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Loans Payable (Tables) | 9 Months Ended
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Sep. 30, 2021
Schedule of Consolidated Notes Payable | The Company’s consolidated notes payable consisted of the following carrying values at:
|  | September 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 |  |  | — |  |  |  | 1,245,863 |
Note 9 – Litigation financing |  |  | 15,665,532 |  |  |  | 10,968,729 |
Note 10 – Payroll Protection Program |  |  | — |  |  |  | 370,400 |
Note 11 – Emergency Injury Disaster Loan |  |  | 149,900 |  |  |  | 149,900 |
Note 12 – Vendor note payable |  |  | 484,009 |  |  |  | 484,009 |
|  | $ | 44,673,808 |  |  | $ | 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 |  |  | $ | 1,750,001 |  |  | $ | 14,750,001 |

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