Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.20.1
Subsequent Events
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

On April 8, 2020, DropCar Operating entered into a U.S. Small Business Administration Paycheck Protection Program (“PPP”) promissory note in the principal amount of $345,294 payable to Chase Bank (the “Bank”) evidencing a PPP loan from the Bank (the “PPP Loan”). The Board of Directors of the Company is currently evaluating whether to return any of the PPP Loan funds in connection with its review of the financing needs of each of the Company and DropCar Operating.  

 

Subsequent to the period ended March 31, 2020, investors converted 12,489 shares of Series H-6 Convertible Preferred Stock into 1,248,900 shares of Common Stock.

 

Subsequent to the period ended March 31, 2020, the Company issued 450,000 shares of common stock from the exercise of 450,000 Series H-5 Warrants and received cash proceeds of $356,400.