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NOTES PAYABLE - RELATED PARTY (Tables) | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Schedule of notes payable - related parties | Line of credit convertible note payable - related parties consists of the following as of:
|  | September 30, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
Note Payable – line of credit |  |  |  |  |  |
In July 2010, the Company entered into a line of credit note payable with a related party and major shareholder which carries interest of five percent per annum paid quarterly. The Company can borrow up to $9,500,000. The Company has pledged all its assets as security for the line of credit. The note matures in January 2020, at which time the principal amount is due. During April 2015, the Company issued $4,000,000 of convertible series D preferred series in exchange for cancellation of $4,000,000 of this line, reducing the amount to $4,500,000. During March 2018, the Company issued $1,000,000 of common stock in exchange for cancellation of $1,000,000 of this line, reducing the amount to $3,500,000. In December 2018, the Company amended and restated the note payable into a line of credit loan agreement continuing to carry a five percent per annum interest but payable semi-annually. The Company can now borrow up to $5.0 million. As a result, of this substantial modification which was treated as a debt extinguishment, a new liability was established and a loss of $377,048 on the extinguishment of debt was recognized. The note had a maturity date of December 2020. In January 2019, the Company increased the borrowed amount by $1,500,000. In September 16, 2019, the principal value of the note was converted into common shares as per promissory note which stated that in the event of financing greater than $25.0 million, there would be an automatic conversion of these balances. The principal balance of $5.0 million and the accrued but unpaid interest in the amount of $52,778 were converted into common shares. Consequently, a total of $5,052,778 were converted at the conversion price of $3.39 based on the on the average of the closing price for the shares during the ten (10) business days prior to the last advance date, less a discount of 10%, in accordance with the promissory note. As a result of the conversion of the promissory note, the company recognized the remaining un-amortized balance of the discount of $108,454, as interest expense. |  |  |  |  |  |
Long-term portion-Net of Discount |  | $ | - |  |  | $ | 3,500,000 |
|  | September 30, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
Convertible Note Payable |  |  |  |  |  |
In December 2018, the Company entered into a line of credit note payable with a related party and shareholder which carries interest of five percent per annum paid semi-annually. The Company can borrow up to $3.0 million. This note had an unamortized discount of $205,837 and $324,371 as of September 16, 2019 and as of December 31, 2018, respectively. The unamortized discount of $205,837 was recognized as interest expense upon conversion. The note matured in December 2020. In September 16, 2019, the principal value of the note of $3.0 million and the accrued but unpaid interest in the amount of $108,333 were converted into common shares as per promissory note which stated that in the event of financing greater than $25.0 million, there would be an automatic conversion of these balances. A total of 3,108,333 were converted at the conversion price of $3.04 which was determined based on the average of the closing price for the shares during the ten (10) business days prior to the Advance Date, less a discount of 10%, resulting in the issuance of 1,022,568 shares. |  |  | - |  |  |  | 2,675,629 |
In December 2018, the Company entered into a line of credit convertible note payable with a related party and shareholder which carries interest of five percent per annum paid semi-annually. The Company can borrow up to $2.0 million. This note had an unamortized discount of $137,225 and $216,248 as of September 36, 2019 and as of December 31, 2018, respectively. The unamortized discount of $137,225 was recognized as interest expense upon conversion. The note matured in December 2020. In September 16, 2019, the principal value of the note of $2.0 million and the accrued but unpaid interest in the amount of $72,222 were converted into common shares as per promissory note which stated that in the event of financing greater than $25.0 million, there would be an automatic conversion of these balances. A total of 2,072,222 were converted at the conversion price of $3.04 which was determined based on the average of the closing price for the shares during the ten (10) business days prior to the Advance Date, less a discount of 10%, resulting in the issuance of 681,712 shares. |  |  | - |  |  |  | 1,783,752 |
Long-term portion-Net of Discount |  | $ | - |  |  | $ | 4,459,381

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- References No definition available. + Details
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