STOCKHOLDERS’ DEFICIT

12 Months Ended

Dec. 31, 2024

7. STOCKHOLDERS’ DEFICIT

Series B Preferred Stock

Effective March 2021, pursuant to authority of its Board of Directors, the Company filed a Certificate of Determination for its Series B Preferred Stock. The Series B Preferred Stock has a par value of $0.001 per shares and consists of 12,000,000 shares.

Terms of the Series B Preferred include the following:

	1.	The Series B Preferred votes with the Company’s common stock as a single class on all matters or consents for the Company’s common stockholders. Each share of Series B Preferred is entitled to one thousand votes per share.

	2.	The Series B Preferred will not be entitled to dividends unless the Company pays cash dividends or dividends in other property to holders of outstanding shares of common stock, in which event, each outstanding share of the Series B Preferred will be entitled to receive dividends of cash or property in an amount or value equal to one thousand multiplied by the amount paid in respect of one share of common stock. Any dividend payable to the Series B Preferred will have the same record and payment date and terms as the dividend payable on the common stock.

	3.	Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of all shares of Series B Preferred then outstanding shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders an amount in cash equal to $0.133 in cash per share before any distribution is made on any shares of the Company’s common stock. If upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the application of all amounts available for payments with respect to Series B Preferred would not result in payment in full of Series B Preferred, the holders shall share equally and ratably in any distribution of assets of the Company in proportion to the full liquidation preference to which each is entitled.

	4.	The Series B Preferred does not have any redemption rights.

During November 2021, the Board of Directors approved resolutions for the issuance of a total of 9,000,000 shares of Series B Preferred stock to Mr. Deitsch to discharge $540,000 of his accrued salary. The shares were valued at the accrued payable amount by agreement of the parties.

Effective November 15, 2021, the Board of Directors authorized an exchange of 3,000,000 shares of Series A Preferred Stock held by Mr. Deitsch for an equal number of Series B Preferred Stock.

Common Stock Issued for Conversion of Convertible Debt

During August 2023, a Noteholder received 25,000,000 shares of our restricted common stock in satisfaction of $12,500 of the Note with a fair value of $2,500 (See Note 6).

Common Stock Issued for Debt Modification and Penalty

During February 2024, we issued 35,000,000 restricted shares to a Note holder due to the default on repayments of the promissory note of $200,312 amended in August 2022. The shares were valued at a fair value of $3,500 (See Note 6).

Common Stock to be Issued for Vendor Payable Balance

During December 2024, the Company entered into a settlement agreement with a vendor to extinguish outstanding accounts payable totaling $20,000. Pursuant to the agreement, the Company is to issue 20,000,000 shares of its common stock in full satisfaction of the obligation. The shares were valued at a fair value of $2,000. The Company recorded a gain on settlement of vendor payable of $18,000. The gain was recognized in the accompanying statement of operations.

- Definition

The entire disclosure for equity.

+ References

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+ Details

NUTRA PHARMA CORP 10-K