Advance to Seller – Related Party (Details) |
Dec. 07, 2020
USD ($)
$ / shares
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|---|---|
| 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. |
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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 Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of purchased research and development assets that are acquired in a business combination have no alternative future use and are therefore written off in the period of acquisition. No definition available.
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