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Loans Payable (Tables)
 9 Months Ended
Sep. 30, 2020
Schedule of Consolidated Notes Payable
The Company’s consolidated notes payable consisted of the following carrying values at:
 
   
September 30,

2020
   
December 31,
2019
 
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
   1,099,366    1,099,366 
Note 8 – Promissory note
   1,352,006    1,210,537 
Note 9 – Litigation financing
   7,969,137    2,957,097 
Note 10 – 37North
   960,800    861,485 
Note 11 – Payroll Protection Program
   370,400    —   
Note 12 – Emergency Injury Disaster Loan
   149,900    —   
  
 
 
   
 
 
 
  $  40,176,610   $ 34,403,486 
  
 
 
   
 
 
 
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