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INVESTMENTS – RELATED PARTIES
 3 Months Ended
Mar. 31, 2023
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]  
INVESTMENTS – RELATED PARTIES

12. INVESTMENTS – RELATED PARTIES

 

Investments in Alzamend and Ault & Company, Inc. (“Ault & Company”) at March 31, 2023 and December 31, 2022, were comprised of the following:

 

Investment in Promissory Notes, Related Parties

                
   Interest     March 31,   December 31, 
   rate  Due Date  2023   2022 
Investment in promissory note of Ault & Company  8%  December 31, 2023  $2,500,000   $2,500,000 
Accrued interest receivable, Ault & Company         418,000    368,000 
Total investment in promissory note, related party        $2,918,000   $2,868,000 

 

Summary of interest income, related party, recorded within interest and other income on the condensed consolidated statement of operations:

 

   For the Three Months Ended 
   March 31, 
   2023   2022 
 Interest income, related party  $50,000   $50,000 

 

Investment in Common Stock and Options, Related Parties

 

   March 31,   December 31, 
   2023   2022 
Investment in common stock of Alzamend  $4,856,000   $6,449,000 

 

The following table summarizes the changes in the Company’s investments in Alzamend during the three months ended March 31, 2023:

     
   Investment in
common stock of
Alzamend		 
Balance at January 1, 2023  $6,449,000 
Investment in common stock of Alzamend   5,000 
Unrealized loss in common stock of Alzamend   (1,598,000)
Balance at March 31, 2023  $4,856,000 

 

Unrealized loss in common stock of Alzamend is recorded within revenue from lending and trading activities on the condensed consolidated statements of operations.

 

Investments in Alzamend Common Stock

 

The following table summarizes the changes in the Company’s investments in Alzamend common stock during the three months ended March 31, 2023:

               
   Shares of   Per Share   Investment in 
   Common Stock   Price   Common Stock 
Balance at January 1, 2023   11,415,000   $0.56   $6,449,000 
Open market purchases after initial public offering   10,000   $0.50    5,000 
Unrealized loss in common stock of Alzamend   -   $-    (1,598,000)
Balance at March 31, 2023   11,425,000   $0.43   $4,856,000