NOTE 6 - STOCKHOLDERS' EQUITY (RESTATED)

12 Months Ended

Dec. 31, 2021

Notes

NOTE 6 - STOCKHOLDERS' EQUITY (RESTATED)

NOTE 6 – STOCKHOLDERS’ EQUITY (RESTATED)

We are authorized to issue 100,000,000 shares of common stock, $0.001 par value, and 5,000,000 shares of preferred stock, $0.001 par value. Each share of common stock entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

During the year ended December 31, 2021, the Company issued 25,000 shares of common stock upon the issuance of debt to a third-party. The shares were valued at $49,750 which was recorded as an increase to equity with an offset to debt discount.

STOCK BASED COMPENSATION

On July 26, 2021, the Company issued 500,000 shares of common stock to a consultant for services rendered. The Company expensed $1,126,000 in relation to this issuance which was the grant date fair value.

On July 26, 2021, the Company issued 250,000 shares of common stock to a consultant for services rendered. The Company expensed $563,000 in relation to this issuance which was the grant date fair value.

On July 26, 2021, the Company issued 250,000 shares of common stock to a consultant for services rendered. The Company expensed $563,000 in relation to this issuance which was the grant date fair value.

On July 27, 2021 and October 12, 2021, the Company issued 7,537 and 9,375, respectively shares of common stock to a board member for board services rendered. The Company expensed $30,000, in the aggregate, in relation to this issuance which was the grant date fair value.

During the year ended December 31, 2021, the Company issued 812,118 vested Mycotopia warrants in accordance with the BK Warrant valued at $2,029,861 (Note 4).

Warrants Issued

During the year ended December 31, 2021, the Company issued 651,666 warrants, to purchase common stock as part of the convertible promissory notes discussed above in Note 5.

The following table reflects a summary of Common Stock warrants outstanding and warrant activity during the period ended December 31, 2021

	Underlying Shares			Weighted Average Exercise Price		Weighted Average Term (Years)
Warrants outstanding at January 1, 2021		-			-
Granted		1,463,784			0.67		2.00
Exercised		-			-		-
Forfeited		-			-		-
Warrants outstanding and exercisable at December 31, 2021		1,463,784	$		0.67		1.81

The intrinsic value of warrants outstanding as of December 31, 2021 was approximately $2,562,000.

The Company calculated the fair value of the warrants using the black-scholes option pricing model with the following weighted average assumptions for the year ended December 31, 2021:

	For the Year Ended December 31, 2021
Expected term, in years		2.0
Exercise price	$	0.67
Expected volatility		100	%
Stock price	$	2.26
Risk-free interest rate		0.44	%
Dividend yield	$	-