Tuesday, May 23, 2023 8:32:05 PM
14. Stockholder’s deficit
c) Series B Preferred shares
Authorized and outstanding
The Company has authorized 400,000 Series B preferred shares with a par value of $1.00 per share. The company has issued and outstanding 400,000 Series B Preferred shares at March 31, 2023 and December 31, 2022.
The Series B preferred shares are senior secured and were mandatorily redeemable by the Company on July 1, 2021, and were originally classified as mezzanine debt. These Series B preferred shares have been reclassified as current liabilities for the three months ended March 31, 2023 as they meet the definition of liabilities in terms of ASC 480- debt and are no longer contingently convertible, due to the fact that the redemption date has passed and the Company is currently negotiating with the preferred note holders to settle the total liabilities owing to them, including certain convertible notes. The Company continues to accrue dividends at the rate of 6% per annum.
December 2020 debt restructuring 8K Filing
https://www.otcmarkets.com/filing/html?id=14554778&guid=OHu-kqU6x0i-B3h
Leonite Capital LLC
On July 12, 2020, the company entered into a debt extinguishment agreement with Leonite whereby the following occurred:
8. $400,000 of the note was converted into series B Preferred stock in the Company for a 12-month period, mandatorily redeemable by the Company accruing dividends at 6% per annum payable in cash or stock, subject to certain conditions.
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