Quarterly report pursuant to Section 13 or 15(d)

Convertible Promissory Notes (Tables)

v3.21.1
Convertible Promissory Notes (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Convertible Promissory Notes

As of March 31, 2021 and December 31, 2020, convertible promissory notes payable consists of:

 

   

March 31,

2021

(unaudited)

    

December 31,

2020

  
Convertible note payable to Evergreen Capital Management dated March 8, 2021 with interest at 15% per annum; due March 8, 2022; convertible into shares of Common Stock 1     2,300,000               -  
      2,300,000       0  
Less: Debt discount     (2,155,068 )     -  
    $ 144,932     $ 0  

 

1 On March 8, 2021, the Company entered into a Securities Purchase Agreement (the “SPA”), with Evergreen Capital Management (“Buyer”). In connection with the SPA, the Company issued a note to the Buyer, and warrants to purchase the Company’s Common Stock. The aggregate purchase price of the notes is $2,000,000 and the aggregate principal amount of the notes is $2,300,000.
Schedule of Future Maturities of Debt

Future maturities of all debt (excluding debt discount discussed above in Notes 8 and 9) are as follows:

 

For the Years Ending December 31,      
2021 (remainder of year)   $ 7,582,861  
2022     2,300,000  
    $ 9,882,861