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Debt (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Summary of Outstanding Debt Obligations

A summary of outstanding debt obligations as of September 30, 2020 is as follows:

 

Loan Description

 

Current

interest rate

 

 

Maturity

date

 

Balance

(Euro)

 

 

Balance ($)

 

 

Current

Portion

 

 

Long-term

Portion

 

Domestic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes payable - third party

 

9.50%

 

 

April-21

 

 

-

 

 

$

105,460

 

 

$

105,460

 

 

$

-

 

Related party notes payable

 

9.50%

 

 

April-21

 

 

-

 

 

 

345,586

 

 

 

345,586

 

 

 

-

 

Convertible senior secured

   note

 

OID

 

 

April-22

 

 

-

 

 

 

2,201,956

 

 

 

1,299,117

 

 

 

902,839

 

PPP loan

 

1.00%

 

 

April-22

 

 

-

 

 

 

1,499,360

 

 

 

-

 

 

 

1,499,360

 

 

 

 

 

 

 

 

 

 

-

 

 

$

4,152,362

 

 

$

1,750,163

 

 

$

2,402,199

 

Foreign:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Uni Credit Bank AG

 

1.87%

 

 

June-21

 

€

500,000

 

 

$

586,189

 

 

$

586,189

 

 

$

-

 

Uni Credit Bank AG

 

2.25%

 

 

March-21

 

 

132,519

 

 

 

155,362

 

 

 

155,362

 

 

 

-

 

Uni Credit Bank AG

 

1.90%

 

 

April-21

 

 

500,000

 

 

 

586,189

 

 

 

586,189

 

 

 

-

 

 

 

 

 

 

 

 

 

€

1,132,519

 

 

$

1,327,740

 

 

$

1,327,740

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

$

5,480,102

 

 

$

3,077,903

 

 

$

2,402,199

 

 

Outstanding debt obligations as of September 30, 2020 consist of the following:

 

Period Ending September 30,

 

Related

Parties

 

 

Third

Parties

 

 

Convertible

Note

 

 

PPP Loan

 

 

Foreign

 

 

Total

 

Current portion:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

$

358,077

 

 

$

109,262

 

 

$

1,636,364

 

 

$

-

 

 

$

1,327,740

 

 

$

3,431,442

 

Less discount

 

 

(12,491

)

 

 

(3,802

)

 

 

(164,171

)

 

 

-

 

 

 

-

 

 

 

(180,464

)

Less loan origination costs

 

 

-

 

 

 

-

 

 

 

(173,076

)

 

 

-

 

 

 

-

 

 

 

(173,076

)

Net liability

 

 

345,586

 

 

 

105,460

 

 

 

1,299,117

 

 

 

-

 

 

 

1,327,740

 

 

 

3,077,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term portion:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

-

 

 

 

-

 

 

 

954,545

 

 

 

1,499,360

 

 

 

-

 

 

 

2,453,905

 

Less discount

 

 

-

 

 

 

-

 

 

 

(25,171

)

 

 

-

 

 

 

-

 

 

 

(25,171

)

Less loan origination costs

 

 

-

 

 

 

-

 

 

 

(26,536

)

 

 

-

 

 

 

-

 

 

 

(26,536

)

Net liability

 

 

-

 

 

 

-

 

 

 

902,839

 

 

 

1,499,360

 

 

 

-

 

 

 

2,402,199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

358,077

 

 

 

109,262

 

 

 

2,590,909

 

 

 

1,499,360

 

 

 

1,327,740

 

 

 

5,885,348

 

Less discount

 

 

(12,491

)

 

 

(3,802

)

 

 

(189,341

)

 

 

-

 

 

 

-

 

 

 

(205,634

)

Less loan origination costs

 

 

-

 

 

 

-

 

 

 

(199,612

)

 

 

-

 

 

 

-

 

 

 

(199,612

)

Net liability

 

$

345,586

 

 

$

105,460

 

 

$

2,201,956

 

 

$

1,499,360

 

 

$

1,327,740

 

 

$

5,480,102

 

 
Schedule of Total Future Payments under Notes Payable and Related Party Notes Payable

Total future principal payments under notes payable and related-party notes payable as of September 30, 2020 are as follows:

 

Period Ending September 30,

 

Related

Parties

 

 

Third

Parties

 

 

Convertible

Note

 

 

PPP Loan

 

 

Foreign

 

 

Total

 

 

Discount / Loan Originaion Costs

 

2021

 

$

358,077

 

 

$

109,262

 

 

$

1,636,364

 

 

$

-

 

 

$

1,327,740

 

 

$

3,431,442

 

 

$

(353,540

)

2022

 

 

-

 

 

 

-

 

 

 

954,545

 

 

 

1,499,360

 

 

 

-

 

 

 

2,453,905

 

 

 

(51,707

)

Total minimum payments

 

 

358,077

 

 

 

109,262

 

 

 

2,590,909

 

 

 

1,499,360

 

 

 

1,327,740

 

 

 

5,885,348

 

 

 

(405,246

)

Current portion of notes

   payable

 

 

(358,077

)

 

 

(109,262

)

 

 

(1,636,364

)

 

 

-

 

 

 

(1,327,740

)

 

 

(3,431,442

)

 

 

353,540

 

Notes payable, net of

   current portion

 

$

-

 

 

$

-

 

 

$

954,545

 

 

$

1,499,360

 

 

$

-

 

 

$

2,453,905

 

 

$

(51,707

)