Quarterly report pursuant to Section 13 or 15(d)

Amendments to Notes and Warrants (Details)

v3.20.2
Amendments to Notes and Warrants (Details)
9 Months Ended
Sep. 30, 2020
USD ($)
Amendments to Notes and Warrants (Textual)  
Description of amendments The Company entered into amendments (the "Amendments") with certain holders of the Company's 8% Unsecured Promissory Notes (the "2018 Notes") and Nontransferable Common Stock Purchase Warrants (the "2018 Warrants"). Pursuant to the Amendments, the maturity date of the applicable 2018 Notes was extended from March 29, 2021 to June 30, 2021 and the expiration date of the applicable 2018 Warrants was extended from March 29, 2021 to March 29, 2022. The terms of the applicable 2018 Notes were also amended to grant the holders of such 2018 Notes a right to participate in a future private offering of the Company's securities upon terms substantially similar to those offered to investors in a future primary offering of the Company's securities and to grant resale registration rights in connection therewith.
Percentage of debt 10.00%
2018 Warrants [Member]  
Amendments to Notes and Warrants (Textual)  
Other expenses of costs relating to warrants $ 209,810
Maturity date, description The Company subsequently entered into a second amendment to the 2018 Notes with certain holders of its Unsecured Promissory Notes whereby the maturity date of the applicable 2018 Notes was extended from June 30, 2021 to June 30, 2022 and the expiration date of the applicable 2018 Warrants was extended from March 29, 2022 to March 29, 2026. The exercise price of the 2018 Warrants was adjusted from $5.30 per share to $2.00 per share. The terms of the applicable 2018 Notes were also amended to require that the holders of such 2018 Notes participate in a future private offering of the Company's securities (the "Private Offering") upon terms substantially similar to those offered to investors in a future primary offering of the Company's securities. All principal and interest outstanding under the applicable 2018 Notes will convert into the Company's securities in the Private Offering, subject to legal and regulatory limitations. The Company also granted an additional warrant to purchase a half share of its common stock, or 1,511,250 shares of common stock in total, per dollar of each participating 2018 Note holder's principal amount of the 2018 Notes with an exercise price of $2.00 per share and an expiration date of March 29, 2026 (the "New Warrants"). The New Warrants will be exercisable beginning on the six-month anniversary of the date of issuance, and the Company granted to the participating 2018 Note holders certain registration rights with respect to its securities issued in the Private Offering and the shares of common stock underlying the New Warrants. The Company recognized $489,645 of non-cash costs in Other Expenses in the accompanying condensed statements of operations related to this second amendment.
2017 Warrants [Member]  
Amendments to Notes and Warrants (Textual)  
Other expenses of costs relating to warrants $ 1,591,233