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Note Payable, Net | 3 Months Ended
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Mar. 31, 2021
Convertible Note Payable Net [Abstract] |
NOTE PAYABLE, NET | 10. NOTE PAYABLE, NET Promissory Notes in December 2020 On December 4, 2020, the Company entered into a Note Purchase Agreement with an institutional investor, pursuant to which the Company sold and issued to the Purchaser a Promissory Note of $3,150,000. The Purchaser purchased the Note with an original issue discount of $150,000, which was recognized as a debt discount and will be amortized using the interest method over the life of the note. The Note bears interest at 8% per annum and has a term of 24 months. All outstanding principal and accrued interest on the Note will become due and payable on December 3, 2022. The Company’s obligations under the Note may be prepaid at any time, provided that in such circumstance the Company would pay 125% of any amounts outstanding under the Note and being prepaid. Beginning on the date that is six months from the issue date of the Note, Purchaser shall have the right to redeem any amount of this Note up to $500,000 per calendar month by providing written notice to the Company. During the three months ended March 31, 2021, the Company amortized OID of $18,750 and recorded $63,000 interest expense on this Note.

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- Definition The disclosure of convertible note payable net. + References No definition available. + Details
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