Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.21.1
Debt (Tables)
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Summary of Outstanding Debt Obligations

A summary of outstanding debt obligations as of March 31, 2021 is as follows:

 

Loan Description

 

Current

Interest Rate

 

 

Maturity

Date

 

Balance

(Euro)

 

 

Balance ($)

 

 

Current

Portion

 

 

Long-term

Portion

 

Domestic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes payable - third party

 

9.50%

 

 

April-21

 

-

 

 

$

16,014

 

 

$

16,014

 

 

$

-

 

Related party notes payable

 

9.50%

 

 

April-21

 

 

-

 

 

 

51,647

 

 

 

51,647

 

 

 

-

 

Convertible senior secured

   note

 

10% OID

 

 

April-22

 

 

-

 

 

 

2,590,909

 

 

 

2,454,545

 

 

 

136,364

 

PPP loan

 

1.00%

 

 

April-22

 

 

-

 

 

 

1,499,360

 

 

 

-

 

 

 

1,499,360

 

 

 

 

 

 

 

 

 

-

 

 

$

4,157,930

 

 

$

2,522,206

 

 

$

1,635,724

 

Foreign:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Uni Credit Bank AG

 

1.87%

 

 

June-21

 

500,000

 

 

$

587,171

 

 

$

587,171

 

 

$

-

 

Uni Credit Bank AG

 

1.90%

 

 

April-21

 

 

500,000

 

 

 

587,172

 

 

 

587,172

 

 

 

-

 

 

 

 

 

 

 

 

 

1,000,000

 

 

$

1,174,343

 

 

$

1,174,343

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

$

5,332,273

 

 

$

3,696,549

 

 

$

1,635,724

 

 

Outstanding debt obligations as of March 31, 2021 consist of the following:

 

 

Period Ended March 31, 2021

 

Related

Parties

 

 

Third

Parties

 

 

Convertible

Note

 

 

PPP Loan

 

 

Foreign

 

 

Total

 

Current portion:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

$

51,647

 

 

$

16,014

 

 

$

2,454,545

 

 

$

-

 

 

$

1,174,343

 

 

$

3,696,549

 

Less discount

 

 

(962

)

 

 

(292

)

 

 

(80,677

)

 

 

-

 

 

 

-

 

 

 

(81,931

)

Less loan origination costs

 

 

-

 

 

 

-

 

 

 

(85,054

)

 

 

-

 

 

 

-

 

 

 

(85,054

)

Net liability

 

$

50,685

 

 

$

15,722

 

 

$

2,288,814

 

 

$

-

 

 

$

1,174,343

 

 

$

3,529,564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term portion:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

$

-

 

 

$

-

 

 

$

136,364

 

 

$

1,499,360

 

 

$

-

 

 

$

1,635,724

 

Less discount

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Less loan origination costs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net liability

 

$

-

 

 

$

-

 

 

$

136,364

 

 

$

1,499,360

 

 

$

-

 

 

$

1,635,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

$

51,647

 

 

$

16,014

 

 

$

2,590,909

 

 

$

1,499,360

 

 

$

1,174,343

 

 

$

5,332,273

 

Less discount

 

 

(962

)

 

 

(292

)

 

 

(80,677

)

 

 

-

 

 

 

-

 

 

 

(81,931

)

Less loan origination costs

 

 

-

 

 

 

-

 

 

 

(85,054

)

 

 

-

 

 

 

-

 

 

 

(85,054

)

Net liability

 

$

50,685

 

 

$

15,722

 

 

$

2,425,178

 

 

$

1,499,360

 

 

$

1,174,343

 

 

$

5,165,288

 

 

 

Schedule of Total Future Payments under Notes Payable and Related Party Notes Payable

Total future principal payments under notes payable and related party notes payable as of March 31, 2021 are as follows:

 

Period Ending March 31,

 

Related

Parties

 

 

Third

Parties

 

 

Convertible

Note

 

 

PPP Loan

 

 

Foreign

 

 

Total

 

 

Discount / Loan Original Costs

 

2022

 

$

51,647

 

 

$

16,014

 

 

$

2,454,545

 

 

$

-

 

 

$

1,174,343

 

 

$

3,696,549

 

 

$

(166,985

)

2023

 

 

-

 

 

 

-

 

 

 

136,364

 

 

 

1,499,360

 

 

 

-

 

 

 

1,635,724

 

 

 

-

 

Total minimum payments

 

 

51,647

 

 

 

16,014

 

 

 

2,590,909

 

 

 

1,499,360

 

 

 

1,174,343

 

 

 

5,332,273

 

 

 

(166,985

)

Current portion of notes

   payable

 

 

(51,647

)

 

 

(16,014

)

 

 

(2,454,545

)

 

 

-

 

 

 

(1,174,343

)

 

 

(3,696,549

)

 

 

166,985

 

Notes payable, net of

   current portion

 

$

-

 

 

$

-

 

 

$

136,364

 

 

$

1,499,360

 

 

$

-

 

 

$

1,635,724

 

 

$

-