|3 Months Ended|
Mar. 31, 2021
|Debt Disclosure [Abstract]|
7. DEBT OBLIGATIONS
The Company’s debt obligations are summarized below:
Each of the debt obligations listed above are past due and are payable on demand. The Company incurred interest expense of $4,158 and $31,262 in connection with its debt obligations during the three months ended March 31, 2021 and 2020, respectively, and repaid interest of $317,371 during the three months ended March 31, 2021.
On January 8, 2021, the Company issued 237,012 shares of common stock and warrants to purchase 237,012 shares of common stock to Mr. Griffin and JLAL Holdings Ltd with an aggregate issuance date fair value of $1,422,068 in exchange for notes payable with an aggregate of $1,163,354 in principal and $258,714 in accrued interest.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef