Quarterly report pursuant to Section 13 or 15(d)

Debt Obligations

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Debt Obligations
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Debt Obligations

7. DEBT OBLIGATIONS

 

The Company’s debt obligations are summarized below:

 

    March 31, 2021   December 31, 2020
    Principal   Interest [1]   Total   Principal   Interest [1]   Total
                         
2010 Debt Obligations   $ -     $      13,416     $ 13,416     $ -     $     330,528     $ 330,528  
2017 Notes     7,000       4,547       11,547       1,170,354       261,085       1,431,439  
Gaucho Notes     100,000       14,994       114,994       100,000       13,270       113,270  
Total debt obligations   $ 107,000     $ 32,957     $ 139,957     $ 1,270,354     $ 604,883     $ 1,875,237  

 

  [1] Accrued interest is included as a component of accrued expenses on the accompanying condensed consolidated balance sheets.

 

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.