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Loans Payable (Tables) | 12 Months Ended
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Dec. 31, 2019
Schedule of Consolidated Notes Payable | The Company’s consolidated notes payable consisted of the following:
|  | December 31, 2019 |  |  | December 31, 2018 |
Note 1 – Monaco 2014 |  | $ | 2,800,000 |  |  | $ | 2,800,000 |
Note 2 – Monaco 2016 |  |  | 1,175,000 |  |  |  | 1,175,000 |
Note 3 – MINOSA 1 |  |  | 14,750,001 |  |  |  | 14,750,001 |
Note 4 – Epsilon |  |  | 1,000,000 |  |  |  | 1,000,000 |
Note 5 – SMOM |  |  | 3,500,000 |  |  |  | 3,500,000 |
Note 6 – MINOSA 2 |  |  | 5,050,000 |  |  |  | 5,050,000 |
Note 7 – Monaco 2018 |  |  | 1,099,367 |  |  |  | 1,099,366 |
Note 8 – Promissory note |  |  | 1,210,537 |  |  |  | 74,621 |
Note 9 – Litigation financing |  |  | 2,957,097 |  |  |  | — |
Note 10 – 37North |  |  | 861,484 |  |  |  | — |
|  | $ | 34,403,486 |  |  | $ | 29,448,988 |
Schedule of Allocation of Cash Proceeds to Derivative Components at their Fair Values | The allocations of the three additional tranches were as follows.
|  | Tranche 3 |  |  | Tranche 4 |  |  | Tranche 5 |
Promissory Note |  | $ | 981,796 |  |  | $ | 939,935 |  |  | $ | 1,000,000 |
Beneficial Conversion Feature (“BCF”)* |  |  | 18,204 |  |  |  | 60,065 |  |  |  | — |
Proceeds |  | $ | 1,000,000 |  |  | $ | 1,000,000 |  |  | $ | 1,000,000 |
Oceanica Resources S. de. R.L [Member] |
Schedule of Allocation of Cash Proceeds to Derivative Components at their Fair Values | Based on the previous conclusions, we allocated the cash proceeds first to the debt at its present value using a market rate of 15%, which is management’s estimate of a market rate loan for the Company, with the residual allocated to the Oceanica Call Option, as follows:
|  | Tranche 1 |  |  | Tranche 2 |  |  | Tranche 3 |  |  | Tranche 4 |  |  | Tranche 5 |  |  | Total |
Promissory Note |  | $ | 1,932,759 |  |  | $ | 5,826,341 |  |  | $ | 2,924,172 |  |  | $ | 1,960,089 |  |  | $ | 1,723,492 |  |  | $ | 14,366,853 |
Deferred Income (Oceanica Call Option) |  |  | 67,241 |  |  |  | 173,659 |  |  |  | 75,828 |  |  |  | 39,911 |  |  |  | 26,509 |  |  |  | 383,148 |
Proceeds |  | $ | 2,000,000 |  |  | $ | 6,000,000 |  |  | $ | 3,000,000 |  |  | $ | 2,000,000 |  |  | $ | 1,750,0001 |  |  | $ | 14,750,001 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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