Annual report pursuant to Section 13 and 15(d)

Notes Payable

v3.20.1
Notes Payable
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Notes Payable

NOTE 6 - Notes Payable

 

In April 2018, the Company entered into an amendment of the remaining $100,000 Secured Convertible Promissory Notes and Warrants which extended the payment due date to October 18, 2018, deleted the covenant providing for acceleration of the payment due date in the event of a public offering closing of at least $3,000,000 and required the Company to pay the balance of accrued and unpaid interest as of the effective date of the amendment. The Company paid the $8,761 balance of accrued interest to the holder in April 2018.

 

In May 2018 the Holder Converted $50,000 of the Note principal into 2,500 shares of common stock and executed a cashless exercise of 2,400 of the warrants for an additional 480 shares of common stock.

 

In October 2018, the Note was amended pursuant to which the due date was extended to April 18, 2019. Under the amendment, Sigma paid the $3,444 total accrued interest balance as of October 18, 2018 and agreed to make future payment dates of accrued interest on December 31, 2018 and April 18, 2019.

 

In April 2019, the Note was amended pursuant to which the due date was extended to October 18, 2019. Under the amendment, Sigma paid the $2,514 total accrued interest balance through April 18, 2019 and agreed to make future payment dates of accrued interest on October 19, 2019.

 

In October 2019, the Note was amended pursuant to which the due date was extended to January 3, 2020. Under the amendment, Sigma paid the $2,556 total accrued interest balance through October 18, 2019 and agreed to make future payment dates of accrued interest on January 3, 2020.

 

At December 31, 2019 the Company had the remaining $50,000 Convertible Note outstanding plus accrued interest of $1,028.