Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.21.1
Stockholders' Equity
3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Stockholders' Equity
13 STOCKHOLDERS’ EQUITY

 

Preferred Stock

 

Series “A” Preferred Stock

 

As of March 31, 2021 and December 31, 2020, there were 13,000,000 shares of Series A issued and outstanding.

 

Series “C” Convertible Preferred Stock

 

As of March 31, 2021 and December 31, 2020, there were 721,598 shares of Series C issued and outstanding.

 

Common Stock

 

On January 30, 2020, the Company entered into a Membership Interest Purchase Agreement and Stock Purchase Agreement with ECS Prepaid, ECS, CSLS and the Winfreys. Pursuant to the agreements, the Company acquired all of the membership interests of ECS Prepaid and all of the issued and outstanding stock of each ECS and CSLS. The agreements provide that the consideration is to be paid by the Company through the issuance of 500,000 shares of the Company’s Common Stock. In addition, the agreements called for 25,000 shares of Common Stock to be issued to the Winfreys on a monthly basis over a 12-month period. During the three months ended March 31, 2021, the Company issued 100,000 shares of Common Stock in full settlement of the agreements.

 

As discussed above, during the three months ended March 31, 2021, the Company granted 900,000 shares of Common Stock pursuant to debt agreements executed with various lenders. The shares were valued on execution date and recorded as a debt discount on the condensed consolidated balance sheets.

 

As discussed in Note 10 above, during the three months ended March 31, 2021, the Company issued 6,614,537 shares of Common Stock for the conversion of debt totaling $858,159 in principal and interest.

 

During the three months ended March 31, 2021, the Company sold an aggregate of 13,000,000 shares of Common Stock in gross proceeds to the Company of $1,510,000.

 

As of March 31, 2021 and December 31, 2020, there were 152,848,760 and 127,131,210 shares of Common Stock issued and outstanding, respectively.

 

Stock Warrants

 

The following is a summary of the Company’s warrant activity:

 

    Warrants     Weighted
Average
Exercise Price
 
             
Outstanding – December 31, 2020     9,715,865     $ 0.65  
Exercisable – December 31, 2019     9,715,865     $ 0.6  
Granted     -     $ -  
Exercised     -     $ -  
Forfeited/Cancelled     -     $ -  
Outstanding – March 31, 2021     9,715,865     $ 0.65  
Exercisable – March 31, 2021     9,715,865     $ 0.6  

 

Warrants Outstanding     Warrants Exercisable  
Exercise Price    

Number

Outstanding

   

Weighted

Average

Remaining

Contractual

Life

(in years)

   

Weighted

Average

Exercise Price

   

Number

Exercisable

   

Weighted

Average

Exercise Price

 
                                 
$ 0.40 – 3.00       9,715,865       1.27 years     $ 0.65       9,715,865     $ 0. 65  
                                             

  

At March 31, 2021 the total intrinsic value of warrants outstanding and exercisable was $0.