Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.21.2
Debt (Tables)
9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

As of September 30, 2021 and December 31, 2020, debt consisted of the following:

 

    September 30,     December 31,  
    2021     2020  
Line of credit:                
Lines of credit   $ -     $ 1,133,652  
Receivable financing     -       367,301  
Total lines of credit     -       1,500,953  
                 
Senior convertible notes payable:                
Senior convertible notes payable– related parties     302,272       1,428,161  
Senior convertible notes payable     120,000,000       591,104  
Debt issuance costs     (91,613,604 )     (280,511 )
Total senior convertible notes payable     28,688,668       1,738,754  
Less: current portion of convertible notes payable     (28,481,485 )     (577,260 )
Convertible notes payable – related parties, net of current portion     207,183       1,161,494  
                 
Notes payable:                
Notes payable     181,419       1,932,088  
Debt issuance costs     -     (34,997 )
Total notes payable     181,419       1,897,091  
Less: current portion of notes payable     (15,357 )     (1,301,212 )
Notes payable , net of current portion     166,062       595,879  
                 
Notes payable – related parties:                
Notes payable     2,612,835       2,827,512  
Debt issuance costs    

-

    (33,833 )
Total notes payable – related parties:     2,612,835       2,793,679  
Less: current portion of notes payable – related parties     (112,835 )     (1,389,922 )
Notes payable – related parties, net of current portion   $ 2,500,000     $ 1,403,757  

Schedule of Related Party Notes Payable

Lomotif Private Limited notes payable consist of the following obligations at September 30, 2021:

 

    Original Principal     Additional Principal     Carrying Value  
                   
  $     $     $  
Note issued on February 10,2021 with a maturity date on February 9, 2023 and an annual interest rate of 3%. The principal of the note had the option to automatically convert into common stock based on the valuation at the time of a qualified financing round with accrued interest being forgone or receive a payment equal to the sum of one and a half times (1.5x) the purchase amount. $ 100,000       50,000       150,000  
Total   $ 100,000     $ 50,000     $ 150,000  

 

Lomotif Private Limited notes payable – related parties consist of the following obligations at September 30, 2021:

 

    Original Principal     Unamortized Discount     Carrying Value  
                   
Note issued to Zash Global Media and Entertainment on February 23, 2021 with a maturity date on February 22, 2028 and an annual interest rate of 2%.   $ 1,500,000     $ -     $ 1,500,000  
Note issued to Zash Global Media and Entertainment on March 30, 2021 with a maturity date on March 28, 2028 and an annual interest rate of 2%.   $ 1,000,000       -       1,000,000  
Total   $ 2,500,000     $ -     $ 2,500,000  
Schedule of Maturities of Long-term Debt

The scheduled maturities of the debt for the next five years as of September 30, 2021, are as follows:

 

For the Years Ended December 31,   Amount  
2021 (excluding the nine months ended September 30, 2021)     116,610  
2022     122,665,530  
2023     314,386  
2024     -  
2025     -  
Thereafter     -  
 Long-term Debt, Gross    

123,096,526

 
Less: debt discount     (91,613,605 )
Long-term Debt   $ 31,482,921