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INVESTMENTS – RELATED PARTIES (Tables) | 12 Months Ended
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Dec. 31, 2021
Investments Related Parties |
Investments in Alzamend and Ault & Company at December 31, 2021 and 2020, were comprised of the following: | Investments in Alzamend and Ault & Company at December 31, 2021 and 2020, were comprised of the following: Investment in Promissory Notes, Related Parties
|  | Interest |  |  | Due |  | December 31, |  |  | December 31, |
|  | Rate |  |  | Date |  | 2021 |  |  | 2020 |
Short-term advance in Alzamend |  |  |  |  |  |  | $ | - |  |  | $ | 750,000 |
Investment in convertible promissory note of Alzamend |  |  |  |  |  |  |  | - |  |  |  | 50,000 |
Investment in promissory note of Ault & Company |  | 8% |  |  | December 31, 2022 |  |  | 2,500,000 |  |  |  | - |
Accrued interest receivable Ault & Company and Alzamend |  |  |  |  |  |  |  | 169,000 |  |  |  | 1,000 |
Other |  |  |  |  |  |  |  | 173,000 |  |  |  | 203,000 |
Total investment in promissory notes, related parties – gross |  |  |  |  |  |  |  | 2,842,000 |  |  |  | 1,004,000 |
Less: original issue discount |  |  |  |  |  |  |  | - |  |  |  | (4,000 | )
Total investment in promissory notes, related parties |  |  |  |  |  |  | $ | 2,842,000 |  |  | $ | 1,000,000 |
Investment in Common Stock and Warrants, Related Parties
|  | Weighted Avg. |  |  |  |  |  |  |
|  | Remaining |  |  | December 31, |  |  | December 31, |
|  | Contractual Term |  |  | 2021 |  |  | 2020 |
Investment in warrants of Alzamend |  | 4.4 years |  |  | $ | - |  |  | $ | 11,000 |
Investment in common stock and options of Alzamend |  |  |  |  |  | 13,230,000 |  |  |  | 642,000 |
Total investment in common stock, options, and warrants of Alzamend |  |  |  |  | $ | 13,230,000 |  |  | $ | 653,000 |
The following table summarizes the changes in the Company’s investments in Alzamend and Ault & Company during the years ended December 31, 2021 and 2020: | The following table summarizes the changes in the Company’s investments in Alzamend and Ault & Company during the years ended December 31, 2021 and 2020:
|  | Investment in warrants and common stock of ALZN |  |  | Investment in promissory notes and advances of ALZN and Ault & Company and Other |  |  | Total investment in ALZN and Ault & Company, net and Other |
Balance at January 1, 2020 |  | $ | 559,000 |  |  | $ | 233,000 |  |  | $ | 792,000 |
Investment in convertible promissory note of Alzamend |  |  | - |  |  |  | 38,000 |  |  |  | 38,000 |
Investment in common stock of Alzamend |  |  | 44,000 |  |  |  | - |  |  |  | 44,000 |
Investment in warrants of Alzamend |  |  | 12,000 |  |  |  | - |  |  |  | 12,000 |
Short term advance in Alzamend |  |  | - |  |  |  | 750,000 |  |  |  | 750,000 |
Unrealized gain in common stock of Alzamend |  |  | 38,000 |  |  |  | - |  |  |  | 38,000 |
Accretion of discount |  |  | - |  |  |  | 8,000 |  |  |  | 8,000 |
Amortization of related party investment |  |  | - |  |  |  | (30,000 | ) |  |  | (30,000 | )
Accrued interest |  |  | - |  |  |  | 1,000 |  |  |  | 1,000 |
Balance at January 1, 2021 |  |  | 653,000 |  |  |  | 1,000,000 |  |  |  | 1,653,000 |
Alzamend note and advances converted into common stock |  |  | - |  |  |  | (800,000 | ) |  |  | (800,000 | )
Investment in promissory note of Ault & Company |  |  | - |  |  |  | 2,500,000 |  |  |  | 2,500,000 |
Investment in common stock and options of Alzamend |  |  | 18,181,000 |  |  |  | - |  |  |  | 18,181,000 |
Unrealized loss in common stock of Alzamend |  |  | (5,604,000 | ) |  |  | - |  |  |  | (5,604,000 | )
Accretion of discount |  |  | - |  |  |  | 4,000 |  |  |  | 4,000 |
Amortization of related party investment |  |  | - |  |  |  | (30,000 | ) |  |  | (30,000 | )
Accrued interest |  |  | - |  |  |  | 168,000 |  |  |  | 168,000 |
Balance at December 31, 2021 |  | $ | 13,230,000 |  |  | $ | 2,842,000 |  |  | $ | 16,072,000 |
The following table summarizes the changes in the Company’s investments in Alzamend common stock during the year ended December 31, 2021: | The following table summarizes the changes in the Company’s investments in Alzamend common stock during the year ended December 31, 2021:
|  | Shares of |  |  | Per Share |  |  | Investment in |
|  | Common Stock |  |  | Price |  |  | Common Stock |
Balance at January 1, 2021 |  |  | 428,000 |  |  | $ | 1.50 |  |  | $ | 642,000 |
Purchase of shares from an Alzamend shareholder |  |  | 62,000 |  |  | $ | 0.81 |  |  |  | 50,000 |
March 9, 2021 securities purchase agreement* |  |  | 4,000,000 |  |  | $ | 1.50 |  |  |  | 6,000,000 |
Investment in Alzamend initial public offering |  |  | 2,000,000 |  |  | $ | 5.00 |  |  |  | 10,000,000 |
Open market purchases after initial public offering |  |  | 457,000 |  |  | $ | 4.67 |  |  |  | 2,132,000 |
Unrealized loss in common stock of Alzamend |  |  |  |  |  |  |  |  |  |  | (5,625,000 | )
Investment in Alzamend common stock |  |  | 6,947,000 |  |  | $ | 1.90 |  |  |  | 13,199,000 |
Investment in Alzamend options |  |  |  |  |  |  |  |  |  |  | 31,000 |
Balance at December 31, 2021 |  |  |  |  |  |  |  |  |  | $ | 13,230,000 |
| * | Pursuant to the March 9, 2021 securities purchase agreement, in aggregate, Alzamend agreed to sell up to 6,666,667 shares of its common stock to DP Lending for $10.0 million, or $1.50 per share, and issue to DP Lending warrants to acquire 3,333,334 shares of Alzamend common stock with an exercise price of $3.00 per share. As of December 31, 2021, DP Lending funded $6.0 million, including the conversion of notes and advances of $0.8 million, and the remaining $4.0 million will be funded upon Alzamend achieving certain milestones.

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