Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2020 | Aug. 13, 2020 | |
Details | ||
Registrant CIK | 0001575659 | |
Fiscal Year End | --03-31 | |
Registrant Name | Rapid Therapeutic Science Laboratories, Inc. | |
SEC Form | 10-Q | |
Period End date | Jun. 30, 2020 | |
Tax Identification Number (TIN) | 46-2111820 | |
Number of common stock shares outstanding | 164,278,334 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | Yes | |
Interactive Data Current | Yes | |
Shell Company | false | |
Small Business | true | |
Emerging Growth Company | false | |
Entity File Number | 000-55018 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 5580 Peterson Ln., Suite 200 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75240 | |
City Area Code | 800 | |
Local Phone Number | 497-6059 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
Current assets: | ||
Cash | $ 213,123 | $ 136,215 |
Inventory, net | 28,619 | 5,873 |
Total current assets | 241,742 | 142,088 |
Intangible assets: | ||
Sublicense agreement, net | 277,500 | 302,500 |
Total assets | 519,242 | 444,588 |
Current liabilities: | ||
Accounts payable, net | 83,426 | 64,577 |
Equity subscription payable | 90,000 | 90,000 |
Contract liabilities, net | 0 | 32,000 |
Notes payable - related party | 23,350 | 23,350 |
Notes payable - other | 890,233 | 883,185 |
Accrued interest payable | 423,321 | 400,720 |
Derivative liability, at fair value | 44,952 | 0 |
Total current liabilities | 1,555,282 | 1,493,832 |
Other liabilities: | ||
Convertible notes payable | 315,240 | 315,240 |
Total liabilities | 1,870,522 | 1,809,072 |
Stockholders' deficit: | ||
Preferred stock value | 0 | 0 |
Common stock value | 161,874 | 159,556 |
Additional paid in capital | 2,991,984 | 2,414,718 |
Accumulated deficit | (4,167,799) | (3,601,419) |
Treasury stock | (337,339) | (337,339) |
Total stockholders' deficit | (1,351,280) | (1,364,484) |
Total liabilities and stockholders' deficit | $ 519,242 | $ 444,588 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
Details | ||
Accumulated amortization, Sublicense Agreement | $ 62,500 | $ 37,500 |
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 750,000,000 | 200,000,000 |
Common Stock, Shares, Outstanding | 161,874,334 | 159,556,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Details | ||
Revenues | $ 129,287 | $ 0 |
Costs of goods sold | 18,556 | 0 |
Gross profit | 110,731 | 0 |
Operating expenses: | ||
General and administrative | 629,510 | 22,974 |
Amortization expense | 25,000 | 0 |
Total operating expenses | 654,510 | 22,974 |
Other (expense): | ||
Interest expense | (22,601) | (46,099) |
Total other income (expense) | (22,601) | (46,099) |
Net loss before income taxes | (566,380) | (69,073) |
Income taxes | 0 | 0 |
Net (loss) | $ (566,380) | $ (69,073) |
Net loss per share, basic and diluted | $ 0 | $ (0.06) |
Weighted average shares outstanding, basic and diluted | 160,447,978 | 1,204,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Total |
Equity Balance at Mar. 31, 2019 | $ 1,204 | $ 144,477 | $ (2,976,835) | $ (337,339) | $ (3,168,493) |
Equity Balance, Shares at Mar. 31, 2019 | 1,204,000 | ||||
Net (loss) | $ 0 | 0 | (69,073) | 0 | (69,073) |
Equity Balance, Shares at Jun. 30, 2019 | 1,204,000 | ||||
Equity Balance at Jun. 30, 2019 | $ 1,204 | 155,227 | (3,045,908) | (337,339) | (3,226,816) |
Share-based compensation expense | 0 | 10,750 | 0 | 0 | 10,750 |
Equity Balance at Mar. 31, 2020 | $ 159,556 | 2,414,718 | (3,601,419) | (337,339) | (1,364,484) |
Equity Balance, Shares at Mar. 31, 2020 | 159,556,000 | ||||
Stock issued in private placement, value | $ 960 | 239,040 | 0 | 0 | 240,000 |
Stock issued in private placement, shares | 960,000 | ||||
Share-based compensation, value | $ 1,358 | 338,226 | 0 | 0 | 339,584 |
Share-based compensation, shares issued | 1,358,334 | ||||
Net (loss) | $ 0 | 0 | (566,380) | 0 | (566,380) |
Equity Balance, Shares at Jun. 30, 2020 | 161,874,334 | ||||
Equity Balance at Jun. 30, 2020 | $ 161,874 | $ 2,991,984 | $ (4,167,799) | $ (337,339) | $ (1,351,280) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net (loss) | $ (566,380) | $ (69,073) |
Adjustments to reconcile net loss to net cash provided by (used in) operations | ||
Stock-based compensation expense | 339,584 | 10,750 |
Amortization expense | 25,000 | 0 |
Changes in operating assets and liabilities | ||
Inventory | (22,746) | 0 |
Accounts payable | 18,849 | 5,356 |
Accrued interest payable | 22,601 | 46,099 |
Other, net | (32,000) | 0 |
Net cash flows used in operating activities | (215,092) | (6,868) |
Cash flows from financing activities: | ||
Issuance of notes payable to related parties | 52,000 | 8,000 |
Private sales of common stock | 240,000 | 0 |
Net cash flows provided by financing activities | 292,000 | 8,000 |
Net increase (decrease) in cash and cash equivalents | 76,908 | 1,132 |
Cash and cash equivalents at beginning of period | 136,215 | 1,334 |
Cash and cash equivalents at end of period | 213,123 | 2,466 |
Supplemental cash flow data: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | 0 | 0 |
Supplemental Non-cash financing activities: | ||
Debt discount on convertible notes payable | (44,952) | 0 |
Increase in derivative liabilities | $ 44,952 | $ 0 |
Condensed Interim Financial Sta
Condensed Interim Financial Statements | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Condensed Interim Financial Statements | (1) Condensed Interim Financial Statements The Company Interim Financial Information Impact of COVID-19 Pandemic on Consolidated Financial Statements |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies Basis of Accounting Principles of Consolidation Cash and Cash Equivalents Earnings per Share Revenue recognition Inventory Intangible Assets Income Taxes Use of Estimates Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates. Fair Value of Financial Instruments Level 1: Level 2: Level 3: Recently Issued Accounting Pronouncements Subsequent Events |
Going Concern Disclosure
Going Concern Disclosure | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Going Concern Disclosure | (3) Going Concern The Company's consolidated financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has generated minimal revenues and has suffered recurring losses totaling $4,167,799 since inception. These factors, among others, indicate that there is substantial doubt about the Companys ability to continue as a going concern within one year from the issuance date of this filing. In order to obtain the necessary capital to sustain operations, Managements plans include, among other things, the possibility of pursuing new equity sales and/or making additional debt borrowings. There can be no assurances, however, that the Company will be successful in obtaining such additional financing, or that such financing will be available on favorable terms, if at all. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from the outcome of this uncertainty. |
Intangible Assets Disclosure
Intangible Assets Disclosure | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Intangible Assets Disclosure | (4) Intangible Assets Effective November 15, 2019, the Company entered into a sublicense agreement with Texas MDI, Inc. (TMDI), a Texas corporation, (the "Agreement") granting the Company access to certain technology regarding the RxoidTM metered dose inhaler that TMDI has licensed from a third party. In conjunction with execution of the Agreement, the Company simultaneously issued a total of 140,000,000 shares of its Common Stock to TMDI, in consideration of the sublicense rights granted to the Company in this transaction. Such rights were transferred as a result of extensive third party negotiations between the Company and TMDI and have been recorded as the acquisition of an intangible asset in the amount of $140,000, based on the par value of the shares issued. During the term of the Agreement, the Company is required to reimburse TMDI to the extent that TMDI is required to make any payments to the licensor, pursuant to its license agreement with a third party. Accordingly, the Company has an obligation to reimburse TMDI in the amount of $200,000 as a license fee covering the first two years of the Agreement. The Company has partially satisfied this obligation by making an equipment purchase on behalf of the licensor in the amount of $135,000, and has agreed to pay the remaining license fee of $65,000 in cash within a 24 month period (for which, the Company has recorded a liability of $44,925 for the unpaid portion of this amount in accounts payable as of June 30, 2020). The Company has recorded the entire $200,000 license fee as an intangible asset and is amortizing such expense on a straight-line basis over a 24 month period (of which, $25,000 was amortized in the three month period ended June 30, 2020). |
Notes Payable Disclosure
Notes Payable Disclosure | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Notes Payable Disclosure | (5) Notes Payable As of June 30, 2020 and March 31, 2020, the Company had the following note payable obligations: June 30, March 31, 2020 2020 Convertible promissory notes issued to two accredited investors, maturing in 1 to 5 years, accruing interest at 5% per annum, convertible into common stock at $0.05 per share. $ 300,000 $ 300,000 Convertible promissory notes issued to former owners in acquisition of Power Blockchain, accruing interest at 5% per annum, principal repayments originally due in four equal installments on 2nd, 3rd, 4th and 5th anniversaries, convertible into common stock at $0.13 per share, with final maturity on February 1, 2023. 165,240 165,240 Other short term notes issued to various affiliates of the former owners of Power Blockchain for acquisition of Treasury Stock, computers and equipment, and working capital financing, at stated interest rates of 10%. Amended on November 15, 2019, to mature in one year and to be convertible into common stock at $0.05 per share. 756,535 756,535 Convertible note issued to an accredited investor on June 30, 2020, net of unamortized debt discount of $44,952 (see further discussion below) 7,048 - Total notes payable $ 1,228,823 $ 1,221,775 Future maturities of notes payable as of June 30, 2020 are as follows: Year ending June 30, 2021 $ 913,583 Year ending June 30, 2022 - Year ending June 30, 2023 165,240 Year ending June 30, 2024 150,000 Year ending June 30, 2025 - $ 1,228,823 On June 30, 2020, the Company entered into a Securities Purchase Agreement with an accredited investor (the Buyer) with respect to a Convertible Promissory Note (the Note) issued by the Company to the Buyer in the amount of $55,000 (52,000). The Note has a maturity date of one year after the date of issuance and bears interest at a rate of 12% per annum, which is not due until maturity. At the option of the Buyer, the Note may be converted into shares of the Companys common stock, beginning one hundred eighty (180) days following the date of issuance. Under this option, the conversion price shall be subject to a discount of 42%, based on the average of the three (3) lowest closing bid prices for the Common Stock during the prior fifteen (15) trading day period. The Buyer will be limited to convert no more than 4.99% of the issued and outstanding Common Stock at time of conversion at any one time. The Company determined that the conversion feature of the Note required the recognition of a derivative liability upon issuance. As of June 30, 2020, the Company calculated the fair value of the derivative liability, using the Black Scholes model, to be $44,952. Accordingly the Company has recognized a derivative liability in that amount offset by a debt discount. The Company will amortize the debt discount as interest expense over the one year term of the Note. Effective November 15, 2019, the following transactions took place in the Companys notes payable: · · · The Company performed an analysis of both the newly issued convertible notes and the newly amended existing notes, which were formerly non-convertible, to determine whether there was a beneficial conversion feature and noted none. |
Stockholders' Equity Disclosure
Stockholders' Equity Disclosure | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Stockholders' Equity Disclosure | (6) Stockholders Equity Effective January 13, 2020, the Company filed a Certificate of Amendment to its Amended and Restated Articles of Incorporation (the Certificate of Amendment) with the Secretary of State of the State of Nevada to increase the total authorized shares of common stock of the Company from 200 million shares to 750 million shares and to authorize 100 million shares of blank check preferred stock of the Company. During the quarter ended June 30, 2020, the Company entered into private stock subscription agreements with six separate accredited investors whereby the Company sold a total of 960,000 shares of restricted common stock to these six investors at an offering price of $0.25 per share, resulting in gross proceeds to the Company of $240,000. Additionally, the Company awarded 1,358,334 shares of restricted common stock to a total of 11 consultants during the quarter ended June 30, 2020 as compensation for services. Based on the timing of these awards in relation to the private offering of common stock noted above, the Company valued the shares at a price of $0.25 per share, for total non-cash compensation expense of $339,584. In March 2018, the Board approved the establishment of a new 2018 Stock Option Plan with an authorization for the issuance of up to 1,000,000 shares of common stock. The Plan is designed to provide for future discretionary grants of stock options, stock awards and stock unit awards to key employees and non-employee directors. The Company has made no issuances under this Plan.. |
Related Party Transactions Disc
Related Party Transactions Disclosure | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Related Party Transactions Disclosure | (7) Related Party Transactions Office services have been provided without charge by a director. Such costs are immaterial to the consolidated financial statements and, accordingly, have not been reflected therein. The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunities. If a specific business opportunity becomes available, such persons may face a conflict in selecting between the Company and their other business interests. The Company has not formulated a policy for the resolution of such conflicts. |
Commitments and Contingencies,
Commitments and Contingencies, Disclosure | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Commitments and Contingencies, Disclosure | 8) Commitments and Contingencies From time to time in the ordinary course of our business, the Company may be involved in legal proceedings, the outcomes of which may not be determinable. The results of litigation are inherently unpredictable. Any claims against us, whether meritorious or not, could be time consuming, result in costly litigation, require significant amounts of management time and result in diversion of significant resources. We are not able to estimate an aggregate amount or range of reasonably possible losses for those legal matters for which losses are not probable and estimable, primarily for the following reasons: (i) many of the relevant legal proceedings are in preliminary stages, and until such proceedings develop further, there is often uncertainty regarding the relevant facts and circumstances at issue and potential liability; and (ii) many of these proceedings involve matters of which the outcomes are inherently difficult to predict. We currently have no insurance policies covering such potential losses. We are not at this time involved in any legal proceedings. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Subsequent Events | (9) Subsequent Events Since December 31, 2019 and through the date of this report, the entire global economy has been substantially impacted by the coronavirus pandemic which began in China and has spread to the United States and most other parts of the world. As disclosed in Note 1, the Company has adopted a new business strategy focused on developing potential commercial opportunities which will involve the rapid application of therapeutics using proprietary metered dose inhaler technology that the Company has recently sublicensed from a third party. The range of possible impacts on the Companys business from the coronavirus pandemic could include: (i) changing demand for the Companys products; (ii) rising bottlenecks in the Companys supply chain; and (iii) increasing contraction in the capital markets. At this time, the Company believes that it is premature to determine the potential impact on the Companys business prospects from these or any other factors that may be related to the coronavirus pandemic. In August 2020, the Company entered into private stock subscription agreements with thirty-three separate accredited investors whereby the Company sold a total of 2,404,000 shares of restricted common stock to these investors at an offering price of $0.25 per share, resulting in gross proceeds to the Company of $601,000. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies: Basis of Accounting Policy (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Basis of Accounting Policy | Basis of Accounting |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies: Principles of Consolidation, Policy (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Principles of Consolidation, Policy | Principles of Consolidation |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies: Cash and Cash Equivalents Policy (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Cash and Cash Equivalents Policy | Cash and Cash Equivalents |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies: Earnings per share, Policy (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Earnings per share, Policy | Earnings per Share |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies: Revenue Recognition, Policy (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Revenue Recognition, Policy | Revenue recognition |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies: Inventory, Policy (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Inventory, Policy | Inventory |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies: Intangible Assets, Policy (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Intangible Assets, Policy | Intangible Assets |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies: Income Taxes, Policy (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Income Taxes, Policy | Income Taxes |
Summary of Significant Accou_10
Summary of Significant Accounting Policies: Use of Estimates, Policy (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Use of Estimates, Policy | Use of Estimates Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates. |
Summary of Significant Accou_11
Summary of Significant Accounting Policies: Fair value of financial instruments, Policy (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Fair value of financial instruments, Policy | Fair Value of Financial Instruments Level 1: Level 2: Level 3: |
Summary of Significant Accou_12
Summary of Significant Accounting Policies: Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
Summary of Significant Accou_13
Summary of Significant Accounting Policies: Subsequent Events, Policy (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Subsequent Events, Policy | Subsequent Events |
Notes Payable Disclosure_ Sched
Notes Payable Disclosure: Schedule of long-term debt obligations (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Tables/Schedules | |
Schedule of long-term debt obligations | June 30, March 31, 2020 2020 Convertible promissory notes issued to two accredited investors, maturing in 1 to 5 years, accruing interest at 5% per annum, convertible into common stock at $0.05 per share. $ 300,000 $ 300,000 Convertible promissory notes issued to former owners in acquisition of Power Blockchain, accruing interest at 5% per annum, principal repayments originally due in four equal installments on 2nd, 3rd, 4th and 5th anniversaries, convertible into common stock at $0.13 per share, with final maturity on February 1, 2023. 165,240 165,240 Other short term notes issued to various affiliates of the former owners of Power Blockchain for acquisition of Treasury Stock, computers and equipment, and working capital financing, at stated interest rates of 10%. Amended on November 15, 2019, to mature in one year and to be convertible into common stock at $0.05 per share. 756,535 756,535 Convertible note issued to an accredited investor on June 30, 2020, net of unamortized debt discount of $44,952 (see further discussion below) 7,048 - Total notes payable $ 1,228,823 $ 1,221,775 |
Notes Payable Disclosure_ Futur
Notes Payable Disclosure: Future maturities of notes payable (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Tables/Schedules | |
Future maturities of notes payable | Year ending June 30, 2021 $ 913,583 Year ending June 30, 2022 - Year ending June 30, 2023 165,240 Year ending June 30, 2024 150,000 Year ending June 30, 2025 - $ 1,228,823 |
Going Concern Disclosure (Detai
Going Concern Disclosure (Details) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
Details | ||
Accumulated deficit | $ 4,167,799 | $ 3,601,419 |
Intangible Assets Disclosure (D
Intangible Assets Disclosure (Details) - USD ($) | 9 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2020 | |
Accounts payable, net | $ 64,577 | $ 83,426 |
Accumulated amortization, Sublicense Agreement | $ 37,500 | 62,500 |
Sublicense agreement with Texas MDI | ||
Stock issued for sublicense agreement, shares | 140,000,000 | |
Stock issued for sublicense agreement, value | $ 140,000 | |
Additions to sublicense agreement | $ 135,000 | |
Accounts payable, net | 44,925 | |
Accumulated amortization, Sublicense Agreement | $ 25,000 |
Notes Payable Disclosure_ Sch_2
Notes Payable Disclosure: Schedule of long-term debt obligations (Details) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
Convertible notes payable - related party | $ 315,240 | $ 315,240 |
Total notes payable | 1,228,823 | 1,221,775 |
Promissory notes with two accredited investors | ||
Convertible notes payable - related party | 300,000 | 300,000 |
Convertible promissory notes issued to former owners | ||
Convertible notes payable - related party | 165,240 | 165,240 |
Other short term notes issued to various affiliates | ||
Convertible notes payable - related party | 756,535 | $ 756,535 |
Convertible promissory notes issued to accredited investors | ||
Convertible notes payable - related party | $ 7,048 |
Notes Payable Disclosure (Detai
Notes Payable Disclosure (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | |
Issuance of notes payable to related parties | $ 52,000 | $ 8,000 | |
Increase in derivative liabilities | 44,952 | $ 0 | |
Amount of debt converted | $ 2,034,760 | ||
Stock issued for conversion of notes payable, shares | 15,652,000 | ||
Convertible Promissory Note, SPA | |||
Issuance of notes payable to related parties | 52,000 | ||
Increase in derivative liabilities | $ 44,952 | ||
Promissory notes with two accredited investors | |||
Issuance of notes payable to related parties | $ 300,000 |
Stockholders' Equity Disclosu_2
Stockholders' Equity Disclosure (Details) | 3 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | |
Stock issued in private placement, value | $ 240,000 |
Share-based compensation, value | $ 339,584 |
Common stock authorized under the 2018 Stock Option Plan | shares | 1,000,000 |
private stock subscription agreements with six separate accredited investors | |
Stock issued in private placement, shares | shares | 960,000 |
Price per share sold | $ / shares | $ 0.25 |
Stock issued in private placement, value | $ 240,000 |
Eleven consultants, Compensation | |
Share-based compensation, shares issued | shares | 1,358,334 |
Share-based compensation, value | $ 339,584 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | 3 Months Ended |
Aug. 13, 2020 | Jun. 30, 2020 | |
Stock issued in private placement, value | $ 240,000 | |
private stock subscription agreements with thirty-three separate accredited investors | ||
Stock issued in private placement, shares | 2,404,000 | |
Price per share sold | $ 0.25 | |
Stock issued in private placement, value | $ 601,000 |