Senior Secured Convertible Note Payable (Details Narrative) - USD ($) |
1 Months Ended | 3 Months Ended | |||
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Jun. 04, 2018 |
Dec. 20, 2018 |
Nov. 30, 2018 |
Nov. 30, 2017 |
Aug. 31, 2018 |
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8% Senior Secured Convertible notes, Principal | $ 10,000,000 | $ 10,000,000 | |||
Warrants granted | 1,004,016 | 948,745 | 920,000 | ||
Warrants exercise price | $ 2.49 | ||||
Amortization debt discount and debt issuance cost | $ 710,922 | ||||
Interest expense | |||||
Accrued interest payable | 446,555 | 608,889 | |||
Debt default amount recorded as other current liabilities | 3,500,000 | 3,500,000 | |||
Settlement amount | $ 2,600,000 | $ 2,600,000 | |||
Institutional Investors [Member] | |||||
8% Senior Secured Convertible notes, Principal | $ 10,000,000 | ||||
Purchase price of notes | $ 9,000,000 | ||||
Interest rate | 8.00% | ||||
Maturity date | Sep. 04, 2019 | ||||
Proceeds from issuance of notes | $ 8,400,000 | ||||
Debt issuance costs | $ 600,000 | ||||
Description for event of default | The Company executed registration rights agreements with each of its institutional investors. These registration rights agreements require, among other things, that the initial registration statement should be (a) filed within 30 days of June 4, 2018, and (b) declared effective within 90 days of June 4, 2018. Our registration statement was filed on October 1, 2018 and it was declared effective by the SEC on October 29, 2018; thus, both the filing and effectiveness deadlines were missed. | ||||
Common stock shares issued upon conversion of senior secured convertible debt | 664,923 | ||||
Convertible principal amount | $ 888,888 | $ 1,558,332 | |||
Debt accrued interest | $ 86,778 | ||||
Debt default amount | $ 3,500,000 | ||||
Investment Banker [Member] | |||||
Warrants granted | 216,867 | ||||
Warrants exercise price | $ 2.49 |
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- Definition Exercise price of the warrants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of amortization expense attributable to debt discount (premium) and debt issuance costs. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Increase for accrued, but unpaid interest on the debt instrument for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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 Represents the charge against earnings during the period for commitment fees and debt issuance expenses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash inflow from a borrowing supported by a written promise to pay an obligation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Including the current and noncurrent portions, carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Gross number of share options (or share units) granted during the period. No definition available.
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- Definition Number of shares issued during the period as a result of the conversion of convertible securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The gross value of stock issued during the period upon the conversion of convertible securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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