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Subsequent Events
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 14 – SUBSEQUENT EVENTS

 

The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued.

  

From October 1, 2019 to February 24, 2020:  

 

On October 11, 2019, Power Up Lending Group, Ltd. filed a complaint against the Company demanding, among other things, (i) $312,000 and $2,000 in per day until issuance of certain conversion shares together with interest thereon with respect to the first cause of action; (ii) $156,000 together with interest thereon with respect to the second cause of action; (iii) lost profits in no event less than $312,000 with respect to the third cause of action; (iv) reasonable legal fees and costs of litigation with respect to the fourth cause of action; and (v) $312,000.with respect to the fifth cause of action.

 

On October 21, 2019, the Company issued 1,000 Series C Preferred Series.

 

From November 13, 2019 to November 18, 2019, MassRoots issued an aggregate of 610 shares of its Series B Convertible Preferred Stock for proceeds of $762,500. The proceeds were used to repay the Company's Simple Agreements for Future Tokes with an original principal amount of $545,000.

 

On November 13, 2019, MassRoots issued and sold convertible notes in the aggregate principal amount of $108,900 (including an aggregate of $9,900 original issuance discount) to accredited investors.

 

From October 29, 2019 to January 16, 2020, MassRoots issued 109,448,360 shares of common stock for the settlement of $308,268 in convertible debt and accrued interest.

 

On December, 2019, MassRoots exchanged 2,800 shares of Series A Convertible Preferred Stock for convertible notes with an aggregate principal amount of $3,500,000.

 

From December 3 to December 31, 2019, MassRoots exchanged 1,126 shares of Series B Convertible Preferred Stock for convertible notes with an aggregate principal amount $1,548,250.

 

On December 6, 2019, MassRoots issued and sold convertible notes in the aggregate principal amount of $110,000 (including an aggregate of $10,000 original issuance discount) to accredited investors.

 

On January 7, 2020, MassRoots issued and sold a convertible note in the aggregate principal amount of $55,000 (including an aggregate of $5,000 original issuance discount) to an accredited investor.

 

On February 24, 2020, MassRoots terminated the Agreement and Plan of Merger dated February 11, 2019 by and among the Company, MassRoots Supply Chain, Inc., COWA Science Corporation and Christopher Alameddin.