Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.23.1
Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

 

12. Subsequent Events

 

In January through March 2023, pursuant to terms of a consulting agreement, the Company granted warrants to purchase 99,999 shares of common stock with an exercise price of $0.07 to $0.13 per share, vesting one month from grant and expiring two years from the date of grant.

 

In January and February 2023, the Company issued 983,330 shares of its common stock upon the exercise of warrants for proceeds of $37,000 at an exercise price of $0.03 to $0.04 per share.

 

In January through March 2023, the Company issued 5,500,000 shares of its common stock upon the conversion of notes payable at a conversion price of $0.03 per share.

 

In March 2023, the Company issued convertible promissory notes in the aggregate of $99,000 for cash proceeds of $90,000, net of OID $9,000. The notes are unsecured, have an implied interest rate of 10%, mature in twelve months from issuance, and are convertible into 1,980,000 shares of the Company’s common stock at $0.05 per share. In addition, the Company granted the note holders warrants to purchase 1,980,000 shares of the Company’s common stock at $0.07 per share. The warrants are fully vested and expire one year from the date of issuance.