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16. SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2019
Subsequent Events [Abstract] |
16. SUBSEQUENT EVENTS | In January 2020, we issued a warrant to purchase 1,250,000 shares of common stock to the CEO at an exercise price of $0.15 per share pursuant to his employment agreement with the Company. The warrant was valued at approximately $164,000 and has a term of 5 years. We utilized the Black-Scholes method to fair value the warrant received by the CEO with the following assumptions: volatility, 136%; expected dividend yield, 0%; risk free interest rate, 1.64%; and a life of 5 years. The grant date fair value of each share of common stock underlying the warrant was $0.13. In January 2020, we issued two options to purchase an aggregate of 250,000 shares of common stock to the COO at an exercise price of $0.10 and $0.12per share pursuant to her employment agreement with the Company. The options were valued at a total of approximately $24,000 and have a term of 5 years. We utilized the Black-Scholes method to fair value the option received by the COO with the following assumptions: volatility, 135%; expected dividend yield, 0%; risk free interest rate, 1.64%; and a life of 5 years. The grant date fair value of each share of common stock underlying the options was $0.09 and $0.10. The value of the stock option was included in accrued expenses at December 31, 2019. Pursuant to the agreement with our Board, in January 2020, we issued an aggregate of 400,000 shares of common stock valued at approximately $48,000. The agreements with our Board provide for the annual issuance of shares of our common stock. In February 2020, our SteraMist® equipment and BIT™ solution was registered with the Chinese Center for Disease Control and Prevention (China CDC). In March 2020, convertible notes with a principal balance of $4,500,000 were converted into 8,333,333 shares of our common stock at a conversion price of $0.54 per share and the remaining outstanding balance of $500,000 was repaid. The conversion and repayment of the notes mitigates any going concern uncertainties. In March 2020, we received total proceeds of $57,500 for 83,333 warrants that were exercised at $0.69 per share. SARS CoV-2 coronavirus On March 11, 2020 the World Health Organization declared the SARS CoV-2 coronavirus a global pandemic and recommended containment and mitigation measures worldwide. We are monitoring this closely. We have been identified as an essential disinfectant and decontamination vendor by various agencies and countries. Our operations being essential have been materially affected by the coronavirus outbreak to date, as demand for our product and services is increasing. The uncertain nature of its spread globally may impact our business operations resulting from quarantines of employees, customers and suppliers as well as potential travel restrictions in areas affected or may be affected in the future. At this time, the Company is unable to estimate the amount of the impact of this event on its operations, however, expects this could have a material impact on its operations in the coming months.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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