Convertible Notes Payable
|3 Months Ended|
Mar. 31, 2020
|Debt Disclosure [Abstract]|
|Convertible Notes Payable||Convertible Notes PayableOn February 19, 2019, the Company consummated its IPO. In connection with the closing of the IPO, convertible notes (and related accrued interest) of $11,784,987 were converted into 6,825,391 shares of common stock. Upon the closing of the IPO, certain notes were to be automatically converted, according to their terms, into common stock, to the extent and provided that certain holders of these notes are not permitted to convert such notes to the extent that the holders or any of its affiliates would beneficially own in excess of 4.99% of the Company’s common stock after such conversion. Due to this 4.99% limitation, principal representing $47,781 of these notes remained outstanding and were converted into 273,034 shares of its common stock in August and September 2019 when the conversion did not result in the holders and any of its affiliates owning more than 4.99% of the Company's outstanding common shares. All remaining debt instruments were settled at the closing of the IPO.|
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef