|12 Months Ended|
Dec. 31, 2018
|Subsequent Events [Abstract]|
17. SUBSEQUENT EVENTS
PREFERRED STOCK CONVERSION
Subsequent to December 31, 2018, JMJ elected to convert 16 shares of Series D Convertible Preferred Stock into 5,128 shares of the Company’s common stock at a conversion price of $3.12 per share.
On March 5, 2019, the Company entered into a twenty-six-month lease agreement for an additional 1,241 square feet of office space in its current Miami Beach office building, beginning April 1, 2019 and ending May 31, 2021. The tenant and landlord have the option to cancel the contract after the first six-months, with a 90-day written notice. The lease does not contain an option to extend past the existing lease term.
COMMON STOCK ISSUANCES
On February 2, 2019, the Company issued 51,724 shares of common stock to external board members for services rendered during the 2018 – 2019 with a grant date fair value of $117,931.
On February 22, 2019, the Company issued 56,948 shares of common stock to Mr. Calise in connection with his repositioning agreement with a grant date fair value of $199,888.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef