Annual report pursuant to Section 13 and 15(d)

Advance to Seller ??? Related Party (Details)

v3.21.1
Advance to Seller – Related Party (Details)
Dec. 07, 2020
USD ($)
$ / shares
Advance to Seller – Related Party (Textual)  
Research and development expense | $ $ 350,000
Promissory note percent 3.50%
Maturity date Dec. 07, 2021
Conversion price | $ / shares $ 1.5
Description of agreement The Company loaned Purnovate $350,000 to continue its research and development efforts during the due diligence period specified in the agreement, and issued a 3.5% promissory note due December 7, 2021. In the event the acquisition were terminated, the bridge note would become convertible, at the option of the Company, into equity of Purnovate at a conversion price of $1.50. The proceeds of the Bridge Note were to be used by Purnovate to fund ongoing research and development, working capital, and other general corporate purposes. See Notes 6 and 10.