|9 Months Ended|
Sep. 30, 2020
|Subsequent Events [Abstract]|
Note 18 – Subsequent Events
On October 28, 2020, the Company received an advance of $50,000 from the Company’s Chief Executive Officer, Isiah L Thomas, III, pursuant to an unsecured promissory note due on demand that carried a 6% interest rate.
Preferred Stock Sales
On October 28, 2020, the Company received proceeds of $50,000 from the sale of 5,000 units to SWC Medical LLC. Each unit consisted of one share of Series A Preferred Stock and five-year warrants to purchase 50 shares of common stock at an exercise price of $0.25 per share. The proceeds received were allocated between the preferred stock and warrants on a relative fair value basis.
Common Stock Issued on Subscriptions Payable
On November 19, 2020, the Company issued 250,000 shares of common stock awarded on September 21, 2020 to a consultant for services performed. Prior to the issuance, the fair value of such shares was reflected on the Company’s balance sheet as subscriptions payable.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef