NOTES
TO CONDENSED FINANCIAL STATEMENTS
June
30, 2021
(Unaudited)
NOTE
1 - BACKGROUND
Business
Activity
REMSleep
Holdings, Inc., (the “Company”) was incorporated in the State of Nevada on June 6, 2007. On January 5, 2015 the name of the
Company was changed to REMSleep Holdings, Inc. and the business model was changed to reflect the new direction of the Company; to develop
and distribute products to help people affected by sleep apnea. On May 30, 2015 REMSleep LLC was formally merged into REMSleep Holdings,
Inc.
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
These
unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United
States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”).
These financial statements and the notes attached hereto should be read in conjunction with the financial statements and notes included
in the Company’s 10-K for its fiscal year ended December 31, 2020. In the opinion of the Company, all adjustments, including normal
recurring adjustments necessary to present fairly the financial position of the Company, as of June 30, 2021 and the results of its operations
and cash flows for the three months then ended have been included. The results of operations for the interim period are not necessarily
indicative of the results for the full year ending December 31, 2021.
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Fair
Value of Financial Instruments
The
Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial
instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure
the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles
generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency
and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives
the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable
inputs. The three levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
Level
1:
|
Quoted
market prices available in active markets for identical assets or liabilities as of the reporting date.
|
|
|
Level
2:
|
Pricing
inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the
reporting date.
|
|
|
Level
3:
|
Pricing
inputs that are generally unobservable inputs and not corroborated by market data.
|
The
carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate
their fair value because of the short maturity of those instruments. The Company’s notes payable approximates the fair value
of such instruments as the notes bear interest rates that are consistent with current market rates.
The
following table classifies the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy
as of June 30, 2021 and December 31, 2020:
June
30, 2021:
Description
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total Loss
|
|
Derivative
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
506,664
|
|
|
$
|
(1,495,259
|
)
|
Total
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
506,664
|
|
|
$
|
(1,495,259
|
)
|
December
31, 2020:
Description
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total Gains
|
|
Derivative
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
700,719
|
|
|
$
|
79,677
|
|
Total
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
700,719
|
|
|
$
|
79,677
|
|
Basic
and Diluted Earnings Per Share
Net
income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net
income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding
during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number
of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common
shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period
presented.
As of June 30, 2021, the Company had 67,296,430 of potentially dilutive
shares of common stock from convertible debt, 217,474,026 potentially dilutive shares of common stock warrants and 55,000,000 potentially
dilutive shares of common stock from Series A and B preferred stock.
As of June 30, 2020, the Company had 105,966,667 of potentially dilutive
shares of common stock from convertible debt and 18,974,026 potentially dilutive shares of common stock warrants.
The
Company’s diluted loss per share is the same as the basic loss per share for all periods, as the inclusion of any potential shares
would have had an anti-dilutive effect due to the Company generating a loss in those periods.
Recently
Adopted Accounting Pronouncements
In August 2020, the FASB issued ASU
2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts
in Entity’s Own Equity (Subtopic 815-40)—Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU
2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock. For convertible
instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, Derivatives and
Hedging, or that do not result in substantial premiums accounted for as paid-in capital, the embedded conversion features no longer
are separated from the host contract. ASU 2020-06 also removes certain conditions that should be considered in the derivatives scope exception
evaluation under Subtopic 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, and clarify the scope
and certain requirements under Subtopic 815-40. In addition, ASU 2020-06 improves the guidance related to the disclosures and earnings-per-share
(EPS) for convertible instruments and contract in entity’s own equity. ASU 2020-06 is effective for public business entities that
meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies
as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all
other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those
fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods
within those fiscal years. The Company is currently evaluating the impact this ASU will have on its financial statements.
The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact
on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on its financial position or results of operations.
NOTE
3 - GOING CONCERN
The accompanying unaudited financial statements have been prepared
on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
The Company has an accumulated deficit of $9,401,103 at June 30, 2021, had a net loss of $2,835,161 and net cash used in operating activities
of $205,224 for the six months ended June 30, 2021. The Company’s ability to raise additional capital through the future issuances
of common stock and/or debt financing is unknown. The obtainment of additional financing, the successful development of the Company’s
contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company
to continue operations. These conditions and the ability to successfully resolve these factors over the next twelve months raise substantial
doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments
that may result from the outcome of these aforementioned uncertainties.
The
Company is in the final stages of product development and plans to begin selling its product in late 2021. The Company will continue
to finance its operations through debt and/or equity financing as needed.
The
industry in which we operate depends heavily upon our ability to obtain raw material and manufacture our product as well as the overall
level of consumer and business spending. A sustained deterioration in general economic conditions (including distress in financial markets,
turmoil in specific economies around the world, public health crises, and additional government intervention), particularly in the United
States, may have a negative financial impact to our Company. Adverse conditions as a result of the global COVID-19 outbreak, will and
may continue to impact our manufacturing processes and ultimately our ability to sell our product.
NOTE
4 - PROPERTY & EQUIPMENT
Long
lived assets, including property and equipment and certain intangible assets to be held and used by the Company are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Impairment losses
are recognized if expected future cash flows of the related assets are less than their carrying values. Measurement of an impairment
loss is based on the fair value of the asset. Long-lived assets and certain identifiable intangibles to be disposed of are reported at
the lower of carrying amount or fair value less cost to sell.
Property
and Equipment and intangible assets are first recorded at cost. Depreciation and/or amortization is computed using the straight-line
method over the estimated useful lives of the various classes of assets as follows between three and five years.
Maintenance
and repair expenses, as incurred, are charged to expense. Betterments and renewals are capitalized in plant and equipment accounts. Cost
and accumulated depreciation applicable to items replaced or retired are eliminated from the related accounts with any gain or loss on
the disposition included as income.
Assets
stated at cost, less accumulated depreciation consisted of the following:
|
|
June 30,
2021
|
|
|
December 31,
2020
|
|
Furniture/fixtures
|
|
$
|
14,904
|
|
|
$
|
14,904
|
|
Office equipment
|
|
|
7,136
|
|
|
|
7,136
|
|
Automobile
|
|
|
17,189
|
|
|
|
17,189
|
|
Tooling/Molds
|
|
|
159,558
|
|
|
|
141,785
|
|
Less: accumulated depreciation
|
|
|
(112,531
|
)
|
|
|
(85,643
|
)
|
Fixed assets, net
|
|
$
|
86,256
|
|
|
$
|
95,371
|
|
Depreciation
expense
Depreciation
expense for the six months ended June 30, 2021 and 2020 was $26,888 and $22,598, respectively.
NOTE
5 - LOANS PAYABLE
On
October 24, 2017, the Company was notified that a petition had been filed in the Iowa District Court for Polk County by a Mr. John M.
Wesson for failure to repay a loan. Mr. Wesson had loaned the Company $30,000 and $20,000 on October 24, 2012 and June 12, 2013, respectively.
The loans were to accrue interest at 5%. On April 26, 2018, the Company agreed to repay the loan in full including accrued interest and
$5,000 for legal fees. As of June 30, 2021, there is $45,000 and $20,457 of principal and interest due on this loan. As of December 31,
2020, there is $45,000 and $19,355 of principal and interest due on this loan.
On
March 23, 2018, the Company purchased an automobile. The purchase price was $16,963.46. The interest rate on the loan is 5.8% and matures
on April 7, 2023. Payments on the loan, consisting of principal and interest, are $327 per month. As of June 30, 2021 and December 31,
2020 there is $5,575 and $8,212, respectively, due on this loan.
NOTE
6 - CONVERTIBLE NOTES
The
following table summarizes the convertible notes and related activity as of June 30, 2021:
Note Holder
|
|
Date
|
|
|
Maturity Date
|
|
Interest
|
|
|
Balance
December 31,
2020
|
|
|
Additions
|
|
|
Conversions/
Repayments
|
|
|
Balance
June 30,
2021
|
|
Diamond Investments II LLC
|
|
|
8/28/2020
|
|
|
8/28/2021
|
|
|
8
|
%
|
|
|
110,250
|
|
|
|
-
|
|
|
|
(110,250
|
)
|
|
|
-
|
|
Power Up Lending Group LTD
|
|
|
12/18/2020
|
|
|
12/18/2021
|
|
|
10
|
%
|
|
|
91,850
|
|
|
|
-
|
|
|
|
-
|
|
|
|
91,850
|
|
Granite Global Investments Ltd
|
|
|
10/26/2020
|
|
|
11/6/2021
|
|
|
24.5
|
%
|
|
|
-
|
|
|
|
162,798
|
|
|
|
(77,605
|
)
|
|
|
85,193
|
|
Granite Global Investments Ltd
|
|
|
1/6/2021
|
|
|
1/6/2022
|
|
|
12
|
%
|
|
|
-
|
|
|
|
31,000
|
|
|
|
-
|
|
|
|
31,000
|
|
Granite Global Investments Ltd
|
|
|
1/30/2021
|
|
|
1/30/2022
|
|
|
12
|
%
|
|
|
-
|
|
|
|
36,000
|
|
|
|
-
|
|
|
|
36,000
|
|
Power Up Lending Group LTD
|
|
|
2/22/2021
|
|
|
2/22/2022
|
|
|
10
|
%
|
|
|
-
|
|
|
|
84,150
|
|
|
|
-
|
|
|
|
84,150
|
|
Granite Global Investments Ltd
|
|
|
4/7/2021
|
|
|
4/7/2022
|
|
|
10
|
%
|
|
|
-
|
|
|
|
36,500
|
|
|
|
-
|
|
|
|
36,500
|
|
Granite Global Investments Ltd
|
|
|
4/7/2021
|
|
|
4/7/2022
|
|
|
10
|
%
|
|
|
-
|
|
|
|
91,850
|
|
|
|
-
|
|
|
|
91,850
|
|
Granite Global Investments Ltd
|
|
|
4/9/2021
|
|
|
4/9/2022
|
|
|
10
|
%
|
|
|
-
|
|
|
|
100,000
|
|
|
|
-
|
|
|
|
100,000
|
|
Granite Global Investments Ltd
|
|
|
5/3/2021
|
|
|
5/3/2022
|
|
|
10
|
%
|
|
|
-
|
|
|
|
53,625
|
|
|
|
-
|
|
|
|
53,625
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$
|
202,100
|
|
|
$
|
595,923
|
|
|
$
|
(187,855
|
)
|
|
$
|
610,168
|
|
|
|
|
|
|
|
Less debt discount
|
|
|
|
|
|
|
(157,233
|
)
|
|
|
|
|
|
|
|
|
|
|
(410,182
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
44,867
|
|
|
|
|
|
|
|
|
|
|
$
|
199,986
|
|
A
summary of the activity of the derivative liability for the notes above is as follows:
Balance at December 31, 2019
|
|
$
|
626,831
|
|
Increase to derivative due to new issuances
|
|
|
808,643
|
|
Decrease to derivative due to conversion/repayments
|
|
|
(897,519
|
)
|
Derivative loss due to mark to market adjustment
|
|
|
162,764
|
|
Balance at December 31, 2020
|
|
|
700,719
|
|
Increase to derivative due to new issuances
|
|
|
902,967
|
|
Decrease to derivative due to conversion/repayments
|
|
|
(2,592,281
|
)
|
Derivative loss due to mark to market adjustment
|
|
|
1,495,259
|
|
Balance at June 30, 2021
|
|
$
|
506,664
|
|
A
summary of quantitative information about significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative
liability that are categorized within Level 3 of the fair value hierarchy as of June 30, 2021 is as follows:
Inputs
|
|
June 30,
2021
|
|
|
Initial
Valuation
|
|
Stock price
|
|
$
|
.0098
|
|
|
$
|
.0018 - .003
|
|
Conversion price
|
|
$
|
.0059 - .0061
|
|
|
$
|
.002 - .0057
|
|
Volatility (annual)
|
|
|
241.92 – 294.85
|
%
|
|
|
203.69% - 233.34
|
%
|
Risk-free rate
|
|
|
.05% - .06
|
%
|
|
|
.07% - .09
|
%
|
Dividend rate
|
|
|
-
|
|
|
|
-
|
|
Years to maturity
|
|
|
.35 – .84
|
|
|
|
.83 - 1
|
|
A
summary of quantitative information about significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative
liability that are categorized within Level 3 of the fair value hierarchy at the time of conversion is as follows:
Inputs
|
|
|
|
Stock
price
|
|
$
|
.0195 - .029
|
|
Conversion
price
|
|
$
|
.0006 - .0451
|
|
Volatility
(annual)
|
|
|
188.89% – 206.86
|
%
|
Risk-free
rate
|
|
|
.03% - .04
|
%
|
Dividend
rate
|
|
|
-
|
|
Years
to maturity
|
|
|
.37 - .58
|
|
The
development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility
of the Company’s management.
NOTE
7 - RELATED PARTY TRANSACTIONS
The
Company has received support from parties related through common ownership and directorship. These loans are unsecured, and due on demand.
As of June 30, 2021 and December 31, 2020, the balance due on these loans is $179,191 and $179,191, respectively. Beginning on January
1, 2019, the balance due accrues interest at 12.5%. As of June 30, 2021, total accrued interest is $56,213.
The
Company executed a new employment agreement with Mr. Wood on April 1, 2019. Per the terms of the agreement Mr. Wood is to be compensated
$4,000 per month. The agreement expired on April 1, 2020 and has been renewed for two more years. As of June 30, 2021 and December 31,
2020, there is $0 and $2,000 of accrued compensation, respectively, due to Mr. Wood.
The
Company executed an employment agreement with its Chairman, Russell Bird, on January 1, 2019. Per the terms of the agreement, which is
effective for one year, Mr. Bird is to be compensated $3,000 per month. As of June 30, 2021 and December 31, 2020, there is $43,000 and
$33,000 of accrued compensation, respectively, due to Mr. Bird. Mr. Bird’s employment agreement has been renewed in 2020 for two
more years.
NOTE
8 - COMMON STOCK
During
the six months ended June 30, 2021, Diamond Investments converted $110,250 of principal
and $5,059 of interest, into 29,954,167 shares of common stock.
During
the six months ended June 30, 2021, Granite Global Value converted $77,604 of principal
into 132,284,120 shares of common stock.
During the six months ended June
30, 2021, the Company issued 43,478,695 shares of common stock for the conversion of warrants.
During
the six months ended June 30, 2021, the Company sold 12,800,000 shares of common stock for
total cash proceeds of $96,000. The shares were sold pursuant to its Tier 2 of Regulation A Offering Statement.
NOTE
9 - PREFERRED STOCK
The
Company is currently authorized to issue 5,000,000 shares of Series A Preferred Stock, par value $0.001 per share value with 1:25 voting
rights. The Series A Preferred Stock ranks equal to the common stock on liquidation, pays no dividend and is convertible to common stock
for one share of common for one share of Series A Preferred Stock.
The Company is currently authorized to issue 5,000,000 shares of Series
B Preferred Stock, par value $0.001 per share. Each share of Series B Preferred Stock has a 1:100 voting right and is convertible into
100 shares of common stock. No dividends will be paid and in the event of liquidation all shares of Series B will automatically convert
into common stock. There are 500,000 shares of Series B Preferred Stock issued and outstanding.
The
Company is currently authorized to issue 5,000,000 shares of Series C Preferred Stock, par value $0.001 per share value. Each share of
Series C Preferred Stock has a 1:50 voting right and is convertible into 50 shares of common stock. No dividends will be paid and in
the event of liquidation all shares of Series C will automatically convert into common stock. There are no shares of Series C Preferred
Stock issued and outstanding.
NOTE
10 - WARRANTS
On
January 6, 2021, the Company issued 35,000,000 warrants to Granite Global Investments Ltd in conjunction with convertible debt. The warrants
are exercisable for 5 years at $.006 per share. The warrants were evaluated for purposes of classification between liability and equity.
The warrants do not contain features that would require a liability classification and are therefore considered equity.
Using
the fair value calculation, the relative fair value between the debt issued and the warrants was calculated to determine the warrants
recorded equity amount of $24,440, accounted for in additional paid in capital.
The Black Scholes pricing model was used to estimate
the fair value of the Warrants issued with the following inputs:
Warrants
|
|
|
35,000,000
|
|
Share price
|
|
$
|
0.0033
|
|
Exercise Price
|
|
$
|
0.006
|
|
Term
|
|
|
5 years
|
|
Volatility
|
|
|
353
|
%
|
Risk Free Interest Rate
|
|
|
.43
|
%
|
Dividend rate
|
|
|
-
|
|
On
January 30, 2021, the Company issued 120,000,000 warrants to Granite Global Investments Ltd in conjunction with convertible debt. The
warrants are exercisable for 5 years at $.0003 per share. The warrants were evaluated for purposes of classification between liability
and equity. The warrants do not contain features that would require a liability classification and are therefore considered equity.
Using
the fair value calculation, the relative fair value between the debt issued and the warrants was calculated to determine the warrants
recorded equity amount of $33,652, accounted for in additional paid in capital.
The
Black Scholes pricing model was used to estimate the fair value of the Warrants issued with the following inputs:
Warrants
|
|
|
120,000,000
|
|
Share price
|
|
$
|
0.0043
|
|
Exercise Price
|
|
$
|
0.0003
|
|
Term
|
|
|
5 years
|
|
Volatility
|
|
|
352
|
%
|
Risk Free Interest Rate
|
|
|
0.45
|
%
|
Dividend rate
|
|
|
-
|
|
On
April 7, 2021, the Company issued 36,500,000 warrants to Granite Global Investments Ltd in conjunction with convertible debt. The warrants
are exercisable for 5 years at $.006 per share. The warrants were evaluated for purposes of classification between liability and equity.
The warrants do not contain features that would require a liability classification and are therefore considered equity.
Using
the fair value calculation, the relative fair value between the debt issued and the warrants was calculated to determine the warrants
recorded equity amount of $34,505, accounted for in additional paid in capital.
The
Black Scholes pricing model was used to estimate the fair value of the Warrants issued with the following inputs:
Warrants
|
|
|
36,500,000
|
|
Share price
|
|
$
|
0.0173
|
|
Exercise Price
|
|
$
|
0.006
|
|
Term
|
|
|
5 years
|
|
Volatility
|
|
|
319
|
%
|
Risk Free Interest Rate
|
|
|
0.45
|
%
|
Dividend rate
|
|
|
-
|
|
On
April 9, 2021, the Company issued 10,000,000 warrants to Granite Global Investments Ltd in conjunction with convertible debt. The warrants
are exercisable for 5 years at $.012 per share. The warrants were evaluated for purposes of classification between liability and equity.
The warrants do not contain features that would require a liability classification and are therefore considered equity.
Using
the fair value calculation, the relative fair value between the debt issued and the warrants was calculated to determine the warrants
recorded equity amount of $72,217, accounted for in additional paid in capital.
The
Black Scholes pricing model was used to estimate the fair value of the Warrants issued with the following inputs:
Warrants
|
|
|
10,000,000
|
|
Share price
|
|
$
|
0.026
|
|
Exercise Price
|
|
$
|
0.012
|
|
Term
|
|
|
5 years
|
|
Volatility
|
|
|
319
|
%
|
Risk Free Interest Rate
|
|
|
0.87
|
%
|
Dividend rate
|
|
|
-
|
|
A
summary of the status of the Company’s outstanding stock warrants and changes during the year is presented below:
|
|
|
Number of
Warrants
|
|
|
Weighted
Average
Exercise Price
|
|
|
Weighted
Average
Remaining
Contract
Term
|
|
|
Aggregate
Intrinsic
Value
|
|
Outstanding at December 31, 2019
|
|
|
|
3,000,000
|
|
|
$
|
0.07
|
|
|
|
2.59
|
|
|
$
|
-
|
|
Granted
|
|
|
|
63,236,369
|
|
|
$
|
0.00385
|
|
|
|
2.56
|
|
|
$
|
-
|
|
Expired
|
|
|
|
-
|
|
|
$
|
-
|
|
|
|
-
|
|
|
$
|
-
|
|
Exercised
|
|
|
|
(50,262,343
|
)
|
|
$
|
0.00385
|
|
|
|
-
|
|
|
$
|
-
|
|
Exercisable at December 31, 2020
|
|
|
|
15,974,026
|
|
|
$
|
0.00385
|
|
|
|
2.06
|
|
|
$
|
-
|
|
Granted
|
|
|
|
201,500,000
|
|
|
$
|
0.0029
|
|
|
|
4.62
|
|
|
$
|
-
|
|
Expired
|
|
|
|
-
|
|
|
$
|
-
|
|
|
|
-
|
|
|
$
|
-
|
|
Exercised
|
|
|
|
15,974,026
|
|
|
$
|
-
|
|
|
|
-
|
|
|
$
|
-
|
|
Exercisable at June 30, 2021
|
|
|
|
201,500,000
|
|
|
$
|
0.0029
|
|
|
|
4.62
|
|
|
$
|
1,390,350
|
|
Range of Exercise
Prices
|
|
|
Number Outstanding
6/30/2021
|
|
|
Weighted Average Remaining
Contractual Life
|
|
|
Weighted Average
Exercise Price
|
|
$
|
0.0003 - $0.012
|
|
|
|
201,500,000
|
|
|
|
4.62 years
|
|
|
$
|
0.0029
|
|
The
aggregate intrinsic value represents the total pretax intrinsic value, based on warrants with an exercise price less than the Company’s
stock price as of June 30, 2021, which would have been received by the warrant holder had the warrant holder exercised their warrants
as of that date.
NOTE
11 - SUBSEQUENT EVENTS
In
accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial
statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial
statements other than the following.
Subsequent
to June 30, 2021, the Company sold 96,000,000 shares of common stock to Geneva Roth Remark Holdings, Inc. for total cash proceeds of
$630,000. The shares were sold pursuant to its Tier 2 of Regulation A Offering Statement.
Subsequent
to June 30, 2021, the Company received $50,000 from PowerUp Lending from a newly issued convertible note.
Subsequent
to June 30, 2021, Granite Global Value converted $86,400 of principal, into 30,049,968 shares of common stock.
Subsequent
to June 30, 2021, Power Up converted $91,850 of principal, into 14,068,041 shares of common stock.