v3.19.3

Gain on Derivative-based Restructuring of Service-related Obligations | 9 Months Ended
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Sep. 30, 2019
Restructuring and Related Activities [Abstract] |
GAIN ON DERIVATIVE-BASED RESTRUCTURING OF SERVICE-RELATED OBLIGATIONS | NOTE 9 – GAIN ON DERIVATIVE-BASED RESTRUCTURING OF SERVICE-RELATED OBLIGATIONS In June 2019, pursuant to certain securities exchange agreements and securities purchase agreements between the Company and certain of its directors and current and former employees, and in exchange for an aggregate $490,658 in debt owed to such parties as of such dates, inclusive of accrued interest, (a portion of which debt had been convertible into Company common stock in accordance with its stated terms and the remainder of which had not), the Company issued to such individuals warrants to purchase a total of 981,316 shares of Company Series RX-2 preferred stock at a price per share of $0.50 for a gain of $182,523. Also in June 2019, pursuant to certain securities exchange agreements and securities purchase agreements between the Company and certain of its outside professional consultants and employees, and in exchange for a gain of $1,397,644 in debt owed to such parties as of such dates, inclusive of accrued interest, (a portion of which debt had at one point in time been convertible into Company common stock in accordance with its stated terms and the remainder of which had not), the Company issued to such individuals warrants to purchase a total of 481,212 shares of Company Series RX-3 preferred stock at a price per share of $5.00. In connection with this serial restructuring of service-related obligations taken as a whole, and based on the relevant accounting guidance, the Company recognized a gain on restructuring of service-related obligations of $1,580,167 on our Condensed Consolidated Statement of Operations for the nine months ended September 30, 2019.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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