PREFERRED STOCK (Details Narratve) - USD ($) |
1 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Aug. 08, 2019 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Aug. 23, 2019 |
Dec. 31, 2018 |
Mar. 08, 2017 |
Nov. 20, 2015 |
|
Preferred stock, shares issued | 25,000,000 | ||||||
Exercise price | $ 112,871 | ||||||
Additional paid-in capital | $ 15,750,746 | $ 831,045 | $ 14,887,804 | ||||
Fair value of common stock | $ 2,146 | $ 1,172 | |||||
Common stock, shares issued | 214,626,540 | 8,679,320 | 116,751,078 | ||||
Series A Convertible Preferred Stock | 867,932 | ||||||
Common stock issued price per share | $ 0.10 | ||||||
Preferred stock, par value | $ 0.00001 | $ 0.00001 | |||||
Series A Preferred Stock [Member] | |||||||
Preferred stock, shares issued | 0 | 1,388,575 | 3,000,000 | ||||
Series A Convertible Preferred Stock | 0 | 1,388,575 | |||||
Preferred stock, par value | $ 0.00001 | $ 0.00001 | $ 0.000001 | ||||
Dividend | $ 0 | $ 0 | |||||
Preferred stock conversion description | Shares of the Series A Convertible Preferred stock are convertible at a 35% discount rate to the average closing price per share of the Company’s common stock (either as listed on a national exchange or as quoted over-the-market) for the last fifteen (15) trading days immediately prior to conversion. However, no conversions of the Series A Convertible Preferred stock to shares of common stock can occur unless the average closing price per share of the Corporation’s common stock (either as listed on a national exchange or as quoted over-the-market) for the last fifteen (15) trading days immediately prior to conversion is at least five cents ($0.05). The right of conversion is limited by the fact the holder of the Series A Convertible Preferred stock may not convert if such conversion would cause the holder to beneficially own more than 4.9% of the Company’s common stock after giving effect to such conversion. | ||||||
First Capital Ventures [Member] | |||||||
Issuane of warrants upon purchase of common stock | 150,000 | ||||||
Exercise price | $ 1.00 | ||||||
Share Exchange Agreement (the "Justus SEA") [Member] | |||||||
Additional paid-in capital | $ 831,045 | ||||||
Fair value of common stock | $ 36,887 | ||||||
Common stock, shares issued | 8,679,320 | ||||||
Series A Convertible Preferred Stock | 867,932 | ||||||
Common stock issued price per share | $ 0.10 | ||||||
Share Exchange Agreement (the "Lanphere SEA") [Member] | |||||||
Additional paid-in capital | $ 498,516 | ||||||
Fair value of common stock | $ 22,127 | ||||||
Common stock, shares issued | 5,206,430 | ||||||
Series A Convertible Preferred Stock | 520,643 | ||||||
Common stock issued price per share | $ 0.10 | ||||||
Business Development [Member] | |||||||
Agreement term | The Company agreed to enter into a “business development” agreement with FCV, or its assignee, on the sale of the first $1,000,000 of 8% Series A-1 Convertible Preferred Stock and also granted FCV and its assigns, the right to use the name “SOBR SAFE” and any related intellectual property in connection with the SPV, and the offering of the Interests in the SPV. | ||||||
Investment Agreement [Member] | Convertible Preferred Stock [Member] | |||||||
Agreement term | The Company agreed to pay certain legal and other expenses of the SPV subsequent to the day in which the Company receives a minimum of $1,000,000 from the sale of 1,000,000 shares of the 8% Series A-1 Convertible Preferred Stock. | ||||||
Raises fund description | The Company desires to raise between $1,000,000 and $2,000,000 from the sale of its 8% Series A-1 Convertible Preferred Stock and FCV intends to raise between $1,000,000 and $2,000,000 (net after offering expenses) in a special purchase vehicle (“SPV”) created by FCV to purchase the 8% Series A-1 Convertible Preferred Stock. | ||||||
Legal cost and expenses | $ 141,403 |