Convertible Debt and Derivative Liability [Text Block] | NOTE 6 The balances of notes payable were as follows: Due Date March 31, 2020 December 31, 2019 Bridge loan June 28, 2020 $ 1,721,776 $ 1,989,104 Promissory note 2019 June 27, 2020 980,833 680,833 Promissory note 2020 T1 August 5, 2020 490,000 - Promissory note 2020 T2 September 5, 2020 480,000 - Short term borrowing May 26, 2020 - 18,563 Short term borrowing June 10, 2020 - 147,783 Short term borrowing June 20, 2020 - 194,943 Short term borrowing August 12, 2020 196,478 - Short term borrowing August 25, 2020 215,526 - Short term borrowing September 11, 2020 226,053 - Dr. Schwartz notes September 30, 2020 2,115,000 2,115,000 Total Notes Payable, gross 6,425,666 5,146,226 Less: Unamortized discount 493,490 350,426 Total Notes Payable, net $ 5,932,176 $ 4,795,800 Bridge Loan In September 2018, two $2,297,727 $2,000,000. 65,000 107,178 $11.55 8% February 2019, $344,659 16,667 September 2019, one March 19, 2020, June 28, 2020. No three March 31, 2020 $430,444 not March 31, 2020. March 31, 2020 $1,721,776, $93,374. Each investor received the right to convert all or any part of its bridge loan into shares of the Company’s common stock at a conversion factor that is the lesser of a discounted 20 may 1 2 267,833 March 31, 2020, no first three 2020 2019, $267,328 $90,000, 170,000 15,985 Dr. Schwartz Notes In November 2018, $370,000. December 31, 2018, one $370,000 $63,028. November 30, 2018 July 15, 2019, $1,920,000 two 22,129 $8.36 February 1, 2019 first October 2019, not During January 2020, two $2,115,000 12% September 30, 2020 50,000 no December 31, 2019. March 31, 2020, $2,115,000. Effective April 21, 2020, March 31, 2020. Note 11 Promissory Note 2019 During September 2019, $847,500 $700,000. 8,857 68,237 $6.21 sixth fifth 8% On March 19, 2020, March 27, 2020 March 31, 2020 June 27, 2020. $300,000 30,000 10% 470, Debt first 2020, $300,000 No three March 31, 2020 $196,167 not March 31, 2020. March 31, 2020, $980,833 $35,750. Promissory Note 2020 On February 5, 2020, $1,450,000 $1,200,000. three $400,000 third February 5, 2020, March 5, 2020, April 5, 2020, 8% $2.589. No three March 31, 2020 $194,000 not March 31, 2020. March 31, 2020, $970,000 $364,366. As additional consideration, the Company issued to the investor warrants to purchase 94,631 92,700 first second 92,700 third sixth $2.992 46,875 first Short Term Borrowings The Company entered into short-term borrowings with an investor. The maturity date of the notes is six 8% three March 31, 2020, $1,098,684 $1,020,000 $821,816 $84,898 three March 31, 2020 $160,380 not March 31, 2020. March 31, 2020 $638,057. Derivative Liabilities Management concluded the September 2018 20 three March 31, 2020, $50,989 $19,408 three March 31, 2020 March 31, 2019, zero March 31, 2020 $50,989 December 31, 2019. On May 21, 2019, February 1, 2019 first 5,753 2019. $22,644 zero December 31, 2019, January 2020, Management concluded the Promissory Note 2020 815, Derivatives and Hedging two $68,796 $52,125 first second three March 31, 2020, March 31, 2020, $17,256 $17,824 first second Management concluded the A, B and agent warrants issued in connection with the March 2020 $2,669,995. March 31, 2020, $2,779,718 $109,723 three March 31, 2020. The table below discloses changes in value of the Company’s embedded derivative liabilities: Derivative liability balance at December 31, 2019 $ 50,989 Derivative instrument recognized for A, B and Agent Warrants 2,669,995 Derivative instrument related to Promissory Note 2020 120,921 Gain recognized to revalue derivative instrument at fair value (27,107) Derivative liability balance at March 31, 2020 $ 2,814,798 Other expense Other expense consisted primarily of interest expense, payment penalties, amortization of original issue discounts, and loss on debt extinguishment related to our notes payable. The Company recognized other expense of $1,117,075 three March 31, 2020 $569,776 2019. |