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Subsequent Events
9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 12 – SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through the date these financial statements were issued.

 

On October 25, 2018, the Company’s board of directors unanimously decided to amend warrants with a two-year term issued to warrant holders issued between January 2017 and March 2017 with an exercise price of $0.40 per share. The Company amended the warrants to provide for an additional three-year term to warrant holders as consideration for them entering into a call agreement with the Company, so that when the Company’s common stock trades above or over $0.75 per share for at least ten consecutive days. The Company has repriced the grant date fair value as of September 30, 2018 and recognized additional expense as stock-based compensation of approximately $128,000.

 

On October 31, 2018, the Company entered into a loan agreement with a private lender for $200,000. The Loan agreement requires the one-time fee of $30,000 which is due on the maturity date of April 1, 2019.