Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The following table provides a summary of the carrying values for the components of debt as reflected on the condensed consolidated balance sheets:

	September 30, 2020		December 31, 2019
PPP Note	$	421,415	$	—
Warrant Exchange Promissory Notes	1,116,997		—
EB-5 Loan Agreement borrowings	1,616,629		1,072,123
Total carrying value of debt, net	$	3,155,041	$	1,072,123

The carrying values of the Warrant Exchange Promissory Notes at September 30, 2020 and December 31, 2019 are summarized below:

	September 30, 2020		December 31, 2019
Principal outstanding	$	1,262,729	$	—
Less: unamortized debt discount	(145,732)		—
Carrying value	$	1,116,997	$	—

The carrying values of the EB-5 Loan Agreement borrowings as of September 30, 2020 and December 31, 2019 are summarized below:

	September 30, 2020		December 31, 2019
Principal outstanding	$	1,500,000	$	1,000,000
Plus: accrued interest	166,053		127,777
Less: unamortized debt issuance costs	(49,424)		(55,654)
Carrying value	$	1,616,629	$	1,072,123

Schedule of Principal, Embedded Derivatives and Carrying Value of Debts

At issuance, the following amounts were recorded:

Convertible Note Issuance Date	Convertible Note Principal Amount		Fair Value of Embedded Derivatives		Debt Issuance Costs		Carrying Value upon Issuance
January 2018	$	5,000,000	$	(2,657,711)	$	(35,969)	$	2,306,320
June 2018	1,000,000		(724,216)		(3,000)		272,784
November 2018	1,150,400		(21,127)		(50,646)		1,078,627
December 2018	150,000		(2,857)		(14,310)		132,833
January 2019	450,000		(182,882)		(29,358)		237,760
February 2019	1,000,000		(302,379)		(55,875)		641,746
Total	$	8,750,400	$	(3,891,172)	$	(189,158)	$	4,670,070

Schedule of Debt Maturities (Excluding Interest)

Debt maturities (excluding interest) are summarized below:

	Twelve months ending September 30,
	2021		2022		2023		2024		2025		Thereafter		Total
Principal Maturities	$	1,356,377	$	327,767	$	—	$	—	$	—	$	1,500,000	$	3,184,144