XML 68 R56.htm IDEA: XBRL DOCUMENT v3.21.2
Loans Payable - Note 7 - Monaco 2018 - Additional Information (Detail) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Jan. 31, 2021
Dec. 31, 2020
Mar. 31, 2018
Oct. 01, 2016
Debt Instrument [Line Items]                
Aggregate amount issuable               $ 3,000,000.0
Note 7 - Monaco 2018 [Member]                
Debt Instrument [Line Items]                
Loan amount borrowed             $ 1,000,000.0  
Interest rate, stated percentage 10.00%   10.00%          
Agreement description     During the period ended March 31, 2018, Monaco advanced us $1.0 million that was included in a loan agreement that was executed on April 20, 2018. Monaco also agreed to treat $99,366 of back rent owed by us to Monaco as part of this loan resulting in an aggregate principal amount of $1,099,366 at June 30, 2021 and December 31, 2020. The indebtedness bears interest at 10.0% percent per year. During January 2021, this loan agreement was amended by increasing the interest rate to 18%, effective January 1, 2021. All principal and any unpaid interest are payable on the first anniversary of this agreement, April 20, 2019. This debt is secured by cash proceeds, if any, from our future shipwreck projects we have contracted with Magellan. As additional consideration, their share purchase option expiration date, as discussed in Note 1 – Monaco 2014 and Note 2 – Monaco 2016 above, has been extended from 30 days to seven months after the note becomes paid in full. For the three months ended June 30, 2021 and 2020, interest expense in the amount of $68,583 and $35,018, respectively, was recorded. For the six months ended June 30, 2021 and 2020 interest expense in the amount of $133,476 and $67,794, respectively, was recorded.          
Back rent considered as part of loan             $ 99,366,000,000  
Aggregate amount issuable $ 1,099,366   $ 1,099,366     $ 1,099,366    
Accrued interest $ 68,583 $ 35,018 $ 133,476 $ 67,794        
Interest rate, increased percentage         18.00%