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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 13 – SUBSEQUENT EVENTS

 

Pursuant to the EFA, on July 1, 2022, the Company and GHS agreed that the Company would issue and sell to GHS, and GHS would purchase from the Company, 33,525,465 shares of Common Stock for total proceeds to the Company, net of discounts, of $556,750, at an effective price of $0.019596 per share (the “2nd EFA Closing”). The Company received approximately $500,050 in net proceeds from the 2nd EFA Closing after deducting the fees and other estimated offering expenses payable by the Company. The Company used the net proceeds from the 2nd EFA Closing for working capital and for general corporate purposes.

 

On July 5, 2022, the Company entered into a Joint Cooperation Contract with Salman International Company, headquartered at 98 Banks Division Al-Waha District, Nasr City, Egypt (the “Salman”). The purpose of the agreement is for the parties to cooperate jointly, where the Company sells its products through Salman, which is an authorized distributor of Siemens products.

 

Pursuant to the agreement, Salman agrees to appoint the Company as the sole integration provider for MoonLand Resort, located in Hurghada, Egypt, at reasonable market prices. The Company and Salman agree to jointly market the Company’s and Seimens’ products. Subject to the early termination provisions in the agreement, the term of the agreement is for five years; provided that the agreement is implemented within three months from the date of execution.

 

Pursuant to the EFA, on July 11, 2022, the Company and GHS agreed that the Company would issue and sell to GHS, and GHS would purchase from the Company, 32,756,532 shares of Common Stock for total proceeds to the Company, net of discounts, of $556,750, at an effective price of $0.01699661 per share (the “3rd EFA Closing”). The Company received approximately $550,050 in net proceeds from the 3rd EFA Closing after deducting the fees and other estimated offering expenses payable by the Company. The Company used the net proceeds from the 3rd EFA Closing for working capital and for general corporate purposes.

 

On July 13, 2022, the Company issued a press release which announced it has signed an LOI for the acquisition of Om Optel Industries Pvt. Ltd., a fiber optic cable and HDPE pipe manufacturer based in India.

 

Pursuant to the EFA, on July 20, 2022, the Company and GHS agreed that the Company would issue and sell to GHS, and GHS would purchase from the Company, 29,386,519 shares of Common Stock for total proceeds to the Company, net of discounts, of $556,750, at an effective price of $0.01894558 per share (the “4th EFA Closing”). The Company received approximately $550,050 in net proceeds from the 4th EFA Closing after deducting the fees and other estimated offering expenses payable by the Company. The Company used the net proceeds from the 4th EFA Closing for working capital and for general corporate purposes.

  

Pursuant to the EFA, on July 28, 2022, the Company and GHS agreed that the Company would issue and sell to GHS, and GHS would purchase from the Company, 35,884,040 shares of Common Stock for total proceeds to the Company, net of discounts, of $556,750, at an effective price of $0.018308 per share (the “5th EFA Closing”). The Company received approximately $500,050 in net proceeds from the 5th EFA Closing after deducting the fees and other estimated offering expenses payable by the Company. the Company used the net proceeds from the 5th EFA Closing for working capital and for general corporate purposes.