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Debt Obligations (Tables)
 9 Months Ended
Sep. 30, 2020
Summary of Secured Convertible Debentures and Proceeds Investment Agreement

Debt obligations is comprised of the following:

 

    September 30, 2020     December 31, 2019  
Payroll protection program loan (PPP)   $ 1,418,900     $ —  
Economic injury disaster loan (EIDL)     150,000       —  
2019 Secured convertible notes, at fair value     —       1,593,809  
Unsecured promissory notes payable, less unamortized discount of $-0- and $66,061 at September 30, 2020 and December 31, 2019, respectively     —       233,939  
                 
Debt obligations     1,568,900       1,827,748  
Less: current maturities of debt obligations     791,521       1,827,748  
Debt obligations, long-term   $ 777,379     $ —  
Schedule of Maturity of Debt Obligations

Debt obligations mature as follows as of September 30, 2020:

 

    September 30, 2020  
2020 (October 1, 2020 to December 31, 2020)   $ 68,241  
2021     948,391  
2022     401,321  
2023     3,166  
2024     3,286  
2025 and thereafter     144,495  
         
Total   $ 1,568,900  
2019 Secured Convertible Notes [Member]  
Schedule of Fair Value of Embedded Derivatives and Warrants

The following represents the resulting fair value as determined on August 5, 2019, the date of origination:

 

Secured convertible notes   $ 1,845,512  
Common stock issued as Commitment Shares     118,749  
Common stock purchase warrants     535,739  
         
Gross cash proceeds   $ 2,500,000  
Summary of Fair Value and Adjusted Carrying Value of Secured Convertible Notes

Following is an analysis of the activity in the secured convertible notes during the nine months ended September 30, 2020:

 

    Amount  
Balance at December 31, 2019   $ 1,593,809  
Principal repaid during the period by issuance of common stock     (1,259,074 )
Principal repaid during the period by payment of cash     (747,180 )
Change in fair value of secured convertible note during the period     412,445  
         
Balance at September 30, 2020   $ —  
Schedule of Certain Estimates and Assumptions of Fair Value of Secured Convertible Notes

Following is a range of certain estimates and assumptions utilized as of December 31, 2019 to determine the fair value of secured convertible notes:

 

    December 31, 2019  
    Assumptions  
Volatility – range     115 %
Risk-free rate     1.60 %
Contractual term     0.6 years  
Calibrated stock price   $ 1.06  
Debt yield     123.6 %
2020 Secured Convertible Notes [Member]  
Schedule of Fair Value of Embedded Derivatives and Warrants

The following represents the resulting fair value as determined on April 17, 2020, the date of origination:

 

Secured convertible notes   $ 778,859  
Common stock purchase warrants     721,141  
         
Gross cash proceeds   $ 1,500,000  
Summary of Fair Value and Adjusted Carrying Value of Secured Convertible Notes

Following is an analysis of the activity in the secured convertible notes during the nine months ended September 30, 2020:

 

    Amount  
Balance at December 31, 2019   $ —  
Issuance of 2020 convertible notes at fair value     778,859  
Principal repaid during the period by issuance of common stock     (1,665,666 )
Principal repaid during the period by payment of cash     (1,000 )
Change in fair value of secured convertible note during the period     887,807  
         
Balance at September 30, 2020   $ —  
Schedule of Certain Estimates and Assumptions of Fair Value of Secured Convertible Notes

Following is a range of certain estimates and assumptions utilized as of the April 17, 2020 issuance date to determine the fair value of secured convertible notes:

 

    April 17, 2020  
    Assumptions  
Volatility – range     90 %
Risk-free rate     0.36 %
Contractual term     1.0 years  
Stock price   $ 0.92  
Debt yield     132.2 %