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Subsequent Event
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent event

Note 9. Subsequent event

 

Effective July 15, 2020, the Company filed a preliminary information statement on Schedule 14C in connection with the approval of the following actions taken by the Company's Board of Directors and by written consent of the holders of a majority of the voting power of the issued and outstanding capital stock of the Company:

 

1. Election of seven directors to the Company's Board to serve until the Company's 2021 annual meeting of stockholders or until their successors are elected and qualified;

 

2. Amendment of the Company's certificate of incorporation, as amended (the "Certificate"), to increase the number of authorized shares of common stock from 200,000,000 to 750,000,000;

 

3. Holding of a non-binding advisory vote on executive compensation; and

 

4. Holding of a non-binding advisory vote on the frequency of executive compensation advisory votes (collectively with the matters identified in Items 1 through 3 above, the "Corporate Actions").

 

The purpose of the information statement is to notify stockholders that on July 14, 2020, stockholders holding a majority of the voting power of our issued and outstanding shares of capital stock executed a written consent approving the Corporate Actions. The written consent that the Company received constitutes the only stockholder approval required for the Corporate Actions under Delaware law and our Certificate and bylaws. As a result, no further action by any other stockholder is required to approve the Corporate Actions. Prior to effecting the Corporate Actions, the Company must file a definitive information statement on Schedule 14C with the SEC, mail the definitive information statement to stockholders of record entitled to notice, and wait at least 20 calendar days following such mailing.

  

Effective August 7, 2020 the Company issued a convertible promissory note in the principal amount of $125,000 to EMA Financial, LLC. The note is due October 30, 2021 and has an interest rate of 10% per annum. The promissory note is convertible, at the option of the holder, after 180 days into common shares of the Company at a discount of 35%.