DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) |
1 Months Ended | 3 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 27, 2020 |
Aug. 30, 2019 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 28, 2018 |
|
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details) [Line Items] | |||||||
Ownership percentage | 100.00% | ||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Shares issued | 24,428,681 | ||||||
Authorized capital | 360,000,000 | ||||||
Common stock, authorized | 350,000,000 | 350,000,000 | |||||
Preferred stock, authorized | 10,000,000 | 10,000,000 | |||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |||||
Business acquisition, description | Also in connection with the Closing, (i) our sole director appointed additional individuals, who previously were members of the board of directors of Ondas Networks and its chief executive officer, to serve on our board of directors, and our board of directors subsequently appointed executive officers; (ii) the former holders of the Ondas Networks Shares executed lock-up agreements (the “Lock-Up Agreements”), which provided for an initial 12-month lock-up period, commencing with the date of the Closing; (iii) we entered into a Common Stock Repurchase Agreement with Energy Capital, LLC, a current stockholder of the Company (“Energy Capital”), pursuant to which the entity sold an aggregate of 32.6 million Company Shares (the “Repurchase Shares”) to us at $0.0001 per share, for an aggregate consideration of $3,260, which Repurchase Shares were canceled and returned to our authorized but unissued shares; (iv) our board of directors approved, and our stockholders adopted, the 2018 Incentive Stock Plan (the “2018 Plan”) pursuant to which 10 million Company Shares have been reserved for issuance to employees, including officers, directors and consultants; and (v) we entered into a Loan and Security Agreement with Energy Capital, pursuant to which Energy Capital agreed to lend us an aggregate principal amount of up to $10 million, subject to specified conditions. | ||||||
Percentage of outstanding common stock | 41.00% | ||||||
Reverse stock split, description | All share and per share amounts in the condensed consolidated financial statements and related notes have been retrospectively adjusted to reflect the one for 3.823 exchange of shares of common stock in connection with the Acquisition. | ||||||
Stockholders’ deficit | $ (15,061,926) | $ (12,430,242) | $ (20,656,796) | $ (14,884,755) | |||
Short-term borrowings outstanding | 10,300,000 | ||||||
Long-term borrowings outstanding | 500,000 | ||||||
Cash | 200,000 | ||||||
Working capital deficit | $ 15,400,000 | ||||||
Percentage of base salary | 90.00% | ||||||
CARES Act, description | the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted. The CARES Act is an approximately $2 trillion emergency economic stimulus package in response to the Coronavirus outbreak, which among other things contains numerous income tax provisions. | ||||||
Fund received | $ 666,000 | ||||||
Ondas Networks Shares [Member] | |||||||
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details) [Line Items] | |||||||
Common stock, par value | $ 0.00001 | ||||||
Conversion of shares | 3.823 | ||||||
Shares issued | 25,463,732 |