On various dates between May 3, 2018 and November 23, 2018, our former CEO advanced short-term unsecured demand loans, bearing interest at 6% per annum, of an aggregate $514,141 to the Company, as follows:

 
     $ 10,000 – May 3, 2018
     $100,000 – May 3, 2018
     $ 82,000 – May 14, 2018
     $ 15,000 – May 29, 2018
     $ 57,141 – October 25, 2018
     $100,000 – October 30, 2018
     $ 50,000 – November 9, 2018
     $ 50,000 – November 21, 2018
     $ 50,000 – November 23, 2018

 
A total of $207,000, of the $514,141 of advances, was repaid over various dates from March of 2019 through May of 2019. On February 13, 2019, the remaining $307,141 of the advances from our former CEO received from October 25, 2018 to November 23, 2018, as shown above, were exchanged for an amended and restated promissory note in the principal amount of $307,141 (the “Amended Note”). The Amended Note bore interest at 6% and was payable upon the earlier of (i) a public or private offering of our equity securities, resulting in gross proceeds of at least $5,000,000, or (ii) February 13, 2022. All indebtedness outstanding under the Amended Note, consisting of $307,141 of principal and $13,791 of interest, was repaid in full during September 2019, with $200,000 of such principal paid by the issuance of 400,000 shares of common stock as described in Note 4 above.