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Convertible Note Payable
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Convertible Note Payable

12. Convertible note payable.

 

In October 2018, the Company issued a convertible note payable in the amount of $1,000,000 in connection with the acquisition of EnP Investments LLC. The convertible note is due on or before September 30, 2023 with 5% interest due per year. At the option of the holder, the Note may be converted to 400,000 shares of the Company’s common stock. The Company has the option to extend the note to no later than September 30, 2028.

 

In June 2019, the holder opted to convert $500,000 of the convertible note payable into 200,000 shares of the Company’s common stock.

 

In April 2020, the holder opted to receive $500,000 and close the note.