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Debt Obligations (Tables)
 12 Months Ended
Dec. 31, 2020
Summary of Secured Convertible Debentures and Proceeds Investment Agreement

Debt obligations is comprised of the following:

 

    December 31, 2020     December 31, 2019  
Economic injury disaster loan (EIDL)   $ 150,000     $ —  
Payroll protection program loan (PPP)     10,000       —  
2019 Secured convertible notes, at fair value     —       1,593,809  
2018 Proceeds investment agreement, at fair value     —       6,500,000  
Unsecured promissory note payable, less unamortized discount of $-0- and $66,061 at December 31, 2020 and 2019, respectively     —       233,939  
Debt obligations     160,000       8,327,748  
Less: current maturities of debt obligations     11,727       1,827,748  
Debt obligations, long-term   $ 148,273     $ 6,500,000  
Schedule of Maturity of Debt Obligations

Debt obligations mature as follows as of December 31, 2020:

 

    December 31, 2020  
2021   $ 6,218  
2022     6,206  
2023     3,166  
2024     3,286  
2025 and thereafter     141,124  
         
Total   $ 160,000  
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 year ended December 31, 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 December 31, 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 %
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 years ended December 31, 2020 and 2019:

 

 

    Amount  
Balance at December 31, 2018     —  
Issuance of convertible notes on August 5, 2019, at fair value     1,845,512  
Principal repaid during the period by issuance of common stock     (648,067 )
Principal repaid during the period by payment of cash     (123,457 )
Change in fair value of secured convertible note during the period     519,821  
         
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 December 31, 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, 2020 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 %
2018 Proceeds Investment Agreement [Member]  
Schedule of Fair Value of Embedded Derivatives and Warrants

The Company elected to account for the PIA on the fair value basis. Therefore, the Company determined the fair value of the PIA and PIA Warrants which yielded estimated fair values of the PIA including their embedded derivatives and the detachable PIA Warrants as follows:

 

Proceeds investment agreement   $ 9,067,513  
Common stock purchase warrants     932,487  
         
Gross cash proceeds   $ 10,000,000  
Schedule of Certain Estimates and Assumptions of Weighted Patent Asset

Following is a range of certain estimates and assumptions utilized as of December 31, 2019 to probability weighted present value of expected patent asset proceeds for the litigation involving both Axon and WatchGuard:

 

   

December 31,

2019

  
Discount rate     3.0% - 16.6 %
Expected term to patent asset proceeds payment     0.58 years - 4 years  
Probability of success     5.9% - 38.5 %
Estimated minimum return payable to BKI   $ 21 million  
Negotiation discount     43.3 %
Schedule of Fair Value of Debentures Activity

The following represents activity in the PIA during the years ended December 31, 2020 and 2019:

 

Beginning balance as of January 1, 2019   $ 9,142,000  
Repayment of obligation     (6,000,000 )
Change in the fair value during the period     3,358,000  
Ending balance as of December 31, 2019   $ 6,500,000  
         
Beginning Balance as of January 1, 2020   $ 6,500,000  
Repayment of obligation     (1,250,000 )
Change in fair value during the period     (5,250,000 )
Ending balance as of December 31, 2020   $ -