STOCKHOLDERS’ EQUITY | NOTE 12 – STOCKHOLDERS’ EQUITY Preferred Stock The Company’s issued and outstanding preferred stock, par value $ 0.00001 988,000 988,000 Series A Preferred Stock The Company had authorized 4,000,000 0.00001 Series B Preferred Stock The Company had authorized 1,200,000 0.00001 488,000 Series C Preferred Stock On July 8, 2020, the Company reduced the authorized number of Series C Preferred Stock from 3,300,000 250 0.00001 The Company also amended the terms of the Series C Preferred Stock. The holders of shares of the Series Preferred C Stock are now entitled to 2,000,000 votes for every share of our Series Preferred C Stock held. The holders of the Series Preferred C Stock are not entitled to receive dividends. Upon any liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary, before any distribution or payment will be made to the holders of any stock ranking junior to the Series C Preferred Stock, the holders of the Series C Preferred Stock will be entitled to be paid out of the Company’s assets an amount equal to $1.00 in the aggregate for all issued and outstanding shares of the Series C Preferred Stock (as adjusted for any stock dividends, combinations, splits, recapitalizations, and the like with respect to such shares) (the “Preference Value”) The Company has authorized 250 140 each share of the Series C Preferred Stock automatically converted into one share of Common Stock on the one-year anniversary of the issuance date. At June 30, 2022 and December 31, 2021, no shares of Series C Preferred Stock were issued and outstanding. Series D Preferred Stock The Company had authorized 500,000 0.00001 500,000 Common Stock The Company has authorized 2,500,000,000 1,709,122,945 1,004,709,546 Equity Transactions On April 1, 2022, the Company granted 1,000,000 0.0085 8,500 During the six months ended June 30, 2022, the Company issued an aggregate of 678,413,399 5,859,165 2,600,000 137,128 0.0040 During the six months ended June 30, 2022, and in connection with the issuance of the debenture, the Company issued to the lender 25,000,000 0.0040 25,000,000 135,000 During the six months ended June 30, 2021, the Company issued an aggregate of 55,464,596 1,122,984 1,100,000 22,882 0.0204 During the six months ended June 30, 2021, the Company issued 9,000,000 270,900 Common Stock Issuable On August 12, 2015, the Company entered into an Employment Agreement with Robert Clark (the “Clark Employment Agreement”). On December 1, 2016, the Company entered into an Amendment to Employment Agreement (the “Clark Amendment”; and, together with the Clark Employment Agreement, the “Amended Clark Employment Agreement”). Pursuant to the terms of the Amendment Clark Employment Agreement, the Company agreed to issue, among other securities, 200,000,000 Immediately, Mr. Clark decided to defer receipt of 80,000,000 of such shares; thus leaving 120,000,000 shares of the Common Stock to be issued to him The 120,000,000 30,000,000 40,000,000 50,000,000 40,000,000 50,000,000 170,000,000 1,386,497 1,386,497 Summary of Warrants A summary of warrants for the six months ended June 30, 2022, is as follows: SCHEDULE OF SUMMARY OF WARRANTS Weighted Number Average of Exercise Warrants Price Balance outstanding, December 31, 2021 170,000,000 $ 0.03 Warrants granted 8,333,333 0.03 Warrants exercised - - Warrants expired or forfeited - - Balance outstanding, June 30, 2022 178,333,333 $ 0.03 Balance exercisable, June 30, 2022 178,333,333 $ 0.03 Information relating to outstanding warrants at June 30, 2022, summarized by exercise price, is as follows: SCHEDULE OF OUTSTANDING WARRANTS Outstanding Exercisable Exercise Price Per Share Shares Life (Years) Weighted Average Exercise Price Shares Weighted Average Exercise Price $ 0.03 158,333,333 2.01 $ 0.03 158,333,333 $ 0.03 $ 0.05 20,000,000 0.87 $ 0.05 20,000,000 $ 0.02 178,333,333 1.89 $ 0.03 178,333,333 $ 0.03 Based on the fair market value of $ 0.0086 In connection with the issuance of convertible secured debentures on May 2, 2022 (see Note 9), the Company granted warrants with a relative fair value of $ 103,000 8,333,333 0.03 103,000 0.0180 132 0 2.16 |