|6 Months Ended|
Jun. 30, 2020
|Subsequent Events [Abstract]|
12. SUBSEQUENT EVENTS
On August 17, 2020, the Company and the holder of the Series 2 Preferred Stock agreed to extend the date of the True-Up payment to December 10, 2020. In consideration for the extension the Company agreed to make a cash payment of $66,000 to the holders of the Series 2 Preferred Stock and to issue warrants to purchase 134,000 shares of the Company’s common stock. The warrants have an exercise price of $1.25 per share and expire five years from the issuance date.
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