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Convertible Promissory Notes - Schedule of Convertible Promissory Notes (Details) - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Convertible note payable

$ 4,233,000

Notes Payable To GBT Technologies Inc [Member]

Convertible note payable

4,000,000

^[1]

Notes Payable To Power Up Lending Group Ltd [Member]

Convertible note payable

^[2]

$ 233,000

[1]

As discussed above in Note 5, the Purchase Agreement provides that the consideration is to be paid by the Company through the issuance of a convertible promissory note in the amount of $4,000,000 to GBT, and through the issuance of three million three hundred thirty-three thousand three hundred thirty-three restricted shares of the Company's common stock. The conversion price of the note shall equal the volume weighted average price of the Company's common stock on the trading market which the common stock is then trading over the previous twenty (20) days prior to the conversion date, provided that the conversion price shall never be lower than $0.10 or higher than $0.70. The note provides that the Company retains the right to prepay all or any portion of the principal without any prepayment penalty.

[2]

The conversion price of the note shall equal 65% the average price of the two lowest trading prices of the Company's common stock on the trading market which the common stock is then trading over the previous twenty (20) days prior to the conversion date.

X

- Definition

Carrying value as of the balance sheet date of long-term debt (with maturities initially due after one year or beyond the operating cycle if longer) identified as Convertible Notes Payable, excluding current portion. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

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- Details

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- Details

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