Annual report pursuant to Section 13 and 15(d)

Convertible Debt and Other Debt (Tables)

v3.22.1
Convertible Debt and Other Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Convertible Debts and Outstanding Balances

The specific terms of the convertible notes and outstanding balances as of December 31, 2021 are listed in the tables below.

 Schedule of Convertible Debts and Outstanding Balances

Inception Date   Term   Loan Amount     Outstanding balance with OID     Original Issue Discount (OID)     Interest Rate     Conversion Price     Deferred Finance Fees     Discount for conversion feature and warrants/shares  
                                               
May 17, 2018 (1)(2)   12 months   $ 380,000     $ 166,703     $ 15,200       8 %   $ 2.50     $ 15,200     $ 332,407  
January 3, 2019 (1)(4)   6 months   $ 50,000     $ 50,000     $ 2,500       24 %   $ 7.50     $ 2,500     $ -  
June 4, 2019 (1)(2)   9 months   $ 500,000     $ 302,484     $ -       8 %   $ 2.50     $ 40,500     $ 70,631  
July 19, 2019 (1) (2)   12 months   $ 115,000     $ 115,000     $ -       4 %   $ 2.50     $ 5,750     $ 15,460  
September 27,2019 (1) (2)   12 months   $ 78,750     $ 78,750     $ -       4 %   $ 2.50     $ 3,750     $ 13,759  
October 24, 2019 (1) (2)   12 months   $ 78,750     $ 78,750     $ -       4 %   $ 2.50     $ 3,750     $ -  
November 15, 2019 (1)   12 months   $ 385,000     $ 320,000     $ 35,000       10 %   $ 2.50     $ 35,000     $ 90,917  
January 2, 2020 (1)   12 months   $ 330,000     $ 330,000     $ 30,000       10 %   $ 2.50     $ 30,000     $ 91,606  
January 24, 2020 (1)   12 months   $ 247,500     $ 247,500     $ 22,500       10 %   $ 2.50     $ 22,500     $ 89,707  
January 29, 2020 (1)   12 months   $ 363,000     $ 363,000     $ 33,000       10 %   $ 2.50     $ 33,000     $ 297,000  
February 12, 2020 (1)   12 months   $ 275,000     $ 275,000     $ 25,000       10 %   $ 2.50     $ 25,000     $ 225,000  
February 19, 2020 (1)   12 months   $ 165,000     $ 165,000     $ 15,000       10 %   $ 2.50     $ 15,000     $ 135,000  
March 11, 2020 (1)   12 months   $ 330,000     $ 330,000     $ 30,000       10 %   $ 2.50     $ 30,000     $ 232,810  
March 13, 2020 (1)   12 months   $ 165,000     $ 165,000     $ 15,000       10 %   $ 2.50     $ 15,000     $ 60,705  
March 26, 2020 (1)   12 months   $ 111,100     $ 111,100     $ 10,100       10 %   $ 2.50     $ 10,100     $ 90,900  
April 8, 2020 (1)   12 months   $ 276,100     $ 276,100     $ 25,100       10 %   $ 2.50     $ 25,000     $ 221,654  
April 17, 2020 (1)   12 months   $ 143,750     $ 143,750     $ 18,750       10 %   $ 2.50     $ -     $ 96,208  
April 30, 2020 (1)   12 months   $ 546,250     $ 546,250     $ 71,250       10 %   $ 2.50     $ 47,500     $ 427,500  
May 6, 2020 (1)   12 months   $ 460,000     $ 460,000     $ 60,000       10 %   $ 2.50     $ 40,000     $ 360,000  
May 18, 2020 (1)   12 months   $ 546,250     $ 221,250     $ 46,250       10 %   $ 2.50     $ 35,500     $ 439,500  
June 2, 2020 (1)   12 months   $ 902,750     $ 652,750     $ 92,750       10 %   $ 2.50     $ 58,900     $ 708,500  
June 12, 2020 (1)   12 months   $ 57,500     $ 57,500     $ 7,500       10 %   $ 2.50     $ 5,000     $ 45,000  
June 22, 2020 (1)   12 months   $ 138,000     $ 138,000     $ 18,000       10 %   $ 2.50     $ 12,000     $ 108,000  
July 7, 2020 (1)   12 months   $ 586,500     $ 586,500     $ 76,500       10 %   $ 2.50     $ 51,000     $ 400,234  
July 17, 2020 (1)   12 months   $ 362,250     $ 362,250     $ 47,250       10 %   $ 2.50     $ 31,500     $ 185,698  
July 29, 2020 (1)   12 months   $ 345,000     $ 345,000     $ 45,000       10 %   $ 2.50     $ 30,000     $ 241,245  
July 21, 2020 (1) (5)   12 months   $ 115,000     $ 115,000     $ 15,000       10 %   $ 2.50     $ 10,000     $ 24,875  
August 14, 2020 (1)   12 months   $ 762,450     $ 462,450     $ 69,450       10 %   $ 2.50     $ 66,300     $ 580,124  
September 10, 2020 (1)   12 months   $ 391,000     $ 391,000     $ 51,000       10 %   $ 2.50     $ 34,000     $ 231,043  
September 21, 2020 (1) (5)   12 months   $ 345,000     $ 345,000     $ 45,000       10 %   $ 2.50     $ 30,000     $ 66,375  
September 23, 2020 (1) (5)   12 months   $ 115,000     $ 15,000     $ 15,000       10 %   $ 2.50     $ 10,000     $ 20,500  
September 25, 2020 (1) (5)   12 months   $ 115,000     $ 115,000     $ 15,000       10 %   $ 2.50     $ -     $ 19,125  
December 3, 2020 (1)   12 months   $ 299,000     $ 299,000     $ 39,000       10 %   $ 2.50     $ 26,000     $ 197,882  
October 22, 2020 (1) (5)   12 months   $ 115,000     $ 115,000     $ 15,000       10 %   $ 2.50     $ 10,000     $ 18,875  
February 17, 2021 (1)   12 months   $ 230,000     $ 230,000     $ 30,000       10 %   $ 2.50     $ 20,000     $ 180,000  
March 23, 2021 (1)   12 months   $ 55,000     $ 55,000     $ 5,000       10 %   $ 2.50     $ -     $ 36,431  
May 24, 2021(1)   6 months   $ 54,625     $ 4,625     $ 7,125       12 %   $ 2.50     $ -     $ -  
May 6, 2021   12 months   $ 402,500     $ 402,500     $ 52,500       10 %   $ 2.50     $ 35,000     $ 312,551  
June 17, 2021   12 months   $ 230,000     $ 230,000     $ 30,000       10 %   $ 2.50     $ 20,000     $ 144,760  
June 25, 2021   12 months   $ 977,500     $ 977,500     $ 127,500       10 %   $ 2.50     $ -     $ 773,802  
May 20, 2021   12 months   $ 180,000     $ 30,000     $ 30,000       10 %   $ 2.50     $ 15,000     $ 25,824  
June 3, 2021   6 months   $ 50,000     $ 50,000     $ 1,500       12 %   $ 2.50     $ -     $ 7,948  
June 28, 2021   12 months   $ 350,000     $ 350,000     $ 35,000       12 %     (6 )   $ 22,750     $ 267,250  
July 3, 2021   12 months   $ 115,000     $ 115,000     $ 15,000       10 %   $ 2.50     $ 10,000     $ 90,000  
July 1, 2021   6 months   $ 260,000     $ 260,000     $ 10,000       12 %   $ 2.50     $ -     $ 89,640  
July 6, 2021   6 months   $ 125,000     $ 125,000     $ -       12 %   $ 2.50     $ -     $ 42,031  
July 6, 2021   6 months   $ 125,000     $ 125,000     $ -       12 %   $ 2.50     $ -     $ 42,031  
July 15, 2021 (1)   6 months   $ 100,000     $ 100,000     $ 5,000       12 %     (7 )   $ -     $ 57,716  
July 16, 2021   6 months   $ 50,000     $ 50,000     $ 2,000       12 %   $ 3.00     $ -     $ 40,806  
July 16, 2021 (3)   6 months   $ 306,250     $ 306,250     $ 56,250       (3 )     (8 )   $ 22,500     $ 227,500  
July 16, 2021 (3)   6 months   $ 306,250     $ 306,250     $ 56,250       (3 )     (8 )   $ 12,500     $ 237,500  
July 16, 2021 (3)   6 months   $ 122,500     $ 122,500     $ 22,500       (3 )     (8 )   $ 5,000     $ 95,000  
August 31, 2021 (1)   6 months   $ 189,750     $ 189,750     $ 24,750       10 %     (9 )   $ 16,500     $ 148,500  
Sept. 8, 2021   8 months   $ 78,000     $ 78,000     $ 3,000       12 %     (7 )   $ -     $ 40,449  
Sept. 10, 2021   8 months   $ 100,000     $ 100,000     $ 4,000       12 %     (7 )   $ -     $ 43,520  
Sept. 15, 2021 (1)   6 months   $ 250,000     $ 250,000     $ 12,500       12 %   $ (7 )   $ -     $ 108,801  
Sept. 16, 2021   6 months   $ 250,000     $ 250,000     $ 12,500       12 %   $ (7 )   $ -     $ 112,337  
Sept. 24, 2021   8 months   $ 125,000     $ 125,000     $ 6,250       12 %     (7 )   $ -     $ 61,876  
Sept. 15, 2021   6 months   $ 250,000     $ 250,000     $ 37,500       12 %     (7 )   $ 30,000     $ -  
October 21, 2021 (5)   12 months   $ 189,750     $ 189,750     $ 24,750       12 %   $ 2.50     $ 16,500     $ 87,332  
November 1, 2021 (5)   12 months   $ 189,750     $ 189,750     $ 24,750       12 %   $ 2.50     $ -     $ 96,991  
December 7, 2021   12 months   $ 169,500     $ 169,500     $ 19,500       12 %   $ (10 )   $ 3,750     $ -  
                                                             
                $ 14,376,462     $ 1,661,225                     $ 1,039,250     $ 9,508,836  

 

  (1) The Note is past due. The Company and the lender are negotiating in good faith to extend the loan.
  (2) The Company and lender have agreed to the extension of the Standstill and Forbearance agreements (as described below).
  (3) Note is secured by the assets of the Company’s subsidiary, PBI Agrochem, Inc. and Interest rate is. 18.4% OID.
  (4) During the year ended December 31, 2020 the Company entered into Rate Modification Agreements with these lenders. In these agreements five lenders agreed to reduce their interest rate and were granted the right to convert loans using a variable conversion price if more than one other variable rate lender converted at a variable rate.
  (5) The Company has agreed to issue shares of its common stock to lenders if their notes are not repaid by a defined date.
  (6) Loan is not convertible until 180 days from the date of issuance of the Note and following an Event of Default will be convertible at the lesser of $2.50 per share or 90% of the lowest trading price over the previous 20 days. The loan is guaranteed by the Company’s Chief Executive Officer, but the lender may only enforce this guarantee after certain conditions have been met, specifically after (i) the occurrence of an Event of Default (as defined in the Note), (ii) the failure of the Company to cure the Default in 10 business days, and (iii) a failure by the Company to issue, or cause to be issued, shares of its common stock upon submission by the lender of a notice of conversion.
  (7) Notes can be voluntary converted before maturity at $2.50 per share or mandatorily converted on up-list at lower of $2.50 or up-list price.
  (8) Notes can be converted at the lesser of $2.50 per share or 25% discount to the opening price of the Company’s first day of trading on either Nasdaq or NYSE. In addition, if the Company fails to pay the Note in cash on maturity date, the conversion price will be adjusted to the lesser of original conversion price or the product of the VWAP of the common stock for the 5 trading dates immediately prior to the maturity date multiplied by 0.75.
  (9) Conversion price of this note is $2.50 and will be adjusted to, upon an Event of Default, the lower of (i) the Conversion Price or (ii) a 25% discount to the 5-day average VWAP of the stock prior to Default. Additionally, if an up-list to a national exchange occurs while this Note is outstanding, the Conversion Price shall be changed to the lower of (i) the Conversion Price or (ii) a 25% discount to the up-list price.
  (10) Loan is convertible, upon an event of default, at the lowest closing bid price for the Company’s common stock for the five trading days prior to conversion.
Summary of Changes in Convertible Debt and Revolving Note Payable, Net of Unamortized Discounts

The following table provides a summary of the changes in convertible debt, net of unamortized discounts, during 2021:

 Summary of Changes in Convertible Debt and Revolving Note Payable, Net of Unamortized Discounts

    2021  
Balance at January 1,   $ 7,545,670  
Issuance of convertible debt, face value     6,406,375  
Deferred financing cost     (892,125 )
Beneficial conversion feature on convertible note     (1,320,331 )
Debt discount from shares and warrants issued with debt     (2,050,264 )
Conversion of debt into equity     (1,705,455 )
Payments     (1,833,295 )
Accretion of interest and amortization of debt discount to interest expense through December 31     6,689,238  
Balance at December 31     12,839,813  
Less: current portion     12,839,813  
Convertible debt, long-term portion   $ -  
Schedule of Merchant Agreements

The following table shows our Merchant Agreements as of December 31, 2021:

 Schedule of Merchant Agreements

  Inception Date  

Purchase

Price

     Purchased Amount     Outstanding Balance    

Payment

frequency

    

Payment

Rate

    

Deferred
Finance

Fees

  
  December 21, 2021   $ 400,000     $ 520,000     $ 390,120     Weekly       11,305.00     $ 6,000  
  July 6, 2021     125,000       166,250       8,790   Daily       1,279.00       2,500  
      $ 525,000     $ 686,250     $ 398,910               $ 8,500  

 

The following table shows our Merchant Agreements as of December 31, 2020:

 

  Inception Date  

Purchase

Price

     Purchased Amount     Outstanding Balance    

Payment

frequency

    

Payment

Rate

    

Deferred
Finance

Fees

  
  November 5, 2020   $ 200,000     $ 275,800     $ 163,955     Daily       1,724.00     $ -  
  November 19, 2020     100,000       137,900       85,013     Daily       985.00                -  
      $ 300,000     $ 413,700     $ 248,968               $ -