Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.20.4
Debt (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of convertible and non-convertible advances

 

 

 

 

 

As of December 31,

 

 

 

Conversion

Price

 

 

2020

 

 

2019

 

Total principal value of convertible debt—related party

 

$ 0.40

 

 

$ 2,014,500

 

 

$ 2,014,500

 

Unamortized debt discount

 

 

 

 

 

 

(1,079,821 )

 

 

(1,622,344 )

Unamortized debt issuance costs

 

 

 

 

 

 

(3,576 )

 

 

(5,086 )

Carrying value of total convertible debt - related party

 

 

 

 

 

 

931,103

 

 

 

387,070

 

Total principal value of non-convertible debt—related party

 

 

n/a

 

 

 

450,000

 

 

 

 

Total carrying value of advances under the multi-draw credit agreement

 

 

 

 

 

$ 1,381,103

 

 

$ 387,070

 

Schedule of interest expense

 

 

Year Ended

December 31,

 

 

 

2020

 

 

2019

 

Related party interest expense – stated rate

 

$ 161,546

 

 

$ 371,420

 

PPP loan interest expense – stated rate

 

 

806

 

 

 

 

Non-cash interest expense:

 

 

 

 

 

 

 

 

Amortization of debt discount

 

 

542,523

 

 

 

616,383

 

Amortization of transaction costs

 

 

1,510

 

 

 

12,910

 

 

 

$ 706,385

 

 

$ 1,000,713