Item 2. Unregistered Sales of Equity Securities
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
On
November 10, 2020, the Company issued a private placement memorandum offering, which relied upon exemption from registration provided
by Regulation D, to raise up to $1,000,000 through the issuance of restricted shares of the Company’s common stock (par
value $0.001) to qualified investors. As of December 31, 2020, the Company had received subscription agreements from family members
and business associations of a stockholder for 500,000 common shares at a purchase price of $1 per share, with proceeds to the
Company totaling $500,000. It is anticipated that the proceeds will be used to fund general operational activities and exploration
of additional financing alternatives.
17
Purchases
of Equity Securities by the Issuer
There
were no repurchases of equity during the quarter ended December 31, 2020.
Item
3. Defaults upon Senior Securities.
None;
not applicable.
Item
4. Mine Safety Disclosures.
None;
not applicable.
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