XML 50 R37.htm IDEA: XBRL DOCUMENT v3.22.1
DEBT OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2021
Short-term Debt [Line Items]  
SUMMARY OF SECURED CONVERTIBLE DEBENTURES AND PROCEEDS INVESTMENT AGREEMENT

Debt obligations is comprised of the following:

   December 31,
2021		   December 31,
2020		 
Economic injury disaster loan (EIDL)  $150,000   $150,000 
Payroll protection program loan (PPP)   —    10,000 
Contingent consideration promissory note – Nobility Healthcare Division Acquisition   317,212    — 
Contingent consideration promissory note – Nobility Healthcare Division Acquisition   650,000    — 
Debt obligations   1,117,212    160,000 
Less: current maturities of debt obligations   389,934    11,727 
Debt obligations, long-term  $727,278   $148,273 
SCHEDULE OF MATURITY OF DEBT OBLIGATIONS

Debt obligations mature as follows as of December 31, 2021:

   December 31,
2021		 
2022  $389,934 
2023   390,050 
2024   196,729 
2025   3,412 
2026 and thereafter   137,087 
      
Total  $1,117,212 
SCHEDULE OF FAIR VALUE OF EMBEDDED DERIVATIVES AND WARRANTS

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

   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  $— 
Issuance of 2020 convertible notes at fair value   — 
Principal repaid during the period by issuance of common stock   — 
Principal repaid during the period by payment of cash   — 
Change in fair value of secured convertible note during the period   — 
      
Balance at December 31, 2021  $— 

 
SCHEDULE OF CERTAIN ESTIMATES AND ASSUMPTIONS OF 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]  
Short-term Debt [Line Items]  
SCHEDULE OF FAIR VALUE OF EMBEDDED DERIVATIVES AND WARRANTS

 

      
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

 

   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 December 31, 2020  $— 
Principal repaid during the period by issuance of common stock   — 
Principal repaid during the period by payment of cash   — 
Change in fair value of secured convertible note during the period   — 
      
Balance at December 31, 2021  $— 
2018 Proceeds Investment Agreement [Member]  
Short-term Debt [Line Items]  
SCHEDULE OF FAIR VALUE OF EMBEDDED DERIVATIVES AND WARRANTS

      
Proceeds investment agreement  $9,067,513 
Common stock purchase warrants   932,487 
      
Gross cash proceeds  $10,000,000 
SUMMARY OF FAIR VALUE AND ADJUSTED CARRYING VALUE OF SECURED CONVERTIBLE NOTES

The following represents activity in the PIA during the years ended December 31, 2021 and 2020:

Beginning balance as of January 1, 2020  $6,500,000 
Repayment of obligation   (1,250,000)
Change in the fair value during the period   (5,250,000)
Ending balance as of December 31, 2020  $- 
      
Beginning Balance as of January 1, 2021  $- 
Repayment of obligation   - 
Change in fair value during the period   - 
Ending balance as of December 31, 2021  $- 
SCHEDULE OF CERTAIN ESTIMATES AND ASSUMPTIONS OF FAIR VALUE OF SECURED CONVERTIBLE NOTES

   

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 %