Common Stock (Details Narrative)
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3 Months Ended |
6 Months Ended |
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May 31, 2019
USD ($)
TradingDays
$ / shares
shares
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Mar. 20, 2019
USD ($)
TradingDays
$ / shares
shares
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Mar. 19, 2019
USD ($)
TradingDays
$ / shares
shares
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Mar. 06, 2019
USD ($)
TradingDays
$ / shares
shares
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Mar. 04, 2019
USD ($)
TradingDays
$ / shares
shares
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Dec. 19, 2018
USD ($)
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Dec. 06, 2018
USD ($)
TradingDays
$ / shares
shares
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Nov. 01, 2018
USD ($)
TradingDays
$ / shares
shares
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Aug. 11, 2018
USD ($)
TradingDays
$ / shares
shares
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Nov. 17, 2017
USD ($)
TradingDays
$ / shares
shares
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Nov. 07, 2017
USD ($)
TradingDays
$ / shares
shares
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Sep. 29, 2017
$ / shares
shares
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Feb. 27, 2017
USD ($)
TradingDays
$ / shares
shares
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May 27, 2016
USD ($)
TradingDays
$ / shares
shares
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May 19, 2016
$ / shares
shares
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Jun. 30, 2019
USD ($)
shares
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Jun. 30, 2018
USD ($)
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Jun. 30, 2019
USD ($)
$ / shares
shares
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Jun. 30, 2018
USD ($)
$ / shares
shares
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Jun. 17, 2019
shares
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Feb. 25, 2019
shares
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Dec. 31, 2018
USD ($)
shares
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Value of common stock shares issued for services | $ |
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$ 169,847
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$ 179,847
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Common stock , shares authorized |
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475,000,000
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475,000,000
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100,000,000
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475,000,000
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Common stock, value | $ |
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$ 2,459
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$ 2,459
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$ 2,208
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Number of warrants to purchase common stock |
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100,000
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267,500
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50,000
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Common stock, shares issued |
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24,585,738
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24,585,738
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22,075,738
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Common stock, shares outstanding |
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24,585,738
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24,585,738
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22,075,738
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Warrant exercise price per share | $ / shares |
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$ 1.00
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$ 1.00
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$ 1.00
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Warrant expiration date |
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May 07, 2019
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Difference in fair value of financial instruments | $ |
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$ 1,381,963
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$ 9,035
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$ 10,750
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$ 3,381
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Number of shares issued |
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50,000
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136,015
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Debt conversion price per share | $ / shares |
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$ 0.665
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$ 0.665
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Debt instrument face amount | $ |
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$ 44,000
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$ 267,500
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$ 50,000
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$ 50,000
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Warrant term |
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24 months
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18 months
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Trading days description |
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As the result, the exercise price of the warrants was reset to the lesser of (i) 50% multiplied by the lowest Trading Price during the previous twenty (20) Trading Day prior to March 4, 2019, which is $0.025. (ii) 50% multiplied by the lowest Trading Price during the previous twenty (20) Trading Day prior to the Conversion Date.
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Strike price | $ / shares |
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Number of stock option shares granted |
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Option expenses | $ |
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165,122
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$ 241,917
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$ 377,377
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$ 481,177
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Unamortized option expense | $ |
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439,114
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Warrants [Member] |
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Number of warrants to purchase common stock |
160,000
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80,036
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83,078
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1,125,000
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Warrant exercise price per share | $ / shares |
$ 0.50
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$ 0.50
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$ 0.50
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$ 0.50
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Difference in fair value of financial instruments | $ |
$ 159,495
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$ 106,534
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$ 296,143
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$ 3,553,635
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Fair value of warrants | $ |
$ 38,775
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Warrant term |
5 years
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5 years
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18 months
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18 months
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Trading days description |
As the result, the exercise price of the warrants was reset to 50% multiplied by the lowest Trading Price during the previous twenty 20 Trading Days prior to this note or notice of conversion.
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As the result, the exercise price of the warrants was reset to 50% multiplied by the lowest Trading Price during the previous twenty 20 Trading Days prior to notice of conversion.
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As the result, the exercise price of the warrants was reset to the lesser of (i) 60% multiplied by the lowest Trading Price during the previous twenty-five (25) Trading Days before the Issue Date of this Note or (ii) 60% multiplied by the Market Price.
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As the result, the exercise price of the warrants was reset to the lesser of (i) $0.5 or (ii) 50% multiplied by the lowest Trading Price during the previous twenty (20) Trading Day prior to the exercise price upon issuance.
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Labrys Warrant [Member] |
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Number of warrants to purchase common stock |
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608,000
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Warrant exercise price per share | $ / shares |
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$ 0.50
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Difference in fair value of financial instruments | $ |
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$ 2,306,364
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Warrant term |
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5 years
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Trading days description |
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As the result, the exercise price of the warrants was reset to the lesser of (i) 50% multiplied by the lowest Trading Price during the previous twenty (20) Trading Day prior to the Issuance Date. (ii) 50% multiplied by the lowest Trading Price during the previous twenty (20) Trading Day prior to the Conversion Date.
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Volatility Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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2.48
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2.21
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0.78
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7.7
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Discount Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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0.00
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0.00
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0.00
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0.00
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Discount Rate [Member] | Black-Scholes Option Pricing Model [Member] | Warrants [Member] |
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Fair value assumptions input, percentages | TradingDays |
0.00
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0.00
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0.00
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0.00
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Discount Rate [Member] | Black-Scholes Option Pricing Model [Member] | Labrys Warrant [Member] |
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Fair value assumptions input, percentages | TradingDays |
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0.00
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Expected Dividend Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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0.00
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0.00
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0.00
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0.00
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Expected Dividend Rate [Member] | Black-Scholes Option Pricing Model [Member] | Warrants [Member] |
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Fair value assumptions input, percentages | TradingDays |
0.00
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0.00
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0.00
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0.00
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Expected Dividend Rate [Member] | Black-Scholes Option Pricing Model [Member] | Labrys Warrant [Member] |
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Fair value assumptions input, percentages | TradingDays |
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0.00
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Expected Life [Member] |
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Fair value assumptions input, term |
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2 months 12 days
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2 years
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1 year 6 months
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1 year 6 months
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3 years
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Expected Life [Member] | Black-Scholes Option Pricing Model [Member] | Warrants [Member] |
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Fair value assumptions input, term |
5 years
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5 years
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1 year 6 months
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1 year 6 months
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Expected Life [Member] | Black-Scholes Option Pricing Model [Member] | Labrys Warrant [Member] |
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Fair value assumptions input, term |
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5 years
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Volatility Rate [Member] | Black-Scholes Option Pricing Model [Member] | Warrants [Member] |
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Fair value assumptions input, percentages | TradingDays |
2.53
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2.66
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2.66
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2.48
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Volatility Rate [Member] | Black-Scholes Option Pricing Model [Member] | Labrys Warrant [Member] |
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Fair value assumptions input, percentages | TradingDays |
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2.48
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Warrants [Member] |
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Difference in fair value of financial instruments | $ |
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$ 2,144
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Warrants [Member] | Volatility Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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1.20
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Warrants [Member] | Discount Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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0.00
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Warrants [Member] | Expected Dividend Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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0.00
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Warrants [Member] | Expected Life [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, term |
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5 years
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Wilshire Energy Partners, LLC [Member] |
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Warrant exercise price per share | $ / shares |
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$ 0.665
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Number of shares issued |
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100,752
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Wilshire Energy Partners, LLC [Member] | Warrant One [Member] |
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Number of warrants to purchase common stock |
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100,000
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Warrant exercise price per share | $ / shares |
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$ 1.25
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Wilshire Energy Partners, LLC [Member] | Warrants Two [Member] |
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Number of warrants to purchase common stock |
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200,000
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Warrant exercise price per share | $ / shares |
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$ 2.00
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Wilshire Energy Partners, LLC [Member] | Warrants Three [Member] |
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Number of warrants to purchase common stock |
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400,000
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Warrant exercise price per share | $ / shares |
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$ 3.00
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Wilshire Energy Partners, LLC [Member] | Warrants [Member] |
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Warrant minimum exercisable term |
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1 year
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Warrant expiration date |
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Jun. 01, 2021
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Unrelated Party [Member] | Warrants [Member] |
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Warrant minimum exercisable term |
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1 year
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Warrant expiration date |
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Jun. 01, 2021
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Unrelated Party [Member] | Warrants One [Member] |
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Number of warrants to purchase common stock |
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125,000
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Warrant exercise price per share | $ / shares |
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$ 1.25
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Unrelated Party [Member] | Warrants Two [Member] |
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Number of warrants to purchase common stock |
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100,000
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Warrant exercise price per share | $ / shares |
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$ 2.00
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Unrelated Party [Member] | Warrants Three [Member] |
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Number of warrants to purchase common stock |
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100,000
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Warrant exercise price per share | $ / shares |
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$ 3.00
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Third-Party Debt Holder [Member] |
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Number of warrants to purchase common stock |
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875,000
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Unaffiliated Investor [Member] |
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Number of warrants to purchase common stock |
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227,500
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Warrant exercise price per share | $ / shares |
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$ 0.20
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$ 0.20
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Difference in fair value of financial instruments | $ |
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$ 3,421,241
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$ 7,880
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$ 89,908
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Number of shares issued |
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650,000
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Debt instrument face amount | $ |
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$ 58,300
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$ 45,500
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$ 85,000
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$ 85,000
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Warrant term |
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5 years
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5 years
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Trading days description |
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As the result, the exercise price of the warrants was reset to the lesser of (i) 50% multiplied by the lowest Trading Price during the previous twenty (20) Trading Day prior to March 4, 2019, which is $0.025. (ii) 50% multiplied by the lowest Trading Price during the previous twenty (20) Trading Day prior to the Conversion Date.
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The maturity date for the Note is September 19, 2019 ("Maturity Date"), and is the date upon which the principal sum, as well as any accrued and unpaid interest, shall be due and payable. This Company may prepay any amount outstanding under this Note, during the initial 60 calendar day period after the issuance of this Note, by making a payment to the Holder of an amount in cash equal to 125% multiplied the amount that the Company is prepaying Notwithstanding anything to the contrary contained in this Note, the Company may prepay any amount outstanding under each tranche of this Note, during the 61st through 120 calendar day period after the issuance of the respective tranche of this Note, by making a payment to the Holder of an amount in cash equal to 135% multiplied the amount that the Company is prepaying. Notwithstanding anything to the contrary contained in this Note, the Company may prepay any amount outstanding under each tranche of this Note, during the 121st through 180 calendar day period after the issuance of the respective tranche of this Note, by making a payment to the Holder of an amount in cash equal to 140% multiplied the amount that the Company is prepaying.
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This Company may prepay any amount outstanding under each tranche of this Note, during the initial 60 calendar day period after the issuance of the respective tranche of this Note, by making a payment to the Holder of an amount in cash equal to 125% multiplied the amount that the Company is prepaying Notwithstanding anything to the contrary contained in this Note, the Company may prepay any amount outstanding under each tranche of this Note, during the 61st through 120 calendar day period after the issuance of the respective tranche of this Note, by making a payment to the Holder of an amount in cash equal to 135% multiplied the amount that the Company is prepaying.
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Call payment | $ |
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$ 20,000
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Unaffiliated Investor [Member] | Two Tranches [Member] |
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Difference in fair value of financial instruments | $ |
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89,908
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Debt instrument face amount | $ |
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380,000
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Call payment | $ |
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$ 20,000
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Unaffiliated Investor [Member] | Tranche 1 [Member] |
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Number of warrants to purchase common stock |
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687,500
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Warrant exercise price per share | $ / shares |
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$ 0.20
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Warrant term |
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5 years
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Unaffiliated Investor [Member] | Tranche 2 [Member] |
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Number of warrants to purchase common stock |
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2,062,500
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Warrant exercise price per share | $ / shares |
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$ 0.20
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Warrant term |
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5 years
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Unaffiliated Investor [Member] | Discount Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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0.00
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0.00
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0.00
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Unaffiliated Investor [Member] | Expected Dividend Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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0.00
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0.00
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0.00
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Unaffiliated Investor [Member] | Expected Life [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, term |
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4 years 8 months 12 days
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5 years
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5 years
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Unaffiliated Investor [Member] | Volatility Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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2.48
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2.25
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2.26
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Unaffiliated Investor [Member] |
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Difference in fair value of financial instruments | $ |
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$ 299,594
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Trading days description |
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As the result, the exercise price of the warrants was reset to the lesser of (i) 50% multiplied by the lowest Trading Price during the previous twenty (20) Trading Day prior to March 4, 2019, which is $0.025. (ii) 50% multiplied by the lowest Trading Price during the previous twenty (20) Trading Day prior to the Conversion Date.
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Unaffiliated Investor [Member] | Discount Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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0.00
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Unaffiliated Investor [Member] | Expected Dividend Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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0.00
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Unaffiliated Investor [Member] | Expected Life [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, term |
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4 years 9 months 18 days
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Unaffiliated Investor [Member] | Volatility Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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2.48
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Director One [Member] | First Option [Member] |
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Strike price | $ / shares |
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$ 2
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Number of stock option shares granted |
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50,000
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Description of vesting period |
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vesting when the Company achieves and maintains a total average daily production level of 100 barrels of oil equivalent per day ("BOE/D") for at least 30 days.
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Director Two [Member] | Second Option [Member] |
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Strike price | $ / shares |
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$ 3
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Number of stock option shares granted |
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50,000
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Description of vesting period |
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vesting when the Company achieves and maintains a total average daily production level of 200 BOE/D for at least 60 days.
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Director Three [Member] | Third Option [Member] |
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Strike price | $ / shares |
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$ 4
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Number of stock option shares granted |
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50,000
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Description of vesting period |
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vesting when the Company achieves and maintains a total average daily production level of 500 BOE/D for at least 90 days.
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Mr. Christopher Jarvis [Member] |
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Strike price | $ / shares |
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$ 1.99
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Number of stock option shares granted |
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400,000
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Description of vesting period |
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vesting quarterly over two years commencing with the first quarter following the 90-day probationary period.
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Fair value of stock option | $ |
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$ 616,055
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Mr. Christopher Jarvis [Member] | Volatility Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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1.29
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Mr. Christopher Jarvis [Member] | Discount Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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0.00
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Mr. Christopher Jarvis [Member] | Expected Dividend Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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0.00
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Mr. Christopher Jarvis [Member] | Expected Life [Member] |
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Fair value assumptions input, term |
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5 years
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Mr. Kevin Sylla [Member] |
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Strike price | $ / shares |
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$ 1.99
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Number of stock option shares granted |
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1,200,000
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Description of vesting period |
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vesting quarterly over the term of three years.
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Fair value of stock option | $ |
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$ 1,986,902
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Mr. Kevin Sylla [Member] | Volatility Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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1.29
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Mr. Kevin Sylla [Member] | Discount Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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0.00
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Mr. Kevin Sylla [Member] | Expected Dividend Rate [Member] | Black-Scholes Option Pricing Model [Member] |
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Fair value assumptions input, percentages | TradingDays |
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0.00
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Mr. Kevin Sylla [Member] | Expected Life [Member] |
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Fair value assumptions input, term |
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|
7 years
|
|
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|
|
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|
Consultants [Member] |
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|
|
|
|
|
|
|
|
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|
Number of common stock shares issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
1,175,000
|
|
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|
Value of common stock shares issued for services | $ |
|
|
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|
|
|
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|
|
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|
$ 179,848
|
|
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|
Employees [Member] | Restricted Stock [Member] |
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|
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Common stock , shares authorized |
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
96,666
|
|
96,666
|
|
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|
Common stock, value | $ |
|
|
|
|
|
|
|
|
|
|
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|
|
|
$ 18,733
|
|
$ 18,733
|
|
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|
Debt Holder [Member] |
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|
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|
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|
Number of warrants to purchase common stock |
|
|
|
|
1,110,000
|
|
|
|
|
|
|
|
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|
|
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|
Number of stock returned |
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650,000
|
|
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