Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.21.1
Subsequent Events
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Subsequent Events

NOTE 13 - SUBSEQUENT EVENTS

 

Effective January 1, 2021, the Company entered into Independent Director Agreements with two of its directors pursuant to which the Company agreed to issues 600,000 shares (300,000 each) of the Company’s restricted common stock as compensation for their service. The shares vest quarterly in equal amounts on the first day of each quarter, over a period of 12 months, with the initial 150,000 (75,000 each) amount vesting on January 1, 2021. The 150,000 vested shares were issued March 2, 2021.

 

On January 6, 2021, the Company amended its revolving line of credit with Berkshire Capital Management Co., Inc. to extend the repayment date from December 31, 2020 to December 31, 2021.

 

On January 19, 2021 the Company filed an S-8 Registration Statement to register 10,000,000 of the Company’s common stock to be given to participants in our Equity Incentive Plan and on January 25, 2021, the company issued 3,000,000 to a consultant pursuant to the plan.

 

On February 1, 2021, the Company issued 1.25 million shares of common stock with a fair value of $200,000 pursuant to existing employment and consulting agreements.

 

On February 2, 2021, the Company began the process of submitted for PPP loan forgiveness, which as of the date of this filing is pending SBA review.

 

On February 3, 2021 the Company filed an S-1 Registration Statement to register 10,000,000 of the Company’s common stock to be sold in a Direct Public offering as a fixed price of $0.25 per share. The S-1 was declared effective February 11, 2021.