v3.22.2
Debt Obligations (Tables)
|
6 Months Ended |
|
|---|
| Short-Term Debt [Line Items] |
|
| Schedule of Debt Outstanding |
Debt
obligations is comprised of the following at June 30, 2022 and December 31, 2021:
Schedule of Debt Outstanding
| | |
June 30, 2022 | | |
December 31, 2021 | |
| Notes payable: | |
| | | |
| | |
| 3% Convertible promissory notes payable due March 30, 2026 | |
$ | 28,665 | | |
$ | 28,665 | |
| 8% Convertible promissory notes payable due October 29, 2022 (less discount of $110,578 and $273,726 as of June 30, 2022 and December 31, 2021, respectively) | |
| 539,422 | | |
| 376,274 | |
| 8% Convertible promissory notes payable due September 15, 2022 (less discount of $106,225 and $— as of June 30, 2022 and December 31, 2021, respectively) | |
| 243,775 | | |
| — | |
| 8% Convertible promissory notes payable due June 29, 2022 (in default) | |
| 425,000 | | |
| — | |
| | |
| | | |
| | |
| Total notes payable | |
| 1,236,862 | | |
| 404,939 | |
| Less: Long-term portion | |
| 28,665 | | |
| 28,665 | |
| Notes payable, short-term | |
$ | 1,208,197 | | |
$ | 376,274 | |
|
| Schedule of Debt Obligations Maturities |
Debt
obligations become due and payable as follows:
Schedule of Debt Obligations Maturities
| Years ended | |
Principal balance due | |
| | |
| |
| 2022 (July 1, 2022 through December 31, 2022) | |
$ | 1,208,197 | |
| 2023 | |
| — | |
| 2024 | |
| — | |
| 2025 | |
| — | |
| 2026 | |
| 28,665 | |
| 2027 | |
| — | |
| Total | |
$ | 1,236,862 | |
|
| Convertible Promissory Notes Payable [Member] |
|
| Short-Term Debt [Line Items] |
|
| Schedule of Convertible Promissory Note with Detachable Warrants to Purchase Common Stock |
Schedule of Convertible Promissory Note with Detachable Warrants to Purchase Common Stock
| | |
Amount | |
| | |
| |
| Proceeds allocated to 8% convertible note | |
$ | 314,104 | |
| Proceeds allocated to detachable warrants to purchase common stock | |
| 335,896 | |
| | |
| | |
| Total proceeds | |
$ | 650,000 | |
|
| Schedule of Fair Value of Detachable Warrants to Purchase Common Stock Granted |
Schedule of Fair Value of Detachable Warrants to Purchase Common Stock Granted
| | |
As of
August 30, 2021 (issuance date) | | |
As of
October 30, 2021 (issuance date) | |
| | |
| | |
| |
| Volatility – range | |
| 369.4 | % | |
| 367.7 | % |
| Risk-free rate | |
| 0.77 | % | |
| 1.18 | % |
| Contractual term | |
| 5.5 years | | |
| 5.5 years | |
| Exercise price | |
$ | 0.50 | | |
$ | 0.50 | |
| Number of warrants in aggregate | |
| 200,000 | | |
| 1,650,000 | |
|
| Schedule of Convertible Debt |
Following
is a summary of activity relative to the 8% Note and October 8% Notes as for the six months ended June 30, 2022:
Schedule of Convertible Debt
| | |
Amount | |
| Balance December 31, 2021 – 8% Convertible Notes | |
$ | 376,274 | |
| Amortization of discount during the period to interest expense | |
| 163,148 | |
| | |
| | |
| Balance June 30, 2022 - 8% Convertible Notes | |
$ | 539,422 | |
|
| Convertible Promissory Notes Payable One [Member] |
|
| Short-Term Debt [Line Items] |
|
| Schedule of Convertible Promissory Note with Detachable Warrants to Purchase Common Stock |
Schedule of Convertible Promissory Note with Detachable Warrants to Purchase Common Stock
| | |
Amount | |
| | |
| |
| Proceeds allocated to 8% convertible note | |
$ | 213,426 | |
| Proceeds allocated to detachable warrants to purchase common stock | |
| 136,574 | |
| | |
| | |
| Total proceeds | |
$ | 350,000 | |
|
| Schedule of Fair Value of Detachable Warrants to Purchase Common Stock Granted |
Schedule of Fair Value of Detachable Warrants to Purchase Common Stock Granted
| | |
As of
June 8, 2022 (issuance date) | |
| | |
| |
| Volatility – range | |
| 344.7 | % |
| Risk-free rate | |
| 3.03 | % |
| Contractual term | |
| 5.0 years | |
| Exercise price | |
$ | 0.50 | |
| Number of warrants in aggregate | |
| 700,000 | |
|
| Schedule of Convertible Debt |
Following
is a summary of activity relative to the June 2022 Note for the six months ended June 30, 2022:
Schedule of Convertible Debt
| | |
Amount | |
| Balance December 31, 2021 – June 2022 Notes | |
$ | — | |
| Proceeds allocated to the May 2022 Notes | |
| 213,426 | |
| Principal payments | |
| — | |
| Amortization of discount during the period to interest expense | |
| 30,350 | |
| | |
| | |
| Balance June 30, 2022 - June 2022 Notes | |
$ | 243,776 | |
|
| Convertible Promissory Notes Payable Two [Member] |
|
| Short-Term Debt [Line Items] |
|
| Schedule of Convertible Promissory Note with Detachable Warrants to Purchase Common Stock |
Schedule
of Convertible Promissory Note with Detachable Warrants to Purchase Common Stock
| | |
Amount | |
| | |
| |
| Proceeds allocated to 8% convertible notes payable | |
$ | 653,846 | |
| Proceeds allocated to commitment shares | |
| 196,154 | |
| | |
| | |
| Total proceeds | |
$ | 850,000 | |
|
| Schedule of Convertible Debt |
Schedule of Convertible Debt
| | |
Amount | |
| Balance December 31, 2021 – May 2022 Notes | |
$ | — | |
| Proceeds allocated to the May 2022 Notes | |
| 653,846 | |
| Principal payments | |
| (425,000 | ) |
| Amortization of discount during the period to interest expense | |
| 196,154 | |
| | |
| | |
| Balance June 30, 2022 - May 2022 Notes | |
$ | 425,000 | |
|
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