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Loans Payable (Tables)
 3 Months Ended
Mar. 31, 2021
Schedule of Consolidated Notes Payable
The Company’s consolidated notes payable consisted of the following carrying values at:
 
   
March 31, 2021
   
December 31, 2020
 
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 
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
   1,150,180    1,245,863 
Note 9 – Litigation financing
   11,625,729    10,968,729 
Note 10 – Payroll Protection Program
   370,400    370,400 
Note 11 – Emergency Injury Disaster Loan
   149,900    149,900 
Note 12 – Vendor note payable
   484,009    484,009 
   
 
 
   
 
 
 
   $42,154,585   $42,593,268 
   
 
 
   
 
 
 
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