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Common Stock | 12 Months Ended
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Dec. 31, 2020
Common Stocks Issued [Abstract] |
COMMON STOCK | 14. COMMON STOCK Common stocks issued in connection with the convertible notes On March 26, 2019, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with the Iliad Research and Trading, L.P. (“Iliad”), pursuant to which the Company sold and issued to Iliad a Secured Convertible Promissory Note (the “Note”) in the principal amount of $1,070,000. From January to December 2020, the Company issued 933,647 shares of its common stock to Iliad as repayment of the Note through a series of Exchange Agreements entered into with Iliad. On January 6, 2020, the Company entered into the Eighth Exchange Agreement with Iliad. Pursuant to the Eighth Exchange Agreement, the Company and Iliad agreed to partition a new Secured Convertible Promissory Note in the original principal amount of $145,000 from a Secured Convertible Promissory Note issued by the Company on March 26, 2019. The outstanding balance of the Note shall be reduced by an amount equal to the outstanding balance of the Partitioned Note. The Company and Iliad further agreed to exchange the Eighth Partitioned Note for the delivery of 193,333 shares of the Company’s Common Stock, according to the terms and conditions of the Exchange Agreement. On January 15, 2020, the Company entered into the Ninth Exchange Agreement with the Iliad. Pursuant to the Exchange Agreement, the Company and Iliad agreed to partition a new Secured Convertible Promissory Note in the original principal amount of $140,000 from the Note issued by the Company on March 26, 2019. The outstanding balance of the Note shall be reduced by an amount equal to the outstanding balance of the Ninth Partitioned Note. The Company and Iliad further agreed to exchange the Partitioned Note for the delivery of 186,666 shares of the Company’s Common Stock, according to the terms and conditions of the Exchange Agreement. On March 11, 2020, the Company entered into the Tenth Exchange Agreement with the Iliad. Pursuant to the Tenth Exchange Agreement, the Company and Lender agreed to partition a new Secured Convertible Promissory Note in the original principal amount of $150,000 from the Note issued by the Company on March 26, 2019. The outstanding balance of the Note shall be reduced by an amount equal to the outstanding balance of the Partitioned Note. The Company and Lender further agreed to exchange the Partitioned Note for the delivery of 200,000 shares of the Company’s Common Stock, according to the terms and conditions of the Exchange Agreement. On April 17, 2020, the Company entered into the Eleventh Exchange Agreement with Iliad. Pursuant to Eleventh Exchange Agreement, the Company and Iliad agreed to partition a new Secured Convertible Promissory Note in the original principal amount of $153,750 from a Secured Convertible Promissory Note issued by the Company on March 26, 2019. The outstanding balance of the Note shall be reduced by an amount equal to the outstanding balance of the Eleventh Partitioned Note. The Company and Iliad further agreed to exchange the Eleventh Partitioned Note for the delivery of 205,000 shares of the Company’s Common Stock, according to the terms and conditions of the Eleventh Exchange Agreement. On June 10, 2020, the Company entered into the Twelfth Exchange Agreement with the Iliad. Pursuant to the Twelfth Exchange Agreement, the Company and Iliad agreed to partition a new Secured Convertible Promissory Note in the original principal amount of $111,486 from the Note issued by the Company on March 26, 2019. The outstanding balance of the Note shall be reduced by an amount equal to the outstanding balance of the Partitioned Note. The Company and Iliad further agreed to exchange the Twelfth Partitioned Note for the delivery of 148,648 shares of the Company’s Common Stock, according to the terms and conditions of the Twelfth Exchange Agreement. On July 28, 2020, the Company, entered into a Standstill Agreement with the Iliad. Pursuant to the Standstill Agreement, Iliad agreed to refrain and forbear temporarily from making redemptions under certain Secured Promissory Note (the “Second Note”) that was sold and issued by the Company to Iliad on December 19, 2019 in the original principal amount of $1,060,000. Iliad agreed not to redeem any portion of the Second Note (the “Standstill”) for a period beginning on the date of the Agreement and ending on the date that is ninety (90) days from the date of the Agreement. As a material inducement and partial consideration for Iliad’s agreement to enter into the Agreement, the Company agreed that the outstanding balance of the Second Note shall be increased by nine percent (9%) on the date of the Agreement (the “Standstill Fee”). The Company and Iliad agreed that, following the application of the Standstill Fee, the outstanding balance of the Note is $1,209,636. The Company has fully paid off the Second Note during the first quarter of 2021. Due to the company did not repay the loan in time, it added 700,235 common shares in total, resulting in a total loss of $616,476 Debt Repayment Agreement In July 2020, the Company entered a series of loan agreements with fourteen individuals for a total amount of $4.96 million. On August 4, 2020, the Company entered into a debt repayment agreement with these individuals, pursuant to which the Company agreed to repay $4.96 million debt owed to the Creditors in the form of shares of Common Stock of the Company for an aggregate of 2,740,883 shares at a price of $1.81 per share. As the closing price of the Company stock was $2.52 on August 4, 2020, the Company recognized loss of $1.95 million in loss on debt settlement. The Debt Repayment completed pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of 1933, as amended. The Company issued 2,740,883 shares of its Common Stock to the Creditors on August 12, 2020. On October 27, 2020, the Company entered into a series of debt repayment agreements with certain creditors identified on the signature pages thereto, pursuant to which the Company agreed to repay $320,000 debt owed to the Creditors in the form of shares of Common Stock of the Company for an aggregate of 160,000 shares at a price of $2.00 per share. As the closing price of the Company stock was $2.23 on October 27, 2020, the Company recognized loss of $36,800 in loss on debt settlement in 2020. The debt repayment completed pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of 1933, as amended. Securities Purchase Agreement On June 16, 2020, the Company entered into a securities purchase agreement with Qun Xie pursuant to which the Company agreed to sell to the purchaser in a private placement 500,000 shares of the Company’s Common Stock, purchase price of $1.00 per share for an aggregate offering price of $500,000. The Private Placement completed pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of 1933, as amended. On June 30, 2020, Qun Xie paid $500,000, and on August 7, 2020, the Company issued 500,000 Shares pursuant to this Agreement. On September 16, 2020, the Company entered into a securities purchase agreement with Houwu Huang, pursuant to which the Company agreed to sell to the purchaser in a private placement 224,599 shares of the Company’s common stock, at a purchase price of $1.87 per share for an aggregate offering price of $420,000. The private placement completed pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of 1933, as amended. The Company issued 224,599 shares of its Common Stock to the purchaser on September 24, 2020. On November 2, 2020, the Company entered into a securities purchase agreement with certain investors, pursuant to which the Company agreed to sell to the purchasers in a private placement 167,034 shares of the Company’s common stock, at a purchase price of $1.87 per share for an aggregate offering price of $312,352. The private placement will be completed pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of 1933, as amended. On December 2, 2020, the Company entered into a securities purchase agreement with certain investors, pursuant to which the Company agreed to sell to the purchasers in a private placement 556,497 shares of the Company’s common stock, at a purchase price of $1.84 per share for an aggregate offering price of $1,023,950. The Private Placement will be completed pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of 1933, as amended. On December 24, 2020, the Company entered into a securities purchase agreement with certain purchasers, pursuant to which the Company sold to the purchasers in a registered direct offering, an aggregate of 4,210,530 units, each consisting of one share of our common stock and a warrant to purchase 1 share of our Common Stock, at a purchase price of $1.90 per unit, for aggregate gross proceeds to the Company of $8,000,007, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. On December 29, 2020, the Company issued Units consisting of an aggregate of 4,210,530 shares of our Common Stock and warrants to purchase up to an aggregate of 4,210,530 shares of our Common Stock at an exercise price of $2.15 per share (the “Investors’ Warrants”). The Investors’ Warrants have a term of five years and are exercisable by the holder at any time after the date of issuance. In connection with the offering, the Company also issued placement agent a warrant to purchase 210,526 shares of our Common Stock (the “Placement Agent Warrant”) on substantially the same terms as the Investors’ Warrants, except that the Placement Agent Warrant has an exercise price of $2.375 per share and are not exercisable until June 24, 2021 The net proceeds from the December 24, 2020 offering were $7,338,499, after deducting underwriting discounts and commissions and other estimated offering expenses, and were received in December 2020. During the month ended January 31, 2021, the Investors Warrants to purchase an aggregate of 4,210,530 shares of common stock were fully exercised by the investors.

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