Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.19.3
Subsequent Events
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Following approval by our stockholders at our 2019 annual meeting, on October 31, 2019, we filed Articles of Amendment to our Articles of Incorporation increasing the number of authorized shares of our common stock to 100,000,000 shares.

On November 11, 2019 we entered into Note Modification and Release Agreements with the holders of $1,080,000 principal amount of the Calvary Notes. Under the terms of the Note Modification and Release Agreement, the parties agreed that in consideration of such noteholder’s agreement to convert a minimum of 50% of the outstanding amount of the note (the “First Conversion Amount”) that the conversion price for the First Conversion Amount would be $0.265 per share and that the conversion price for any remaining amount due under the note would be $0.30 per share, subject to future adjustment under the terms of the note including dilutive issuances at price below $0.30 per share. The agreement contains mutual general releases. These holders converted an aggregate of $765,000 due under the Calvary Notes into 2,886,792 shares of our common stock. Following these conversions, there are $315,000 principal amount due under one note which is subject to the terms of the Note Modification and Release Agreement. The third note holder, who holds a $360,000 principal amount note, did not execute a Note Modification and Release Agreement.