|3 Months Ended|
Mar. 31, 2020
|Subsequent Events [Abstract]|
NOTE 14 – SUBSEQUENT EVENTS
On April 1, 2020, the Company entered into a Subscription Agreement with WLM Limited ("WLM"), an entity owned by Wenzhao "Daniel" Lu, Chairman of the Board of Directors of the Company, pursuant to which WLM purchased 645,161 shares of the Company's common stock at a price per share of $1.55 for an aggregate purchase price of $1,000,000. The closing occurred on April 1, 2020.
On December 13, 2019, the Company entered into an Open Market Sale AgreementSM (the "Sales Agreement") with Jefferies LLC, as sales agent ("Jefferies"). From April 1, 2020 to May 13, 2020, Jefferies sold an aggregate of 925,867 shares of common stock at an average price of $1.81 per share to investors. The Company received net cash proceeds of $1,623,588, net of commission paid for sales agent of $50,214.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef