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Notes Payable | 9 Months Ended
--- | ---
Sep. 30, 2019
Receivables [Abstract] |
Notes Payable |
16. | Notes payable
Notes payable as of December 31, 2018 and September 30, 2019 consist of the following:
|  | December 31, |  |  | September 30, |
|  | 2018 |  |  | 2019 |
Notes payable, net of debt discount |  | $ | - |  |  | $ | 1,293,630 |
On July 24, 2019, the Company entered into a securities purchase agreement with Atlas Sciences, LLC (the "Lender"), pursuant to which the Company issued a promissory note (the "Note") to the Lender. The Note has an original principal amount of $1,395,000, bears interest at a rate of 10% per annum and will mature 12 months after the issuance, unless earlier paid or redeemed in accordance with its terms. The Company received proceeds of $1,250,000 after an original issue discount of $125,000 and payment of Lender's expenses of $20,000. Beginning on the date that is six months after July 24, 2019, Lender shall have the right, exercisable at any time in its sole and absolute discretion, to redeem any amount of this Note up to $250,000.00 per calendar month by providing written notice to Borrower. The Company recorded the $125,000 as debt discount and is being amortized as interest expense over 12 months period. The Company did not assign any value to the redemption feature of the Note because the redemption of the Note has no value on the redemption portion as of September 30, 2019. The Company recorded $23,630 and $26,371 to interest expense from the amortization of debt discount and coupon interest, respectively, for the three and nine months ended September 30, 2019.

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