SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2020

SUBSEQUENT EVENT

SUBSEQUENT EVENT

11.           SUBSEQUENT EVENT

In October 2020, we sold a series of convertible promissory notes to management, the Company's Board of Directors and accredited investors including Essetifin S.p.A., our largest stockholder (the "2020 Notes"). The sale of the 2020 Notes resulted in gross proceeds to the Company of $500,000. The 2020 Notes contain a $0.36 conversion price and the purchasers also received a warrant exercisable at $0.45 to purchase additional shares of common stock equal to 75% of the number of shares into which each note is initially convertible (the "2020 Warrants"). The 2020 Notes bear interest at a rate of five percent (5%) per annum. The 2020 Notes will mature on October 20, 2025.