Zerify Inc (ZRFY)

[Dodicus]

Q1 2021 – 10 Q filling - Note 10 stockholders ‘deficit - In March 2021, the Company issued 16,931,437 shares of common stock with a fair value of $3,239,000 in connection with the cancellation of warrants to purchase 50,000 shares of common stock that were granted in fiscal 2020 as part of a financing transaction. The common shares issued were valued at the date of issuance and recorded as a finance cost. No disclosure of who the shares were issued to and why would a company issue 16,931,437 shares to cancel warrants to purchase 50,000 shares