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Convertible Preferred Stock
9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Convertible Preferred Stock

6. CONVERTIBLE PREFERRED STOCK

 

At September 30, 2019 and December 31, 2018, the Company has 5,589,647 shares of Series A Preferred Stock outstanding. Each share of Series A Preferred Stock has a liquidation preference, in the event of liquidation of the Company, of $0.001 per share before any payment or distribution is made to the holders of common stock. Each Series A Preferred share can be converted into common stock in the ratio of 15:1.