XML 77 R64.htm IDEA: XBRL DOCUMENT v3.22.2.2
DEBT (Details Narrative)
 1 Months Ended 3 Months Ended 12 Months Ended
Aug. 04, 2021
USD ($)
shares
Feb. 05, 2021
USD ($)
$ / shares
shares
Dec. 30, 2020
USD ($)
Aug. 04, 2020
USD ($)
Jul. 03, 2020
USD ($)
May 12, 2020
USD ($)
May 08, 2020
USD ($)
May 05, 2020
USD ($)
Jun. 30, 2021
Nov. 19, 2020
USD ($)
Jun. 24, 2020
May 18, 2020
USD ($)
Feb. 25, 2020
USD ($)
Oct. 17, 2018
USD ($)
Mar. 31, 2021
shares
Dec. 31, 2021
USD ($)
shares
Dec. 31, 2021
CAD ($)
shares
Dec. 31, 2020
USD ($)
shares
Dec. 31, 2019
USD ($)
Dec. 20, 2018
Dec. 08, 2021
$ / shares
Jul. 30, 2021
USD ($)
Jul. 19, 2021
$ / shares
Jul. 13, 2021
$ / shares
Jun. 23, 2021
$ / shares
Jan. 07, 2021
USD ($)
Oct. 29, 2020
USD ($)
$ / shares
shares
Nov. 16, 2015
USD ($)
Accrued and unpaid interest                               $ 563,613                        
Debt repayment during period                               3,233                        
Debt instrument carrying amount                               2,564,363                        
Repayments of debt                               56,508                        
Debt instruments final payament     $ 1,800,000                                                  
Senior promissory notes to unaffiliated third party                                   $ 510,000                    
Debt outstanding amount                               $ 64,347   3,010,000       $ 578,850            
Percentage of forgiveness                               50.00% 50.00%                      
Forgiveness recorde as other income                               $ 177,450                        
Loan received from related party           $ 366,900                   169,770     $ 2,500,000                  
Decription of loan payment for interest   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 installments beginning on January 1, 2022 and bears an interest rate of 0.94% per annum         the Company received a loan £50,000 ($68,310) 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                                                    
Accrued expenses                               3,100                        
Notes payable long term                               477,637                        
Accrued interest expense                                   527,604                    
Convertible notes payable, principal amount                               5,462,504   12,042,712               $ 100,000    
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                                      
Loans payable                               1,000,000   0                    
Gain on debt extinguishment                               $ (606,667)   $ (942,029)                    
Restricted shares | shares                             1,800,000                          
Shares issued | shares                               17,544,509   13,485,128                    
Grigorios Siokas [Member]                                                        
Interest Rate                                       4.70%                
Debt instrument maturity date                                       Mar. 18, 2019                
Notes payable                               $ 452,720   $ 489,200                    
Unaffiliated Third Party [Member] | Senior Promissory Notes [Member]                                                        
Debt outstanding amount       $ 3,000,000     $ 2,000,000 $ 2,000,000       $ 2,000,000                                
Debt instrument maturity date             Jun. 08, 2020 Dec. 31, 2020       Dec. 31, 2020                                
Interest rate             18.00% 18.00%       18.00%                                
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. On February 23, 2022, the Company entered into an allonge with the lender extending the maturity date to June 30, 2023     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. On February 23, 2022, the Company entered into an allonge with the lender extending the maturity date to June 30, 2023       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, 2021, the Company would be required to issue 431,270 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 instruments issued by the Company were not affected. 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, 2021, the Company would be required to issue 431,270 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 instruments issued by the Company were not affected.                      
July 3, 2020 [Member] | Senior Promissory Notes [Member]                                                        
Debt outstanding amount         $ 5,000,000                                              
Accrued expenses                               $ 210,574   148,685                    
Notes payable long term                               $ 5,000,000   5,000,000                    
Interest Rate                               18.00% 18.00%                      
Debt instrument maturity date                               Jun. 30, 2022 Jun. 30, 2022                      
Repayment of may five note         2,000,000                                              
Repayment of may eight note         2,000,000                                              
Repayment of february note         $ 1,000,000                                              
August 4, 2020 [Member] | Senior Promissory Notes [Member]                                                        
Debt instrument maturity date                               Dec. 31, 2020 Dec. 31, 2020                      
Interest rate                               18.00% 18.00%                      
Loan Facility [Member]                                                        
Debt outstanding amount                               $ 1,299,784   3,302,100                    
Notes payable long term                                   2,843,475                    
Accrued interest expense                               $ 4,414   33,021                    
Gain (loss) on extinguishment of debt, principal and accrued interest                                   12,066                    
Gain on debt extinguishment                                   749,824                    
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 $3,772,446 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. 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 $3,772,446 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.                      
Restricted shares | shares                               1,000,000 1,000,000                      
Senior Promissory Note [Member] | February Note [Member] | Grigorios Siokas [Member]                                                        
Debt outstanding amount                         $ 1,000,000                              
Interest Rate                         18.00%                              
Debt instrument maturity date                         Apr. 30, 2020                              
Debt Exchange Agreement [Member]                                                        
Repayments of debt                               $ 62,878                        
Debt outstanding amount                   $ 611,500           503,022   611,500                    
Accrued expenses                               60,166                     $ 8,514  
Notes payable long term                               377,270   543,557                    
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                                    
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 $ 6,642                                                      
Discount rate 11.66%                                                      
Principal amount of existing loan                                                     $ 1,000,000  
Fair value of price per share | $ / shares                                                     $ 3.11  
Share issued price per share | $ / shares                                                     $ 3.85  
Loan Agreement [Member] | Panagiotis Drakopoulos [Member]                                                        
Repayments of debt                                   5,862                    
Debt outstanding amount                               9,054   9,784                    
Accrued expenses                               7,151   5,852                    
Short term debt borrowing capacity                                                       $ 42,832
Synthesis facility agreement [Member] | TFF [Member]                                                        
Debt outstanding amount                           $ 5,629,555                            
Accrued expenses                           $ 524,094                            
Synthesis facility agreement [Member] | TFF [Member] | Principal balance 2 [Member]                                                        
Accrued expenses                               402   16,185                    
Notes payable long term                                   2,384,850                    
Accrued interest expense                               104,220                        
Convertible notes payable, principal amount                                   2,446,000                    
Debt instrument maturity date                           Aug. 31, 2021                            
Notes payable                               $ 2,450,000                        
Stated interest rate                           6.00%                            
Debt instrument, extended maturity, month and year                               January 2023 January 2023                      
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                            
Frequency of periodic payments                           quarterly                            
Synthesis facility agreement [Member] | TFF [Member] | Principal Balance One [Member]                                                        
Accrued interest expense                               $ 10,466                        
Debt instrument, transferred amount     $ 2,000,000                                                  
Debt instrument, accrue interest rate     5.50%                                                  
Debt instruments periodic payment     $ 50,000                                                  
Debt intrument split, principal balance                           $ 2,000,000                            
Chief Executive Officer [Member] | Debt Exchange Agreement [Member]                                                        
Share issued price per share | $ / shares   $ 3.28                                     $ 3.44   $ 4.30 $ 4.03 $ 5.00      
Distribution and Equity Acquisition Agreement [Member] | Marathon Global Inc [Member]                                                        
Upfront cash received                                 $ 2,000,000                      
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                      
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                      
Distribution and Equity Acquisition Agreement [Member] | Marathon Global Inc [Member] | Gross Sales [Member]                                                        
Cash received upon gross sales                                 2,750,000                      
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                      
Upfront cash received                                 $ 2,000,000