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INVESTMENTS – RELATED PARTIES (Tables) | 6 Months Ended
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Jun. 30, 2021
Investments Related Parties |
Investments in AVLP, Alzamend and Ault & Company at June 30, 2021 and December 31, 2020, are comprised of the following | Investments in AVLP, Alzamend and Ault & Company at June 30, 2021 and December 31, 2020, are comprised of the following: Investment in Promissory Notes, Related Parties
|  | Interest |  | Due |  | June 30, |  |  | December 31, |
|  | Rate |  | Date |  | 2021 |  |  | 2020 |
Investment in convertible promissory note of AVLP |  | 12% |  | December 31, 2023 |  | $ | 15,049,000 |  |  | $ | 11,269,000 |
Short-term advance in Alzamend |  |  |  |  |  |  | - |  |  |  | 750,000 |
Investment in convertible promissory note of Alzamend |  |  |  |  |  |  | - |  |  |  | 50,000 |
Investment in promissory note of Ault & Company |  | 8% |  | February 25, 2022 |  |  | 2,500,000 |  |  |  | - |
Accrued interest in promissory notes, related parties |  |  |  |  |  |  | 2,028,000 |  |  |  | 2,027,000 |
Total investment in promissory notes, related parties – gross |  |  |  |  |  |  | 19,577,000 |  |  |  | 14,096,000 |
Less: original issue discount |  |  |  |  |  |  | (2,240,000 | ) |  |  | (4,000 | )
Less: provision for loan losses |  |  |  |  |  |  | (3,424,000 | ) |  |  | (3,424,000 | )
Total investment in promissory notes, related parties |  |  |  |  |  | $ | 13,913,000 |  |  | $ | 10,668,000 |
Investment in Common Stock and Warrants, Related Parties
|  | Weighted Avg. |  |  |  |  |  |
|  | Remaining |  | June 30, |  |  | December 31, |
|  | Contractual Term |  | 2021 |  |  | 2020 |
Investment in warrants of AVLP |  | 2.9 years |  | $ | 4,303,000 |  |  | $ | 4,986,000 |
Investment in common stock of AVLP |  |  |  |  | 450,000 |  |  |  | 500,000 |
Investment in warrants of Alzamend |  | 4.7 years |  |  | 9,577,000 |  |  |  | 11,000 |
Investment in common stock of Alzamend |  |  |  |  | 46,025,000 |  |  |  | 642,000 |
Total investment in common stock and warrants, related parties |  |  |  | $ | 60,355,000 |  |  | $ | 6,139,000 |
The following table summarizes the changes in the Company’s investments in AVLP, Alzamend and Ault & Company during the six months ended June 30, 2021 | The following table summarizes the changes in the Company’s investments in AVLP, Alzamend and Ault & Company during the six months ended June 30, 2021:
|  |  |  |  | Investment in |  |  |  |
|  | Investment in |  |  | promissory notes |  |  | Total |
|  | warrants and |  |  | and advances |  |  | Investment in |
|  | common stock |  |  | of AVLP, |  |  | AVLP, Alzamend |
|  | of AVLP and |  |  | Alzamend and |  |  | and Ault & |
|  | Alzamend |  |  | Ault & Company |  |  | Company, net |
Balance at January 1, 2021 |  | $ | 6,139,000 |  |  | $ | 10,668,000 |  |  | $ | 16,807,000 |
Investment in convertible promissory notes of AVLP |  |  | — |  |  |  | 1,540,000 |  |  |  | 1,540,000 |
Investment in convertible promissory note of Alzamend |  |  | — |  |  |  | (50,000 | ) |  |  | (50,000 | )
Investment in promissory note of Ault & Company |  |  | — |  |  |  | 2,500,000 |  |  |  | 2,500,000 |
Investment in common stock of AVLP and Alzamend |  |  | 14,093,000 |  |  |  | — |  |  |  | 14,093,000 |
Investment in warrants of Alzamend |  |  | 954,000 |  |  |  | — |  |  |  | 954,000 |
Short-term advance in Alzamend |  |  | — |  |  |  | (750,000 | ) |  |  | (750,000 | )
Fair value of warrants issued by AVLP |  |  | 2,240,000 |  |  |  | — |  |  |  | 2,240,000 |
Unrealized loss in warrants of AVLP |  |  | (2,924,000 | ) |  |  | — |  |  |  | (2,924,000 | )
Unrealized gain in warrants of Alzamend |  |  | 8,612,000 |  |  |  | — |  |  |  | 8,612,000 |
Unrealized gain in common stock of AVLP and Alzamend |  |  | 31,241,000 |  |  |  | — |  |  |  | 31,241,000 |
Accretion of discount |  |  | — |  |  |  | 4,000 |  |  |  | 4,000 |
Accrued interest |  |  | — |  |  |  | 1,000 |  |  |  | 1,000 |
Balance at June 30, 2021 |  | $ | 60,355,000 |  |  | $ | 13,913,000 |  |  | $ | 74,268,000 |
The fair value of the Company’s holdings in the AVLP warrants was estimated using the Black-Scholes option-pricing method and the following assumptions | The fair value of the Company’s holdings in the AVLP warrants was estimated using the Black-Scholes option-pricing method and the following assumptions:
Exercise price |  | $0.50
Remaining contractual term (in years) |  | 1.18 — 5.0
Volatility |  | 68.7% — $112.1%
Weighted average risk free interest rate |  | 0.13% — 2.98%
Expected dividend yield |  | 0%
The following table summarizes the changes in the Company’s investments in Alzamend common stock during the six months ended June 30, 2021: | The following table summarizes the changes in the Company’s investments in Alzamend common stock during the six months ended June 30, 2021:
|  | Shares of |  |  | Per Share |  |  | Investment in |
|  | Common Stock |  |  | Price |  |  | Common Stock |
Balance at January 1, 2021 |  |  | 427,888 |  |  | $ | 1.50 |  |  | $ | 642,000 |
Purchase of shares from an Alzamend shareholder |  |  | 62,500 |  |  | $ | 0.80 |  |  |  | 50,000 |
March 9, 2021 securities purchase agreement |  |  | 2,666,667 |  |  | $ | 1.14 |  |  |  | 3,046,000 |
Investment in Alzamend initial public offering |  |  | 2,000,000 |  |  | $ | 5.00 |  |  |  | 10,000,000 |
Open market purchases after initial public offering |  |  | 109,000 |  |  | $ | 9.14 |  |  |  | 996,000 |
Unrealized gain in common stock of Alzamend |  |  |  |  |  |  |  |  |  |  | 31,291,000 |
Balance at June 30, 2021 |  |  | 5,266,055 |  |  | $ | 8.74 |  |  | $ | 46,025,000 |
Alzamend warrants was estimated using the Black-Scholes option-pricing method and the following assumptions: | The fair value of the Company’s holdings in the 1,350,000 Alzamend warrants was estimated using the Black-Scholes option-pricing method and the following assumptions:
Exercise price |  |  | $3.00 |
Remaining contractual term (in years) |  |  | 4.17 — 4.690 |
Volatility |  |  | 85.01% |
Weighted average risk free interest rate |  |  | 0.665% — 0.768% |
Expected dividend yield |  |  | 0% |

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