. These shares were valued at fair market value of $28,808 and expensed in the accompanying Condensed Consolidated Statement of Operations.

During the three months ended September 30, 2020, the Company issued 433,077 shares of Common Stock to vendors for services rendered. These shares were valued at fair market value of $31,270 and expensed in the accompanying Condensed Consolidated Statement of Operations.

During the three months ended September 30, 2019 the Company issued 366,667 shares of Common Stock valued at $262,500 to shareholders of GTI as final settlement of the 2018 agreement. See Footnote 3.

During the three months ended September 30, 2019, the Company issued 30,299,998 shares of common stock pursuant to the Purchase Agreement and received approximately $4,038,000.