Annual report pursuant to Section 13 and 15(d)

Stockholders??? Equity

v3.23.1
Stockholders’ Equity
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Stockholders’ Equity

Note 4 – Stockholders’ Equity

 

Authorized Capital

 

The Company is authorized to issue 500,000,000 shares of common stock, $0.0001 par value, and 50,000,000 shares of preferred stock, $0.0001 par value.

 

Non-Controlling Interest

 

On December 28, 2017, the Company sold a non-controlling interest in its subsidiary, KryptoBank Co. for $500 equal to 9% of the outstanding equity. On January 17, 2018, the Company sold an additional 40% in its subsidiary KryptoBank Co. for $4,500. On November 17, 2021, W Technologies Inc. (“W Tech”) repurchased all the shares owned by the Company and the Company no longer owns any portion of Krypto Ventures Inc.’s and W Tech’s outstanding shares of common stock.

 

Warrants

 

On September 30, 2016, The Company’s CEO loaned the Company $120,000. In addition to paying interest at 10%, the Company issued 600,000 warrants at an exercise price of $1.00 per share expired on September 30, 2021.

 

On October 3, 2019, the Company received $40,000 from The Sammy Farkas Foundation in exchange for a promissory note which bears 12% interest per annum and matured on October 10, 2020 or upon the Company raising $500,000 from outside investors, whichever occurs first. In conjunction with The Sammy Farkas Foundation agreement the Company issued warrants to purchase 40,000 shares of the Company’s common stock at an exercise price of $1.00 per share the warrants expired on October 10, 2022.

 

The following table summarizes the parameters of the valuation:

 

Warrants
   

December 31, 2022

    

December 31, 2021

  
Term     3       3  
Volatility     30 %     30 %
Annual rate of Quarterly Dividends     0 %     0 %
Discount Rate - Bond Equivalent Yield     1.940 %     1.940 %

 

The following table summarize warrants outstanding as of December 31, 2022 and the related changes during the periods are presented below.

 

Number of Warrants   Weighted Average Exercise Price  
Balance at December 31, 2020     640,000     $ 1.00  
                 
Granted     -       -  
Exercised     -       -  
Expired     (600,000 )     -  
                 
Balance at December 31, 2021     40,000     $ 1.00  
Granted     -       -  
Exercised     -       -  
Expired     (40,000 )     -  
                 
Balance at December 31, 2022     0     $ 1.00  

 

*As of December 31, 2022 the warrants had no intrinsic value because the exercise price was higher than that of the stock price in the available market.