Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

v3.20.2
Commitments and Contingencies
6 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 10 – Commitments and Contingencies

 

Legal Matters

 

On May 17, 2020, the Company received a letter (the “Letter”) from an attorney representing Auctus Fund, LLC (“Auctus”), a lender to the Company, which claimed that a convertible promissory note in the original principal amount of $275,250 (the “Note”) was “in default”. The Letter, among other things, threatened litigation against the Company and its officers for damages and liquidated damages. On July 23, 2020, the Company was served with a complaint by Auctus filed in the United States District Court for the District of Massachusetts alleging breach of contract and various other theories for recovery and damages. The Company has filed an answer to the complaint and alleged various counterclaims against Auctus. The case in an early stage and the Company intends to vigorously defend against Auctus claims and to pursue its counterclaims against Auctus.

 

The Company may become involved in various legal proceedings in the normal course of business.