Subsequent Events |
9 Months Ended |
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Sep. 30, 2019 | |
Subsequent Events | |
Note 14 - Subsequent Events |
On October 23, 2019, the Company issued an unsecured convertible note and five-year warrants to an unaffiliated accredited investor totaling $775,000. The note is convertible into shares of common stock, with the initial conversion ratio equal to $0.50 per share. The investor received warrants to purchase a total of 775,000 shares of common stock with an exercise price of $0.70 per share. These securities were sold in reliance upon the exemption provided by Section 4(a)(2) of the Securities Act and the safe harbor of Rule 506 under Regulation D promulgated under the Securities Act.
On October 23, 2019, and pursuant to an advisory agreement executed on that date for a term of one year with an unaffiliated third party, the Company granted such unaffiliated third party a vested three-year warrant to purchase 1,000,000 shares of common stock with an exercise price of $0.50 per share, exercisable on a cash basis only. Such warrants were issued as and for the entire compensation to paid to the advisor for all services to be rendered during the term. |