Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The information set forth below relates to our issuances
of securities without registration under the Securities Act of 1933.
During the six
months ended June 30, 2021, the Company issued 45,818,526 shares of common stock, valued at fair market value on issuance as follows;
· 35,862,500
shares issued for cash of $3,586,250
· 2,230,394
shares, valued at $2,056,530, issued for settlement of debt of $1,516,667
· 1,200,000
shares issued to our management for compensation valued at $976,200
· 6,080,632
shares issued for conversion of debt of $422,295
· 195,000
shares for services valued at $284,700
· 250,000
shares for forbearance of debt valued at $49,925
These securities were issued pursuant to Section 4(2)
of the Securities Act and/or Rule 506 promulgated thereunder. The holders represented their intention to acquire the securities for investment
only and not with a view towards distribution. The investors were given adequate information about us to make an informed investment decision.
We did not engage in any general solicitation or advertising. We directed our transfer agent to issue the stock certificates with the
appropriate restrictive legend affixed to the restricted stock.
Item 3. Defaults upon Senior Securities
None
Item 4. Mine Safety Disclosures
N/A
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.