Quarterly report pursuant to Section 13 or 15(d)

Promissory Note Payable

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Promissory Note Payable
9 Months Ended
Sep. 30, 2018
Promissory Note Payable [Abstract]  
PROMISSORY NOTE PAYABLE

NOTE 8 - PROMISSORY NOTE PAYABLE

 

On August 30, 2018, the Company executed an unsecured promissory note (the “Note”) in the principal amount of $750 in favor of Joseph Mannello, the Company’s chief executive officer (the “Lender”). Pursuant to the Note, on August 30, 2018, the Lender advanced $500 of funds to the Company. On September 26, 2018, the Lender advanced an additional $250 of funds to the Company. The Note accrues interest at a rate of 5% per annum and all payments of principal, interest and other amounts under the Note are payable on August 31, 2019 or earlier under certain circumstances. The Company may prepay, in whole or in part, at any time, the principal, interest and other amounts owing under the Note, without penalty. The proceeds of the Note will be used by the Company for general working capital purposes. As of September 30, 2018 the Company accrued $2 of interest expense on the Note. On November 13, 2018, the Company amended and restated the Note to increase the maximum amount that may be drawn down under the Note from $750 to $1,000. The Company expects to draw down an additional $250 under the Note in November 2018.