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Subsequent Events
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

NOTE 20 - SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events from the consolidated balance sheet date through May 29, 2020 (the consolidated financial statement issuance date) and noted the following disclosures:

 

The COVID-19 pandemic is currently impacting countries, communities, supply chains and markets as well as the global financial markets. Governments have imposed laws requiring social distancing, travel bans and quarantine, and these laws may limit access to the Company’s facilities, management, support staff and professional advisors. These factors, in turn, may not only impact the Company’s operations, financial condition and demand for the Company’s goods and services, but the Company’s overall ability to react timely to mitigate the impact of this event. Also, it has affected the Company’s efforts to comply with filing obligations with the Securities and Exchange Commission. Depending on the severity and longevity of the COVID-19 pandemic, the Company’s business, and stockholders may experience a significant negative impact. Currently, the COVID-19 pandemic has limited our ability to move forward with our operations and has negatively affected our ability to timely comply with our ongoing filing obligations with the Securities and Exchange Commission.

 

On April 22, 2020, the MAAB Note Payable was amended to increase the maximum outstanding principal balance to $1,250,000 and the maturity was extended to February 28, 2022.

 

On January 3, 2020, the Investor converted $16,724 of the principal amount of the 8% Senior Secured Convertible Promissory Note at $0.04 into 406,908 shares of the Company’s common stock.

 

On January 29, 2020, the Investor converted $150,000 of the principal amount of the 8% Senior Secured Convertible Promissory Note at $0.053175 into 2,820,874 shares of the Company’s common stock

 

On February 19, 2020, the Company put 400,000 common shares at a $0.0807 net price under the Equity Purchase Agreement and received $32,288 in net proceeds.

 

On March 27, 2020, the Company put 150,000 common shares at $0.0748 under the Equity Purchase Agreement and received $9,593 in proceeds.

 

On April 8, 2020, the Company put 150,000 common shares at $0.0685 under the Equity Purchase Agreement and received $7,527 in proceeds.

 

On April 13, 2020, the Investor converted $10,305 of the principal amount of the 8% Senior Secured Convertible Promissory Note at $0.0515 into 200,000 shares of the Company’s common stock.

 

On April 20, 2020, the Company put 150,000 common shares at $0.0581 under the Equity Purchase Agreement and received $5,973 in proceeds.

 

On April 24, 2020, the Investor converted $10,305 of the principal amount of the 8% Senior Secured Convertible Promissory Note at $0.0515 into 200,000 shares of the Company’s common stock.

 

On May 4, 2020, the Company put 200,000 common shares at $0.0551 under the Equity Purchase Agreement and received $8,283 in proceeds.

 

On May 8, 2020, the Investor converted $11,231 of the principal amount of the 8% Senior Secured Convertible Promissory Note at $0.0449 into 250,000 shares of the Company’s common stock.