XML 66 R56.htm IDEA: XBRL DOCUMENT v3.22.2.2
DEBT (Details Narrative)
1 Months Ended 6 Months Ended 12 Months Ended
Mar. 03, 2022
USD ($)
Aug. 04, 2021
USD ($)
shares
Dec. 30, 2020
USD ($)
Aug. 04, 2020
USD ($)
Jul. 03, 2020
USD ($)
May 12, 2020
USD ($)
May 08, 2020
May 05, 2020
May 25, 2022
USD ($)
Jun. 30, 2021
Nov. 19, 2020
USD ($)
Jun. 24, 2020
May 18, 2020
Oct. 17, 2018
USD ($)
Jun. 30, 2022
USD ($)
shares
Jun. 30, 2022
CAD ($)
shares
Jun. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2019
USD ($)
Jul. 30, 2021
USD ($)
Oct. 29, 2020
USD ($)
$ / shares
shares
Nov. 16, 2015
USD ($)
Deemed dividend                 $ 8,189,515                          
Stock issued for debt obligation | shares                             2,506,127 2,506,127            
Accrued and unpaid interest                             $ 17,434              
Debt repayment during period                             50,000     $ 3,233        
Repayment of installment                             500,000              
Repayments of debt                             104,690     10,466        
Capitalized fees $ 200,000                                          
Debt instruments final payament     $ 1,800,000                       50,000              
Debt outstanding amount                             $ 57,974     64,347   $ 578,850    
Percentage of forgiveness                             50.00% 50.00%            
Forgiveness recorde as other income                             $ 177,450              
Loan received from related party           $ 366,900                 157,035     169,770 $ 2,500,000      
Decription of loan payment for interest           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                    
Convertible notes payable, principal amount                             $ 1,936,765              
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         Company entered into an agreement with a third-party lender in the principal amount of €320,000 ($335,008). The Note matures on June 16, 2027 and bears an annual interest of 3.89% plus levy of 0.60% plus the 3-month Euribor (when positive). Pursuant to the agreement, there is a twelve-month grace period for principal repayment during which interest is accrued. The principal is to be repaid in 17 equal quarterly installments of €18,824 commencing on June 30, 2023. Company entered into an agreement with a third-party lender in the principal amount of €320,000 ($335,008). The Note matures on June 16, 2027 and bears an annual interest of 3.89% plus levy of 0.60% plus the 3-month Euribor (when positive). Pursuant to the agreement, there is a twelve-month grace period for principal repayment during which interest is accrued. The principal is to be repaid in 17 equal quarterly installments of €18,824 commencing on June 30, 2023.            
Interest Rate                             10.00% 10.00%            
Gains on debt extinguishment                             $ (1,004,124)   $ (445,636)          
Debt outstanding amount                             335,008              
Accured interest                             618              
Notes payable long term                             $ 315,302              
Restricted shares | shares                             1,800,000 1,800,000            
Convertible notes payable, principal amount                             $ 619,256     381,062        
July 3, 2020 [Member] | Senior Promissory Notes [Member]                                            
Interest Rate                             18.00% 18.00%            
Debt outstanding amount         $ 5,000,000                                  
Accrued expenses                                   210,574        
Notes payable long term                                   5,000,000        
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            
Modification of May 18, 2020, July 3, 2020, and August 4, 2020 Senior Promissory Notes [Member]                                            
Modification agreement amount                             $ 9,000,000              
Restructuring fees                             506,087              
Fair value of debt                             7,706,369              
Gains on debt extinguishment                             787,544              
Debt principal payment                             2,000,000              
Non cash interest expenses                             290,431              
Debt outstanding amount                             5,996,800              
Accured interest                             $ 757,478              
Unaffiliated Third Party [Member] | Senior Promissory Notes [Member]                                            
Debt outstanding amount       $ 3,000,000                                    
Loans payable $ 4,000,000                                          
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.     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.            
Debt Exchange Agreement [Member]                                            
Repayments of debt                             $ 58,161     62,878        
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                      
Debt outstanding amount                     $ 611,500       407,128     503,022   565,900    
Accrued expenses                     $ 5,642       8,850     60,166     $ 8,514  
Notes payable long term                             290,806     377,270   477,637    
Shares issued | shares   321,300                                     259,741  
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                                        
Settlement of debt   1,606,500                                        
Gain from extinguishment of debt   $ 6,642                         $ 216,580              
Discount rate   11.66%                                        
Principal amount of existing loan                                         $ 1,000,000  
Fair value of price per share | $ / shares                                         $ 3.11  
Upon issuance of common stock | shares                             238,000 238,000            
Share issued price per share | $ / shares                                         $ 3.85  
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]                                            
Debt instrument maturity date                           Aug. 31, 2021                
Convertible notes payable, principal amount                                   56,805        
Notes payable                                   2,450,000        
Stated interest rate                           6.00%                
Debt instrument, extended maturity, month and year January 10, 2023                           January 10, 2023 January 10, 2023            
Debt split, balance                           $ 4,000,000       4,000,000        
Synthesis Facility Agreement [Member] | TFF [Member] | Principal Balance One [Member]                                            
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                
Loan Agreement [Member] | Panagiotis Drakopoulos [Member]                                            
Debt outstanding amount                             $ 8,375     9,054        
Accrued expenses                             6,865     7,151   $ 3,100    
Short term debt borrowing capacity                             3,829,235             $ 42,832
July 30, 2021 Debt Agreement [Member]                                            
Debt outstanding amount                             496,473              
Accured interest                             2,721              
Notes payable long term                             386,181              
Loan Facility [Member]                                            
Debt outstanding amount                             75,271       $ 2,000,000      
Accrued interest expense                             $ 17,244     $ 4,414        
Restricted shares | shares                             1,000,000 1,000,000            
Distribution And Equity Acquisition Agreement [Member] | Marathon Global Inc. [Member]                                            
Cash received upon gross sales                               $ 2,750,000            
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] | Sales One [Member]                                            
Cash received upon gross sales                               $ 2,750,000            
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