XML 24 R13.htm IDEA: XBRL DOCUMENT v3.22.4
Convertible Notes (Related and Unrelated Party)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Convertible Notes (Related and Unrelated Party)

Note 7. Convertible Notes (Related and Unrelated Party)

 

In 2018, the Company issued Milestone I and Milestone II Convertible Notes.

 

During the year ended December 31, 2021, the Company settled all remaining Milestone I Convertible Notes by issuing 89,173 shares of common stock in exchange for $231,000 ($30,000 related party) and $193,000 ($38,000 related party) in principal and interest, respectively, and repaying $840,000 ($180,000 related party) in cash. Additionally, the Company settled all remaining amounts due under Milestone II Convertible Notes by issuing 44,818 shares of common stock in exchange for $168,000 and $42,000 of principal and interest, respectively. In accordance with ASC 470-50, the Company recorded a loss of $194,000 upon extinguishment of the Milestone I and Milestone II Convertible Notes.