Stockholders' Deficit |
3 Months Ended |
|---|---|
Mar. 31, 2021 | |
| Equity [Abstract] | |
| Stockholders' Deficit |
NOTE 11 – STOCKHOLDERS’ DEFICIT
Preferred stock issuance
On January 11, 2021, the Company sold 2,000 shares of Series A Preferred Stock for an aggregate purchase price of $50,000. In accordance with the Certificate of Designation of Series A Preferred Stock dated January 7, 2021: (i) each share of Series A Preferred Stock shall be convertible, at the option of the holder thereof, from and after October 15, 2022, into shares of common stock; (ii) all outstanding shares of Series A Preferred Stock shall be automatically converted into shares of common stock in the event any of the Company’s securities are listed for trading on any national exchange; and (iii) the Company may redeem any or all of the outstanding shares of Series A Preferred Stock at any time after October 15, 2023.
Reverse stock split
On January 15, 2020, the Company effected a 200-for-1 reverse stock split (the “Reverse Stock Split”) of its issued and outstanding shares of common stock. The Reverse Stock Split did not change the number of shares of common stock authorized for issuance, the par value of the common stock, or any other terms of the common stock. No fractional shares were issued in the Reverse Stock Split and any remaining share fractions were rounded up to the next whole share. Under the terms and conditions of outstanding options, warrants, and other convertible securities, the number of underlying shares of common stock and the exercise prices or conversion prices thereof were proportionately adjusted for the Reverse Stock Split. All share and per share amounts reported in the condensed consolidated financial statements reflect the Reverse Stock Split.
Conversion of convertible note
On December 17, 2020, the Company issued 18,000 shares of restricted common stock upon the full conversion of a convertible note in the principal amount of $90,000.
Shares outstanding
As of March 31, 2021, and December 31, 2020, the Company had a total of 802,516 and 794,183 shares of common stock outstanding, respectively. The Company also had 2,000 and 0 shares of preferred stock outstanding as of March 31, 2021, and December 31, 2020. |