XML 38 R26.htm IDEA: XBRL DOCUMENT v3.21.2
Loans Payable (Tables)
 6 Months Ended
Jun. 30, 2021
Schedule of Consolidated Notes Payable
The Company’s consolidated notes payable consisted of the following carrying values at:
 
    
June 30,
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
      1,060,864        1,245,863  
Note 9 – Litigation financing
      13,493,055        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  
    
 
 
     
 
 
  
     $
 
 43,932,595      $
 
 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
rat
e 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