Item 2. Unregistered Sales of Equity Securities
Item
2. Unregistered Sales of Equity Securities and Use Of Proceeds
The
Company had the following unregistered sale of equity securing during the three months ended December 31, 2024. All shares were issued
under Section 4(a)(2) of the Securities Act of 1933 as follows:
●
On November 7, 2024 the
Company sold 20,000,000 shares to an investor for gross proceeds of $106,975
Item
3. Defaults upon Senior Securities
As
of the date of the filing the Company has defaulted on the following debt obligations with a total outstanding balance including interest
of approximately $29.9 million:
●
January 2023 Note with
a balance due of approximately $221,000
●
Restructured August Note
Payable with a balance due of approximately $27 million
●
Restructured Senior Note
Payable with a balance due of approximately $2.6 million
Further,
the Company’s Series G preferred shares, which had a redemption value of $820,000 were required to be redeemed as of December
of 2024.
Item
4. Mine Safety Disclosures
Not
Applicable.
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.