XML 53 R40.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONVERTIBLE PROMISSORY NOTES AND SHORT TERM LOANS (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 08, 2023
Oct. 25, 2023
Jul. 13, 2023
Mar. 29, 2023
Jan. 23, 2023
Jan. 23, 2023
Dec. 30, 2022
Dec. 29, 2022
Dec. 21, 2021
May 22, 2020
Dec. 31, 2022
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Nov. 30, 2022
Short-Term Debt [Line Items]                                              
Interest expense                                 $ 689,493 $ 126,574   $ 111,040 $ 546,878    
Issuance of debt                                     $ 11,756,563   11,756,563 $ 11,375,690  
Debt conversion description                                       The redemption price was determined in accordance to the Series B note agreement, where the Company has an option to redeem the note at 115% of its principal value instead of converting the note upon receipt of a conversion notice. The difference between the redemption cash payment and the book value of the note redeemed, including the derivative liability associated to the note      
Proceeds from convertible debt                                       $ 2,355,318    
Debt issuance costs in the amount                 $ 193,437                            
Debt instrument maturity date                 Dec. 21, 2026                            
Principal amount                 $ 12,400,000                           $ 364,000
Convertible debt                     $ 69,930 $ 284,898         $ 284,898 69,930          
Warrants issued                       9,590     57,536   9,590     57,536      
Instrument amount   $ 250,000                                   $ 2,355,318      
Accretion expense                               $ 134,013            
Convertible notes payable                                       221,621      
Gross proceeds                                 744,333 $ 1,889,144   1,476,121 (1,660,220)    
Repayments of debt                                       440,470    
Amortized discount                       17,102         49,393            
Other Expense [Member]                                              
Short-Term Debt [Line Items]                                              
Fair values             $ 176,711                                
Other Convertible Notes Payable [Member]                                              
Short-Term Debt [Line Items]                                              
Interest rate         10.00% 10.00%                                  
Convertible notes payable         $ 2,000,000 $ 2,000,000                                  
Convertible notes payable         270,270 45,045                                  
Convertible notes payable         $ 221,621 $ 221,621                                  
Notes Payable, Other Payables [Member]                                              
Short-Term Debt [Line Items]                                              
Debt instrument unamortized amount                       19,428     $ 186,404   19,428     186,404      
Amortized discount                       55,861         $ 166,975            
Series B Preferred Stock [Member]                                              
Short-Term Debt [Line Items]                                              
Debt conversion description                                 Holders may elect to convert shares of Series B Preferred Stock to common stock at an alternate conversion price equal to 80% (or 70% if the Company’s common stock is suspended from trading on or delisted from a principal trading market or if the Company has effected a reverse split of the common stock) of the lowest daily volume weighed average price of the common stock during the Alternate Conversion Measuring Period (as defined in the Certificate of Designations). In the event the Company receives a conversion notice that elects an alternate conversion price, the Company may, at its option, elect to satisfy its obligation under such conversion with payment in cash in an amount equal to 110% of the conversion amount.            
Proceeds from convertible debt                                 $ 1,900,000            
Interest accruals                             84,863         84,863      
Instrument amount                                 2,200,000            
Convertible notes payable                             157,720         157,720      
Convertible notes payable remaining                       38,677     157,720   38,677     157,720      
Series A Preferred Stock [Member]                                              
Short-Term Debt [Line Items]                                              
Interest accruals                   $ 15,000                          
Instrument amount                   $ 100,000                          
Converted instrument shares issued                   115                          
Convertible notes payable                             821,500         821,500      
Convertible notes payable remaining                       200,000     200,000   200,000     200,000      
Series C Preferred Stock [Member]                                              
Short-Term Debt [Line Items]                                              
Interest accruals                       184,911     2,598   184,911     2,598      
Conversion Notice [Member]                                              
Short-Term Debt [Line Items]                                              
Debt conversion description                                           The holder may exercise such conversion right by providing written notice to the Company of such exercise in a form reasonably acceptable to the Company (a “conversion notice”). Conversion price means (subject in all cases to proportionate adjustment for stock splits, stock dividends, and similar transactions), seventy-five percent (75%) multiplied by the average of the three (3) lowest closing prices during the previous ten (10) trading days prior to the receipt of the conversion notice  
Series A Convertible Note Holders [Member]                                              
Short-Term Debt [Line Items]                                              
Warrants issued             51,101                                
Previously Reported [Member]                                              
Short-Term Debt [Line Items]                                              
Convertible notes payable                                       $ 221,621      
Previously Reported [Member] | Series A Convertible Note Holders [Member]                                              
Short-Term Debt [Line Items]                                              
Warrants issued             306,604                                
Common Stock [Member]                                              
Short-Term Debt [Line Items]                                              
Convertible notes payable                                       270,270      
Common Stock [Member] | Previously Reported [Member]                                              
Short-Term Debt [Line Items]                                              
Convertible notes payable                                       $ 270      
Warrant [Member]                                              
Short-Term Debt [Line Items]                                              
Warrants issued                     306,604             306,604          
Warrant [Member] | Placement Agent [Member]                                              
Short-Term Debt [Line Items]                                              
Placement agent fees description                                           The Company was also obligated to issue warrants to the placement agent that have a 10-year term and cover 12% of funds raised for $8,925,550 (face value) of the notes (first series) and 2.5% of funds raised for the remaining $2,350,000 (face value) of notes (second series), with an exercise price that is 120% of the 20-day volume weighted average price of the Company’s common shares at the time final closing. On final closing, which occurred on January 8, 2021, the warrants’ exercise price was struck at $1.06 per share.  
Two Series A Notes [Member]                                              
Short-Term Debt [Line Items]                                              
Issuance of debt                                           $ 11,275,500  
Interest rate                                           12.00%  
Two Series A Notes [Member] | Warrant [Member]                                              
Short-Term Debt [Line Items]                                              
Placement agent fees description                                           The Company was obligated to issue warrants that accompany the convertible notes and provide 50% warrant coverage. The warrants have a 3-year term from date of issuance and an exercise price that is 120% of the 20-day volume weighted average price of the Company’s common shares at the time final closing  
Series A Notes One [Member]                                              
Short-Term Debt [Line Items]                                              
Description of conversion terms for debt instrument                                           (i) the Outstanding Balance divided by (ii) 75% of the volume weighted average price of the Common Stock for the 5 trading days prior to the Conversion Date (the conversion price).  
Debt conversion description                                           the notes would automatically convert into common stock (in each case, subject to the trading volume of the Company’s common stock being a minimum of $500,000 for each trading day in the 20 consecutive trading days immediately preceding the conversion date), upon the earlier to occur of (i) the Company’s common stock being listed on a national securities exchange, in which event the conversion price would be equal to 75% of the volume weighted average price of the common stock for the 20 trading days prior to the conversion date, or (ii) upon the closing of the Company’s next equity round of financing for gross proceeds of greater than $5,000,000, in which event the conversion price would be equal to 75% of the price per share of the common stock (or of the conversion price in the event of the sale of securities convertible into common stock) sold in such financing. The Company could, at its discretion, redeem the notes for 115% of their face value plus accrued interest  
Series A Notes One [Member] | Placement Agent [Member]                                              
Short-Term Debt [Line Items]                                              
Placement agent fees description                                           The Company was obligated to pay the placement agent of the first series of Series A Notes a 12% cash fee for $8,925,500 (face value) of the notes and 2.5% cash fee and other sundry expenses for the remaining $2,350,000 (face value) of the notes.  
Series A Notes One [Member] | Common Stock [Member]                                              
Short-Term Debt [Line Items]                                              
Debt conversion description                                           the notes would automatically convert into common stock (in each case, subject to the trading volume of the Company’s common stock being a minimum of $500,000 for each trading day in the 20 consecutive trading days immediately preceding the conversion date), upon the earlier to occur of (i) the Company’s common stock being listed on a national securities exchange, in which event the conversion price would be equal to 75% of the volume weighted average price of the common stock for the 20 trading days prior to the conversion date, or (ii) upon the closing of the Company’s next equity round of financing for gross proceeds of greater than $5,000,000, in which event the conversion price would be equal to 75% of the price per share of the common stock (or of the conversion price in the event of the sale of securities convertible into common stock) sold in such financing. The Company could, at its discretion redeem the notes for 115% of their face value plus accrued interest.  
Series A Notes Two [Member]                                              
Short-Term Debt [Line Items]                                              
Description of conversion terms for debt instrument                                           75% of the volume weighted average price of the common stock for the five trading days prior to the conversion date  
Debt conversion description                                           the notes would automatically convert into common stock (in each case, subject to the trading volume of the Company’s common stock being a minimum of $500,000 for each trading day in the 20 consecutive trading days immediately preceding the conversion date), upon the earlier to occur of (i) the Company’s common stock being listed on a national securities exchange, in which event the conversion price would be equal to the lower of $4.00 per share or 75% of the volume weighted average price of the common stock for the 20 trading days prior to the conversion date, or (ii) upon the closing of the Company’s next equity round of financing for gross proceeds of greater than $5,000,000, in which event the conversion price would be equal to the lower of $4.00 per share or 75% of the price per share of the common stock (or of the conversion price in the event of the sale of securities convertible into common stock) sold in such financing. The Company could, at its discretion redeem the notes for 115% of their face value plus accrued interest  
Conversion price                                           $ 24.00  
Series A Notes Two [Member] | Previously Reported [Member]                                              
Short-Term Debt [Line Items]                                              
Conversion price                                           $ 4.00  
Series A Notes Two [Member] | Common Stock [Member]                                              
Short-Term Debt [Line Items]                                              
Description of conversion terms for debt instrument                                           75% of the volume weighted average price of the common stock for the five trading days prior to the conversion date  
Debt conversion description                                           the notes would automatically convert into common stock (in each case, subject to the trading volume of the Company’s common stock being a minimum of $500,000 for each trading day in the 20 consecutive trading days immediately preceding the conversion date), upon the earlier to occur of (i) the Company’s common stock being listed on a national securities exchange, in which event the conversion price would be equal to the lower of $24.00 per share or 75% of the volume weighted average price of the common stock for the 20 trading days prior to the conversion date, or (ii) upon the closing of the Company’s next equity round of financing for gross proceeds of greater than $5,000,000, in which event the conversion price would be equal to the lower of $24.00 per share or 75% of the price per share of the common stock (or of the conversion price in the event of the sale of securities convertible into common stock) sold in such financing. The Company could, at its discretion, redeem the notes for 115% of their face value plus accrued interest  
Series A Notes [Member]                                              
Short-Term Debt [Line Items]                                              
Proceeds from convertible debt                                           $ 10,135,690  
Debt issuance costs in the amount                                         2,301,854    
Debt instrument unamortized amount                             49,393         49,393 8,088,003    
Series A Note [Member]                                              
Short-Term Debt [Line Items]                                              
Carrying amount             $ 500,000                                
Interest accruals                       149,184     74,912   149,184     74,912      
New Convertible Note [Member]                                              
Short-Term Debt [Line Items]                                              
Interest rate             12.00%                                
Debt instrument unamortized amount             $ 64,636                                
Carrying amount             621,500                                
Debt instrument accrued interest             $ 121,500                                
Debt instrument interest rate             75.00%                                
Debt instrument maturity date             Dec. 30, 2023                                
Principal amount             $ 621,500                                
Convertible debt             64,636                                
Fair values             $ 14,083                                
Series B Notes [Member]                                              
Short-Term Debt [Line Items]                                              
Proceeds from convertible debt                                           1,240,000  
Debt issuance costs in the amount                                         10,000    
Debt instrument unamortized amount                                         1,312,500    
Principal amount                                         840,000    
Instrument amount                                       $ 555,600 $ 472,500    
Converted instrument shares issued                                       761,038 207,516    
Debt instrument periodic payment                                       $ 126,680      
Cash payment                                   $ 145,682          
Convertible notes payable                             24,408         $ 24,408      
Series B Notes [Member] | Accredited Investors [Member]                                              
Short-Term Debt [Line Items]                                              
Principal amount                                           $ 1,312,500  
Series B Notes [Member] | Common Stock [Member]                                              
Short-Term Debt [Line Items]                                              
Debt conversion description                                           The Series B Notes will automatically convert into common stock upon a merger, consolidation, exchange of shares, recapitalization, reorganization, as a result of which the Company’s common stock shall be changed into another class or classes of stock of the Company or another entity, or in the case of the sale of all or substantially all of the assets of the Company other than a complete liquidation of the Company. Within the first 180 days after the issuance date, the Company may, at its discretion, redeem the notes for 115% of their face value plus accrued interest. The Company is obligated to issue warrants that accompany the convertible notes and provide 50% warrant coverage.  
Series B Notes [Member] | Warrant [Member]                                              
Short-Term Debt [Line Items]                                              
Warrants and rights outstanding term                                           3 years  
Series B Notes [Member] | Warrant One [Member]                                              
Short-Term Debt [Line Items]                                              
Exercise price                                           $ 6.36  
Warrants issued                                           100,000  
Series B Notes [Member] | Warrant One [Member] | Previously Reported [Member]                                              
Short-Term Debt [Line Items]                                              
Exercise price                                           $ 1.06  
Series B Notes [Member] | Warrant Two [Member]                                              
Short-Term Debt [Line Items]                                              
Exercise price                                           $ 9.0  
Warrants issued                                           35,417  
Series B Notes [Member] | Warrant Two [Member] | Previously Reported [Member]                                              
Short-Term Debt [Line Items]                                              
Exercise price                                           $ 1.5  
Warrants issued                                           212,500  
Series C Notes [Member]                                              
Short-Term Debt [Line Items]                                              
Issuance of debt                         $ 205,000 $ 1,017,700 $ 590,000                
Interest rate                         15.00%   15.00% 15.00%       15.00%      
Description of conversion terms for debt instrument                               (i) seventy-five percent (75%) of the VWAP for the five (5) Trading Days prior to the Conversion Date, or (ii) eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing       (i) seventy-five percent (75%) of the VWAP for the five (5) Trading Days prior to the Conversion Date, or (ii) eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing      
Debt conversion description                               the notes would convert into common stock at the applicable “Mandatory Conversion Price”, if either (i) on each of any twenty (20) consecutive Trading Days (the “Measurement Period”) (A) the closing price of the Common Stock on the applicable Trading Market is at least $18.00 per share and (B) the dollar value of average daily trades of the Common Stock on the applicable Trading Market is at least $400,000 per Trading Day; or (ii) upon the closing of a Qualified Financing, provided that the dollar value of average daily trades of the Common Stock on the applicable National Exchange on each of the ten (10) consecutive Trading Days following such closing is at least $400,000 per Trading Day. Mandatory Conversion Price means, in the case of a Mandatory Conversion under situation (i) above, seventy percent (70%) of the VWAP over the Measurement Period, or in the case of a Mandatory Conversion under situation (ii) above, eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing       the notes would convert into common stock at the applicable “Mandatory Conversion Price”, if either (i) on each of any twenty (20) consecutive Trading Days (the “Measurement Period”) (A) the closing price of the Common Stock on the applicable Trading Market is at least $3.00 per share and (B) the dollar value of average daily trades of the Common Stock on the applicable Trading Market is at least $400,000 per Trading Day; or (ii) upon the closing of a Qualified Financing, provided that the dollar value of average daily trades of the Common Stock on the applicable National Exchange on each of the ten (10) consecutive Trading Days following such closing is at least $400,000 per Trading Day. Mandatory Conversion Price means, in the case of a Mandatory Conversion under situation (i) above, seventy percent (70%) of the VWAP over the Measurement Period, or in the case of a Mandatory Conversion under situation (ii) above, eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing      
Proceeds from convertible debt                                 1,100,430     $ 501,000      
Debt issuance costs in the amount                             $ 89,000         89,000      
Debt instrument unamortized amount                       1,471,345     578,589   1,471,345     578,589      
Recognized additional debt discount                               1,005,829     501,000      
Accretion expense                                       184,417      
Derivative liabilities upon initial recognition                             685,417         685,417      
Amortized discount                       139,568         320,434            
Series C Notes [Member] | Accredited Investors [Member]                                              
Short-Term Debt [Line Items]                                              
Principal amount                       1,812,700     590,000   $ 1,812,700     $ 590,000      
Series C Notes [Member] | Placement Agent [Member]                                              
Short-Term Debt [Line Items]                                              
Placement agent fees description                                 The Company was obligated to pay the placement agent of the first series of Series C Notes a 10% cash fee for the face value of the notes     The Company was obligated to pay the placement agent of the first series of Series C Notes a 10% cash fee for the face value of the notes      
Series C Notes [Member] | Warrant [Member]                                              
Short-Term Debt [Line Items]                                              
Placement agent fees description                                 The Company was obligated to issue warrants that accompany the convertible notes and provide 100% warrant coverage. The warrants have a 4-year term from date of issuance and an exercise price that is 200% of the 5-day volume weighted average price of the Company’s common shares at the time of final closing.     The Company was obligated to issue warrants that accompany the convertible notes and provide 100% warrant coverage. The warrants have a 4-year term from date of issuance and an exercise price that is 200% of the 5-day volume weighted average price of the Company’s common shares at the time final closing      
Series C Notes [Member] | Warrant [Member] | Placement Agent [Member]                                              
Short-Term Debt [Line Items]                                              
Placement agent fees description                               The Company was also obligated to issue warrants to the placement agent that have a 10-year term and cover 8% of face value of the notes, with an exercise price that equals to the 5-day volume weighted average price of the Company’s common shares at the time final closing       The Company was also obligated to issue warrants to the placement agent that have a 10-year term and cover 8% of face value of the notes, with an exercise price that equals to the 5-day volume weighted average price of the Company’s common shares at the time final closing      
Short-term Bridge Loan Agreement [Member]                                              
Short-Term Debt [Line Items]                                              
Accretion expense                                 $ 66,213            
Amortized discount                                 6,142            
Short-term Bridge Loan Agreement [Member] | Collateralized Merchant Finance Company [Member]                                              
Short-Term Debt [Line Items]                                              
Debt issuance costs in the amount $ 15,750   $ 24,000               $ 9,999             9,999          
Debt instrument unamortized amount                     6,142             6,142          
Carrying amount 844,200   540,000               560,000       275,462     560,000   $ 275,462      
Debt instrument periodic payment 19,195   38,705               13,995                        
Accretion expense                       10,949         141,870            
Gross proceeds $ 630,000   $ 400,000               $ 400,000                        
Debt instrument term 308 days   98 days               280 days                        
Amortized discount                       5,143         24,000            
Short-term Bridge Loan Agreement [Member] | Collateralized Merchant Finance Company [Member] | Repay With In Thirty Days [Member]                                              
Short-Term Debt [Line Items]                                              
Repayments of debt                     $ 512,000                        
Short-term Bridge Loan Agreement [Member] | Collateralized Merchant Finance Company [Member] | Repay With In Sixty Days [Member]                                              
Short-Term Debt [Line Items]                                              
Repayments of debt                     520,000                        
Short-term Bridge Loan Agreement [Member] | Collateralized Merchant Finance Company [Member] | Repay With In Ninety Days [Member]                                              
Short-Term Debt [Line Items]                                              
Repayments of debt                     528,000                        
Short-term Bridge Loan Agreement [Member] | Finance Company [Member]                                              
Short-Term Debt [Line Items]                                              
Debt issuance costs in the amount                     32,000             32,000          
Carrying amount $ 598,014                                            
Gross proceeds                     800,000                        
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member]                                              
Short-Term Debt [Line Items]                                              
Debt issuance costs in the amount                     32,000             32,000          
Debt instrument unamortized amount                             20,800         20,800      
Carrying amount                     1,120,000       620,418     1,120,000   620,418      
Debt instrument periodic payment                     29,556                        
Accretion expense                       481         150,760            
Gross proceeds                     $ 800,000                        
Debt instrument term                     280 days                        
Amortized discount                       800         11,200            
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | First Four Weeks [Member]                                              
Short-Term Debt [Line Items]                                              
Debt instrument periodic payment                     $ 13,999                        
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With In Thirty Days [Member]                                              
Short-Term Debt [Line Items]                                              
Repayments of debt                     920,000                        
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With In Sixty Days [Member]                                              
Short-Term Debt [Line Items]                                              
Repayments of debt                     944,000                        
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With In Ninety Days [Member]                                              
Short-Term Debt [Line Items]                                              
Repayments of debt                     968,000                        
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With In One Twenty Days [Member]                                              
Short-Term Debt [Line Items]                                              
Repayments of debt                     1,000,000                        
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With In One Fifty Days [Member]                                              
Short-Term Debt [Line Items]                                              
Repayments of debt                     1,088,000                        
Promissory Note Agreement [Member] | Individual Investor [Member]                                              
Short-Term Debt [Line Items]                                              
Carrying amount                     $ 600,000 600,000     600,000   600,000 $ 600,000   600,000      
Debt instrument interest rate                     25.00%                        
Debt instrument maturity date                     Dec. 15, 2023                        
Interest accruals                             12,312         12,312      
Early payment penalty provision percentage                     3.00%                        
New Promissory Note [Member]                                              
Short-Term Debt [Line Items]                                              
Debt instrument unamortized amount                           7,304       7,304      
Carrying amount                       270,000     $ 270,000   270,000     $ 270,000      
Debt instrument maturity date             Jun. 30, 2023 Dec. 31, 2023                              
Principal amount             $ 270,000                                
Obligation to repay                             50.00%         50.00%      
Fair value             248,479                                
Adjustment carrying value and principal amount             $ 21,521                                
Amortized discount                               $ 7,304            
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member]                                              
Short-Term Debt [Line Items]                                              
Debt issuance costs in the amount       $ 12,000                                      
Debt instrument unamortized amount                             $ 12,000         $ 12,000      
Carrying amount       420,000                     $ 300,000         $ 300,000      
Gross proceeds       300,000                                      
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | First Four Weeks [Member]                                              
Short-Term Debt [Line Items]                                              
Debt instrument periodic payment       5,250                                      
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Remaining Thirty Six Weeks [Member]                                              
Short-Term Debt [Line Items]                                              
Debt instrument periodic payment       11,083                                      
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With Thirty Days [Member]                                              
Short-Term Debt [Line Items]                                              
Repayments of debt       345,000                                      
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With Sixty Days [Member]                                              
Short-Term Debt [Line Items]                                              
Repayments of debt       354,000                                      
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With Ninety Days [Member]                                              
Short-Term Debt [Line Items]                                              
Repayments of debt       363,000                                      
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With One Twenty Days [Member]                                              
Short-Term Debt [Line Items]                                              
Repayments of debt       $ 375,000                                      
First and Second Series [Member] | Warrant [Member] | Placement Agent [Member]                                              
Short-Term Debt [Line Items]                                              
Placement agent fees description                                           The Company was also obligated to issue warrants to the placement agent that have a 10-year term and cover 12% of funds raised for $8,925,550 (face value) of the notes (first series) and 2.5% of funds raised for the remaining $2,350,000 (face value) of notes (second series), with an exercise price that is 120% of the 20-day volume weighted average price of the Company’s common shares at the time final closing. On final closing, which occurred on January 8, 2021, the warrants’ exercise price was struck at $6.36 per share.