XML 64 R53.htm IDEA: XBRL DOCUMENT v3.21.2
DEBT (Details Narrative)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Aug. 04, 2021
USD ($)
shares
Feb. 05, 2021
USD ($)
shares
Aug. 04, 2020
USD ($)
May 12, 2020
USD ($)
May 08, 2020
USD ($)
May 05, 2020
USD ($)
Aug. 04, 2016
Jun. 30, 2021
USD ($)
Nov. 19, 2020
USD ($)
Jun. 24, 2020
USD ($)
May 18, 2020
USD ($)
Feb. 25, 2020
USD ($)
Oct. 17, 2018
USD ($)
Mar. 31, 2021
shares
Sep. 30, 2021
USD ($)
shares
Sep. 30, 2021
CAD ($)
shares
Sep. 30, 2020
USD ($)
Dec. 31, 2020
USD ($)
shares
Dec. 31, 2019
USD ($)
Dec. 20, 2018
Jan. 07, 2021
USD ($)
Oct. 29, 2020
USD ($)
$ / shares
shares
Jul. 03, 2020
USD ($)
Dec. 31, 2017
USD ($)
Nov. 16, 2015
USD ($)
Debt repayment during period                             $ 1,935                    
Loan received from related party       $ 337,110           $ 65,468         347,310     $ (807,795) $ 3,010,000            
Decription of loan payment for interest   the Company of 781,819 shares of common stock (the “Exchange Shares”), at the rate of $3.85 per share, in exchange for an aggregate of $3,010,000 principal amount of existing loans made by the Lender to the Company. The market price at the time this Agreement was negotiated was $3.28 per share   The loan will be repaid in 40 equal monthly instalments beginning on January 1, 2022 and bears an interest rate of 0.94% per annum           the Company received a loan £50,000 ($61,845) from the United Kingdom 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                              
Common stock exchange shares | shares   781,819                                              
Gain on debt extinguisment   $ 445,636                                              
Unpaid interest   $ 563,613                                              
Accrued expenses                                 $ 193,760                
Loans payable                             390,000     0              
Accrued interest expense                                 $ 228,556                
Restricted shares | shares                           1,800,000                      
Convertible notes payable, principal amount                             $ 785,794     $ 952,027     $ 100,000        
Common stock shares issued | shares                             17,322,628     15,716,619              
Distribution and Equity Acquisition Agreement [Member] | Marathon Global Inc [Member] | Gross Sales [Member]                                                  
Cash received upon gross sales                               $ 2,750,000                  
Gross sales                               $ 13,000,000                  
Equity interest acquired description                             a 33 1/3% equity interest or 5 million shares in Marathon as partial consideration for the Company’s distribution services a 33 1/3% equity interest or 5 million shares in Marathon as partial consideration for the Company’s distribution services                  
Upfront cash received                               $ 2,000,000                  
Agreement term                             5 years 5 years                  
Distribution and Equity Acquisition Agreement [Member] | Marathon Global Inc [Member]                                                  
Equity interest acquired description                             a 33 1/3% equity interest or 5 million shares in Marathon as partial consideration for the Company’s distribution services a 33 1/3% equity interest or 5 million shares in Marathon as partial consideration for the Company’s distribution services                  
Upfront cash received                               $ 2,000,000                  
Agreement term                             5 years 5 years                  
Distribution and Equity Acquisition Agreement [Member] | Marathon Global Inc [Member] | Gross Sales One [Member]                                                  
Cash received upon gross sales                               $ 2,750,000                  
Gross sales                               $ 6,500,000                  
Synthesis facility agreement [Member] | TFF [Member]                                                  
Debt outstanding amount                         $ 5,629,555                        
Accrued expenses                         $ 524,094   $ 10,993                    
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 2 [Member]                                                  
Accrued expenses                             402     $ 16,185              
Notes payable long term                             2,083,860     2,384,850              
Maturity date                         Aug. 31, 2021                        
Convertible notes payable, principal amount                             2,315,400     2,446,000              
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   the Company had accrued $11,250 and $26,231 respectively, in interest expense related to these agreements. the Company had accrued $11,250 and $26,231 respectively, in interest expense related to these agreements.                  
Repayment of debt, periodic payments                         $ 150,000                        
Frequency of periodic payments                         quarterly                    
Debt Exchange Agreement [Member]                                                  
Debt outstanding amount                 $ 611,500           $ 546,692             $ 2,000,000      
Accrued expenses                             8,856             8,514      
Notes payable long term                 543,557           418,062                    
Repayment of debt                             32,158                    
Convertible notes payable, principal amount $ 1,606,500               $ 611,500           2,000,000     2,000,000       $ 1,000,000      
Common stock shares issued | shares 321,300                                         259,741      
Repayment of debt, accrued interest                             5,642                    
Gain on settlement of debt upon shares issuance $ 292,383                                         $ 192,205      
Common stock shares issuable upon listing on nasdaq | shares 238,000                                                
Settlement of debt, shares issuable upon listing on nasdaq $ 1,190,000                                                
Gain from extinguishment of debt $ 48,189                                                
Prepaid interest expense                             129,072                    
Agreement description                 The note matures on November 18, 2025 and bears an annual interest rate, based on a 360-day year, of 3.3% plus .6% plus 6-month Euribor when Euribor is positive. Pursuant to the terms of the agreement, there is a six-month grievance from the first deposit date, which was November 19, 2020, for principal repayment. The principal is to be repaid in 18 quarterly installments of €27,000 with the first payment due 9 months from the first deposit                                
Share issued price per share | $ / shares                                           $ 3.85      
June 30, 2021 Debt Agreement [Member]                                                  
Debt outstanding amount               $ 578,850             578,850                    
Accrued expenses                             3,167                    
Notes payable long term                             518,924                    
Agreement description               The note matures on August 5, 2026 and bears an annual interest rate that applies to 60% of the principal of the note that is based on a 365-day year, of 5.84% plus 3-month Euribor when Euribor is positive. Pursuant to the terms of the agreement, there is a six-month grace period for principal repayment during which interest is accrued. The principal is to be repaid in 18 quarterly installments of €27,000 commencing three months from the end of the grace period                                  
July 3, 2020 [Member] | Senior Promissory Notes [Member]                                                  
Debt outstanding amount                             $ 5,000,000     5,000,000         $ 5,000,000    
Interest rate                             18.00% 18.00%                  
Accrued expenses                             $ 151,427     146,685              
Maturity date                             Jun. 30, 2022 Jun. 30, 2022                  
October 23, 2019 [Member] | Senior Promissory Notes [Member]                                                  
Maturity date                             Oct. 23, 2020 Oct. 23, 2020                  
Interest rate                             15.00% 15.00%                  
August 4, 2020 [Member] | Senior Promissory Notes [Member]                                                  
Interest rate                             18.00% 18.00%                  
Convertible notes payable, principal amount                             $ 3,000,000                    
On April 18, 2018 [Member]                                                  
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                  
Loan Facility [Member]                                                  
Debt outstanding amount                             $ 1,263,107     3,302,100              
Notes payable long term                             2,582,864     2,843,475              
Convertible debt, accrued interest                             22,518                    
Accrued interest expense                             $ 0     33,021              
Description of loan repayement                             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 of $168,732, or an aggregate of $3,997,362 was written off and the new debt was recorded at fair value in the amount of $3,033,990 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 of $168,732, or an aggregate of $3,997,362 was written off and the new debt was recorded at fair value in the amount of $3,033,990                  
Repayment of debt                             $ 266,271                    
Restricted shares | shares                             1,000,000 1,000,000                  
Bridge Loans [Member]                                                  
Gain on debt extinguisment                                     0            
Marathon [Member]                                                  
Cash received                                     $ 2,000,000            
Grigorios Siokas [Member]                                                  
Interest rate                                       4.70%          
Maturity date                                       Mar. 18, 2019          
Grigorios Siokas [Member] | Senior Promissory Note [Member] | February Note [Member]                                                  
Debt outstanding amount                       $ 1,000,000                          
Interest rate                       18.00%                          
Panagiotis Drakopoulos [Member] | Loan Agreement [Member]                                                  
Debt outstanding amount                             $ 9,784                   $ 9,478
Short term debt borrowing capacity                                                 42,832
Accrued expenses                             $ 7,168                   $ 5,852
Unaffiliated Third Party [Member] | Senior Promissory Notes [Member]                                                  
Debt outstanding amount     $ 3,000,000   $ 2,000,000 $ 2,000,000         $ 2,000,000             $ 2,000,000              
Loans payable         $ 3,000,000 $ 1,000,000                                      
Description of loan repayment     The August 4 Note bears interest at the rate of eighteen (18%) percent per annum, paid quarterly in arrears. The August 4 Note matured on December 31, 2020 unless in default   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. The May 5 Note bears interest at the rate of eighteen (18%) percent per annum, paid quarterly in arrears. The May 5 Note matured on December 31, 2020.         The May 18 Note bears interest at the rate of eighteen (18%) percent per annum, paid quarterly in arrears. The May 18 Note matured on December 31, 2020. The note is not in default and the Company is currently in negotiations with the lender to extend the maturity date       the CAD $2 million cash received noted in (b) above, the Company accounted for its obligation to issue a variable number of the Company’s Common Shares as Share-settled debt obligation in accordance with ASC 480 measured at fair value or the settlement amount of $1,554,590 (CAD $2 million). If settlement were to occur on December 31, 2019, the Company would be required to issue 337,949 common shares to settle its debt obligation. The Company could be obligated to potentially issue an unlimited number of common shares to settle its Share-settled debt obligation. If such events were to occur, the Company would be required to increase its authorized share capital and since increasing the authorized share capital is within the control of the Company, as our CEO controls greater than 50% of the outstanding common stock of the Company, the original classification of equity-classified financial None of the above loans were made by any related parties the CAD $2 million cash received noted in (b) above, the Company accounted for its obligation to issue a variable number of the Company’s Common Shares as Share-settled debt obligation in accordance with ASC 480 measured at fair value or the settlement amount of $1,554,590 (CAD $2 million). If settlement were to occur on December 31, 2019, the Company would be required to issue 337,949 common shares to settle its debt obligation. The Company could be obligated to potentially issue an unlimited number of common shares to settle its Share-settled debt obligation. If such events were to occur, the Company would be required to increase its authorized share capital and since increasing the authorized share capital is within the control of the Company, as our CEO controls greater than 50% of the outstanding common stock of the Company, the original classification of equity-classified financial None of the above loans were made by any related parties                  
SkyPharm [Member] | Loan Facility [Member]                                                  
Interest rate             10.00%                                    
Description for the repayment             No prepayment is permitted pursuant to the terms of the Loan Facility. The Synthesis Facility Agreement as amended is secured by a personal guaranty of Grigorios Siokas, which is secured by a pledge of 1,000,000 shares of common stock of the Company owned by Mr. Siokas.                                    
SkyPharm [Member] | Second amendment to loan facility agreement [Member]                                                  
Short term debt borrowing capacity                                               $ 70,000