|9 Months Ended|
Sep. 30, 2020
|Subsequent Events [Abstract]|
NOTE 11 – SUBSEQUENT EVENTS
In accordance with ASC 855 “Subsequent Events,” Company management reviewed all material events through the date this report was issued, and the following subsequent events took place.
Allonges to Promissory Notes
As of October 29, 2020, the Company entered into an Allonge #2 to Convertible Note (the “Allonge #2”), which further amends the Note by extending the maturity date thereof from ten months from the date of the loan to thirteen months from the date of the loan. As consideration for the Allonge #2, the original principal amount was increased by an additional ten percent, and the Company agreed to issue 50,000 shares of its common stock to the holder of the Note.
On November 13, 2020, the Company entered into an allonge to the October Note, which amends the October Note by extending the maturity date thereof to April 21, 2021.
On November 13 the Company entered into a 6-month third-party consulting agreement pursuant to which, on or about November 17, 2020, the Company issued 100,000 shares of its common stock to a third party as partial consideration for certain management consulting, business advisory, shareholder information and public relations services to be rendered by such third party to the Company.
Restricted Stock Grant
On October 15, 2020, the Company granted to a newly-hired non-executive officer of the Company 292,174 restricted shares under the Company’s 2018 Equity Incentive Plan, which vest quarterly in equal amounts commencing January 15, 2021 and ending January 15, 2022.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef