XML 49 R31.htm IDEA: XBRL DOCUMENT v3.21.1
Loans Payable (Tables)
 12 Months Ended
Dec. 31, 2020
Schedule of Consolidated Notes Payable
The Company’s consolidated notes payable consisted of the following:
 
   
December 31,

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
   1,099,367    1,099,367 
Note 8 – Promissory note
   1,245,862    1,210,537 
Note 9 – Litigation financing
   10,968,729    2,957,097 
Note 10 – 37North
   —      861,484 
Note 11 – Payroll Protection Program
   370,400    —   
Note 12 – EIDL
   149,900    —   
   
 
 
   
 
 
 
   $42,109,259   $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