|3 Months Ended|
Mar. 31, 2018
|Subsequent Events [Abstract]|
14. SUBSEQUENT EVENTS [OPEN]
Management has evaluated all subsequent events to determine if events or transactions occurring through the date the condensed consolidated financial statements were issued, require adjustment to or disclosure in the accompanying condensed consolidated financial statements.
From April 2 through April 26, 2018, the Company sold additional convertible promissory notes in the aggregate principal amount of $1,087,326. The convertible promissory notes mature 90 days from the date of issuance, bear interest at 8% per annum and are convertible into the Company’s common stock at a 10% discount to the price used for the sale of the Company’s common stock in the Company’s next private placement offering.
Foreign Currency Exchange Rates
The Argentine peso to United States dollar exchange rate was 20.241, 20.109 and 18.593 at May 11, March 31, 2018 and December 31, 2017, respectively.
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://www.xbrl.org/2003/role/presentationRef