Quarterly report pursuant to Section 13 or 15(d)

Mezzanine Equity and Series D Convertible Preferred Stock (Tables)

v3.20.1
Mezzanine Equity and Series D Convertible Preferred Stock (Tables)
3 Months Ended
Mar. 31, 2020
Temporary Equity Disclosure [Abstract]  
Schedule of Series D Convertible Preferred and Warrant Financing

Based upon the above accounting conclusions and the additional information provided below, the allocation of the proceeds arising from the Series D Preferred financing transaction is summarized in the table below:

 

November 21, 2019 Series D Convertible Preferred and warrant financing:   Proceeds Allocation     Financing Cost Allocation     Total Allocation  
Gross proceeds   $ 6,000,000     $     $ 6,000,000  
Financing costs paid in cash           (111,983 )     (111,983 )
    $ 6,000,000     $ (111,983 )   $ 5,888,017  
                         
Derivative Liability:                        
Derivative Put Liability   $ (614,095 )   $     $ (614,095 )
Deferred Financing costs           8,100       8,100  
                         
Redeemable preferred stock:                        
Series D Convertible Preferred Stock     (2,869,854 )           (2,869,854 )
Financing costs (APIC)           1,106       1,106  
Financing costs (Retained Earnings)           66,265       66,265  
Beneficial Conversion Feature     (623,045 )           (623,045 )
                         
Investor Warrants (equity classified):                        
Proceeds allocation     (1,893,006 )           (1,893,006 )
Financing costs (APIC)           36,512       36,512  
    $ (6,000,000 )   $ 111,983     $ (5,888,017 )

 

January 17, 2020 Series D Convertible Preferred and warrant financing:   Proceeds Allocation  
Gross proceeds   $ 100,000  
Financing costs paid in cash      
    $ 100,000  
         
Derivative Liability:        
Derivative Put Liability   $ (5,305 )
         
Redeemable preferred stock:        
Series D Convertible Preferred Stock     (62,793 )
         
Investor Warrants (equity classified):        
Proceeds allocation     (31,902 )
         
    $ (100,000 )