|3 Months Ended|
Mar. 31, 2021
|Subsequent Events [Abstract]|
NOTE 12 – 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.
The Company is currently involved in a Regulation A+ share offering pursuant to which the Company is offering up to a maximum of 1,111,111 units, with each unit consisting of five shares of common stock, par value $0.001, and a warrant to purchase one share of common stock, par value $0.001, at an offering price of $9.00 per unit or $1.80 per share of common stock, for a maximum aggregate offering of $10,000,000.
Allonges to Promissory Notes
On April 19, 2021, the Company entered into an Allonge extending the October Note to October 21, 2021.
On April 20, 2021, the Company entered into Allonges to extend the Grid Notes to April 21,2022.
On May 4, 2021, the Company entered into Allonge #4 to the Convertible Note (the “Allonge #4”), which further amends the Note by extending the maturity date until August 1, 2021. As consideration for the Allonge #4, 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. In addition, the warrant expiration date was extended to December 31, 2027.
On April 27, 2021, the Company signed a loan agreement in the amount of $100,000. The loan bears interest of 10% and is due October 27, 2021.
On May 6, 2021, the Company signed a loan agreement in the amount of $150,000. The loan bears interest of 10% and is due November 6, 2021.
On May 6, 2021, the Company received a Notice of Conversion from the holder of the Diamond Note, electing to convert $12,000 of outstanding principal and $659 of outstanding interest into 28,127 common shares at an applicable conversion price of $0.45 per share. This conversion triggered certain anti-dilution provisions of the Note (See note 5) and as a result, the conversion price of the Note was reduced to $0.45, and the warrant amount was reset to 277,741 with an exercise price of $0.45 per share.
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