Subsequent Events |
3 Months Ended |
|---|---|
Mar. 31, 2020 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Note G – Subsequent Events
The Company has analyzed events occurring subsequent to March 31, 2020, through the date these financial statements were issued, and noted the following material items requiring disclosure herein:
(1) During the subsequent period from April 1, 2020, through the date of this filing, unaffiliated holders of our convertible notes payable elected to convert $2,185,798 of principal interest and fees into shares of our common stock at prices ranging from $ to $ per share at rates discounted from the stock’s fair market value on each conversion date based on discount rates specified in each respective note. These conversions include $1,674,041 of principal into shares of our common stock and $484,747 in accrued interest into shares of common stock. Unaffiliated convertible debt holders were issued shares of common stock in exchange for $27,010 in conversion fees.
(2) The Company’s Nevada office was closed on April 30, 2020, and the other leases have since been converted to month-to-month obligations of under $300/month. |