v3.25.4
Stockholders’ Deficit
 3 Months Ended
Mar. 31, 2025
Stockholders’ Deficit [Abstract]  
STOCKHOLDERS’ DEFICIT

NOTE 5 – STOCKHOLDERS’ DEFICIT

 

Preferred Stock

The Company has authorized 10,000,000 preferred shares, with a par value of $0.001 per share. The Company issued 1,000,000 shares of its Series A Preferred Series stock to IHG in fulfillment of the purchase agreement. These shares are convertible at a ratio of 100 shares of the common stock of the Company for each share of preferred stock of the Company.

Common Stock

In December 2024, the Company’s Board of Directors authorized an increase in the Company’s common stock from 2,000,000,000 to 6,000,000,000 shares, with an effective date of the Amendment to the Articles of Incorporation of February 10, 2025. There was no change in the shares outstanding of either the common stock or preferred stock as a result of the increase.

 

During the three months ended March 31, 2024, the Company issued shares of its common stock as follows:

·195,620,499 shares as consideration for extinguishment of principal and interest on convertible notes payable valued at $11,737.

At March 31, 2025, the Company has recorded common stock to be issued as follows:

  • 11,250,000 shares, valued at $4,500, as consideration for extension of loans previously made to the Company. The Company has recorded the shares to be issued to the lenders at a discount to debt, based on the closing trading price of the Company’s common stock as of the date of the loan extensions, and is amortizing the discount to interest expense over the term of the extensions.
  • 42,275,000 shares valued at $42,275 as consideration for loan costs on new loans. The Company has recorded the shares to be issued to the lenders at a discount to debt, based on the closing trading price of the Company’s common stock as of the date of the loans, and is amortizing the discount to interest expense over the term of the loans.

At March 31, 2024, the Company has recorded common stock to be issued as follows:

·11,250,000 shares, valued at $19,125, as consideration for extension of loans previously made to the Company.
·15,000,000 shares valued at $24,000 as consideration for loan costs on new loans.
·8,000,000 shares, valued at $3,200, to officers/directors/advisors to the Company.