Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 20, 2024 | |
Details | ||
Registrant CIK | 0001543652 | |
Fiscal Year End | --12-31 | |
Registrant Name | Free Flow Inc. | |
SEC Form | 10-Q/A | |
Period End date | Mar. 31, 2024 | |
Tax Identification Number (TIN) | 45-3838831 | |
Number of common stock shares outstanding | 25,926,900 | |
Filer Category | Non-accelerated Filer | |
Shell Company | false | |
Small Business | true | |
Emerging Growth Company | false | |
Amendment Description | The sole purpose of this Amendment No. 1 to the Quarterly Report on Form 10-Q (the 'Form 10-Q') for the period ended March 31, 2024, is to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 to the Form 10-Q provides the financial statements and related notes from the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language). No other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q. Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. | |
Document Quarterly Report | true | |
Securities Act File Number | 000-54868 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 6269 Caledon Road | |
Entity Address, City or Town | King George | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22485 | |
Entity Address, Address Description | Address of Principal Executive Offices | |
City Area Code | 703 | |
Local Phone Number | 789-3344 | |
Phone Fax Number Description | Registrant’s Telephone Number | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Amendment Flag | true | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Transition Report | false |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 3,759 | $ 39,521 |
Trade Receivables - current | 108,742 | 95,440 |
Refund due from IRS - ERTC | 32,730 | 32,730 |
Note Receivable | 300,000 | 0 |
Rounding off the decimals - error | (2) | (2) |
Inter-company | 0 | 0 |
Inventories | 2,400 | 4,800 |
TOTAL CURRENT ASSETS | 447,628 | 172,489 |
Fixed Assets | ||
Land and Building, without depreciation | 0 | 772,413 |
Less:Allownace for Depreciation | 0 | (283,731) |
TOTAL FIXED ASSETS | 0 | 488,682 |
Other Assets | ||
Delivery Turcks, before depreciation allowance | 2,500 | 2,500 |
Allownace for Depreciation | (2,500) | (2,500) |
Improvements in progress | 0 | 11,697 |
Equipment and Delivery Trucks, before depreciation allowance | 31,712 | 31,712 |
Allownace for Depreciation | (31,712) | (31,712) |
TOTAL OTHER ASSETS | 0 | 11,697 |
TOTAL ASSETS | 447,628 | 672,868 |
Current Liabilities | ||
Accounts Payable | 206,859 | 138,669 |
Notes Payable | 1,500 | 2,500 |
Notes Payable - Related Parties | 9,634 | 9,634 |
TOTAL CURRENT LIABILITIES | 217,993 | 150,803 |
Long Term Liabilities | ||
Incredible Bank - Total Loans payable - Due March 4, 2026 | 20,107 | 319,319 |
PPP1 | 0 | 0 |
EIDL | 499,900 | 499,900 |
PayPal Advance | 29,517 | 29,517 |
Incredible Bank - Property Tax | 40,587 | 40,587 |
Incredible Bank | 8,582 | 847,817 |
TOTAL LONG TERM LIABILITIES | 598,693 | 1,737,140 |
TOTAL LIABILITIES | 816,687 | 1,887,943 |
Equity, Attributable to Parent | ||
Common stock, ($0.0001) par value, 100,000,000 shares authorized and 25,926,900 and 25,876,900 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 2,627 | 2,622 |
Additional Paid in capital | 150,028 | 140,033 |
Current year Profit (Loss) | 836,018 | (232,156) |
(Accumulated Deficit) / Net worth, brought forward | (2,158,665) | (1,926,509) |
TOTAL STOCKHOLDERS' EQUITY / (DEFICIT) | (1,169,992) | (2,016,010) |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) | 447,630 | 672,869 |
Series B Preferred Stock | ||
Redeemable Preferred Stock | ||
Redeemable Preferred Stock | 330,000 | 330,000 |
Series C Preferred Stock | ||
Redeemable Preferred Stock | ||
Redeemable Preferred Stock | 470,935 | 470,935 |
Preferred Class A | ||
Equity, Attributable to Parent | ||
Preferred Stock Value | $ 1 | $ 1 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets - Parenthetical - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 25,926,900 | 25,876,900 |
Common Stock, Shares, Outstanding | 25,926,900 | 25,876,900 |
Series B Preferred Stock | ||
Redeemable Preferred Stock, Shares Authorized | 500,000 | 500,000 |
Redeemable Preferred Stock, Shares Issued | 330,000 | 0 |
Redeemable Preferred Stock, Shares Outstanding | 330,000 | 0 |
Series C Preferred Stock | ||
Redeemable Preferred Stock, Shares Authorized | 500,000 | 500,000 |
Redeemable Preferred Stock, Shares Issued | 470,935 | 0 |
Redeemable Preferred Stock, Shares Outstanding | 470,935 | 0 |
Preferred Class A | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 10,000 | 10,000 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | ||
Sales | $ 2,850 | $ 956 |
Total Revenues | 2,850 | 956 |
Cost of Goods Sold | 670 | 9,811 |
Gross Profit | 2,180 | (8,855) |
Operating Expenses | ||
Selling, General & Administrative Expenses | 365,783 | 13,449 |
Depreciation Expenses | 0 | 0 |
Operating Income (Loss) | (363,603) | (22,304) |
Other Income (Expense) | ||
Gain on Sale of Assets | 1,199,622 | 0 |
Other Income | 0 | 2,875 |
Net Income (Loss) | $ 836,018 | $ (19,429) |
BASIS INCOME (LOSS) PER SHARE | $ 0.033 | $ (0.001) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 25,926,900 | 24,841,900 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock | Preferred Stock | Additional Paid-in Capital | Subscription Received | Retained Earnings | Total |
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 26,221,000 | 10,000 | ||||
Net Income (Loss) | $ 0 | $ 0 | $ 0 | $ (19,429) | $ (19,429) | |
Shares, Outstanding, Ending Balance at Mar. 31, 2023 | 26,221,000 | 10,000 | ||||
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2022 | $ 2,622 | $ 1 | 129,033 | $ 0 | (1,926,509) | (1,794,853) |
Additional subscription | 0 | 0 | 0 | 0 | 0 | 0 |
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2023 | $ 2,622 | $ 1 | 129,033 | 0 | (1,945,938) | (1,814,282) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2023 | 25,876,900 | 10,000 | ||||
Net Income (Loss) | $ 0 | $ 0 | 0 | 0 | 836,018 | 836,018 |
Shares, Outstanding, Ending Balance at Mar. 31, 2024 | 25,926,900 | 10,000 | ||||
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2023 | $ 2,622 | $ 1 | 140,033 | 0 | (2,158,665) | (2,016,010) |
Additional subscription | $ 5 | 0 | 9,995 | 0 | 10,000 | |
Additional Subscription - Shares | 50,000 | |||||
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2024 | $ 2,627 | $ 1 | $ 150,028 | $ 0 | $ (1,322,647) | $ (1,169,992) |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss) | $ 836,018 | $ (19,429) |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Gain on Sale of Asset | (1,211,318) | 0 |
Changes in assets and liabilities | ||
Trade Receivables | (13,302) | 1,743 |
Inventories | 2,400 | 438 |
Note Receivable | (300,000) | 0 |
Trade Payable | 68,190 | 7,700 |
Notes Payable | (1,000) | 0 |
Improvement in progress | 11,697 | |
Incredible Bank Loan - Express Loan | (299,212) | 0 |
Incredible Bank Loan - PLP Loan | (839,235) | 0 |
Net Cash Provided by (Used in) Operating Activities | (1,745,762) | (9,548) |
CASH FLOW FROM INVESTING ACTIVITIES | ||
Proceeds from sale of asset | 1,700,000 | 0 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 1,700,000 | 0 |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Proceeds / (Repayment ) from notes payable | 2,500 | |
Repayment to Pay Pal Advance | 0 | (4,011) |
Proceeds from Loan from River Valley Bank | 0 | (4,000) |
Proceeds from Subscription Money | 10,000 | 0 |
NET CASH (USED IN) / PROVIDED BY FINANCING ACTIVITIES | 10,000 | (5,511) |
NET INCREASE /(DECREASE) IN CASH AND CASH EQUIVALENTS | (35,762) | (15,060) |
CASH AND CASH EQUIVALENTS IN THE BEGINNING OF PERIOD | 39,521 | 17,274 |
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD | $ 3,759 | $ 2,214 |
NOTE 1 - BASIS OF PRESENTATION
NOTE 1 - BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2024 | |
Notes | |
NOTE 1 - BASIS OF PRESENTATION | NOTE 1 – ORGANIZATION AND DESCRIPTIONS Free Flow, Inc. (the "Company") was incorporated on October 28, 2011 under the laws of State of Delaware to enter the green energy industry. It began with the idea of developing swimming pool solar pump system. The solar energy business became very volatile due to constant decline in prices of solar panels. The Company could not conclude any business in the solar energy sector. In February 2016 the Company formed a subsidiary namely JK Sales, Corp. (name changed to “Accurate Auto Sales, Inc.”) and began the business of selling used auto parts. Accurate Auto Sales, Inc., at a 19+ acre facility that it owned, in King George, VA, bought end of life and wrecked automobiles from Insurance Auctions and disassembled the same to parts. After the dis-assembly these parts were labelled and stored at its warehouse, the inventory is uploaded and sold through a very sophisticated internet network. The primary customers were auto body and mechanic shops. Accurate Auto Parts, Inc. sold this facility on March 4, 2024 and is now looking into trading of used auto parts. In December 2020 the Company acquired the Assets of Inside Auto Parts, Inc. incorporated in 1993, which is centrally located between Richmond, Charlottesville, and Fredericksburg, Virginia with easy access to main transport routs. The salvage dealership, specializing in used foreign car and truck parts has been acquired by Free Flow, Inc. subsidiary named “FFLO - Inside Auto Parts, Inc.” and has 21,953.9 square feet fully enclosed and another 17,392.35 square feet under roof enclosed on 3 sides, all located on 16 acres of land in Mineral, Virginia then owned by FFLO. After over a year the assets were resold to the seller. The primary reason not to continue was the Company’s inability to get financing to pay off acquisition debt. Subsequent to receipt, by another subsidiary of FFLO – namely Motors & Metals, Inc., of an LOI from an overseas buyer the Company planned to set up a “Scrap Metal Processing” plant and sought funding for equipment. A contract for purchase of equipment was intended to be executed with a Chinese equipment manufacturer, but due to Covid 19 pandemic the transaction came to a halt. Also, the Government of China put an embargo to finance US projects. However, Motors & Metals, Inc., diversified its efforts and began in physical trading of scrap metal and continues to do so. On March 4, 2024 the Company sold its 10+ acre facility for a gross sum of $1,700,000 and continues to operate the salvage yard under a concession agreement which is at will be both parties. We have prepared the accompanying Unaudited Condensed Consolidated Financial Statements pursuant to the U.S Securities and Exchange Commission (“SEC”) applicable to interim financial statements. Accordingly, certain information related to our significant accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. Theses Unaudited Condensed Consolidated Financial Statements reflect, in the opinion of the management, all material adjustments necessary to fairly state, in all material respects, our financial position, results of operations and cash flows for the periods presented. Results for the interim periods are not necessarily indicative of the results that can be expected for any subsequent interim period or a full year. Theses interim financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10 – K for the year ended December 31,2023 filed with SEC on April 01, 2024 (“2023 Form10-K”). |
NOTE 2 - GOING CONCERN
NOTE 2 - GOING CONCERN | 3 Months Ended |
Mar. 31, 2024 | |
Notes | |
NOTE 2 - GOING CONCERN | NOTE 2 GOING CONCERN Future issuances of the Company's equity or debt securities will be required for the Company to continue to finance its operations and continue as a going concern. The Company's present revenues are marginally sufficient to meet operating expenses. The financial statement of the Company has been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred cumulative net losses of $2,158,665 since its inception. There are no significant fixed recurring expenses and the current receivables are far in excess of current payables, thus management has no doubt that it will continue as a going concern and recover the expenses through trading activities that are in progress. |
NOTE 3 - INCORPORATION OF SUBSI
NOTE 3 - INCORPORATION OF SUBSIDIARY | 3 Months Ended |
Mar. 31, 2024 | |
Notes | |
NOTE 3 - INCORPORATION OF SUBSIDIARY | NOTE 3 – INCORPORATION OF SUBSIDIARY In February 2015, the company incorporated a subsidiary, Promedaff, Inc. and purchased a skin care product line and formulations for $2,000,000 against a promissory note. An e commerce platform was set up for sales and marketing. The efforts did not bear any success and the entire inventory was sold through the Seller and the Promissory Note was cancelled and marked “VOID”. The name of this entity has been changed to Motors & Metals, Inc. In August 2018 Motors & Metals, Inc. received firm expression of interest from an overseas buyer willing to place long term purchase orders to buy 3,000 to 5,000 MT of Processed Scrap Metal. For over eight (8) months, the management scouted around to find a seller but learnt that no scrap metal processor was willing to entertain the business due to their loyalty agreements they have with their Buyer(s). Ultimately, the management decided to set up its own Scrap Metal Processing facility at the company owned 20 acre facility in King George, Virginia. Since the facility has been sold, thus this plan is no longer being pursued. As reported in 10Qs for the earlier quarters, as well as in 10-K for the Annual reports, on February 4, 2016 the company incorporated another subsidiary in the State of Virginia under the name of JK Sales, Corp. (on December 7, 2017 the name was changed to Accurate Auto Parts, Inc.,) and has since remained in the business of buying end of life and salvage vehicles and selling auto parts. On April 17, 2018 the company incorporated in Virginia, another subsidiary named Accurate Investments, Inc. the objectives of acquiring real estate property, which plan did not materialize. However, Accurate Investments, Inc. continues to pursue other investment opportunities that could add revenues to the Company. On January 4, 2017 the company incorporated in Virginia another subsidiary named City Autos, Corp. with the objectives of operating an auto dealership and has finally commenced operations. Free Flow Auto Auction, an on-line auto auction platform is expected to be launched by the end of third quarter. On December 22, 2020 the company through another subsidiary named FFLO – Inside Auto Parts, Inc. acquired the assets and business of an auto recycling entity located on a 16 acre facility in Mineral, Virginia. These assets through an amicable settlement, were resold to the seller in January 2022 due to reason that company failed to obtain to financing to redeem the promissory note given to the Seller. |
NOTE 4 - RELATED PARTY
NOTE 4 - RELATED PARTY | 3 Months Ended |
Mar. 31, 2024 | |
Notes | |
NOTE 4 - RELATED PARTY | NOTE 4 – RELATED PARTY As of December 31, 2023, the Company had a note payable in the amount of $9,634 to Redfield Holdings, Ltd. a related party. During the three months ended March 31, 2024 there was no change in the amount owed. The note is unsecured and does not bear any interest and has a maturity date of December 30, 2023. Redfield Holdings Ltd. is 100% owned by the CEO. |
NOTE 5 - CAPITAL STOCK
NOTE 5 - CAPITAL STOCK | 3 Months Ended |
Mar. 31, 2024 | |
Notes | |
NOTE 5 - CAPITAL STOCK | NOTE 5 – CAPITAL STOCK The Company has authorized 100,000,000 shares of common shares with a par value of $0.0001 per shares and 20,000,000 shares of preferred stock, with a par value of $0.0001 per shares. On August 5, 2020 the company filed the following Amendment to the Capital Stock: The amount of the total Common Stock of the corporation is Hundred Million (100,000,000) shares of Common Stock, par value ($.0001) per shares. The total amount of Preferred Stock of the corporation is Twenty Million (20,000,000) shares, par value ($.0001) per share. The preferences being that there will be various series of Preferred Share, such preferences are more specifically defined as under along with the number of shares allocated to each series: Series “A”: Number of shares allocated are Ten Thousand (10,000) – par value $.0001 per share; one share of this class of Preferred Stock Series “A” will carry voting rights equal to Ten Thousand (10,000) shares of Common Shares; thus the voting rights attributed to all of these 10,000 shares would be equal to One Hundred Million common shares. Series “B”: Number of shares allocated are Five Hundred Thousand (500,000) – par value $.0001 per share; one share of this class of Preferred Stock Series “B” will carry voting rights equal to one share of Common Shares; and are redeemable with 365 days’ notice. Series “C”: Number of shares allocated are Five Hundred Thousand (500,000) – par value $.0001 per share; one share of this class of Preferred Stock Series “C” will carry voting rights equal to one share of Common Shares and could be used to assign corresponding capital in to any subsidiary of Free Flow, Inc. with a view to extend comfort to any lender. Such shares are redeemable upon such lender authorizing the redemption of capital in the respective subsidiary company. Series “D”: Number of shares allocated are Fifteen Million (15,000,000) – par value $.0001 per share; one share of this class of Preferred Stock Series “D” will carry voting rights equal to one share of Common Shares This series of shares could be issued against subscription of any amount as the board of directors and/or majority of the shareholders approve. Series “D” shares could be converted in to common shares as approved by the majority shareholders. Series “E”: Number of shares allocated are Three Million Nine Hundred Ninety Thousand (3,990,000) – par value $.0001 per share; one share of this class of Preferred Stock Series “E” will carry voting rights equal to one share of Common Shares This series of shares could be issued against subscription in cash or kind including but not limited to subscription directly into capital account of any subsidiary for any amount as the board of directors and/or majority of the shareholders approve. Series “E” shareholders could be entitled to a specifically defined profit sharing in a specific project or transaction(s). Series E shares could be redeemable and/or converted in to common shares as agreed between the subscriber(s) and approved by the majority shareholders and/or by the Board of Directors of the Company. The amendment effected herein was authorized by the affirmative vote of the holders of a majority of the outstanding shares entitled to vote thereon at a meeting of the shareholders pursuant to Section 242 of the General Corporation Law of the State of Delaware. Pursuant to the resolution of the shareholders meeting held on March 30, 2015 the Company designated 500,000 shares of the preferred authorized shares as preferred shares – Series “B” shares. The preferred shares – Series “B” were assigned the following preferences: a) b) c) d) e) On December 31, 2014 the Company had a Note outstanding in the principal amount of $330,000 plus interest payable to GS Pharmaceuticals, Inc. By mutual consent this note and accrued interest was converted to 330,000 preferred shares – Series “B”. On March 31, 2015 an amount of $58,000 was subscribed by Redfield Holdings, Ltd. by cancellation of a Note against the issuance of 9,700 shares of preferred shares – Series “A”. These shares were issued to Redfield Holding, Ltd. thus making a total of entire designated preferred shares – Series “A” shares to Redfield Holdings, Ltd. Each share of preferred shares – Series “A” carries voting right equal to 10,000 common shares. On September 30, 2017 total preferred shares issued and outstanding are 10,000 Series “A” and 330,000 Series “B”. On April 2, 2019, in a private transaction the Company accepted a sum of $14,490.00 against issuance of 21,000 restricted Common shares of the Company. Thus the total common shares issued and outstanding as on September 30, 2019 stood at 26,221,000. On August 17, 2020 the Company completed its Private Placement Memorandum to raise $19.5 million with no minimum, against issuance of 15,000,000 Series “D” shares at a price of $1.30 per share. The memorandum can be accessed on Company’s website, i.e., www.FreeFlowPLC.com. |
NOTE 6 - SUBSEQUENT EVENTS
NOTE 6 - SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
Notes | |
NOTE 6 - SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENT Nothing to report. |
NOTE 3 - INCORPORATION OF SUB_2
NOTE 3 - INCORPORATION OF SUBSIDIARY (Details) | 1 Months Ended |
Feb. 28, 2015 USD ($) | |
Promedaff, Inc. | |
Payments to Acquire Businesses, Gross | $ 2,000,000 |
NOTE 4 - RELATED PARTY (Details
NOTE 4 - RELATED PARTY (Details) | Dec. 31, 2022 USD ($) |
Redfield Holdings Ltd | |
Notes Payable, Related Parties | $ 9,634 |
NOTE 5 - CAPITAL STOCK (Details
NOTE 5 - CAPITAL STOCK (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Apr. 02, 2019 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2019 | |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||||
Proceeds from issuance of restricted shares | $ 14,490 | |||||
Restricted common stock issued | 21,000 | |||||
Common Stock, Shares, Issued | 25,926,900 | 25,876,900 | 26,221,000 | |||
Description of Private Placement Memorandum | On August 17, 2020 the Company completed its Private Placement Memorandum to raise $19.5 million with no minimum, against issuance of 15,000,000 Series “D” shares at a price of $1.30 per share. The memorandum can be accessed on Company’s website, i.e., www.FreeFlowPLC.com. | |||||
Redfield Holdings Ltd | ||||||
Preferred Stock, Voting Rights | Each share of preferred shares – Series “A” carries voting right equal to 10,000 common shares | |||||
Convertible Notes Payable | Redfield Holdings Ltd | ||||||
Amount Subscribed By Related Party Against Cancellation Of Note | $ 58,000 | |||||
GS Pharmaceuticals, Inc. | ||||||
Principal amount of note outstanding | $ 330,000 | |||||
Preferred Class A | ||||||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||||
Series B Preferred Stock | GS Pharmaceuticals, Inc. | ||||||
Preferred shares issued upon conversion of debt | 330,000 |