STOCKHOLDERS' EQUITY (DEFICIT) (Details Narrative) |
1 Months Ended | 3 Months Ended | |
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Apr. 08, 2020
USD ($)
Number
$ / shares
shares
|
Jan. 31, 2020
USD ($)
shares
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Feb. 28, 2021
USD ($)
$ / shares
shares
|
|
Dividend payable | $ 600,000 | ||
Conversion price | $ / shares | $ 0.15 | ||
Number of shares converted (in shares) | shares | 33,333 | ||
Value of converted shares | $ 5,000 | ||
Decription of conversion | Holders may convert their shares of Series A Preferred Stock into common stock at any time and the Company has the right to cause each holder to convert their shares of Series A Preferred Stock at any time after the eighteen (18) month anniversary of the original issue date if the common stock has traded for more than twenty (20) consecutive trading days above $0.50 (as adjusted for stock splits, stock dividends and similar transactions). | ||
Warrant exercises | $ 134,000 | ||
Number of warrant issued for consultant for marketing services | shares | 150,000 | ||
Accrued interest satisfied by issuance of warrants | $ 125,000 | ||
Exercise price of warrants | $ / shares | $ 0.25 | ||
Series A Preferred Stock [Member] | |||
Conversion price | $ / shares | $ 0.15 | ||
Series A Preferred Stock [Member] | |||
Number of shares issued | shares | 1,391 | ||
Value of shares issued | $ 11,600,000 | ||
Issue costs | $ 29,150 | ||
Fair value per share | $ / shares | $ 8,333 | ||
Debt Instrument, Face Amount | $ 7,000,000 | ||
Series A Preferred Stock [Member] | |||
Share issue price | $ / shares | $ 5,000 | ||
Percentage of dividend accured | 10.00% | ||
Consecutive trading days | Number | 20 | ||
Description of voting rights | Holders of shares of Series A Preferred Stock are not entitled to vote with the holders of common stock, however, for so long as there are 423 shares of Series A Preferred Stock outstanding, the Company is required to obtain the consent of the holders of the Series A Preferred Stock to take certain corporate actions, including to incur indebtedness in excess of $250,000 in the aggregate. | ||
Common Shares [Member] | |||
Market price | $ / shares | $ 0.25 | ||
Warrant exercises | $ 1,000 | ||
Warrant exercises (in shares) | shares | 534,194 | ||
Convertible Noteholders [Member] | |||
Debt Instrument, Face Amount | $ 125,000 | ||
Warrants granted | shares | 498,418 | 498,418 | |
Accrued interest satisfied by issuance of warrants | $ 100,000 | ||
Exercise price of warrants | $ / shares | $ 0.25 | ||
Warrants issued to note holders for every $1,000 of accrued interest | shares | 4,000 | ||
Warrants granted, exercisable period | 3 years 9 months 18 days |
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- Definition Accrued interest satisfied by issuance of warrants. No definition available.
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- Definition Represent class of warrant or right granted in period. No definition available.
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- Definition Fair value per share. No definition available.
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- Definition Market price of a share of common stock. No definition available.
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- Definition Number of warrant issued for consultant for marketing services. No definition available.
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- Definition Percentage of dividend accured. No definition available.
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- Definition Number of shares issued as a result of the exercise of warrants. No definition available.
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- Definition Value of stock issued as a result of the exercise of warrants. No definition available.
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- Definition Warrants granted, exercisable period. No definition available.
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- Definition Warrants issued to note holders for every $1,000 of accrued interest. No definition available.
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- Definition Amount of decrease in additional paid in capital (APIC) resulting from direct costs associated with issuing stock. Includes, but is not limited to, legal and accounting fees and direct costs associated with stock issues under a shelf registration. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Exercise price per share or per unit of warrants or rights outstanding. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The value of the financial instrument issued [noncash or part noncash] in the conversion of stock. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Specific terms relevant to convertibility. Includes class of preferred stock and number of shares convertible into, exercise (or conversion) price or rates, dates relevant to conversion timing and events relevant to conversion. Describe also any beneficial conversion features. where convertible preferred stock with a nondetachable conversion feature is in-the-money at commitment date. For contingently convertible preferred stock, discuss the circumstances of the contingency, including the events or changes in circumstance that would cause the contingency to be met and any of the significant features necessary to understand the conversion rights and the timing of those rights. Include also an events or changes in circumstance, if any, that could adjust or change the contingency, conversion price, or number of shares, including significant terms of those changes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The number of shares issued in exchange for the original debt being converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or payments in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The price per share of the conversion feature embedded in the debt instrument. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Threshold period of specified consecutive trading days within which common stock price to conversion price of convertible debt instrument must exceed threshold percentage for specified number of trading days to trigger conversion feature. No definition available.
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- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Description of voting rights of nonredeemable preferred stock. Includes eligibility to vote and votes per share owned. Include also, if any, unusual voting rights. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Price of a single share of a number of saleable stocks of a company. No definition available.
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- Definition Number of new stock issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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