Quarterly report pursuant to Section 13 or 15(d)

Kingsbrook Convertible Promissory Notes (As Restated) (Details Textual)

v3.20.4
Kingsbrook Convertible Promissory Notes (As Restated) (Details Textual) - USD ($)
3 Months Ended 9 Months Ended
Sep. 08, 2020
Jun. 12, 2020
Sep. 30, 2020
Sep. 30, 2020
Dec. 31, 2019
Kingsbrook Convertible Promissory Notes (Textual)          
Convertible promissory note     $ 172,248 $ 172,248  
Derivative liability     256,670 $ 256,670
Secured Convertible Promissory Note [Member]          
Kingsbrook Convertible Promissory Notes (Textual)          
Shares of common stock 100,000        
Convertible promissory note $ 1,111,111 $ 1,657,522      
Convertible promissory note percentage 10.00% 10.00%      
Senior Secured Convertible [Member]          
Kingsbrook Convertible Promissory Notes (Textual)          
Convertible promissory note   $ 138,889      
Convertible promissory note percentage   10.00%      
Kingsbrook Convertible Promissory Note [Member]          
Kingsbrook Convertible Promissory Notes (Textual)          
Shares of common stock   250,000      
Convertible promissory notes, description       The Company received $125,000 in cash from the Holder with the remainder retained by the Holder for the Original Issue Discount of $13,889. The Company incurred $24,897 in third-party fees directly attributed to the issuance of the Kingsbrook Convertible Notes (including warrants to purchase 1,315 shares of common stock at an exercise price of $5.28 per share, which were valued at $6,857), debt discount related to the Kingsbrook Commitment Shares pursuant to the transaction of $25 and a beneficial conversion feature of $1,577,350. The beneficial conversion feature of $1,577,350 was recorded as a debt discount with an offsetting entry to additional paid-in capital decreasing the Kingsbrook Convertible Notes and increasing debt discount. The debt discount is being amortized to interest expense over the term of the debt. The Company recognized a $1,657,522 loss in earnings pursuant to the transaction. This amount was calculated as the excess of fair value of the liabilities recognized over the proceeds received of $1,657,522. The Company agreed to pay the principal amount, together with guaranteed interest at the annual rate of 10% (unless the Company defaults, which increases the interest rate to 15%), with principal and accrued interest on the Kingsbrook Convertible Notes due and payable on February 11, 2021 (the “Maturity Date”), unless converted under terms and provisions as set forth within the Kingsbrook Convertible Notes. The Kingsbrook Convertible Notes provide the Holder with the right to convert, at any time, all or any part of the outstanding principal and accrued but unpaid interest into shares of the Company’s common stock at a conversion price of $5.28 per share. The Kingsbrook Convertible Notes require the Company to reserve at least 1,823,275 and 114,584 shares of common stock from its authorized and unissued common stock to provide for all issuances of common stock under the 10% Secured Convertible Promissory Note and 10% Senior Secured Convertible Extension Promissory Note, respectively. However, the Kingsbrook Convertible Notes provide that the aggregate number of shares of common stock issued to the Holder under the Kingsbrook Convertible Notes shall not exceed 4.99% of the total number of shares of common stock outstanding as of the closing date unless the Company has obtained stockholder approval of the issuance (the “the Beneficial Ownership Limitation”). The Holder, upon not less than sixty-one (61) days’ prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation; provided, that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the common stock outstanding immediately after giving effect to the issuance of shares of common stock upon conversion of the Kingsbrook Convertible Notes held by the Holder.  
Prepayment, percentage       50.00%  
Principal amount, percentage       10.00%  
Change in fair value of derivative liability     6,413 $ 6,413  
Derivative liability     102,066 102,066  
Principal amount       1,796,411  
Interest expense     688,989 $ 823,749  
Additional, percentage       10.00%  
Interest rate, description       Interest rate equal to the lesser of two percent (2.0%) per month (twenty-four percent (24.0%) per annum) or the maximum rate permitted under applicable law. In addition, in any Event of Default, the Company must pay a mandatory default amount equal to one hundred thirty percent (130%) of the sum of the outstanding principal amount of the Kingsbrook Convertible Notes at such time and all accrued interest unpaid at such time (including any Minimum Interest Amount remaining outstanding on such principal amount as of such time) and (b) all other amounts, costs, fees (including Late Fees), expenses, indemnification and liquidated and other damages and other amounts due to the Holder or any other party in respect of the Kingsbrook Convertible Notes.  
Unamortized debt discount     $ 955,250 $ 955,250