Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. Bravo Multinational Inc. (1444839) 10-K published on Mar 02, 2021 at 4:29 pm
On February 4, 2020, the Company issued 2.5 million shares of Series 'A' preferred stock as compensation for their two board members and payment of a consulting contract. The preferred shares were valued at $60 million based on the market price of the Company's common stock of $0.24 on the measurement date, given such preferred stock can be converted into 100 shares of common stock and has dividend and voting rights as though converted into common stock. On December 7, 2020, the two board of directors and the consultant returned these 2,500,000 shares to be retired. In exchange the Company issued 30,000,000 common shares.
During the year ended December 31, 2020 the Company issued 7,963,802 shares of common stock to pay $1,608,126 of stock payable. The shares value was based on the varying market prices from $0.08 to $0.26 since the stock was issued on multiple dates. These conversions caused a net $14,778 gain on conversion.