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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 6 -  SUBSEQUENT EVENTS

 

Working Capital Loan with Directors

 

Subsequent to March 31, 2023 and through the date of this filing, the Company has received an additional $130,000 in working capital note payable proceeds from Chief Executive Officer and Director Stewart Wallach. The total principle outstanding under this note payable is $314,150 as of the date of this filing. Principal accrues simple interest at a rate of 5 percent per annum, maturing June 26, 2023 with the ability for the Company to request a 90-day extension. The loan may be prepaid in full or partially without any penalty.

 

Operating Leases

 

Subsequent to March 31, 2023, the Company notified the landlord they would not renew the executive office lease set to expire on June 30, 2023 (see Note 4). On April 26, 2023, the landlord amended the terms for the operating lease and related common area management expenses (“CAM”) owed by the Company for its principal executive office to extend the payment terms for the remaining three months of the lease term over the following nine months through December 31, 2023. In addition to the monthly rent expense, the landlord included an estimate for additional CAM charges for the 2023 operating lease year of $5,435 and $17,124 for additional CAM charges for the 2022 operating lease year. The Company will pay a total of $58,500 with monthly payments of $6,500 per month for nine months commencing April 1, 2023 and ending December 31, 2023, to satisfy the aforementioned operating lease liabilities for the executive office lease.

 

Increase in Authorized Shares

 

On May 9, 2023, by way of written consent of Common Stock shareholders of the Company with the requisite voting power to amend the Company’s Amended and Restate Articles of Incorporation, those shareholders consented to amend Article 1 of the Corporation’s Amended and Restated Articles of Incorporation to increase the authorized shares of capital stock from 60,000,000 to 300,000,000 shares of capital stock authorized, of which 295,000,000 shares shall be Common Stock, par value of $0.0001 per share, and 5,000,000 shares of Preferred Stock. The effectiveness of this increase in authorized shares of the capital stock will not occur until: the filing of a Definitive 14C information statement with the SEC, expiration of twenty days after that filing, and then the filing with, and acceptance of Amendment to the Amended and Restated Articles of Incorporation by, the Secretary of State of the State of Florida.