|3 Months Ended|
Mar. 31, 2020
|Subsequent Events [Abstract]|
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.
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/disclosureRef