Item 3.02 Unregistered Sales of Equity Securities.
Sales of Preferred Shares
Between February 2, 2022 and February 27, 2023, the Company entered into
subscription agreements with certain accredited investors pursuant to which the
Company sold an aggregate of 1.9 shares of the Company's Series Y preferred
stock for an aggregate purchase price of $190,000. The Company also issued an
aggregate of 1,520,000 warrants to purchase shares of its common stock to these
investors.
In connection with the foregoing, the Company relied upon the exemption from
registration provided under Section 4(a)(2) under the Securities Act for
transactions not involving a public offering.
Conversion of Preferred Shares
On February 24, 2023, holders of the Company's Series O preferred stock
converted an aggregate of 40 Series O shares into an aggregate of 7,722,008
shares of the Company's common stock.
On March 20, 2023, holders of the Company's Series Y preferred stock converted
an aggregate of 3.2 Series Y shares into an aggregate of 50,769,232 shares of
the Company's common stock.
On March 21, 2023, holders of the Company's Series R preferred stock converted
an aggregate of 210 Series R shares into an aggregate of 41,338,583 shares of
the Company's common stock.
In connection with the foregoing, the Company relied upon the exemption from
registration provided under Section 4(a)(2) under the Securities Act for
transactions not involving a public offering.
Restricted Stock Grant Agreement Issuances
Between February 23, 2023 and March 3, 2023, per electing and qualifying for the
Restricted Stock Grant Agreement alternate vesting schedule, the Company issued
to Mr. Eckelberry, employees and one consultant an aggregate of 8,830,859 shares
of the Company's common stock.
In connection with the foregoing, the Company relied upon the exemption from
registration provided under Section 4(a)(2) under the Securities Act for
transactions not involving a public offering.
Issuance of Common Stock
Between February 1, 2023 and March 15, 2023, the Company issued to consultants
an aggregate of 9,625,450 shares of the Company's common stock for services.
In connection with the foregoing, the Company relied upon the exemption from
registration provided under Section 4(a)(2) under the Securities Act for
transactions not involving a public offering.
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