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Gain (Loss) on Settlement of Debt
12 Months Ended
Dec. 31, 2019
Investments, All Other Investments [Abstract]  
Gain (Loss) on Settlement of Debt

15. Gain (Loss) on Settlement of Debt

 

During year ended December 31, 2019, the Company reached a legal settlement agreement (the “unwinding”) with an individual investor to dissolve the Debt Settlement and Mutual Release Agreement entered into on January 12, 2018. In accordance to the settlement agreement, 19,055,551 pre-stock split, reserved shares were released and returned to the Company. In addition, 5,944,449 pre-stock split (990,742 post stock split) shares already issued were returned to the Company’s treasury, and cancelled, reducing the companies issued and outstanding shares accordingly. The company closed the unwinding in August 2019.