CONVERTIBLE NOTES PAYABLE
|9 Months Ended|
Sep. 30, 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. During the three and nine months ended September 30, 2019, the Company amortized $0 and $656,231, respectively, of the debt discount to current period interest expense. The interest expense during the three and nine months ended September 30, 2019 was $224,298 and $389,330, respectively. No interest expense and amortization of debt discount were recorded during the three and nine months ended September 30, 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