Quarterly report pursuant to Section 13 or 15(d)

Promissory Note Payable

v3.19.1
Promissory Note Payable
3 Months Ended
Mar. 31, 2019
Debt Disclosure [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. 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 drew down an additional $250 under the Note in December 2018. As of December 31, 2018, the balance of the Note was $1,000 and the Company accrued $15 of interest expense. In March 2019 $250 of the Note was converted into 171,233 shares as part of a private placement. As of March 31, 2019, the balance of the Note was $750 and the Company accrued $25 of interest expense.