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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS
 
Consulting Agreements

During the years ended December 31, 2019 and 2018, the Company received consulting services from one of its executive officers prior to his appointment as an executive officer of the Company in 2019. During the years ended December 31, 2019 and 2018, the Company incurred consulting expenses with this executive officer of approximately $115,000 and $31,000, respectively. As of December 31, 2018, approximately $31,000, was owed to this consultant and included in accounts payable on the accompanying balance sheet. There were no amounts due under the consulting agreement as of December 31, 2019.

Equity Financing
Pursuant to the Purchase Agreement with SDS Capital Partners II, LLC and certain other accredited investors, in March 2019, the Company issued an aggregate of 4,181,068 shares of common stock at a price of $2.33 per share. Concurrently, the Company issued the Short-Term Warrants and the March Long-Term Warrants, of which 4,181,068 are exercisable immediately. See Note 1—Summary of Significant Accounting Policies for further details regarding the March 2019 Offering and Additional Issuance of Warrants.
Of the shares and warrants issued in March 2019, 50,000 shares of common stock were issued to GSB Holdings, Inc., a family-owned company of David Clarke, who previously served as Chief Executive Officer and Chairman of the Board of the Company prior to the Monster Merger. The aggregate purchase price of the common stock shares issued to GSB Holdings, Inc. was $116,500. In addition, the Company issued GSB Holdings, Inc. Short-Term Warrants to purchase 50,000 shares of common stock, which were exercisable immediately, had an expiration date of March 18, 2020 and had an initial exercise price of $4.00 per share. The Company also issued GSB Holdings, Inc. March Long-Term Warrants to purchase 30,000 shares of common stock which became exercisable on the six-month anniversary of March 18, 2019, had an expiration date of March 18, 2024 and had an initial exercise price of $2.56 per share.
In April 2019, the Company entered into the Amendment, between the Company and each purchaser, including GSB Holdings, Inc. The Amendment gave each purchaser the right to purchase, for $0.125 per underlying share, an additional warrant to purchase shares of the Company’s common stock having an initial exercise price per share of $2.13 and otherwise having the terms of the March Long-Term Warrants.
The Company issued New Warrants exercisable for an aggregate of 3,897,010 shares of the Company’s common stock and the New Warrants are exercisable for five years beginning on the six-month anniversary of the date of issuance. The New Warrants have an initial exercise price equal to $2.13 per share, subject to certain adjustments. Pursuant to the New Securities Purchase Agreement, GSB Holdings, Inc. received New Warrants to purchase an additional 46,638 shares of the Company’s common stock. See Note 12—Subsequent Events for further details regarding the extension of the Short-Term Warrants and an offer to amend and exercise the Short-Term Warrants, March Long-Term Warrants and New Warrants.