XML 15 R13.htm IDEA: XBRL DOCUMENT v3.19.2
Convertible Note Payable
12 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Convertible Note Payable

NOTE 6 – CONVERTIBLE NOTE PAYABLE

 

We entered into an agreement for a short-term convertible note payable to an unrelated party on December 22, 2016 with a 60-day maturity and a $1,875,000 principal balance. The note had a one-time fee of $375,000, which was amortized as interest ratably over the 60-day period. The note is convertible into shares of our common stock and one stock purchase warrant at a conversion price of $1.25 per unit and an exercise price of $2.50.

 

During the year ended December 31, 2017, we recognized $356,250 of interest as amortization of a portion of the one-time interest fee and accrued an additional $74,896 in interest expense. As of December 31, 2017, the balance of the note payable was $1,575,000.

 

During the three months ended March 31, 2018, we recorded no additional interest expense and the note was paid in full.