Financial Arrangements (Details Narrative) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020
USD ($)
|
May 31, 2020
USD ($)
|
Oct. 31, 2019
USD ($)
shares
|
Apr. 30, 2020
USD ($)
|
Feb. 29, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
Integer
$ / shares
shares
|
Aug. 31, 2018
USD ($)
|
Dec. 31, 2019
USD ($)
$ / shares
shares
|
Sep. 30, 2019
USD ($)
$ / shares
shares
|
Mar. 31, 2019
USD ($)
$ / shares
shares
|
Dec. 31, 2020
USD ($)
$ / shares
shares
|
Dec. 31, 2019
USD ($)
$ / shares
shares
|
Feb. 02, 2020 |
Dec. 31, 2018
$ / shares
|
|
Long-term debt amount | $ 1,666,284 | $ 1,666,284 | $ 21,608 | $ 1,666,284 | ||||||||||
Number of common stock shares granted | shares | 3,948,078 | 3,948,078 | 27,088,584 | 3,948,078 | ||||||||||
Amortization of discount on debt | $ 236,398 | $ 152,243 | ||||||||||||
Loss on debt extinguishment realated to unamortized discount | $ (566,925) | |||||||||||||
Warrants exercise price | $ / shares | $ 7.33 | $ 7.33 | $ 8.03 | $ 7.33 | $ 7.33 | |||||||||
Common Stock [Member] | ||||||||||||||
Number of shares issued | shares | 5,074,645 | |||||||||||||
Warrants to purchase common stock | shares | 5,092,806 | |||||||||||||
Auto Financing Note [Member] | ||||||||||||||
Long-term debt amount | $ 36,962 | |||||||||||||
Debt maturity date | Aug. 31, 2023 | |||||||||||||
Interest rate | 8.34% | |||||||||||||
Interest expense | $ 2,119 | $ 2,673 | ||||||||||||
2019 Founder Bridge Note [Member] | ||||||||||||||
Long-term debt amount | $ 500,000 | $ 500,000 | $ 500,000 | 500,000 | ||||||||||
Interest rate | 14.00% | |||||||||||||
Interest expense | 52,500 | 13,386 | ||||||||||||
Number of common stock shares granted | shares | 143,975 | |||||||||||||
Debt discount | $ 398,017 | |||||||||||||
Repayment of debt | $ 517,405 | |||||||||||||
Debt principal amount paid | 500,000 | |||||||||||||
Accrued interest | 17,405 | |||||||||||||
Amortization of discount on debt | 103,602 | 100,722 | ||||||||||||
Loss on debt extinguishment realated to unamortized discount | 193,693 | |||||||||||||
2019 Founder Bridge Note [Member] | Mr. Adams [Member] | ||||||||||||||
Debt instrument term, description | On December 13, 2019, Mr. Adams agreed to modify the terms of the note and extend the maturity date until April 30, 2021 | |||||||||||||
Number of shares issued | shares | 136,340 | |||||||||||||
2019 Vendor Payable Conversion Note [Member] | ||||||||||||||
Long-term debt amount | $ 137,729 | $ 137,729 | $ 137,729 | |||||||||||
Interest rate | 15.00% | 15.00% | 15.00% | |||||||||||
Interest expense | 15,494 | $ 9,302 | ||||||||||||
Number of common stock shares granted | shares | 17,997 | 17,997 | 17,997 | |||||||||||
Debt discount | $ 46,683 | $ 46,683 | $ 46,683 | |||||||||||
Repayment of debt | 143,454 | |||||||||||||
Debt principal amount paid | 137,729 | |||||||||||||
Accrued interest | $ 5,725 | |||||||||||||
Amortization of discount on debt | 24,008 | 2,668 | ||||||||||||
Loss on debt extinguishment realated to unamortized discount | 20,007 | |||||||||||||
2019 Convertible Bridge Note [Member] | ||||||||||||||
Long-term debt amount | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | |||||||||||
Interest rate | 5.00% | 5.00% | 5.00% | |||||||||||
Interest expense | 20,833 | $ 1,291 | ||||||||||||
Debt instrument converted into stock | Integer | 1,030,585 | |||||||||||||
2019 Convertible Notes [Member] | ||||||||||||||
Long-term debt amount | $ 290,000 | $ 290,000 | $ 800,000 | 290,000 | ||||||||||
Interest expense | 0 | 57,201 | ||||||||||||
Debt instrument term, description | The terms for the notes were sixty (60) days with an additional sixty-day extension to be exercised at the discretion of the Company. | |||||||||||||
Amortization of discount on debt | $ 69,173 | 0 | 69,173 | |||||||||||
Debt intstrument interest rate, description | The notes accrued interest at twelve (12%) for the first sixty days and at fifteen percent (15%) for the sixty-day extension. | |||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | The lenders had the option to convert the notes and accrued interest into AYRO Seed Preferred Stock (see Note 9) at $1.75 per share before the sixty-day extension period has expired. In May 2019, four lenders converted $350,000 of principle and $9,062 of accrued interest into 205,178 of AYRO Seed Preferred Stock. In September 2019, one lender converted $100,000 of convertible notes to a twelve-month term loan (see 2019 $250,000 Bridge Notes). Additionally, two lenders redeemed $60,000 in principal from their outstanding note. Warrants to purchase up to 26,586 of common stock at a price of $7.33 per share were issued in connection with the notes. | |||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.75 | |||||||||||||
Warrants to purchase common stock | shares | 26,586 | |||||||||||||
Warrants exercise price | $ / shares | $ 7.33 | |||||||||||||
Warrants term | 5 years | |||||||||||||
2019 Convertible Notes [Member] | Series Seed Preferred Stock [Member] | ||||||||||||||
Debt instrument converted into stock | Integer | 343,482 | |||||||||||||
2019 Bridge Notes [Member] | ||||||||||||||
Long-term debt amount | $ 425,000 | 425,000 | 425,000 | |||||||||||
Interest rate | 12.00% | |||||||||||||
Amortization of discount on debt | $ 187,675 | |||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | During the third quarter of 2019, the Company received cash in exchange for term loans from five individual lenders, totaling $250,000. Additionally, one lender holding convertible debt, converted $100,000 in principal amount to a term loan (see 2019 $800,000 Convertible Notes). | |||||||||||||
Proceeds from exchange of term loans | 75,000 | $ 250,000 | ||||||||||||
Debt Instrument, Term | 12 months | |||||||||||||
2019 Bridge Notes [Member] | Common Stock [Member] | ||||||||||||||
Number of shares issued | shares | 122,379 | |||||||||||||
Stock price | $ / shares | $ 0.2880 | |||||||||||||
2019 Bridge Notes [Member] | Series Seed Preferred Stock [Member] | ||||||||||||||
Debt instrument converted into stock | Integer | 433,819 | |||||||||||||
2020 Bridge Notes [Member] | ||||||||||||||
Interest rate | 7.00% | |||||||||||||
Interest expense | 9,373 | |||||||||||||
Debt instrument term, description | The maturity date of the notes was the earlier of (1) the closing of the Merger, (2) May 31, 2020, and (3) ninety (90) days the Company determines not to proceed with the Merger. | |||||||||||||
Proceeds from exchange of term loans | $ 500,000 | |||||||||||||
Note Payable [Member] | ||||||||||||||
Long-term debt amount | $ 600,000 | $ 28,555 | $ 28,555 | 21,608 | $ 28,555 | |||||||||
Interest rate | 15.00% | |||||||||||||
Interest expense | 10,233 | |||||||||||||
Amortization of discount on debt | $ 462,013 | 108,788 | ||||||||||||
Loss on debt extinguishment realated to unamortized discount | 353,225 | |||||||||||||
Debt instrument, description | In April 2020, the Company issued a secured promissory note payable to an individual investor providing $600,000 of short-term financing. The notes carried an interest rate of fifteen percent (15%) and were to be repaid upon the earlier of (1) closing date of the pending the Merger and (2) July 14, 2020. Fifty percent (50%) of the principal amount was personally guaranteed by Mark Adams, a former director of AYRO Operating and AYRO. In conjunction with the notes, 553,330 shares of common stock (276,665 shares of common stock representing two percent (2%) of the combined company's post-merger outstanding common stock each) were issued to the lender and to Mr. Adams as compensation for his personal guarantee. A discount on debt of $462,013 was recorded in the transaction and was being amortized over the life of the note as a component of interest expense on the accompanying consolidated statements of operations. | |||||||||||||
2020 Paycheck Protection Program Term Note [Member] | ||||||||||||||
Long-term debt amount | $ 218,000 | |||||||||||||
Debt maturity date | May 20, 2022 | |||||||||||||
Interest rate | 1.00% | |||||||||||||
Debt forgiveness | 218,000 | |||||||||||||
2020 Paycheck Protection Program Term Note [Member] | Other Income [Member] | ||||||||||||||
Interst income | $ 1,363 |