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Notes Payable (Tables) - FF Intelligent Mobility Global Holdings Ltd [Member]
 6 Months Ended 11 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Notes Payable (Tables) [Line Items]    
Schedule of notes payable
Note Name 

Contractual

Maturity Date

 

Contractual

Interest

Rates

  

Unpaid

Balance

  

Fair Value

Measurement

Adjustments

   Proceeds Allocated to Warrants  

Net

Carrying

Value

   Interest Expense for the
Three Months
Ended
June 30,
2021		   Interest Expense for the
Six Months
Ended
June 30,
2021		 
Note payable  Repayment in 10% increments contingent on a specified fundraising event   12.00%  $56,000   $
—
   $
—
   $56,000   $2,081   $3,552 
Notes payable – NPA tranche  October 6, 2021   10.00%   27,117    5,473    —    32,590    676    1,345 
Notes payable(1)  October 6, 2021   14.00%   55,000    11,232    
—
    66,232    1,920    2,574 
Notes payable(7)  June 30, 2021   12.00%   19,100    
—
    
—
    19,100    576    1,147 
Notes payable(7)  June 30, 2021   1.52%   4,400    
—
    
—
    4,400    17    33 
Notes payable(7)  June 30, 2021   8.99%   2,240    
—
    
—
    2,240    50    100 
Notes payable(7)  June 30, 2021   8.00%   300    
—
    
—
    300    6    12 
Notes payable(2)  October 6, 2021   8.00%   3,750    1,475    
—
    5,225    149    268 
Notes payable(2)  October 6, 2021   15.75%   5,600    2,202    
—
    7,802    223    282 
Notes payable(3)  October 6, 2021   0.00%   18,250    5,241    
—
    23,491    
—
    
—
 
Notes payable(3)  December 9, 2022   0.00%   20,000    649    (2,563)   18,086    
—
    
—
 
Notes payable(3)  December 9, 2022   0.00%   20,000    648    (2,562)   18,086    
—
    
—
 
Note payable(4)  March 9, 2022   0.00%   15,667    4,499    
—
    20,166    
—
    
—
 
Note payable(5)  October 6, 2021   12.75%   15,666    6,160    
—
    21,826    792    1,197 
Notes payable – China various other  Various Dates 2021   6.00%   4,917    
—
    
—
    4,917    74    146 
Notes payable – China various other  Due on Demand   9.00%   3,715    
—
    
—
    3,715    169    335 
Notes payable – China various other(6)  Due on Demand   0.00%   5,387    
—
    
—
    5,387    
—
    6 
Notes payable – various other notes(7)  June 30, 2021   6.99%   1,260    
—
    
—
    1,260    22    44 
Notes payable – various other notes(7)  Due on Demand   8.99%   500    
—
    
—
    500    11    22 
Notes payable – various other notes(7)  June 30, 2021   2.86%   1,500    
—
    
—
    1,500    11    21 
Notes payable(7)  June 30, 2021   8.00%   11,635    
—
    
—
    11,635    232    462 
Notes payable  April 17, 2022   1.00%   9,168    
—
    
—
    9,168    22    45 
           $301,172   $37,579   $(5,125)  $333,626   $7,031   $11,591 

 

(1)On March 1, 2021, the Company amended the NPA to permit the issuance of additional notes payable with principal amounts up to $85,000. On the same day, the Company entered into notes payable agreements with Ares for an aggregate principal of $55,000, receiving net proceeds of $51,510, inclusive of a 4.00% original issue discount and $90 of debt issuance costs paid directly by the lender. The notes payable are collateralized by a first lien on virtually all tangible and intangible assets of the Company and bear interest at 14% per annum. The notes payable mature on the earliest of (i) March 1, 2022, (ii) October 6, 2021, if the Qualified SPAC Merger contemplated in the Merger Agreement has not been consummated by July 27, 2021, (iii) the occurrence of a change in control, or (iv) the occurrence of an acceleration event, such as a default. The Company has elected the fair value option because the notes include features, such as a contingently exercisable put option, which meet the definition of an embedded derivative. Additionally, the notes payable agreements contain a minimum cash provision, which requires the Company to maintain at least $5,000 of cash on hand at all times. The Company has classified the related $5,000 in Restricted Cash on its unaudited Condensed Consolidated Balance Sheets as of June 30, 2021.

 

(2)On January 13, 2021, the Company amended the NPA to permit the issuance of additional notes payable and issued $3,750 of notes payable to Birch Lake, receiving net proceeds of $3,510, inclusive of a 6.50% original issue discount, and $225 of debt issuance costs paid directly by the lender. The additional secured convertible notes payable issued to Birch Lake (“BL Notes”) accrue interest at 8% per annum. The BL Notes mature on the earliest of (i) October 6, 2021, (ii) the consummation of a Qualified SPAC Merger, (iii) the occurrence of a change in control, or (iv) the acceleration of the NPA obligations in the event of a default. Additionally, the BL Notes contain a liquidation premium that ranges from 35% to 45% depending on the timing of settlement, with 50% of this premium convertible into equity. Birch Lake can demand repayment of the BL Notes if an event of default, change in control, or a Qualified SPAC Merger occurs. The Company determined that the feature to settle the BL Notes at a premium upon the occurrence of a default, change in control, or a Qualified SPAC Merger is a contingently exercisable put option with a liquidation premium and represents an embedded derivative. The Company elected the fair value option for this note payable (See Note 7. Fair Value of Financial Instruments).

 

(3)On January 13, 2021, the Company entered into a notes payable agreement under the NPA, as amended, (“January 13 Notes”) with a US-based investment firm for total principal of $11,250, receiving net proceeds of $10,350, inclusive of an 8% original issue discount and $480 of debt issuance costs paid directly by the lender. The note payable is collateralized by a first lien on virtually all tangible and intangible assets of the Company and bears interest at 0% per annum. The note payable matures on the earliest of (i) October 6, 2021, (ii) the consummation of a Qualified SPAC Merger, (iii) the occurrence of a change in control, or (iv) the occurrence of an acceleration event, such as an event of default. In the event the Company consummates a Qualified SPAC Merger, an amount equal to 130% of all outstanding principal, accrued and unpaid interest and accrued original issue discount under the notes through (but not including) the date of consummation of the Qualified SPAC Merger will automatically convert into Common Stock of PSAC received by the Company’s Class A ordinary stockholders and the notes and interest shall be deemed satisfied in full and terminated. The Company elected the fair value option for this note payable because the inclusion of a conversion feature that allows the lenders to convert the notes payable into Preferred Stock.

 

(4)On January 13, 2021, the Company amended the NPA to increase the principal amount of its $15,000 note payable with a US-based investment firm by $667. The Company received no cash proceeds as the increase in principal was used to pay a consent fee to the US-based investment firm. The Company recorded the consent fee in Interest Expense on the unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the six months ended June 30, 2021. The consent fee permitted the issuance of additional notes payable to the US-based investment firm of $11,250 and $7,000, as described in (3) above.

 

(5)On January 13, 2021, the Company amended the NPA to issue an additional note to Birch Lake, with the same terms as its $15,000 note payable to Birch Lake, in the amount of $666. The Company received no cash proceeds as the additional note was used to pay a consent fee to Birch Lake. The Company recorded the consent fee in Interest Expense on the unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the six months ended June 30, 2021. The consent fee permitted the issuance of additional notes payable to Birch Lake of $3,750 and $5,600, as described in (2) above.

 

(6)On January 15, 2021, the Company borrowed $102 from a Chinese lender. The unsecured note payable is payable on demand and does not have a stated interest rate.

 

(7)As of June 30, 2021, the Company was in default on sixteen of its notes payable with an aggregate principal value of $40,935. The Company is in compliance with all its covenants under the remaining notes payable agreements as of June 30, 2021.

 
   December 31, 2020 
Note Name  Contractual
Maturity Date		  Contractual Interest Rates   Unpaid Balance   Fair Value Measurement Adjustments   Gain on Extinguishments   Net Carrying Value 
Note payable(1)
  Repayment in 10% increments contingent on a specified fundraising event   12.00%  $57,293   $
—
   $
—
   $57,293 
Notes payable – NPA tranche(2)  October 6, 2021   10.00%   27,118    5,263    
—
    32,381 
Notes payable(3)  June 30, 2021   12.00%   19,100    
—
    
—
    19,100 
Notes payable(4)  June 30, 2021   1.52%   4,400    
—
    (102)   4,298 
Notes payable(4)  June 30, 2021   8.99%   2,240    
—
    (5)   2,235 
Notes payable(4)  June 30, 2021   8.00%   300    
—
    (1)   299 
Notes payable – China various other(5)  Various Dates 2021   6.00%   4,869    
—
    (62)   4,807 
Notes payable – China various other(5)  Due on Demand   9.00%   3,677    
—
    (18)   3,659 
Notes payable – China various other(5)  Due on Demand   0.00%   4,597    
—
    
—
    4,597 
Notes payable – various other notes(6)  June 30, 2021   6.99%   1,380    
—
    (10)   1,370 
Notes payable – various other notes(6)  Due on Demand   8.99%   380    
—
    (1)   379 
Notes payable – various other notes(7)  June 30, 2021   2.86%   1,500    
—
    (29)   1,471 
Note payable(8)  March 9, 2021   0.00%   15,000    2,712    
—
    17,712 
Note payable(9)  October 6, 2021   12.75%   15,000    5,972    
—
    20,972 
Notes payable(10)  June 30, 2021   8.00%   11,635    
—
    (57)   11,578 
Notes payable(11)  April 17, 2022   1.00%   9,168    
—
    
—
    9,168 
           $177,657   $13,947   $(285)  $191,319 

 

   December 31, 2019 
Note Name  Contractual
Maturity Date		  Contractual
Interest
Rates		   Unpaid
Balance		   Fair Value
Measurement
Adjustments		   Net
Carrying
Value		 
Note payable(1)
  Repayment in 10% increments contingent on a specified fundraising event   12.00%  $53,185   $
—
   $53,185 
Notes payable – NPA tranche(2)  May 31 2020   10.00%   26,218    4,935    31,153 
Notes payable – NPA tranche(2)  March 6, 2020   10.00%   900    169    1,069 
Notes payable(3)  December 31, 2019   12.00%   12,100    
—
    12,100 
Notes payable(3)  Due on Demand   12.00%   7,000    
—
    7,000 
Notes payable(4)  December 31, 2019   1.52%   4,400    
—
    4,400 
Notes payable(4)  July 1, 2020   8.99%   2,240    
—
    2,240 
Notes payable – China various other(5)  Due on Demand   9.00%   3,440    
—
    3,440 
Notes payable – China various other(5)  Various Dates 2020   6.00%   3,155    
—
    3,155 
Notes payable – China various other(5)  Due on Demand   0.00%   4,300    
—
    4,300 
Notes payable – various other notes(6)  Repayment upon new equity or debt financing in an aggregate amount exceeding $50,000   8.99%   500    
—
    500 
Notes payable – various other notes(6)  Due on Demand   6.99%   180    
—
    180 
Notes payable – various other notes(6)  June 3, 2020   6.99%   2,700    
—
    2,700 
Notes payable – various other notes(7)  December 31, 2019   2.86%   1,500    
—
    1,500 
           $121,818   $5,104   $126,922 

 

(1)In January 2019, upon extinguishment of a portion of the Faraday and Future (HK) Limited related party notes payable, the Company borrowed $54,179 through notes payable from a Chinese lender. The notes payable originally matured on December 31, 2020, bear interest of 12.00% per annum, have no covenants, and are unsecured.

 

(2)The Company issued 10% interest notes with various third parties through the NPA:

 

(3)The Company issued the following notes with an interest rate of 12.00% per annum.

 

(4)The Company issued the following notes with a third party.

 

(5)The Company issued notes with various third parties through its operations in China.

 

(6)The Company issued the following notes with a third party.

 

(7)In October 2018, the Company borrowed $1,500 through a note payable from a U.S. based investment firm. The note originally matured on December 31, 2019, bears interest at 2.86% per annum, has no covenants and is unsecured.

 

(8)On September 9, 2020, the Company issued $15,000 of secured convertible promissory notes to a US-based investment firm through entering into a Joinder to the NPA, receiving net proceeds of $13,800, inclusive of an 8% original issue discount. The senior convertible promissory notes bear interest at 0%. The NPA notes mature on the earliest of (i) March 9, 2022, (ii) the Vendor Trust maturity date (See Note 10 Vendor Payables in Trust), as amended, (iii) the maturity of any First Out NPA Notes, which include the notes with Birch Lake and FF Ventures (“First Out Notes”), or (iv) the acceleration of the NPA notes payable pursuant to an event of default.

 

(9)On October 9, 2020, the Company entered into a Second A&R NPA with Birch Lake borrowing $15,000 in secured convertible notes payable (“BL Notes”). The BL Notes accrue interest at 12.75% per annum through January 31, 2021 and at 15.75% per annum thereafter. The BL Notes mature on the earliest of (i) October 6, 2021, (ii) the consummation of a Qualified SPAC Merger, (iii) the occurrence of a change in control, or (iv) the acceleration of the NPA obligations pursuant to an event of default. Additionally, the BL Notes contain a liquidation premium that ranges from 35% to 45% depending on the timing of settlement with 50% of this premium convertible into equity and the lender is able to demand repayment if an event of default, change in control, or a Qualified SPAC Merger occurs. The Company determined that the feature to settle the BL Notes at a premium upon the occurrence of a default, change in control, or a Qualified SPAC Merger is a contingently exercisable put option with a liquidation premium and represents an embedded derivative. The Company elected the fair value option for this note payable. See Note 4 Fair Value of Financial Instruments. The fair value of the note payable was $20,972 as of December 31, 2020.

 

(10)During 2019, a U.S. corporation made deposits of $11,635 with the Company as an advance to purchase FF 91 vehicles. On February 1, 2020, due to production delays the Company entered into a deposit conversion agreement with this corporation to convert the deposit amounts previously paid into a note payable. Upon conversion, the Company reclassified the deposit recorded in other current liabilities as of December 31, 2019 to notes payable as of December 31, 2020. The note matured on December 31, 2020, bears interest at 8.0% per annum, has no covenants and is unsecured.

 

(11)On April 17, 2020, the Company received loan proceeds from East West Bank of $9,168 under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses. The loans and accrued interest are forgivable as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent, and utilities, as described in the CARES Act. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries. The unforgiven portion of the PPP loan is payable over two years at an interest rate of 1%, with a deferral of payments for the later of the first six months or when the amount of the loan forgiveness is determined. The Company used the proceeds for purposes consistent with the PPP requirements. The Company is still in the process of applying for forgiveness and no amounts have been forgiven as of December 31, 2020. The note matures April 17, 2022, has no covenants, and is unsecured.

 
Schedule of fair value of financial instruments
   June 30,
2021		 
Outstanding principal  $55,000 
Accrued interest   654 
Interest expense   654 
Original issue discount   3,490 
Debt issuance costs recorded in interest expense   315 
Principal payments   
—
 
Interest payments   
—
 
Net proceeds  $51,510 

 

   June 30,
2021		 
Outstanding principal  $9,350 
Accrued interest   
—
 
Interest expense   177 
Original issue discount   1,132 
Debt issuance costs recorded in interest expense   1,502 
Principal payments   
—
 
Interest payments   177 
Net proceeds  $8,218 

 

   June 30,
2021		 
January 13 and March 12, 2021 Notes:    
Outstanding principal  $18,250 
Accrued interest   
—
 
Interest expense   
—
 
Original issue discount   1,460 
Debt issuance costs recorded in interest expense   480 
Principal payments   
—
 
Interest payments   
—
 
Net proceeds  $16,310 

 

   June 30,
2021		 
June 9, 2021 Note 1:    
Outstanding principal  $20,000 
Accrued interest   — 
Interest expense   — 
Original issue discount   1,600 
Debt issuance costs recorded in interest expense   197 
Principal payments   
—
 
Interest payments   
—
 
Net proceeds  $18,203 

 

   June 30,
2021		 
June 9, 2021 Note 2:    
Outstanding principal  $20,000 
Accrued interest   — 
Interest expense   — 
Original issue discount   2,600 
Debt issuance costs recorded in interest expense   
—
 
Principal payments   
—
 
Interest payments   
—
 
Net proceeds  $17,400 

 
   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $57,293   $53,185 
Accrued interest   13,769    6,382 
Interest expense   7,387    6,382 
Unrealized foreign exchange (gain) loss on principal   4,108    (994)
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $8,581   $8,581 
Accrued interest   1,418    557 
Interest expense   861    557 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    3,000 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $17,637   $17,637 
Accrued interest   2,637    879 
Interest expense   1,768    879 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    17,637 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $900   $900 
Accrued interest   143    42 
Interest expense   90    42 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    900 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $10,600   $10,600 
Accrued interest   2,547    1,272 
Interest expense   1,275    1,272 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    600 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $1,500   $1,500 
Accrued interest   587    204 
Interest expense   203    204 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $7,000   $7,000 
Accrued interest   1,682    840 
Interest expense   842    840 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $4,400   $4,400 
Accrued interest   314    230 
Interest expense   84    50 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $2,240   $2,240 
Accrued interest   202    17 
Interest expense   185    17 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    2,240 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $300   $
—
 
Accrued interest   23    
—
 
Interest expense   23    
—
 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   300    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $3,677   $3,440 
Accrued interest   2,314    1,535 
Interest expense   637    635 
Unrealized foreign exchange (gain) loss on principal   237    (56)
Unrealized foreign exchange (gain) loss on accrued interest   142    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $4,140   $3,155 
Accrued interest   569    299 
Interest expense   235    303 
Unrealized foreign exchange (gain) loss on principal   219    (1)
Unrealized foreign exchange (gain) loss on accrued interest   35    
—
 
Realized foreign exchange (gain) on principal   
—
    (205)
Principal Payments   
—
    8,155 
Interest Payments   
—
    
—
 
Proceeds   766    11,515 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $4,597   $4,300 
Accrued interest   
—
    
—
 
Interest expense   
—
    
—
 
Unrealized foreign exchange (gain) loss on principal   297    (71)
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $729   $
—
 
Accrued interest   19    
—
 
Interest expense   19    
—
 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   32    
—
 
Interest payments   
—
    
—
 
Proceeds   761    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $380   $500 
Accrued interest   99    54 
Interest expense   45    54 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   120    1,000 
Interest payments   
—
    
—
 
Proceeds   
—
    1,500 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $
—
   $
—
 
Accrued interest   4    4 
Interest expense   
—
    4 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    3,600 
Interest payments   
—
    
—
 
Proceeds   
—
    3,600 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $180   $180 
Accrued interest   10    4 
Interest expense   6    4 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    180 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $1,200   $2,700 
Accrued interest   192    26 
Interest expense   171    26 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   1,500    
—
 
Interest payments   5    
—
 
Proceeds   
—
    2,700 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $1,500   $1,500 
Accrued interest   95    52 
Interest expense   43    43 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $
—
   $
—
 
Accrued interest   
—
    
—
 
Interest expense   
—
    565 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    17,000 
Interest payments   
—
    565 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $
—
   $
—
 
Accrued interest   
—
    
—
 
Interest expense   
—
    213 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    21,668 
Interest payments   
—
    
—
 
Proceeds   
—
    15,000 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $
—
   $
—
 
Accrued interest   
—
    
—
 
Interest expense   
—
    208 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    4,200 
Interest payments   
—
    420 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $15,000   $
—
 
Accrued interest   
—
    
—
 
Interest expense   
—
    
—
 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   15,000    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $15,000   $
—
 
Accrued interest   
—
    
—
 
Interest expense   366    
—
 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   366    
—
 
Proceeds   15,000    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $11,635   $
—
 
Accrued interest   1,177    
—
 
Interest expense   933    
—
 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   
—
    
—
 

 

   As of and for the Year Ended
December 31,		 
   2020   2019 
Outstanding principal  $9,168   $
—
 
Accrued interest   65    
—
 
Interest expense   65    
—
 
Unrealized foreign exchange (gain) loss on principal   
—
    
—
 
Unrealized foreign exchange (gain) loss on accrued interest   
—
    
—
 
Principal payments   
—
    
—
 
Interest payments   
—
    
—
 
Proceeds   9,168    
—
 

 
Schedule of principal maturities of notes payable
Due on demand  $50,037 
2021   186,300 
2022   64,835 
   $301,172 
Years ended December 31,    
Due on demand  $65,949 
2021   102,541 
2022   9,168 
   $177,658