XML 62 R50.htm IDEA: XBRL DOCUMENT v3.20.2
DEBT (Details Narrative)
1 Months Ended 9 Months Ended 12 Months Ended
May 12, 2020
USD ($)
May 08, 2020
USD ($)
May 05, 2020
USD ($)
Dec. 06, 2019
USD ($)
May 12, 2018
USD ($)
May 12, 2017
USD ($)
May 05, 2017
USD ($)
Apr. 10, 2017
USD ($)
Mar. 16, 2017
USD ($)
Aug. 04, 2016
USD ($)
May 18, 2020
USD ($)
Apr. 23, 2020
USD ($)
Mar. 23, 2020
USD ($)
Feb. 27, 2020
USD ($)
Feb. 25, 2020
USD ($)
Jan. 27, 2020
Oct. 17, 2018
USD ($)
May 31, 2018
USD ($)
Mar. 23, 2017
USD ($)
shares
Mar. 20, 2017
USD ($)
Nov. 16, 2015
USD ($)
Sep. 30, 2020
USD ($)
shares
Sep. 30, 2020
CAD ($)
shares
Dec. 31, 2019
USD ($)
Dec. 20, 2018
Sep. 30, 2020
EUR (€)
Jul. 03, 2020
USD ($)
Mar. 31, 2018
USD ($)
Nov. 16, 2017
USD ($)
Jan. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Nov. 30, 2016
USD ($)
Oct. 31, 2016
USD ($)
Sep. 30, 2016
USD ($)
Sep. 13, 2016
USD ($)
Debt outstanding amount                                           $ 4,253,439   $ 2,750,992                      
Interest rate                                           4.35% 4.35% 4.35%                      
Convertible notes payable, principal amount                                           $ 1,087,000                          
Gain on extingushment of debt                                           $ (54,327)   $ 0                      
Distribution and Equity Acquisition Agreement [Member] | Marathon Global Inc [Member] | Gross Sales One [Member]                                                                      
Cash received upon gross sales                                             $ 2,750,000                        
Gross sales                                             13,000,000                        
Distribution and Equity Acquisition Agreement [Member] | Marathon Global Inc [Member] | Gross Sales [Member]                                                                      
Cash received upon gross sales                                             2,750,000                        
Gross sales                                             $ 6,500,000                        
Trade Facility [Member]                                                                      
Payment of interest and principal                                   $ 1,123,600                                  
TFF [Member]                                                                      
Short term debt borrowing capacity | €                                                   € 15,000,000                  
Libor rate description                                           all lending in U.S. dollars is the one-month LIBOR plus six (6%) percent margin; and (ii) for all lending in Euro, the one-month Euribor Rate plus six (6%) percent per annum, commencing June 1, 2018. all lending in U.S. dollars is the one-month LIBOR plus six (6%) percent margin; and (ii) for all lending in Euro, the one-month Euribor Rate plus six (6%) percent per annum, commencing June 1, 2018.                        
CEO [Member]                                                                      
Percentage of wholly-owned subsidiary shares                                               51.00%                      
Synthesis facility agreement [Member] | TFF [Member]                                                                      
Debt outstanding amount                                 $ 5,629,555                                    
Accrued expenses                                 $ 524,094                                    
Description for amendment to agreement under ASU 470-50                                 The Company evaluated the amended agreement under ASC 470-50 and concluded that it did not meet the 10% cash flow test and recorded debt modification expense of $138,110.                                    
Debt modification expense                                 $ 138,110                                    
Synthesis facility agreement [Member] | TFF [Member] | Principal balance 1 [Member]                                                                      
Accrued expenses                                           $ 11,819   $ 10,000                      
Debt split, balance                                 $ 2,000,000         2,344,600   2,245,400                      
Synthesis facility agreement [Member] | TFF [Member] | Principal balance 2 [Member]                                                                      
Maturity date                                 Aug. 31, 2021                                    
Accrued expenses                                           1,563   12,661                      
Debt split, balance                                 $ 4,000,000         4,000,000   4,000,000                      
Interest rate description                                 6% per annum plus one-month Libor on the USD balance                                    
Repayment of debt, periodic payments                                 $ 150,000                                    
Frequency of periodic payments                                 Quarterly                                    
Government Loan [Member]                                                                      
COVID Loan description On June 24, 2020 the Company received a loan £50,000 ($61,845) from the Greek government. The loan has a six-year maturity and bears interest at a rate of 2.5% per annum beginning 12-months after the initial disbursement. The Company may prepay this loan without penalty at any time.                                                                    
Proceed from loan $ 337,110                                                                    
Rate of interest 0.94%                                                                    
July 24, 2019 [Member] | Senior Promissory Notes [Member]                                                                      
Debt outstanding amount                                           750,000                          
Accured interest expense                                           $ 134,079   49,625                      
Maturity date                                           Jul. 24, 2020 Jul. 24, 2020                        
Interest rate                                           15.00% 15.00%                        
Due to related party                                           $ 750,000   750,000                      
Convertible notes payable, principal amount                                           $ 750,000                          
August 1, 2019 [Member] | Senior Promissory Notes [Member]                                                                      
Maturity date                                           Aug. 01, 2020 Aug. 01, 2020                        
Accrued expenses                                           $ 87,739   31,438                      
Loans payable                                           1,500,000                          
Convertible notes payable, principal amount                                           $ 500,000   500,000                      
Interest rate                                           15.00% 15.00%                        
October 23, 2019 [Member] | Senior Promissory Notes [Member]                                                                      
Debt outstanding amount                                           $ 250,000                          
Maturity date                                           Oct. 23, 2020 Oct. 23, 2020                        
Accrued expenses                                           $ 35,855   7,705                      
Loans payable                                           2,000,000                          
Convertible notes payable, principal amount                                           $ 250,000   250,000                      
Interest rate                                           15.00% 15.00%                        
August 4, 2020 [Member] | Senior Promissory Notes [Member]                                                                      
Debt outstanding amount                                           $ 3,000,000                          
Convertible notes payable, principal amount                                           $ 3,000,000                          
Interest rate                                           18.00% 18.00%                        
Prepaid interest                                           $ 37,352                          
On April 18, 2018 [Member]                                                                      
Maturity date                                           Dec. 31, 2021 Dec. 31, 2021                        
Gain on debt settlement                                           $ 23,354                          
Libor rate description                                           Additionally, the interest rate was amended such that the interest rate for all advances is 4% plus the 3-Month Libor rate Additionally, the interest rate was amended such that the interest rate for all advances is 4% plus the 3-Month Libor rate                        
July 3, 2020 [Member] | Senior Promissory Notes [Member]                                                                      
Debt outstanding amount   $ 2,000,000 $ 2,000,000                       $ 1,000,000             $ 5,000,000         $ 5,000,000                
Interest rate                                           18.00% 18.00%                        
Accrued expenses                                           $ 41,672                          
Loan Facility July 6, 2017 [Member]                                                                      
Fees forgiven related to advance                                           40,000                          
Bridge Loans [Member]                                                                      
Gain on extingushment of debt                                           (25,292)   0                      
Loan Facility [Member]                                                                      
Debt outstanding amount                                           3,083,149                          
Accrued interest expense                                           $ 47,059                          
Description of loan repayement                                           In accordance with the settlement agreement, interest will accrue from June 30, 2020 until repayment in full at a rate of 6% per annum for the first year and 5.25% per annum for the second year calculated on the balance outstanding from day to day during such period.Interest is due on the 10th day of each calendar month. If any amount, principal or interest is unpaid on its due date interest shall accrue from the due date until the date of its payment until the date of its payment in full at the rate of 7.25% per annum. The Company will make quarterly payments of €125,000 beginning May 6, 2021 with a final payment of €2,200,000 on May 6, 2022. The Company evaluated the settlement agreement for debt modification in accordance with ASC 470-50 and concluded that the debt qualified for debt extinguishment as the 10% cash flow test was met. As a result, the $3,828,630 of principal and accrued interest was written off and the new debt was recorded at fair value as of June 30, 2020 in the amount of $3,033,990. In accordance with the settlement agreement, interest will accrue from June 30, 2020 until repayment in full at a rate of 6% per annum for the first year and 5.25% per annum for the second year calculated on the balance outstanding from day to day during such period.Interest is due on the 10th day of each calendar month. If any amount, principal or interest is unpaid on its due date interest shall accrue from the due date until the date of its payment until the date of its payment in full at the rate of 7.25% per annum. The Company will make quarterly payments of €125,000 beginning May 6, 2021 with a final payment of €2,200,000 on May 6, 2022. The Company evaluated the settlement agreement for debt modification in accordance with ASC 470-50 and concluded that the debt qualified for debt extinguishment as the 10% cash flow test was met. As a result, the $3,828,630 of principal and accrued interest was written off and the new debt was recorded at fair value as of June 30, 2020 in the amount of $3,033,990.                        
Gain on extingushment of debt                                           $ (29,035)   0                      
Restricted shares | shares                                           1,000,000 1,000,000                        
Marathon [Member]                                                                      
Shares issued for settlement of debt | shares                                           444,876 444,876                        
Distribution and equity acquisition agreement, description                                           As consideration for its services, Company received: (a) a 33 1/3% equity interest or 5 million shares in Marathon as partial consideration for the Company’s distribution services; and (b) received cash of CAD $2,000,000, subject to repayment in Common Shares of the Company if it fails to meet certain performance milestones. The Company is entitled to receive an additional CAD $2,750,000 upon the Company’s receipt of gross sales of CAD $6,500,000 and an additional CAD $2,750,000 upon receipt of gross sales of CAD $13,000,000. As consideration for its services, Company received: (a) a 33 1/3% equity interest or 5 million shares in Marathon as partial consideration for the Company’s distribution services; and (b) received cash of CAD $2,000,000, subject to repayment in Common Shares of the Company if it fails to meet certain performance milestones. The Company is entitled to receive an additional CAD $2,750,000 upon the Company’s receipt of gross sales of CAD $6,500,000 and an additional CAD $2,750,000 upon receipt of gross sales of CAD $13,000,000.                        
Settlement amount                                           $ 1,554,590                          
Cash received                                               2,000,000                      
Grigorios Siokas [Member] | Senior Promissory Note [Member] | January 27, Note [Member]                                                                      
Debt outstanding amount                                           250,000                          
Description of new maturity date                               new maturity date for the note is now December 31, 2020.Additionally, the interest rate was changed to 10% per annum and the Company may now prepay the January Note at any time without penalty.                                      
Maturity date                               May 15, 2020                                      
Interest rate                               5.00%                 18.00%                    
Accrued expenses                                           13,047                          
Loans payable                                           2,500,000                          
Grigorios Siokas [Member] | Senior Promissory Note [Member] | February and March 2020 Notes [Member]                                                                      
Debt outstanding amount                         $ 35,000 $ 25,000               25,000                          
Accured interest expense                                           $ 2,665                          
Description of new maturity date                         new maturity date for the note is now December 31, 2020.Additionally, the interest rate was changed to 10% per annum and the Company may now prepay the January Note at any time without penalty. new maturity date for the note is now December 31, 2020.Additionally, the interest rate was changed to 10% per annum and the Company may now prepay the January Note at any time without penalty.                                          
Maturity date                         Dec. 31, 2020 Dec. 31, 2020                                          
Interest rate                                           5.00% 5.00%                        
Debt outstanding amount                                           $ 35,000                          
Grigorios Siokas [Member] | Senior Promissory Note [Member] | February Note [Member]                                                                      
Debt outstanding amount                             $ 1,000,000                                        
Maturity date                             Apr. 30, 2020         Apr. 20, 2017                              
Interest rate                             18.00%                                        
Unaffiliated Third Party [Member] | Senior Promissory Notes [Member]                                                                      
Debt outstanding amount   2,000,000 2,000,000               $ 2,000,000 $ 200,000                                              
Debt outstanding amount                     2,000,000 2,000,000                                              
Accrued expenses   54,247 57,205               $ 46,356                     2,339                          
Loans payable   $ 3,000,000 $ 1,000,000                 $ 2,750,000                                              
Description of loan repayment   The May 8 Note bears interest at the rate of eighteen (18%) percent per annum, paid quarterly in arrears. The May 8 Note matured on June 8, 2020 unless in default. The May 5 Note bears interest at the rate of eighteen (18%) percent per annum, paid quarterly in arrears. The May 5 Note matures on December 31, 2020 unless in default.               The May 18 Note bears interest at the rate of eighteen (18%) percent per annum, paid quarterly in arrears. The May 18 Note matures on December 31, 2020 unless in default. The April Note bears interest at the rate of five (5%) percent per annum through May 31, 2020 and then shall change to 1% per annum effective June 1, 2020 paid quarterly in arrears. The April Note matures on December 31, 2020 unless in default. The Company may prepay the April Note within the first six (6) months by payment of unpaid interest for the first six (6) months and, after six (6) months, with a two (2%) percent ($4,000) premium                                              
Unaffiliated Third Party [Member] | Senior Promissory Notes [Member] | December 6, 2019 [Member]                                                                      
Debt outstanding amount       $ 250,000                                   250,000   250,000                      
Accured interest expense                                           16,541   890                      
Description of new maturity date       new maturity date for the note is now December 31, 2020. Additionally, the interest rate changed to 10% per annum from March 31, 2020 through maturity and the Company may now prepay the December Note at any time without penalty                                                              
Maturity date       Mar. 31, 2020         Apr. 16, 2017                     Apr. 20, 2017                              
Interest rate       15.00%         10.00%                     10.00%                              
Short term debt borrowing capacity       $ 2,250,000         $ 50,000                     $ 120,220                              
Convertible notes payable, principal amount       $ 250,000                                   250,000   250,000                      
Unaffiliated Third Party [Member] | Senior Promissory Notes [Member] | April 1 to 3, 2019 [Member]                                                                      
Debt outstanding amount                                           250,000   250,000                      
Accured interest expense                                           $ 37,910   37,910                      
Maturity date                                           Apr. 03, 2020 Apr. 03, 2020                        
Interest rate                                           15.00% 15.00%                        
Accrued expenses                                           $ 9,452   28,098                      
Convertible notes payable, principal amount                                           250,000   250,000                      
Unaffiliated Third Party [Member] | Senior Promissory Notes [Member] | April 9, 2019 [Member]                                                                      
Debt outstanding amount                                           $ 250,000                          
Maturity date                                           Apr. 09, 2020 Apr. 09, 2020                        
Interest rate                                           15.00% 15.00%                        
Accrued expenses                                           $ 27,431   55,581                      
Convertible notes payable, principal amount                                           250,000   250,000                      
Due from related party                                           500,000                          
SkyPharm [Member] | Trade Facility [Member]                                                                      
Debt outstanding amount                                                       $ 5,369,678              
Short term debt borrowing capacity           $ 2,344,600                                                          
Description for the repayment           The total facility will be calculated as 95% of the agreed upon value of Decahedron’s receivables.                                                          
Term of credit facility           12 months                                                          
Credit facility origination fee, percentage           2.00%                                                          
Monthly credit fee, percentage           1.00%                                                          
Proceeds from debt         $ 247,117                                                            
SkyPharm [Member] | Trade Facility [Member] | Minimum [Member]                                                                      
Short term debt borrowing capacity                                                         $ 2,291,200            
SkyPharm [Member] | Trade Facility [Member] | Maximum [Member]                                                                      
Short term debt borrowing capacity                                                         $ 6,736,200            
SkyPharm [Member] | Bridge Loans [Member]                                                                      
Debt outstanding amount                                               106,542                      
Maturity date             Sep. 30, 2017                                                        
Interest rate             1.00%                                                        
Short term debt borrowing capacity             $ 34,745                                 50,000                      
Accrued expenses                                               27,627                      
SkyPharm [Member] | Second amendment to loan facility agreement [Member]                                                                      
Debt outstanding amount                                               3,078,442                      
Maturity date                                     Aug. 04, 2016                                
Interest rate                                     10.00%                                
Short term debt borrowing capacity                                     $ 2,664,960                     $ 155,516 $ 452,471 $ 250,000 $ 100,000 $ 174,000  
Accrued expenses                                               609,607                      
Description for the repayment                                     The amounts owed under the A&R Loan Facility were repayable upon the earlier of (i) seventy-five days following the demand of the Lender; or (ii) August 31, 2018                                
Common stock shares issuable upon conversion of debt/convertible securities | shares                                     1,000,000                                
SkyPharm [Member] | Loan Facility [Member]                                                                      
Interest rate                   10.00%                                                  
Short term debt borrowing capacity                   $ 1,292,769                                                  
Description for the repayment                   The amounts owed under the Loan Facility shall be repayable upon the earlier of (i) three months following the demand of the Lender; or (ii) August 31, 2018. No prepayment is permitted pursuant to the terms of the Loan Facility                                                  
SkyPharm [Member] | Amendment to loan facility agreement [Member]                                                                      
Debt outstanding amount                                                                     $ 240,251
Short term debt borrowing capacity                                                                     $ 1,533,020
SkyPharm [Member] | Decahedron [Member] | Trade Facility [Member]                                                                      
Short term debt borrowing capacity               $ 3,222,825                                                      
Description for the repayment               The total facility will be calculated as 95% of the agreed upon value of Decahedrons receivables                                                      
Term of credit facility               12 months                                                      
Credit facility origination fee, percentage               2.00%                                                      
Monthly credit fee, percentage               1.00%                                                      
Panagiotis Drakopoulos [Member] | Loan Agreement [Member]                                                                      
Debt outstanding amount                                           9,378   14,595                      
Maturity date                                         Nov. 15, 2016                            
Interest rate                                         6.00%                            
Short term debt borrowing capacity                                         $ 42,832                            
Accrued expenses                                           5,435   $ 4,677                      
Repayment of debt                                           $ 5,862