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

NOTE 13 – SUBSEQUENT EVENTS

 

From January 1, 2020 to March 16, 2020, the Company elected to convert $633 of principal and interest of non-redeemable convertible notes into 6,320,000 shares of common stock of the Company with a fair value of $592,225.

 

From January 1, 2020 to March 12, 2020, the Holder of the Senior Convertible Note issued on March 1, 2019 elected to convert $94,232 of principal and $12,000 of interest into 2,695,000 shares of common stock of the Company with a fair value of $208,285. The Senior Convertible Note was fully repaid on March 12, 2020.

 

From January 1, 2020 to March 16, 2020, the Company issued 8,000,0000 shares of common stock for stock based compensation due to officer and directors with a fair value of $660,000.

 

From January 1, 2020 to March 16, 2020, the Company issued 2,500,000 shares of common stock for stock based compensation with a fair value of $112,500.

 

On February 3, 2020, the Company entered into a Securities Purchase Agreement with Firstfire Global Opportunities Fund, LLC, (“Holder”) relating to the issuance and sale of a Senior Convertible Note (the “Note”) with an original principal amount of $103,000 less transaction costs of $3,000 bearing a 8% annual interest rate and maturing July 31, 2021 for $100,000 in cash. After 180 days after the issue date, the Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest three trading prices during the ten trading day period ending on the latest trading day prior to the conversion date. The Company may prepay the Note in cash, if repaid within 90 days of date of issue, at 118% of the original principal amount plus interest, between 90 days and 120 days at 129% of the original principal amount plus interest, between 121 days and 180 days at 129% of the original principal amount plus interest and between 181 days and the maturity date at 175% of the original principal amount plus interest