Quarterly report pursuant to Section 13 or 15(d)

Bridge Note Payable

v3.20.2
Bridge Note Payable
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Bridge Note Payable

Note 8 – Bridge Note Payable 

 

The Bridge Note Payable consists of the Amended Bridge Note (see Note 7 – Convertible Debt and Convertible Debt, Related Party, Convertible Bridge Notes and Convertible Bridge Notes, Related Party). The Amended Bridge Note matures on February 23, 2022. Interest on the Amended Bridge Note began to accrue on August 23, 2020 at 12% per annum (increasing to 15% per annum upon an event of default as defined in the Amended Bridge Note). Principal and interest owed under the Amended Bridge Note is not convertible into shares of the Company’s common stock. During the three and nine months ended September 30, 2020, the Company recorded interest expense of $17,742 and $17,742, respectively, in connection with the Amended Bridge Note.