XML 70 R59.htm IDEA: XBRL DOCUMENT v3.21.1
CONVERTIBLE DEBT (Details Narrative) - USD ($)
 1 Months Ended 12 Months Ended
Dec. 13, 2018
Dec. 12, 2018
Sep. 04, 2018
Dec. 21, 2020
Sep. 23, 2020
Mar. 23, 2020
Jun. 17, 2019
Feb. 20, 2018
Feb. 19, 2018
Nov. 15, 2017
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
May 31, 2019
May 17, 2019
Apr. 24, 2018
Convertible notes payable, principal amount                         $ 2,680,000        
Common stock, par value                     $ 0.001 $ 0.001          
Debt discount                           $ 3,350,000      
Amortization of debt discount                 $ 392,272   $ 34,105 $ 320,205   $ 360,890      
Debt original issue discount                     43,000            
Amortization amount                     499,570            
Fair value of derivative liability                     460,728            
Change in fair value of derivative liability                     4,158            
Embedded derivative liability                     456,570            
Outstanding principal balance                         103,610        
Additional paid in capital                     14,333,285 13,525,749          
Gain on extinguishment of debt                     (942,029) 0          
Beneficial conversion feature                     $ 0 120,000          
Convertible Notes [Member]                                  
Debt discount                         2,233,332        
Amortization of debt discount                         2,049,232        
Outstanding principal balance                       $ 261,903          
Beneficial conversion feature                         $ 1,333,333        
Conversion price                         $ 3.478        
Exchange Agreements [Member] | Senior Note [Member]                                  
Convertible notes payable, principal amount               $ 2,871,429                  
Common stock, par value               $ 5.00                  
Convertible debt, description               The Company evaluated the debt modification in accordance with ASC 470-50 and concluded that the debt qualified for debt extinguishment as the 10% cash flow test was met.                  
Event of default conversion price, description               Upon an Event of Default (as defined), the Buyers may convert at an alternative conversion price equal to the lower of the then applicable Conversion Price or seventy-five (75%) percent of the Volume-Weighted Average Price (as defined, the “VWAP”).                  
Cash proceeds received by holders               85.00%                  
Additional paid in capital               $ 1,140,711                  
Aggregate indebtedness               $ 12,000,000                  
Per-delivery shares issued                                 670,001
Third Amendment and Exchange Agreements [Member]                                  
Convertible notes payable, principal amount                         $ 261,903        
Exercise price   6.00                              
Conversion price                         $ 3.478        
Repayment of principal                         $ 638,095        
Warrants retired   536,000                              
Forbearance and Amendment Agreement [Member]                                  
Exercise price           6.0                      
Prepayment amount         $ 63,000 $ 100,000                      
Aggregate outstanding amount         480,000 $ 200,000                      
Remaining outstanding amount         $ 607,000                        
Event of default descriptions         The Note provides that upon an Event of Default, the Buyer may, among other things, require the Company to redeem all or a portion of the Note at a redemption premium of 120%, multiplied by the product of the conversion rate ($6.00per share) and the then current market price.                        
Breach of agreement description         the time of any breach by the Company of the Agreement or the occurrence of an Event of Default that is not an Existing Default (the “Forbearance Expiration Date), (b) during the Forbearance Period (as defined) waive the prepayment premium to any Company Optional Redemption (which will result in the 120% redemption premium effectively replaced with 100%), and (c) during the Forbearance Period, waive the repayment in full of the Note other than the Required Payments (as defined) prior to June 16, 2021.                        
Securities Purchase Agreement [Member] | Warrants [Member]                                  
Common stock, par value                   $ 5.00              
Debt original issue discount     $ 233,332                            
Proceeds from issuance of warrants                   $ 2,686,000              
Legal fees                   $ 74,000              
Maturity period                   5 years              
Common stock shares issuable upon conversion of debt/convertible securities     357,334         536,000   536,000              
Securities Purchase Agreement [Member] | InstitutionalInvestor [Member]                                  
Convertible notes payable, principal amount                               $ 1,500,000  
Common stock, par value                               $ 0.001  
Legal fees             $ 30,000                    
Cash commission description                       Roth Capital Partners, LLC (“Roth”), as the Company’s exclusive placement agent, received a cash commission for this transaction equal to six (6%) percent of the total gross proceeds of the offering. This 6% fee or $90,000 was recorded as debt discount along with the $30,000 in legal fees associated with the May 2019 Note.          
Securities Purchase Agreement [Member] | September 2018 Notes [Member] | Holder [Member]                                  
Common stock, par value     $ 6.00                            
Debt original issue discount     $ 934,922                            
Event of default conversion price, description     Upon an Event of Default (regardless of whether such event has been cured), the Buyers may convert at an alternative conversion price equal to the lower of the then applicable Conversion Price or seventy-five (75%) percent of the then Volume-Weighted Average Price (as defined, the “VWAP”).                            
Per-delivery shares issued     372,222                            
Debt instrument maturity date     Nov. 01, 2018                            
Customary events of default, description     The Note at a redemption premium of one hundred twenty-five (125%) percent, multiplied by the greater of the conversion rate and the then current market price. The Buyer may also require redemption of the May 2019 Note upon a Change of Control (as defined) at a premium of one hundred twenty-five (125%) percent. The Company has the right to redeem the May 2019 Note at any time, in whole or in part, in cash at a price equal to 120% of the then outstanding conversion amount.                            
Securities Purchase Agreement [Member] | May 2019 Note [Member] | Holder [Member]                                  
Convertible notes payable, principal amount                       $ 1,500,000     $ 907,000    
Event of default conversion price, description                     Upon an Event of Default (regardless of whether such event has been cured), the Buyer may convert at an alternative conversion price equal to the lower of the then applicable Conversion Price or seventy-five (75%) percent of the then Volume-Weighted Average Price (as defined, the “VWAP”).            
Common stock shares issuable upon conversion of debt/convertible securities                     250,000            
Conversion price                     $ 6.00   $ 3.478        
Payment amount to related party                     $ 12,000,000            
Customary events of default, description                     2019 Note includes customary Events of Default and provides that the Buyer may require the Company to redeem (regardless of whether the Event of Default has been cured) all or a portion of the Note at a redemption premium equal to the greater of: (i) the product of the redemption premium of one hundred twenty-five (125%) percent, multiplied by the conversion amount, and (ii) the product of the conversion rate ($6.00 per share) multiplied by the product of 125% multiplied by the then current market price. The Buyer may also require redemption of the May 2019 Note upon a Change of Control (as defined) at a premium of one hundred twenty-five (125%) percent. The Company has the right to redeem the May 2019 Note at any time, in whole or in part, in cash at a price equal to 120% of the then outstanding conversion amount.            
Terms of Blocker Provision                     Common stock would exceed 9.99% of the Company’s issued and outstanding common stock.            
Accrued expense                       25,334     $ 15,420    
Repayment of amount                     $ 593,000            
Securities Purchase Agreement [Member] | Senior Note [Member]                                  
Common stock, par value                   $ 0.001              
Debt original issue discount                   $ 350,000              
Purchase price charged to financing costs                   240,000              
Purchase price of financing cost                   $ 3,000,000              
Common stock shares issuable upon conversion of debt/convertible securities                   670,000              
November 15, 2017 Securities Purchase Agreement [Member] | Third Amendment and Exchange Agreements [Member]                                  
Debt instrument maturity date   Dec. 11, 2023                              
Warrants issued   727,683                              
September 4, 2018 Securities Purchase Agreement [Member] | Third Amendment and Exchange Agreements [Member]                                  
Conversion price   $ 3.478                              
Related Party Debt   $ 1,333,333                              
Debt modification expense $ 1,778,952                                
Common stock issued 383,363                                
Institutional investors [Member] | Securities Purchase Agreement [Member] | September 2018 Notes [Member]                                  
Convertible notes payable, principal amount     $ 2,233,333                            
Common stock, par value     $ 0.001                            
Common stock shares issuable upon conversion of debt/convertible securities     372,223                            
Proceeds from issuance of warrants     $ 1,845,000                            
Legal fees     $ 15,000                            
Debt instrument maturity date     May 01, 2019                            
Purchase price charged to financing costs     $ 140,000                            
Purchase price of financing cost     $ 2,000,000                            
Exercise price     7.50                            
Placement agent [Member] | Roth Capital Partners, LLC [Member]                                  
Amortization of debt discount                       $ 184,100          
Proceeds from issuance of warrants     $ 140,000                            
Debt instrument maturity date     Mar. 04, 2019                            
Terms of Blocker Provision     Will receive seven (7%) percent of any cash proceeds received from the exercise of any Warrants sold in the offering with an expiration equal to or less than twenty-four (24) months.                            
Fair Value of Warrants     $ 157,969                            
Interest Rate                       5.00%          
Maturity period     5 years                            
Placement agent [Member] | Roth Capital Partners, LLC [Member] | Warrants [Member]                                  
Debt original issue discount     $ 140,000                            
Common stock shares issuable upon conversion of debt/convertible securities     26,056                            
Warrants exercise price     $ 6.00                            
Senior Convertible Note 1 [Member] | Institutional investors [Member] | Securities Purchase Agreement [Member]                                  
Convertible notes payable, principal amount                   $ 3,000,000              
Senior Convertible Note 2 [Member] | Institutional investors [Member] | Securities Purchase Agreement [Member]                                  
Convertible notes payable, principal amount                   $ 3,350,000              
New Notes [Member] | Exchange Agreements [Member]                                  
Convertible notes payable, principal amount               $ 3,216,000                  
Debt discount               3,216,000 1,140,711       $ 3,216,000        
Amortization of debt discount                 $ 405,743     $ 45,613 $ 3,170,386        
Debt original issue discount               336,000                  
Gain on extinguishment of debt               1,464,698                  
Beneficial conversion feature               2,880,000                  
Adjustments to beneficial conversion feature and issue of debt discount               $ 1,739,289                  
Convertible Promissory Note [Member] | Securities Purchase Agreement [Member]                                  
Debt original issue discount       $ 40,000                          
Event of default conversion price, description       The Conversion Price shall equal the Variable Conversion Price (subject to stock splits, dividends, rights offerings or similar events) shall mean seventy-five percent (75%) multiplied by the Market Price defined as the average of the three (3) lowest trading prices for common stock during the fifteen (15) trading day period ending on the latest complete trading day prior to the conversion date.                          
Event of default descriptions       Note since inception shall be the Interest Rate plus eighteen percent (18.0%), the Default Interest. Unless previously converted, the principal and accrued interest on the Note is due and payable in cash (USD) upon the earlier of (i) December 31, 2021, (ii) a Change of Control (as defined below) or (iii), an Event of Default (as defined below) (collectively, the “Maturity Date”).                          
Financing cost       $ 3,000                          
Interest rate       8.00%                          
Note issued       $ 540,000                          
Note issued upon exchange for cash       $ 500,000                          
Convertible Notes [Member] | September 2018 [Member]                                  
Interest Rate                       5.00% 5.00%        
Installment fees                       $ 13,097 $ 31,905