| Schedule of Convertible Debts and Outstanding Balances |
The specific terms of the convertible notes and outstanding balances as
of June 30, 2022 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 |
|
|
$ |
98,544 |
|
|
$ |
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) |
|
12 months |
|
$ |
115,000 |
|
|
$ |
15,000 |
|
|
$ |
15,000 |
|
|
|
10 |
% |
|
$ |
2.50 |
|
|
$ |
10,000 |
|
|
$ |
20,500 |
|
|
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 6, 2021 (1) |
|
12 months |
|
$ |
402,500 |
|
|
$ |
402,500 |
|
|
$ |
52,500 |
|
|
|
10 |
% |
|
$ |
2.50 |
|
|
$ |
35,000 |
|
|
$ |
312,551 |
|
|
June 17, 2021 (1) |
|
12 months |
|
$ |
230,000 |
|
|
$ |
230,000 |
|
|
$ |
30,000 |
|
|
|
10 |
% |
|
$ |
2.50 |
|
|
$ |
20,000 |
|
|
$ |
144,760 |
|
|
June 25, 2021 (1) |
|
12 months |
|
$ |
977,500 |
|
|
$ |
977,500 |
|
|
$ |
127,500 |
|
|
|
10 |
% |
|
$ |
2.50 |
|
|
$ |
- |
|
|
$ |
773,802 |
|
|
June 3, 2021 (1) |
|
6 months |
|
$ |
50,000 |
|
|
$ |
50,000 |
|
|
$ |
1,500 |
|
|
|
12 |
% |
|
$ |
2.50 |
|
|
$ |
- |
|
|
$ |
7,948 |
|
|
March 1, 2022 (13) |
|
8 months |
|
$ |
700,000 |
|
|
$ |
700,000 |
|
|
$ |
84,000 |
|
|
|
12 |
% |
|
|
(6 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
July
3, 2021 (1) |
|
12 months |
|
$ |
115,000 |
|
|
$ |
115,000 |
|
|
$ |
15,000 |
|
|
|
10 |
% |
|
$ |
2.50 |
|
|
$ |
10,000 |
|
|
$ |
90,000 |
|
|
February
1,2022 (1) (13) |
|
6 months |
|
$ |
260,000 |
|
|
$ |
210,000 |
|
|
$ |
10,000 |
|
|
|
12 |
% |
|
|
(7 |
) |
|
$ |
2,000 |
|
|
$ |
- |
|
|
February 4, 2022 (13) |
|
8 months |
|
$ |
500,000 |
|
|
$ |
500,000 |
|
|
$ |
30,000 |
|
|
|
12 |
% |
|
|
(11 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
May 13, 2022 (13) |
|
7 months |
|
$ |
500,000 |
|
|
$ |
500,000 |
|
|
$ |
25,000 |
|
|
|
12 |
% |
|
|
(11 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
January
19,2022 (1) (13) |
|
6 months |
|
$ |
52,000 |
|
|
$ |
52,000 |
|
|
$ |
2,000 |
|
|
|
12 |
% |
|
$ |
2.50 |
|
|
$ |
2,000 |
|
|
$ |
- |
|
|
January 20,2022 (1) (3) (13) |
|
6 months |
|
$ |
352,188 |
|
|
$ |
12,690 |
|
|
$ |
45,938 |
|
|
|
(3 |
) |
|
|
(8 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
January
20,2022 (1) (3) (13) |
|
6 months |
|
$ |
352,188 |
|
|
$ |
352,188 |
|
|
$ |
45,938 |
|
|
|
(3 |
) |
|
|
(8 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
January 20,2022 (1) (3) (13) |
|
6 months |
|
$ |
140,875 |
|
|
$ |
140,875 |
|
|
$ |
18,375 |
|
|
|
(3 |
) |
|
|
(8 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
August 31, 2021 |
|
12 months |
|
$ |
189,750 |
|
|
$ |
189,750 |
|
|
$ |
24,750 |
|
|
|
10 |
% |
|
|
(9 |
) |
|
$ |
16,500 |
|
|
$ |
148,500 |
|
|
September 10, 2021 (1) |
|
8 months |
|
$ |
100,000 |
|
|
$ |
100,000 |
|
|
$ |
4,000 |
|
|
|
12 |
% |
|
|
(7 |
) |
|
$ |
- |
|
|
$ |
43,520 |
|
|
September 15, 2021 (1) |
|
6 months |
|
$ |
250,000 |
|
|
$ |
250,000 |
|
|
$ |
12,500 |
|
|
|
12 |
% |
|
|
(7 |
) |
|
$ |
- |
|
|
$ |
108,801 |
|
|
September 16, 2021 (1) |
|
6 months |
|
$ |
250,000 |
|
|
$ |
250,000 |
|
|
$ |
12,500 |
|
|
|
12 |
% |
|
|
(7 |
) |
|
$ |
- |
|
|
$ |
112,337 |
|
|
September
24, 2021 (1) |
|
8 months |
|
$ |
125,000 |
|
|
$ |
125,000 |
|
|
$ |
6,250 |
|
|
|
12 |
% |
|
|
(7 |
) |
|
$ |
- |
|
|
$ |
61,876 |
|
|
September 15, 2021 (1) |
|
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 |
|
|
$ |
67,800 |
|
|
$ |
19,500 |
|
|
|
12 |
% |
|
|
(10 |
) |
|
$ |
3,750 |
|
|
$ |
- |
|
| March
23, 2022 |
|
8 months |
|
$ |
56,500 |
|
|
$ |
35,312 |
|
|
$ |
6,500 |
|
|
|
12 |
% |
|
|
(12 |
) |
|
$ |
- |
|
|
$ |
- |
|
| March
29, 2022 |
|
8 months |
|
$ |
112,000 |
|
|
$ |
67,144 |
|
|
$ |
13,000 |
|
|
|
12 |
% |
|
|
(12 |
) |
|
$ |
- |
|
|
$ |
- |
|
| February
9, 2022 |
|
12 months |
|
$ |
88,987 |
|
|
$ |
53,487 |
|
|
$ |
10,237 |
|
|
|
12 |
% |
|
|
(10 |
) |
|
$ |
- |
|
|
$ |
- |
|
| March
30, 2022 |
|
12 months |
|
$ |
100,000 |
|
|
$ |
100,000 |
|
|
$ |
5,000 |
|
|
|
12 |
% |
|
$ |
2.50 |
|
|
$ |
- |
|
|
$ |
19,614 |
|
| April 19, 2022 |
|
12 months |
|
$ |
95,000 |
|
|
$ |
95,000 |
|
|
$ |
- |
|
|
|
12 |
% |
|
|
(12 |
) |
|
$ |
- |
|
|
$ |
16,234 |
|
| May 23, 2022 |
|
8 months |
|
$ |
950,000 |
|
|
$ |
950,000 |
|
|
$ |
57,000 |
|
|
|
12 |
% |
|
$ |
2.50 |
|
|
$ |
16,165 |
|
|
$ |
- |
|
|
May
8, 2022 (13) (14) |
|
8 months |
|
$ |
65,000 |
|
|
$ |
65,000 |
|
|
$ |
3,000 |
|
|
|
12 |
% |
|
|
(7 |
) |
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
$ |
16,067,674 |
|
|
$ |
1,775,088 |
|
|
|
|
|
|
|
|
|
|
$ |
981,665 |
|
|
$ |
8,359,812 |
|
| |
(1) |
The Note is past due. The Company and the lender are negotiating in good faith to extend the loan. |
| |
(2) |
The Company and lenders have entered into 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 40.9% OID. |
| |
(4) |
During the year ended December 31, 2020, the Company entered into a Rate Modification Agreement with this lender. In this agreement the lender 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 lowest trading price of the 20 days prior to conversion. 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 are convertible before maturity at $2.50 per share or mandatorily convertible when the Company up-lists to the NASDAQ at the lower of $2.50 or the 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) |
Notes are convertible upon an Event of Default at 75% multiplied by the lowest trading price for the common stock during the five days prior to the conversion. |
| |
(11) |
Loans can be voluntarily converted before maturity at $2.50 per share. Lender retains the option upon an Up-list to convert at the lower of $2.50 or the 10% off Up-list price. |
| |
(12) |
Notes are convertible at $2.50 per share except that following an Event of Default the conversion price will be adjusted to 75% multiplied by the lowest trading price for the common stock during the five days prior to the conversion. |
| |
(13) |
During the six months ended June 30, 2022, the Company extended nine loans totaling $1,650,000 and increased the principal to $2,872,251. The Company issued 320,900 shares of common stock for these extensions and added principal. |
| |
(14) |
Lender
is a related party.
|
|