Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.21.1
Subsequent Events
3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

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.


Share Offering


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.


Promissory Notes


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.


Loan Conversion


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.