Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies (Tables)

v3.20.2
Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Schedule of Fair Value of Financial Instruments

The table below reflects the level of the inputs used in the Company’s fair value calculations:

 

    Quoted Prices in Active    

Significant

Observable

   

Significant

Unobservable

    Total  
   

Markets

(Level 1)

   

Inputs

(Level 2)

   

Inputs

(Level 3)

   

Fair

Value

 
June 30, 2020                                
Assets: (Note 4)                                
Warrants to purchase common stock of Sonnet           $ 675,876     $ -     $ 675,876  
            $ 675,876     $ -     $ 675,876  
Liabilities: (Note 10)                                
Warrants   $ -     $ -     $ 406,000     $ 406,000  
Conversion feature of note     -       -       4,708,000       4,708,000  
Make Whole Provision of Convertible Preferred Series 2     -       -       1,439,483       1,439,483  
    $     $ -     $ 6,553,483     $ 6,553,483  

Schedule of Property and Equipment Useful Lives

The estimated useful lives used to compute depreciation and amortization are as follows:

 

Leasehold improvements 5-15 years
Restaurant furnishings and equipment 3-10 years
Furniture and fixtures 3-10 years
Office and computer equipment 3-7 years