XML 55 R32.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Equity (Deficit) (Details) - USD ($)
1 Months Ended 12 Months Ended
Mar. 13, 2018
Oct. 31, 2019
Oct. 31, 2019
Oct. 29, 2019
May 31, 2019
Mar. 22, 2018
Dec. 31, 2019
Dec. 31, 2018
Preferred stock Shares authorized             10,000,000 10,000,000
Preferred stock per value             $ 0.001 $ 0.001
Preferred stock Shares issued             0 5,662,000
Preferred stock Shares outstanding             0 5,662,000
Series A preferred stock dividend payable             $ 728,350
Dividend rate             6.00%  
Series A Preferred Stock conversion             Holders of the Series A Preferred Stock have the following methods of conversion: (i) automatic conversion into common stock upon the consummation of an IPO at a conversion price of 50% of the IPO price, (ii) automatic conversion into common stock upon the consummation of a subsequent private placement of securities at a conversion price of 50% of the purchase price of the securities being sold by the Company approved by the holders of the Series A Preferred Stock, and (iii) at any time after the issuance date and until ten calendar days prior to the consummation of an IPO, each holder shall be entitled to convert into common stock at a conversion price of $2.50 per share.  
Convertible preferred stock terms of conversion             The Series A Preferred Stock automatically converted into 9,571,692 common shares upon completion of the IPO in October 2019, based on the number of shares of Series A Preferred Stock outstanding as of the date of the IPO. The conversion share calculation was based on the $2.50 initial issue price for the Series A Preferred Stock plus $1,603,709 of accrued and unpaid dividends and automatically converted into shares of the Company’s common stock using a stated divisor conversion price equal to 50% of the IPO price to the public which was $5.00 per share. In accordance with relevant accounting literature, since the terms of the conversion option did not permit the Company to compute the additional number of shares that it would need to issue upon conversion of the Series A Preferred when the contingent event occurred, the Company recorded the beneficial conversion amount of approximately $23,930,000 as a deemed dividend at the date of the IPO.  
Gross proceeds           $ 125,000    
Preferred stock Share sold             $ 5.00  
Common stock issued             18,450,992 4,000,000
Purchase of common stock     4,400,000          
2018 Private Placement [Member]                
Gross proceeds $ 14,200,000              
Net proceeds         $ 7,200,000      
Common stock issued               4,000,000
IPO [Member]                
Stockholders equity deficit, description       The Company completed an IPO, selling 4,400,000 shares of common stock at an offering price of $5.00 per share. The Company received gross proceeds of approximately $22,000,000. In addition, the Company granted the underwriter a 45-day option to purchase an additional 660,000 shares of common stock at the initial public offering price. The option was exercised and the underwriter purchased an additional 479,300 shares of common stock and the Company received additional gross proceeds of approximately $2,397,000. The Company received net proceeds from the IPO and the underwriter's purchase of additional shares of approximately $21,754,000, after deducting underwriting discounts and commissions and offering-related expenses. Warrants for 317,155 shares of the Company's common stock were issued to the IPO underwriter at an exercise price of $6.25 per share as part of the underwriter's compensation for the IPO. The estimated fair value of the warrants of approximately $977,000 was considered an offering cost and netted against additional paid-in capital.        
IPO [Member] | Officers and Directors [Member]                
Purchase of common stock   627,984            
Exercise price   $ 5.00 $ 5.00          
Series A Convertible Preferred Stock [Member]                
Preferred stock Shares authorized             10,000,000  
Preferred stock per value             $ 0.001  
Preferred stock Shares issued             0 0
Preferred stock Shares outstanding             5,662,000 5,662,000
Dividends accrued             $ 728,350 $ 875,359
Preferred stock per share             $ 2.50  
Series A Preferred Stock [Member]                
Dividends accrued             $ 0 $ 728,350
Series A Preferred Stock [Member] | 2018 Private Placement [Member]                
Preferred stock Shares issued         3,268,000 5,662,000    
Preferred stock Share sold         $ 2.50 $ 2.50    
Net proceeds           $ 12,500,000    
Series A Preferred Stock [Member] | IPO [Member]                
Convertible Preferred Stock   9,571,692 9,571,692