Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.22.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of convertible and non-convertible advances
The Company’s Debt with Sciences consists of the following:
As of December 31,
Conversion
Price		 2021 2020
Total principal value of convertible debt—related party $ 0.40  $ 2,014,500  $ 2,014,500 
Unamortized debt discount (487,668) (1,079,821)
Unamortized debt issuance costs (1,927) (3,576)
Carrying value of total convertible debt—related party 1,524,905  931,103 
Total principal value of non-convertible debt—related party n/a 450,000  450,000 
Total carrying value of advances under the multi-draw credit agreement $ 1,974,905  $ 1,381,103 
Schedule of interest expense
The Company’s interest expense consists of the following:
Year Ended
December 31,
2021 2020
Related party interest expense – stated rate $ 174,911  $ 161,546 
PPP loan interest expense – stated rate 446  806 
Non-cash interest expense:
Amortization of debt discount 592,154  542,523 
Amortization of transaction costs 1,648  1,510 
$ 769,159  $ 706,385