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2. NOTES PAYABLE
3 Months Ended
Mar. 31, 2020
Notes Payable [Abstract]  
NOTES PAYABLE

Convertible Notes Payable - Related Parties

 

As part of the aforementioned transaction with Catalyst to form Cellerate, LLC, the Company issued a 30-month convertible promissory note to Catalyst in the principal amount of $1,500,000, bearing interest at a 5% annual interest rate, compounded quarterly. Interest was payable quarterly but could be deferred at the Company’s election to the maturity of the promissory note. Outstanding principal and interest were convertible at Catalyst’s option into shares of the Company’s Common Stock at a conversion price of $9.00 per share.

 

On February 7, 2020, Catalyst converted its promissory note, including accrued interest of $111,911, into 179,101 shares of the Company’s common stock. As of March 31, 2020, there were no promissory notes or accrued interest outstanding.