19. SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

19. SUBSEQUENT EVENTS

In February 2020, the Company paid Mr. Desmond Wheatley, the Chief Executive Officer, President, and Chairman of the Board the full balance owed to him for salary and bonus which was deferred in the form of a convertible note beginning on January 1, 2016, pursuant to his employment agreement. The amount of the payment included principal of $220,417 and interest of $52,326 (See Note 18). Interest expense of $3,442 was recorded for the note and $5,990 of debt discount was expensed to interest expense in the quarter ended March 31, 2020.

During February and March 2020, 43,993 warrants were exercised including 17,315 by the underwriters from our public offering in 2019 at $6.60 per share and 26,678 public warrants at $6.30 per share. This increased our shares outstanding to 5,252,163 on March 23, 2020 as shown on the front page of this Form 10-K.