XML 62 R52.htm IDEA: XBRL DOCUMENT v3.20.2
Convertible Notes Payable (Details) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
May 28, 2020
Nov. 27, 2018
Jun. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Mar. 31, 2019
Securities purchase agreement, description   The note matures on or before the earlier of (i) the 90th day subsequent to the issuance date of the note, and (ii) the Company's receipt of a minimum of $1,000,000 as a result of the Company closing the sale (the "financing") of any equity or debt securities of the Company (either, a "Maturity Date").          
Original issue discount, percentage   10.00%          
Original issue discount       $ 328,125      
Commission and fees     $ 366,500 $ 366,500      
Dentures bears interest rate   5.00% 130.00% 130.00%      
Incurred debt costs     $ 1,299,677 $ 1,299,677      
Fair value of placement agent warrants     933,177 933,177      
Amortization expense     71,664 71,664      
Unamortized debt costs     1,228,013 1,228,013   $ 1,576,036  
Debt discount       1,653,448      
Discount related to fair value of warrants       1,325,323      
Securities Purchase Agreement [Member]              
Securities purchase agreement, description (i) $2,953,125 in the aggregate principal amount of 12.5% Original Issue Discount Senior Subordinated Secured Convertible Debentures (the "Debentures"), and (ii) 1,845,703 common stock purchase warrants (the "Warrants"), which represents 100% warrant coverage. The Company received a total of $2,226,000 in net proceeds from the offering, after deducting the 12.5% original issue discount of $328,125, offering expenses and commissions, including the placement agent's commission and fees of $295,000, reimbursement of the placement agent's and lead investor's legal fees and the Company's legal fees in the aggregate amount of $100,000 and escrow agent fees of $4,000. The Company also agreed to issue to the placement agent, as additional compensation, 369,141 common stock purchase warrants exercisable at $2.00 per share.            
Aggregate principal amount $ 2,953,125            
Original issue discount, percentage 12.50%            
Common stock purchase warrants 1,845,703            
Proceeds from offering $ 2,226,000            
Commission and fees 295,000            
Legal fees aggregate amount 100,000            
Escrow agent fees $ 4,000            
Warrant exercisable per share $ 2.00            
Common stock purchase warrants 369,141            
Debentures maturity date May 28, 2021            
Dentures bears interest rate 8.00%            
Debenture conversion, description The Debentures are convertible into shares of Common Stock at any time following the date of issuance at the Purchasers' option at a conversion price of $1.60 per share, subject to certain adjustments. The Debentures are subject to mandatory conversion in the event the Company closes an equity offering of at least $5,000,000 resulting in the listing of the Company's common stock on a national securities exchange. The Debentures rank senior to all existing and future indebtedness of the Company and its subsidiaries, except for approximately $508,000 of outstanding senior indebtedness.            
Amortization expense     $ 77,412 $ 77,412      
Convertible Notes Payable [Member]              
Accrued interest payable             $ 322,554
Convertible Note payable, description         Pre-Merger Recruiter.com had issued four convertible notes totaling $255,000 as of March 31, 2019. Of these notes, two notes totaling $200,000 were held by shareholders. The notes were due on demand and bore interest at 10% per year. The notes could have been converted into preferred stock of Pre-Merger Recruiter.com at any time after such preferred stock was offered for sale. The conversion price was 75% of the price paid by investors. No preferred stock was authorized or offered for sale by Pre-Merger Recruiter.com.