Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.19.1
Subsequent Events
3 Months Ended
Mar. 31, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 21 – SUBSEQUENT EVENTS

 

Common Shares Issued for Services

 

On April 1, 2019, pursuant to service agreements, the Company issued an aggregate of 120,812 shares of common stock for professional services rendered. These shares were valued at $313,800, the fair market values on the grant dates using the reported closing share prices on the dates of grant, and the Company reduced accrued liabilities of $313,800.

 

Appointment of Officers

 

On April 5, 2019, Yue "Charles" Li and Meng Li were appointed to the Board of Directors of the Company to serve as directors of the Company.

 

Units Sold for Cash

 

In April 2019, the Company entered into a purchase agreement with several institutional investors for the purchase of 1,714,288 units in a registered direct offering, for gross proceeds of approximately $6 million before placement agent fees and other offering expenses payable by the Company. Each unit was sold at a public offering price of $3.50 and consists of one share of common stock and a warrant to purchase one share of common stock at an exercise price of $3.50. The warrants are exercisable at any time for a five-year period. The Company received net cash proceeds of approximately $5.1 million, net of cash paid for placement agent fees and other offering expenses.

 

Repayment for Loan Payable

 

On April 30, 2019, the Company repaid loan payable in the principal amount of $1,000,000.