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INVESTMENTS – RELATED PARTIES (Tables) | 9 Months Ended
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Sep. 30, 2022
Investments Related Parties |
Investments in Alzamend and Ault & Company at September 30, 2022 and December 31, 2021, were comprised of the following: | Investments in Alzamend and Ault & Company at September 30, 2022 and December 31, 2021, were comprised of the following: Investment in Promissory Notes, Related Parties
|  | Interest |  | Due |  | September 30, |  |  | December 31, |
|  | rate |  | date |  | 2022 |  |  | 2021 |
Investment in promissory note of Ault & Company |  | 8% |  | December 31, 2022 |  | $ | 2,500,000 |  |  | $ | 2,500,000 |
Accrued interest receivable, Ault & Company |  |  |  |  |  |  | 318,000 |  |  |  | 170,000 |
Other |  |  |  |  |  |  | - |  |  |  | 172,000 |
Total investment in promissory note, related party |  |  |  |  |  | $ | 2,818,000 |  |  | $ | 2,842,000 |
Investment in Common Stock and Options, Related Parties
|  | September 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Investment in common stock and options of Alzamend |  | $ | 12,394,000 |  |  | $ | 13,230,000 |
The following table summarizes the changes in the Company’s investments in Alzamend and Ault & Company during the nine months ended September 30, 2022: | The following table summarizes the changes in the Company’s investments in Alzamend and Ault & Company during the nine months ended September 30, 2022:
|  | Investment in warrants and common stock of Alzamend |  |  | Investment in promissory notes of Ault & Company |
Balance at January 1, 2022 |  | $ | 13,230,000 |  |  | $ | 2,842,000 |
Investment in common stock and options of Alzamend |  |  | 4,840,000 |  |  |  | - |
Unrealized loss in common stock of Alzamend |  |  | (5,676,000 | ) |  |  | - |
Amortization of related party investment |  |  | - |  |  |  | (173,000 | )
Accrued interest |  |  | - |  |  |  | 149,000 |
Balance at September 30, 2022 |  | $ | 12,394,000 |  |  | $ | 2,818,000 |
The following table summarizes the changes in the Company’s investments in Alzamend common stock during the nine months ended September 30, 2022: | The following table summarizes the changes in the Company’s investments in Alzamend common stock during the nine months ended September 30, 2022:
|  | Shares of |  |  | Per Share |  |  | Investment in |
|  | Common Stock |  |  | Price |  |  | Common Stock |
Balance at January 1, 2022 |  |  | 6,947,000 |  |  | $ | 1.90 |  |  | $ | 13,230,000 |
March 9, 2021 securities purchase agreement* |  |  | 2,667,000 |  |  | $ | 1.50 |  |  |  | 4,000,000 |
Open market purchases after initial public offering |  |  | 801,000 |  |  | $ | 1.05 |  |  |  | 840,000 |
Unrealized loss in common stock of Alzamend |  |  |  |  |  |  |  |  |  |  | (5,676,000 | )
Balance at September 30, 2022 |  |  | 10,415,000 |  |  | $ | 1.19 |  |  | $ | 12,394,000 |
| * | 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 Ault Lending for $10.0 million, or $1.50 per share, and issue to Ault 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, Ault Lending funded $6.0 million, including the conversion of notes and advances of $0.8 million, and the remaining $4.0 million was funded upon Alzamend achieving certain milestones during the nine months ended September 30, 2022.

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