XML 64 R57.htm IDEA: XBRL DOCUMENT v3.21.4
Convertible Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of 12% Convertible Debentures

The following table represents the various financings of the 12% Convertible Debentures recognized during the year ended December 31, 2019 and carrying value as of December 31, 2019:

 

   Issuance Date   Total 12% 
   December 12, 2018  

March 18,

2019

  

March 27,

2019

  

April 8,

2019

   Convertible Debentures 
Principal amount of debt  $9,540,000   $1,696,000   $318,000   $100,000   $11,654,000 
Less issuance costs   (590,000)   (96,000)   (18,000)   -    (704,000)
Net cash proceeds received  $8,950,000   $1,600,000   $300,000   $100,000   $10,950,000 
Principal amount of debt (excluding original issue discount)  $9,540,000   $1,696,000   $318,000   $100,000   $11,654,000 
Add conversion of debt from convertible debentures   3,551,528    -    -    -    3,551,528 
Add: accrued interest   1,711,273    164,083    29,754    8,933    1,914,043 
Principal amount of debt including accrued interest   14,802,801    1,860,083    347,754    108,933    17,119,571 
Debt discount:                         
Allocated embedded derivative liabilities   (4,760,000)   (822,000)   (188,000)   (64,000)   (5,834,000)
Liquidated Damages recognized upon issuance   (706,944)   (67,200)   (12,600)   (4,200)   (790,944)
Issuance costs   (590,000)   (106,000)   (18,000)   -    (714,000)
Subtotal debt discount   (6,056,944)   (995,200)   (218,600)   (68,200)   (7,338,944)
Less amortization of debt discount   2,927,248    414,465    89,422    27,200    3,458,335 
Unamortized debt discount   (3,129,696)   (580,735)   (129,178)   (41,000)   (3,880,609)
Carrying value at December 31, 2019   11,673,105    1,279,348    218,576    67,933    13,238,962 
Less current portion   (534,993)   -    (206,204)   -    (741,197)
Carry value at December 31, 2019, net of current portion  $11,138,112   $1,279,348   $12,372   $67,933   $12,497,765 

 

For additional information for the years ended December 31, 2020 and 2019 with respect to interest expense related to the 12% Convertible Debentures is provided in Note 19.