Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 15 – Subsequent Events

Effective May 15, 2020, we entered into definitive securities purchase agreements (“Purchase Agreements”) with accredited investors for their purchase of (i) secured convertible notes issued by us in the aggregate original principal amount of $2,105,000 (the “Notes”), and (ii) Unit Purchase Options (“Purchase Options”) to purchase 5,851,900 units (each, a “Unit”), at an exercise price of $0.25 per Unit (subject to adjustments). with each Unit exercisable for (A) one share of our common stock and (B) a 5-year warrant (the “Warrants”) to purchase one share of our common stock at an exercise price of $0.30 (subject to adjustments) (the “Private Placement”).  Each purchaser of a Note will be issued a 5-year Purchase Option to purchase 2.78 Units for each dollar of Notes purchased  Upon closing of the sale of the Notes and Purchase Options (the “Closing”), we are expected to receive proceeds of $2.105 million (of which $1,961,360 was received in cash and $143,640 resulted from cancellation of indebtedness). Tribal Capital Markets, LLC acted as placement agent (the “Placement Agent”) in the Private Placement. The Company received approximately $1.75 million in net proceeds at Closing, after deducting placement agent fees payable to the Placement Agent and investor counsel in connection with the transaction.  Pursuant to that certain Form of Secured Convertible Note entered into in connection with the Purchase Agreement (the “Form of Note”), interest on such Notes accrues at a rates of ten percent (10%) per annum and is payable either in cash or in shares of our common stock at the conversion price in the Note on each of the six and twelve month anniversary of the issuance date and on the maturity date of November 15, 2021 (the “Maturity Date”).

In May 2020, the Company issued 230,000 shares of common stock under its 2019 Stock Incentive Plan with a fair value of $48,730  to certain employees.

The Company has evaluated subsequent events through the date the financial statements were released and there were no others.