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Notes Payable (Tables)
 3 Months Ended
Mar. 31, 2022
Notes Payable [Abstract]  
Outstanding Notes Payable
The following two tables summarize outstanding notes payable as of March 31, 2022 and December 31, 2021 (dollars in thousands):

As of 03/31/2022 (dollars in thousands)
Maturity Date
  
Interest Rate
    
Conversion Price
    
Principal
    
Remaining Debt Discount
    
Remaining Embedded Conversion Option
    
Carrying Value
  
Senior secured promissory note payable, in default
In default
     20.50 %    
n/a
    
$
18,000
      
(6,106
)
    
-
    
$
11,894
  
Convertible promissory notes payable, in default:
 
                                                
Total convertible promisory notes payable, in default
In default
    
15.40
%
  
$
0.1058
      
6,445
      
(488
)
    
4,575
       10,532
  
 
 
                                                
Convertible promissory notes payable, related parties, in default:
 
                                                
Total convertible promisory notes payable, related parties, in default
In default
    
14.0
%
  
$
0.10
      
1,596
      
-
      
-
      
1,596
  
 
 
                                                
SBA loan #2
February 20, 2026
    
1.00
%
     n/a
      
1,033
      
-
      
-
      
1,033
  
 
 
                                                
Advances on future cash receipts
June 13, 2022
    
n/a
       n/a
      
925
      
(509
)
    
-
      
416
  
 
 
                                                
Total debt outstanding, including amounts in default
 
                    
27,999
      
(7,103
)
    
4,575
      
25,471
  
 
 
                                                
Less:  current maturities, including notes in default
 
                    
(27,192
)
    
7,103
      
(4,575
)
    
(24,664
)
 
 
                                                
Total long-term debt as of March 31, 2022
 
                  
$
807
    
$
-
    
$
-
    
$
807
  

As of 12/31/2021 (dollars in thousands)
Maturity Date
  
Interest Rate
    
Conversion Price
    
Principal
    
Remaining Debt Discount
    
Remaining Embedded Conversion Option
    
Carrying Value
  
Senior secured promissory note payable, in default
In default
    
20.25
%
    
n/a
    
$
15,000
      
(3,414
)
    
-
    
$
11,586
  
Convertible promissory notes payable, in default:
 
                                                
Total convertible promisory notes payable, in default
In default
    
15.40
%
  
$
0.1071
      
6,445
      
(1,099
)
     6,255
      
11,601
  
 
 
                                                
Convertible promissory notes payable, related parties, in default:
 
                                                
Total convertible promisory notes payable, related parties, in default
In default
    
14.0
%
  
$
0.10
      
1,596
      
-
      
-
      
1,596
  
 
 
                                                
SBA loan #2
February 20, 2026
    
1.00
%
    
n/a
      
1,033
      
-
      
-
      
1,033
  
 
 
                                                
Advances on future cash receipts
March 11, 2022
    
n/a
      
n/a
      
1,500
      
(1,054
)
    
-
      
446
  
 
 
                                                
Total debt outstanding, including amounts in default
 
                    
25,574
      
(5,567
)
    
6,255
      
26,262
  
 
 
                                                
Less:  current maturities, including notes in default
 
                    
(24,699
)
    
5,567
      
(6,255
)
    
(25,387
)
 
 
                                                
Total long-term debt as of December 31, 2021
 
                  
$
875
    
$
-
    
$
-
    
$
875
  
Fair Value of Conversion Option liability
The fair value of Conversion Option liability was determined by using a binomial pricing model:

 
  
At 03/31/2022
    
At 12/31/2021
  
Conversion Price(1)
  
$
0.11
    
$
0.11
  
 
                
Interest Rate (annual) (2)
    
0.15
%
    
0.18
%
 
                
Volatility (annual) (3)
    
185.75
%
    
289.65
%
 
                
Time to Maturity (Years)
    
0.26
      
0.50
  

(1) Based on the terms provided in the warrant agreement to purchase common stock of the Company as of March 31, 2022 and December 31, 2021.
(2) Interest rate for U.S. Treasury Bonds, as of each presented period ending date, as published by the U.S. Federal Reserve.
(3) Based on the historical daily volatility of the Company as of each presented period ending date.