Going Concern and Management's Plans (Details Narrative) (10-K) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Sep. 20, 2019 |
May 25, 2018 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Accumulated deficit | $ (10,982,010) | $ (12,589,760) | $ (12,589,760) | $ (10,982,010) | $ (7,624,134) | |||||||
Net loss | $ (733,414) | $ (874,336) | $ (969,078) | $ (750,832) | (1,607,750) | $ (1,719,910) | (3,357,876) | (3,765,047) | ||||
Net cash used in operating activities | $ (897,029) | $ (1,414,903) | $ (2,750,145) | $ (3,707,914) | ||||||||
Debt instrument, conversion price per share | $ 14.28 | $ 14.28 | ||||||||||
Warrants to purchase shares of common stock | 56,350 | 56,350 | ||||||||||
Common stock, forfeited | 7,872 | |||||||||||
Proceeds from sale of convertible notes | $ 805,000 | |||||||||||
Accrued salary | $ 122,175 | $ 122,175 | ||||||||||
2019 Senior Notes [Member] | ||||||||||||
Debt instrument, conversion price per share | $ 14.28 | $ 14.28 | ||||||||||
Warrants to purchase shares of common stock | 70 | 70 | ||||||||||
Proceeds from sale of convertible notes | $ 805,000 | $ 805,000 | ||||||||||
Accredited Investors [Member] | 2019 Senior Notes [Member] | ||||||||||||
Proceeds from sale of convertible notes | $ 805,000 | |||||||||||
Two LOC Agreements [Member] | Lenders [Member] | ||||||||||||
Maximum revolving line of credit | $ 1,400,000 | |||||||||||
Line of credit, interest percentage | 8.00% | |||||||||||
Debt instrument, conversion price per share | $ 14.28 | |||||||||||
Debt instrument, conversion terms | Under the LOC Agreements, all funds borrowed bear interest at an annual rate of 8%. The promissory notes issued in connection with the LOC Agreements provide that the Lenders have the right to convert all or any portion of the principal and accrued and unpaid interest into our common stock on the same terms as our 2019 Senior Convertible Notes. Therefore, the Lenders may convert the outstanding debt under the LOC Agreements into our common stock at a conversion price equal to the lower of (i) $14.28 per share, (ii) a price per share equal to a 10% discount to the pre-money valuation of an equity sale of the Company's common stock for cash, or (iii) at an adjusted price; all as more particularly described in the 2019 Senior Convertible Notes. Our CEO is also the CEO and Managing Member of both Lenders. CorLyst beneficially owns 996,376 shares of Processa common stock, representing approximately 17.8% of the Company's outstanding shares of voting capital stock. | |||||||||||
LOC Agreements [Member] | DKBK Enterprises, LLC [Member] | ||||||||||||
Maximum revolving line of credit | $ 700,000 | |||||||||||
LOC Agreements [Member] | CorLyst, LLC [Member] | ||||||||||||
Maximum revolving line of credit | $ 700,000 | |||||||||||
Common stock beneficially owned, shares | 1,073,050 | |||||||||||
Equity method investment, ownership percentage | 19.60% | |||||||||||
Pledge Agreement [Member] | PoC Capital [Member] | ||||||||||||
Maximum revolving line of credit | $ 900,000 | $ 1,800,000 | ||||||||||
Common stock, forfeited | 56,640 | |||||||||||
Warrants, forfeited | 56,640 | |||||||||||
PoC Capital, LLC [Member] | ||||||||||||
Number of common stock issued | 113,280 | |||||||||||
Warrants to purchase shares of common stock | 113,280 |
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- Definition Common stock beneficially owned, shares. No definition available.
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- Definition Carrying value as of the balance sheet date of the obligations incurred through that date and payable for employees' services provided. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The price per share of the conversion feature embedded in the debt instrument. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Description of the conversion terms of a debt instrument which may include the conversion ratio (including all potential conversion ratios if contingently adjustable), type of debt or equity security into which the debt is convertible, the dollars of debt or the number of shares into which the instrument is convertible (or potentially convertible into), the conversion period, any contingencies associated with the conversion terms, and the existence and amount of a beneficial conversion feature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The effective interest rate during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of shares under non-option equity instrument agreements that were cancelled as a result of occurrence of a terminating event. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of new stock issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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