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ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended
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Dec. 31, 2021
Payables and Accruals [Abstract] |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 21. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Other current liabilities at December 31, 2021 and 2020 consisted of: Schedule of other current liabilities
|  | December 31, |
|  | 2021 |  |  | 2020 |
Accounts payable |  | $ | 6,902,000 |  |  | $ | 7,043,000 |
Accrued payroll and payroll taxes |  |  | 5,027,000 |  |  |  | 1,412,000 |
Financial instruments |  |  | 4,249,000 |  |  |  | 4,192,000 |
Accrued legal |  |  | 2,637,000 |  |  |  | 1,777,000 |
Other accrued expenses |  |  | 3,887,000 |  |  |  | 2,590,000 |
total |  |  | $22,702,000 |  |  |  | $17,014,000 |
Financial Instruments Under authoritative guidance used by the FASB on determining whether an instrument (or embedded feature) is indexed to an entity’s own stock, instruments that do not have fixed settlement provisions are deemed to be derivative instruments. In prior years, the Company granted certain warrants that resulted in these warrants being accounted for as a financial instrument in accordance with ASC 815 and being re-measured every reporting period with the change in value reported in the statement of operations. The financial instruments were valued using a variety of pricing models with the following valuation assumptions: Schedule of Financial Instrument
|  | December 31, 2021 |  |  | December 31, 2020 |
Stock price |  | $ | 2.50 |  |  | $ | 2.28 |
Exercise price |  | $ | 2.50 |  |  | $ | 2.28 |
Contractually defined remaining term |  |  | 5.0 |  |  |  | 5.0 |
Contractually defined volatility |  |  | 135 | % |  |  | 135 | %
Dividend yield |  |  | 0 | % |  |  | 0 | %
Risk-free interest rate |  |  | 1.270 | % |  |  | 0.381 | %
Per the terms of the warrant agreements underlying the financial instruments, the value to the warrant holders is defined within the agreement based on a stock price, contractual term, volatility factor and dividend rate as defined in the warrant agreement, and not indexed to the company’s stock, resulting in the financial instrument accounting. The risk-free interest rate was based on rates established by the Federal Reserve Bank. The following table sets forth a summary of the changes in the estimated fair value of the financial instruments during the years ended December 31, 2021 and 2020: Schedule of fair value of the financial instruments
|  | December 31, |
|  | 2021 |  |  | 2020 |
Beginning balance |  | $ | 4,192,000 |  |  | $ | 9,000 |
Recognition of financial instruments |  |  | 4,239,000 |  |  |  | 4,958,000 |
Change in fair value |  |  | 542,000 |  |  |  | 49,000 |
Extinguishment |  |  | (4,724,000 | ) |  |  | (824,000 | )
Ending balance |  | $ | 4,249,000 |  |  | $ | 4,192,000 |

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- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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- References No definition available. + Details
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