Subsequent Events |
3 Months Ended | |||
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Mar. 31, 2021 | ||||
| Subsequent Events [Abstract] | ||||
| Subsequent Events |
From April 1, 2021 through May 5, 2021 the Company received convertible loans for a total of $747,500. The Company issued 299,000 warrants (five-year life and $3.50 strike price) as fees paid to the lender. These loans have conversion prices of $2.50, carry interest rates of 10%, and terms of twelve months. In this time, the Company received $50,000 of new related party loans and entered into a Merchant Cash lender agreement (collecting $200,000 of which $27,580 was used to settle an existing merchant agreement dated November 19, 2020). Under the Merchant Cash agreement, the Company pays $1,970 each business day to the Merchant Cash lender until the lender has received cumulative payments of $275,800. The Company also partially repaid $300,000 of a loan dated December 23, 2020 and issued 331,370 shares of common stock (valued at $671,066) for interest-paid-in-kind. |
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- References No definition available.
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- Definition 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://www.xbrl.org/2003/role/disclosureRef
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