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Notes Payable | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
NOTES PAYABLE | NOTE 7 – NOTES PAYABLE On April 12, 2018, the Company issued an unsecured promissory note for $35,000 that accrued interest of 4% annually. The note was due on the earlier of November 12, 2018 or in the event of default, as defined in the agreement. During the year ended December 31, 2020, this note was paid in full. On July 10, 2018, the Company entered into a bridge loan with an investor for a principal amount of $15,600. The note was due on the earlier of October 8, 2018 or in the event of default, as defined in the agreement. During the year ended December 31, 2020, this note was paid in full. On July 18, 2018, the Company entered into a bridge loan with an investor for a principal amount of $130,000. The note was due on the earlier of October 16, 2018 or in the event of default, as defined in the agreement. During the year ended December 31, 2020, this note was paid in full. On November 1, 2019, the Company entered into a bridge loan with an investor for a principal amount of $50,000. This loan did not accrue any interest. The note was due on the earlier of April 28, 2020 or in the event of default, as defined in the agreement. The note was convertible into the same class of securities as those sold in the public offering with a conversion price of $2.00 per share. During the year ended December 31, 2020, the note was converted into securities of the Company in full. On January 10, 2020, the Company entered into a bridge loan with an investor for a principal amount of $75,000. This Note carried an original issue discount of $40,000. This loan did not accrue any interest. The note was due on the earlier of July 8, 2020 or in the event of default, as defined in the agreement, as amended. The note was convertible into the same class of securities as those sold in the public offering with a conversion price of $2.00 per share. During the year ended December 31, 2020, the note was converted into securities of the Company in full. During the first quarter of 2020, the Company entered into six bridge loans with investors for a total principal amount of $600,000. These notes carried an aggregate original issue discount of $300,000. The notes were due on the earlier of April 19, 2020 or ten days after the close of the Company’s IPO. During the year ended December 31, 2020, these notes were paid in full.

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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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