CONVERTIBLE NOTES PAYABLE
|3 Months Ended|
Mar. 31, 2020
|CONVERTIBLE NOTES PAYABLE|
|Note 10 - CONVERTIBLE NOTES PAYABLE||
The Company had a convertible note payable outstanding during 2019 that was converted into the Company’s common stock prior to December 31, 2019. The Company recorded interest expense of $82,060 and amortization of debt discount of $366,837 related to the convertible note payable during the three months ended March 31, 2019. No interest expense and amortization of debt discount were recorded during the three months ended March 31, 2020.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef