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Notes Payable, Related Parties (Tables) | 3 Months Ended
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Mar. 31, 2022
Notes Payable Related Parties |
Schedule of Notes payable, related parties |
Schedule of Notes payable, related parties |  |  |  |  |  |
|  | March 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
On December 31, 2021, the Company received $1,500,000 pursuant to a note and warrant purchase agreement with the Company’s Chairman and CEO, Mr. & Mrs. Goldfarb, as lenders. The unsecured note bears interest at 8% per annum, compounded semi-annually, and shall be payable in cash semi-annually on June 30th and December 31st. The note matures on December 31, 2024. The noteholders also received warrants to purchase 225,000 shares of common stock, exercisable at $2.21 per share over a ten-year term. |  | $ | 1,500,000 |  |  | $ | 1,500,000 |
On December 31, 2021, the Company received $500,000 pursuant to a note and warrant purchase agreement from the Lyle A. Berman Revocable Trust, as beneficially controlled by one of the Company’s Directors, as lender. The unsecured note bears interest at 8% per annum, compounded semi-annually, and shall be payable in cash semi-annually on June 30th and December 31st. The note matures on December 31, 2024. The noteholder also received warrants to purchase 75,000 shares of common stock, exercisable at $2.21 per share over a ten-year term. |  |  | 500,000 |  |  |  | 500,000 |
On December 31, 2021, the Company received $25,000 pursuant to a note and warrant purchase agreement from the Company’s then CFO, Bradley K. Burke, as lender. The unsecured note bears interest at 8% per annum, compounded semi-annually, and shall be payable in cash semi-annually on June 30th and December 31st. The note matures on December 31, 2024. The noteholder also received warrants to purchase 3,750 shares of common stock, exercisable at $2.21 per share over a ten-year term. |  |  | 25,000 |  |  |  | 25,000 |
On December 31, 2021, the Company received $50,000 pursuant to a note and warrant purchase agreement from the Cesar J. Gutierrez Living Trust, as beneficially controlled by the brother of the Company’s CEO, as lender. The unsecured note bears interest at 8% per annum, compounded semi-annually, and shall be payable in cash semi-annually on June 30th and December 31st. The note matures on December 31, 2024. The noteholder also received warrants to purchase 7,500 shares of common stock, exercisable at $2.21 per share over a ten-year term. |  |  | 50,000 |  |  |  | 50,000 |
Total notes payable, related parties |  |  | 2,075,000 |  |  |  | 2,075,000 |
Less unamortized debt discounts: |  |  | 639,489 |  |  |  | 699,213 |
Notes payable |  |  | 1,435,511 |  |  |  | 1,375,787 |
Less: current maturities |  |  | – |  |  |  | – |
Notes payable, related parties, less current maturities |  | $ | 1,435,511 |  |  | $ | 1,375,787 |

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