XML 218 R95.htm IDEA: XBRL DOCUMENT v3.24.3
BUSINESS COMBINATION AND DECONSOLIDATION OF SUBSIDIARY (Details Narrative) - USD ($)
1 Months Ended 6 Months Ended
Jun. 05, 2020
May 14, 2019
Oct. 21, 2020
Jun. 30, 2021
Warrants issue purchase additional shares       4,143,706
Purchase price for the acquisition       $ 14,200,000
Closing Merger Consideration Shares, shares       6,909,091
Contingent Consideration Shares (Clawback Shares), shares       5,988,024
Aggregate amount       $ 20,000,000
Acquisition descriptions       The Company acquired Sera Labs through the issuance of shares of Common Stock of the Company with $1 million of cash consideration to be provided. The preliminary total purchase price was determined based on the following: i) $1 million of the Upfront Payment ii) Company’s closing price ($1.38) on October 2, 2020 for the closing merger consideration shares
Claw back shares   7,128,913    
Upfront payment consideration   5,700,000    
Acheivment shares   3,207,228    
Earnout shares   8,018,071    
Total potential shares to be issued       32,072,283
Upfront payment in cash     $ 1,000,000  
Working capital       $ 4,000,000
Aggregate maximum milestones amount     $ 20,000,000  
Potential shares to be issued     5,988,024  
Fair value of contingent shares     $ 3,100,000  
Cash consideration       $ 1,000,000
Earn out provisions and warrants       32,072,283
Note payable, principal amount       $ 2,000,000
Shares held in escrow 7,128,913     7,128,913
Issuable shares 11,225,299      
Returnback shares 140,828      
Gross proceed from warrant $ 1,400,000      
Warrant to purchase common stock 7,309,605      
Purchase of common stock 708,467      
Assigned back shares 310,821      
Shares issue to holders 5,612,654      
CHI [Member]        
Total purchase price, shares     12,897,115  
Convertible Note [Member]        
Debt instrument converted amount, principal       $ 14,600,000