Quarterly report pursuant to Section 13 or 15(d)

Bridge Note Payable

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Bridge Note Payable
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Bridge Note Payable

Note 7 – Bridge Note Payable

 

The bridge note payable (the “Bridge Note”) matures on February 23, 2022 and bears interest at 12% per annum (increasing to 15% per annum upon an event of default as defined in the Bridge Note agreement). Principal ($1,421,096) and interest owed under the Bridge Note is not convertible into shares of the Company’s common stock. During the three months ended March 31, 2021 and 2020, the Company recorded interest expense of $42,020 and $0, respectively, in connection with the Bridge Note. The Company intends to repay the Bridge Note from the proceeds of the Sale Transaction.