|3 Months Ended|
Mar. 31, 2019
|Subsequent Events [Abstract]|
From April 1, 2019 through May 11, 2019 the Company issued Convertible notes for a total of $706,800. The notes required 6,181 shares of the Company’s common stock and included interest at rates ranging from 4% to 18% and are for terms of six to twelve months. The Company also extended four notes (see below schedule) that required 6,000 shares of common stock. On April 19, 2019 and on May 8, 2019 the Company entered into merchant loan agreements for a total of $325,000.
On April 17, 2019, we received a short-term, non-convertible loan of $35,000 with 10% interest from a related party (a member of the Company’s Board of Directors).
From April 1, 2019 through May 11, 2019 the Company issued 120 shares of Series AA Convertible Preferred Stock at $2,500 per share and received $270,000 net of $30,000 of broker fees. Each share of Series AA Convertible Preferred Stock carries 1,000 warrants to purchase Common Stock at $3.50 per share and is convertible into 1,000 shares of Common Stock.
Convertible Loan Modifications and Extinguishments
Subsequent to March 31, 2019, the Company modified or paid off the following loans:
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef