|3 Months Ended|
Mar. 31, 2018
|Subsequent Events [Abstract]|
10. SUBSEQUENT EVENTS
On April 20, 2018, the Company entered into a three-year lease agreement for 3,425 square feet of office space in Miami Beach, Florida beginning June 1, 2018 and ending May 31, 2021. Monthly lease payments amount to $9,500 for a total of approximately $342,000 for the total term of the lease. The tenant and landlord have the option to cancel the contract after the first year with a 90-day written notice.
Subsequent to March 31, 2018, the Company issued an aggregate of 957,619 shares of the Company’s common stock pursuant to the exercise of warrants at an exercise price of $4.25 per share for aggregate gross proceeds of $4,069,881.
PREFERRED STOCK CONVERSION
Subsequent to March 31, 2018, JMJ elected to convert 4,368 shares of Series D Convertible Preferred Stock into 1,400,000 shares of the Company’s common stock at a conversion price of $3.12 per share.
Subsequent to March 31, 2018, the Company issued five-year warrants to purchase an aggregate of 1,703,429 shares of common stock at an exercise price of $4.25 per share.
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://www.xbrl.org/2003/role/presentationRef