Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity

v3.22.1
Stockholders’ Equity
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Stockholders’ Equity

Note 7. Stockholders’ Equity

 

Capital Structure

 

On December 11, 2017, the Company was incorporated in Wyoming with 20,000,000 shares of common stock authorized with a $0.0001 par value. Effective, April 18, 2019, the Company’s authorized common stock was increased to 50,000,000 shares of common stock. The articles of incorporation also authorized 10,000 preferred shares with a $0.001 par value

 

Effective March 22, 2022, the Company completed a plan and agreement of merger with Sharps Technology, Inc., a Nevada corporation (“Sharps Nevada”). Pursuant to the merger agreement, (i) the Company merged with and into Sharps Nevada, (ii) each 3.5 shares of common stock of the Company were converted into one share of common stock of Sharps Nevada and (iii) the articles of incorporation and bylaws of Sharps Nevada, became the articles of incorporation and bylaws of the surviving corporation. The Company’s authorized common stock and preferred stock increased from 50,000,000 to 100,000,000 and 10,000 to 1,000,000 shares, respectively. The par value of preferred stock decreased from $0.001 to $0.0001 per share.

 

Common Stock

 

See Note 14(b) regarding Initial Public Offering.

 

During the three months ended March 31, 2021, the Company completed stock subscriptions through a private placement for 187,143 shares of common stock at $7.00 per share. The Company received cash proceeds of $1,310,000.