Item 3.02. UNREGISTERED SALES OF EQUITY SECURITIES

On December 22, 2022, FullNet Communications, Inc. (the "Company") issued 50,000 restricted shares of Series A Convertible Preferred Stock (the "Preferred Stock") in exchange for $50,000 of the Company's indebtedness in a related party transaction. The Preferred Stock was issued pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended without payment of any form of commissions or other remuneration.

Immediately following the exchange, the Company had 618,257 shares of Preferred Stock outstanding.







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