XML 73 R55.htm IDEA: XBRL DOCUMENT v3.20.4
Subsequent Events (Details) - USD ($)
1 Months Ended
Mar. 11, 2021
Feb. 05, 2021
Oct. 15, 2020
Oct. 13, 2020
Feb. 13, 2020
Jan. 10, 2020
Feb. 28, 2021
Feb. 25, 2021
Feb. 17, 2021
Feb. 15, 2021
Jan. 28, 2021
Jan. 27, 2021
Jul. 28, 2020
Jul. 27, 2020
Apr. 28, 2020
Jan. 22, 2020
Aug. 30, 2019
Feb. 12, 2021
Jan. 31, 2021
Aug. 10, 2020
Jul. 31, 2020
Jul. 11, 2019
Subsequent Events (Textual)                                            
Accrued interest                                     $ 2,353,000   $ 1,840,000  
Convertible Promissory Note Purchase Agreement [Member]                                            
Subsequent Events (Textual)                                            
Principal amount         $ 33,500 $ 210,000             $ 35,750   $ 15,000 $ 180,000           $ 145,297
Maturity date     Oct. 15, 2021 Oct. 13, 2021 Feb. 13, 2021 Jan. 10, 2021         Aug. 01, 2021 Jan. 27, 2022 Jul. 28, 2021 Mar. 27, 2021 Apr. 28, 2021 Jan. 22, 2021 May 30, 2020          
Discounts and cost         $ 3,500                 $ 35,000           $ 8,500    
Subsequent Event [Member]                                            
Subsequent Events (Textual)                                            
Increase authorized capitalization                   150,000,000                        
Subsequent event description             The Note shall bear interest at a rate of eight percent (8%) per annum (the "Interest Rate"), which interest shall be paid by the Company to the Investor in shares of Common Stock. The Holder shall have the right upon the earlier of (i) six (6) months after the payment of the consideration due for this Note; or (ii) a Qualified Uplist Financing, while there are amounts outstanding under the Note, to convert all or any portion of the then outstanding and unpaid Principal Amount and interest (including any Default Interest) into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified, at the Conversion Price. The per share conversion price into which Principal Amount and interest (including any Default Interest) under this Note shall be convertible into shares of Common Stock hereunder at a price (the "Conversion Price") be equal to the greater of (i) $0.05 per share (the "Fixed Conversion Price"), or (ii) seventy-five percent (75%) of the lowest daily volume weighted average price ("VWAP") over the ten (10) consecutive trading day period ending on the trading day immediately prior to the applicable conversion date (the "Variable Conversion Price"); provided, however, that the Holder shall, in its sole discretion, be able to convert any amounts due hereunder at a twenty-five percent (25%) discount to the per share price of the Qualified Uplisting Financing of over $4MM. If, no later than December 31, 2021, the Borrower shall fail to uplist to any tier of the NASDAQ Stock Market, the New York Stock Exchange or the NYSE MKT, the conversion price under the Note (and the Exchange Note) will be adjusted to equal the lesser of (i) $0.05 per share; or (ii) seventy-five percent (75%) of the lowest VWAP (as defined in the Note and Exchange Note) in the preceding twenty (20) consecutive Trading Days. To the extent the Conversion Price is below the par value per share, the Borrower will take all steps necessary to solicit the consent of the stockholders to reduce the par value to the lowest value possible under law, provided however that the Borrower agrees to honor all conversions submitted pending this increase. If at any time the Conversion Price as determined hereunder for any conversion would be less than the par value of the Common Stock, then at the sole discretion of the Holder, the Conversion Price hereunder may equal such par value for such conversion and the Conversion Amount for such conversion may be increased to include Additional Principal, where "Additional Principal" means such additional amount to be added to the Conversion Amount to the extent necessary to cause the number of conversion shares issuable upon such conversion to equal the same number of conversion shares as would have been issued had the Conversion Price not been adjusted by the Holder to the par value price. In the event the Borrower has a DTC "Chill" on its shares, an additional discount of ten percent (10%) shall apply to the Conversion Price while that "Chill" is in effect.     (i) increase our authorized capitalization from 150,000,000 shares of common stock, par value $0.001 per share, and 50,000,000 shares of blank check preferred stock, par value $0.001 per share, to 500,000,000 shares of common stock, par value $0.001 per share, and 50,000,000 shares of blank check preferred stock, par value $0.001 per share; and (ii) provide that no amendment to the Bylaws that contradicts Article II, Section 14 of the Bylaws (providing that the Acquisition of Controlling Interest Statute (Nevada Revised Statutes §78.378 through §78.3793, inclusive, does not apply to purchases of a "controlling interest" (as defined in the Acquisition of Controlling Interest Statute)) shall be implemented solely on the basis of a vote of a majority of our entire Board of Directors.                        
Voting preferred Stock percentage                   62.00%                        
Principal amount                 $ 175,000                          
Annual interest rate                 8.00%                          
Maturity date                 Feb. 17, 2022                          
Legal fees                 $ 5,000                          
Net proceeds                 $ 170,000                          
Subsequent Event [Member] | Convertible Promissory Note Purchase Agreement [Member]                                            
Subsequent Events (Textual)                                            
Principal balance outstanding                                   $ 32,000        
Accrued interest                                   $ 3,796        
Subsequent Event [Member] | Stock Options [Member]                                            
Subsequent Events (Textual)                                            
Issued shares               166,666                            
Options to purchase shares               500,000                            
Exercise price               $ 0.1475                            
Options term and vest, description               5 years                            
Fair market value               $ 67,376                            
Stock options vested               333,334                            
Subsequent Event [Member] | Consulting Agreement [Member]                                            
Subsequent Events (Textual)                                            
Issued shares   2,000,000                                        
Stock compensation expense   $ 125,000                                        
Series B Convertible Preferred Stock [Member] | Subsequent Event [Member]                                            
Subsequent Events (Textual)                                            
Issued shares 17,965                                          
Accrued interest $ 3,796                                          
Principal amount $ 32,000                                          
Common Stock shares 598,825                                          
Series C Convertible Preferred Stock [Member] | Subsequent Event [Member]                                            
Subsequent Events (Textual)                                            
Issued shares               55,400                            
Subsequent event description             Digerati's Board of Directors approved the issuance of the following shares of Series C Convertible Preferred Stock. (See note 10 for designations): ● Arthur L. Smith – 28,928 shares of Series C Convertible Preferred Stock ● Antonio Estrada – 19,399 shares of Series C Convertible Preferred Stock ● Craig Clement – 7,073 shares of Series C Convertible Preferred Stock                              
Accrued compensation             $ 554,000