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Convertible Note Payable (PIK Notes) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Convertible Note Payable (PIK Notes) | NOTE 6 – CONVERTIBLE NOTE PAYABLE (PIK NOTES) Convertible Notes Payable During the fourth quarter of 2019, the Company entered into a series of unsecured convertible notes. The convertible notes have a total principle of $420,000. The notes accrue 6% interest per year, payable by a corresponding increase in the principal amount of each note, that increases to 12% per year in the case of the notes entering default. The Company will pay (a “PIK Payment”) the interest due by adding such interest (including interest at the Default Rate) to the then-outstanding principal amount of the Notes on each interest payment date and on the Maturity Date. Each PIK Payment will be preceded by written notice from the Company to the Note holder setting forth in reasonable detail the amount of such PIK Payment and the principal amount of the Note following such PIK Payment. The notes are due on November 6, 2023. The notes are convertible into shares of the Company’s common stock with an exercise price of $1.25 per share. The Company has evaluated the terms of the notes and determined that there are no derivative features in the note. These notes did have a beneficial conversion feature and recorded a debt discount of $252,000. During the year ended December 31, 2019, the Company amortized $6,821 of the debt discount. At December 31, 2019, the Company had an unamortized debt discount of 245,179. As of December 31, 2019 and 2018, the Company owes $420,000 and $0 on the outstanding notes, respectively. Convertible Notes Payable – Related Party During the fourth quarter of 2019, the Company entered into a series of unsecured convertible notes with related parties. The convertible notes have a total principle of $250,000. The notes accrue 6% interest per year, payable by a corresponding increase in the principal amount of each note, that increases to 12% per year in the case of the notes entering default. The Company will pay (a “PIK Payment”) the interest due by adding such interest (including interest at the Default Rate) to the then-outstanding principal amount of the Notes on each interest payment date and on the Maturity Date. Each PIK Payment will be preceded by written notice from the Company to the Note holder setting forth in reasonable detail the amount of such PIK Payment and the principal amount of the Note following such PIK Payment. The notes are due on November 6, 2023. The notes are convertible into shares of the Company’s common stock with an exercise price of $1.25 per share. The Company has evaluated the terms of the notes and determined that there are no derivative features in the note. These notes did have a beneficial conversion feature and recorded a debt discount of $150,000. During the year ended December 31, 2019, the Company amortized $4,549 of the debt discount. At December 31, 2019, the Company had an unamortized debt discount of $154,451. As of December 31, 2019 and 2018, the Company owes $250,000 and $0 on the outstanding notes, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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