Annual report [Section 13 and 15(d), not S-K Item 405]

SUBSEQUENT EVENTS

v3.25.1
SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 20 – SUBSEQUENT EVENTS

 

In December, 2024, our Board of Directors acted by written consent in lieu of a meeting, to adopt and approve an amendment to our Articles of Incorporation to increase the number of shares of common stock we are authorized to issue from 70,000,000 common shares with a par value of $0.001 to 320,000,000 common shares with a par value of $0.001(a net increase of 250,000,000 common shares). A SEC form Pre-14C was filed with the Securities and Exchange Commission on January 28, 2025, and after the required waiting period, the Company a SEC Form Def-14C on February 14, 2025, effecting the increase in authorized shares of the Company. An Amendment to the Company’s Articles of Incorporation increasing the authorized number of common shares was filed with Nevada Secretary of State on February 18, 2025.

 

On February 28, 2025, and in accordance with the terms and condition of the Agreement, First Block, a beneficial owner of the company, converted 4,000,000 preferred shares into 3,600,000 shares of common stock and $225,000 of debt owed by the Company to First Block was forgiven and reclassed to additional paid in capital.

 

In April 2025, the Company received proceeds of $150,000 by issuing a secured short-term promissory note, bearing interest at a rate of 8% per annum, and maturing on June 20, 2025. The interest rate increases to 12% after June 20, 2025, if not paid in full.