Convertible Debt and Other Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Convertible Debts and Outstanding Balances

The specific terms of the convertible notes and outstanding balances as of September 30, 2021 are listed in the tables below.

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	$	-
11/15/2019 (1)	12 months	$	385,000	$	320,000	$	35,000		10	%	$	2.50		$	35,000	$	90,917
1/2/2020 (1)	12 months	$	330,000	$	330,000	$	30,000		10	%	$	2.50		$	30,000	$	91,606
1/24/2020 (1)	12 months	$	247,500	$	247,500	$	22,500		10	%	$	2.50		$	22,500	$	89,707
1/29/2020 (1)	12 months	$	363,000	$	363,000	$	33,000		10	%	$	2.50		$	33,000	$	297,000
2/12/2020 (1)	12 months	$	275,000	$	275,000	$	25,000		10	%	$	2.50		$	25,000	$	225,000
2/19/2020 (1)	12 months	$	165,000	$	165,000	$	15,000		10	%	$	2.50		$	15,000	$	135,000
3/11/2020 (1)	12 months	$	330,000	$	330,000	$	30,000		10	%	$	2.50		$	30,000	$	232,810
3/13/2020 (1)	12 months	$	165,000	$	165,000	$	15,000		10	%	$	2.50		$	15,000	$	60,705
3/26/2020 (1)	12 months	$	111,100	$	111,100	$	10,100		10	%	$	2.50		$	10,100	$	90,900
4/8/2020 (1)	12 months	$	276,100	$	276,100	$	25,100		10	%	$	2.50		$	25,000	$	221,654
4/17/2020 (1)	12 months	$	143,750	$	143,750	$	18,750		10	%	$	2.50		$	-	$	96,208
4/30/2020 (1)	12 months	$	546,250	$	546,250	$	71,250		10	%	$	2.50		$	47,500	$	427,500
5/6/2020 (1)	12 months	$	460,000	$	460,000	$	60,000		10	%	$	2.50		$	40,000	$	360,000
5/18/2020 (1)	12 months	$	546,250	$	221,250	$	46,250		10	%	$	2.50		$	35,500	$	439,500
6/2/2020 (1)	12 months	$	902,750	$	652,750	$	92,750		10	%	$	2.50		$	58,900	$	708,500
6/12/2020 (1)	12 months	$	57,500	$	57,500	$	7,500		10	%	$	2.50		$	5,000	$	45,000
6/22/2020 (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	$	115,000	$	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
January 5, 2021 (1)	6 months	$	575,000	$	475,000	$	75,000		18	%	$	2.50		$	-	$	-
February 17, 2021	12 months	$	230,000	$	230,000	$	30,000		10	%	$	2.50		$	20,000	$	180,000
March 23, 2021	12 months	$	55,000	$	55,000	$	5,000		10	%	$	2.50		$	-	$	36,431
May 24, 2021	6 months	$	54,625	$	54,625	$	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	12 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	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	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	8 months	$	250,000	$	250,000	$	12,500		12	%		(7	)	$	-	$	108,801
Sept. 16, 2021	8 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	$	-
				$	14,452,462	$	1,667,225							$	1,019,000	$	9,324,513

(1)	The Note is past due. The Company and the lender are negotiating in good faith to extend the loan.
(2)	In recent quarters 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 18.4% 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 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 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.

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:

	2021
Balance at January 1,	$	7,545,670
Issuance of convertible debt, face value		5,857,375
Deferred financing cost		(802,875	)
Beneficial conversion feature on convertible note		(1,231,528	)
Debt discount from shares and warrants issued with debt		(1,954,744	)
Payments		(1,608,295	)
Conversion of debt into equity		(1,305,455	)
Accretion of interest and amortization of debt discount to interest expense		5,260,151
Balance at September 30,		11,760,299
Less: current portion		11,760,299
Convertible debt, long-term portion	$	–

Schedule of Merchant Agreements

The following table shows our Merchant Agreements as of September 30, 2021:

Inception Date	Purchase Price		Purchased Amount		Outstanding Balance		Daily Payment Rate		Deferred Finance Fees
March 26, 2021		240,000		330,960		20,775		2,364		-
May 3, 2021		200,000		275,800		51,470		1,970		5,000
June 2, 2021		135,000		186,165		61,657		1,400		1,350
July 6, 2021		125,000		166,250		76,416		1,279		2,500
	$	700,000	$	959,175	$	210,318	$	7,013	$	8,850

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

Inception Date	Purchase Price		Purchased Amount		Outstanding Balance		Daily Payment Rate		Deferred Finance Fees
November 5, 2020	$	200,000	$	275,800	$	163,955		1,724	$	-
November 19, 2020		100,000		137,900		85,013		985		-
	$	300,000	$	413,700	$	248,968	$	2,709	$	-