Annual report pursuant to Section 13 and 15(d)

Convertible Promissory Notes - Schedule of Convertible Promissory Notes (Details)

v3.20.1
Convertible Promissory Notes - Schedule of Convertible Promissory Notes (Details) - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Convertible note payable $ 4,436,684
Less: Debt discount (26,328)  
Convertible Notes Payable [Member]    
Convertible note payable 4,436,684
Less: Debt discount (201,316)
Notes Payable To GBT Technologies Inc [Member]    
Convertible note payable 4,000,000 [1]
Notes Payable To Power Up Lending Group Ltd [Member]    
Convertible note payable [2] 233,000
Notes Payable To BHP Capital NY [Member]    
Convertible note payable [3] 135,000
Notes Payable To Armada Capital Partners LLC [Member]    
Convertible note payable [3] 135,000
Notes Payable To Jefferson Street Capital LLC [Member]    
Convertible note payable [3] $ 135,000
[1] As discussed above in Note 5, the Purchase Agreement provides that the consideration is to be paid by the Company through the issuance of a convertible promissory note in the amount of $4,000,000 to GBT, and through the issuance of three million three hundred thirty-three thousand three hundred thirty-three restricted shares of the Company's Common Stock. The conversion price of the note shall equal the volume weighted average price of the Company's Common Stock on the trading market which the Common Stock is then trading over the previous twenty (20) days prior to the conversion date, provided that the conversion price shall never be lower than $0.10 or higher than $0.70. The note provides that the Company retains the right to prepay all or any portion of the principal without any prepayment penalty.
[2] The Company executed a convertible note with Power Up Lending Group ("PowerUp") on September 18, 2019 and identified certain features embedded in the conversion feature of the note requiring the Company to classify it as a derivative liability. The conversion price of the note shall equal 65% the average price of the two lowest trading prices of the Company's Common Stock on the trading market which the Common Stock is then trading over the previous twenty (20) days prior to the conversion date (See Note 12 below). On March 6, 2020, Surge Holdings, Inc. the Company prepaid $332,027 in cash to fully satisfy the note which would have matured on September 18, 2020. No shares of the Company's Common Stock were issued or conveyed to PowerUp as a result of the prepayment.
[3] On October 7, 2019, the Company entered into a Securities Purchase Agreement (the "SPA"), severally and not jointly, with BHP Capital NY Inc., a New York Corporation ("BHP"), Armada Capital Partners LLC, a Delaware limited liability company ("Armada"), and Jefferson Street Capital LLC, a New Jersey limited liability company ("Jefferson"), ("Buyer" or collectively the "Buyers"). In connection with the SPA, the Company issued three (3) notes, one to each Buyer, and three (3) warrants to purchase the Company's Common Stock, one to each Buyer. The aggregate purchase price of the notes is $375,000 and the aggregate principal amount of the notes is $405,000.