Annual report pursuant to Section 13 and 15(d)

Subsequent Events (Details Narrative)

v3.20.1
Subsequent Events (Details Narrative) - Subsequent Event
 1 Months Ended
Jan. 31, 2020
USD ($)
$ / shares
2010 Junior Secured Notes Payable  
Repayment of secured notes $ 2,800,000
Payments for accrued interest 920,000
Security Purchase Agreement | Secured Convertible Notes (the "2020 Secured Notes")  
Secured convertible notes $ 17,500,000
Term of secured convertible notes 5 years
Interest rate terms Bears interest at a rate equal to the sum of (i) the greater of (x) the three (3)-month London Interbank Offered Rate and (y) two percent (2%), plus (ii) a margin of 2% on the outstanding balance of the 2020 Notes, payable quarterly on the first business day of each calendar quarter.
Conversion price, per share | $ / shares $ 6.00
Secured convertible notes, terms and conditions At any time on or prior to January 11, 2022, the Company shall have the right, but not the obligation, to request that one of the 2020 Convertible Noteholders purchase an additional $5,000,000 in aggregate principal amount of Second Closing Notes (as defined in the SPA) and an additional $10,000,000 in aggregate principal amount of additional Third Closing Notes (as defined in the SPA) (together, the “Additional Convertible Notes”), provided that the such 2020 Convertible Noteholder has the right, but not the obligation, to purchase such notes. The terms of the Additional Convertible Notes are the same as the terms of the 2020 Secured Notes, except that: (a) the Additional Convertible Notes would bear interest at a rate equal to the sum of (i) the greater of (x) the three (3)-month London Interbank Offered Rate and (y) 2%, plus (ii) a margin of 7% on their outstanding balance; and (b) only 70% of the Additional Convertible Notes’ principal amount outstanding would be convertible into shares of the Company’s common stock.