SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

Amendment to Secured Promissory Note and Security Agreement held by Red Beard Holdings, LLC

On October 29, 2020, the Company entered into the Third Amended Red Beard Note (the "Amended Note"), by and between the Company and Red Beard, dated April 8, 2020, and amended on August 27, 2020 and September 30, 2020. The terms of the Amended Note held by Red Beard have been amended to revise the maturity date from November 1, 2020 to December 1, 2020. Furthermore, Red Beard has agreed to waive certain rights upon the occurrence of an Event of Default, as defined in the Amended Note, which was triggered by the Company’s receipt of that certain notice of default, dated August 13, 2020, from certain holders of the Company’s Series A Preferred.

The Company has evaluated events subsequent to September 30, 2020 to assess the need for potential recognition or disclosure in the unaudited condensed consolidated financial statements. Such events were evaluated through the date these financial statements were available to be issued. Based upon this evaluation, other than as set forth above, there were no items requiring disclosure.