Annual report pursuant to Section 13 and 15(d)

7. NOTES PAYABLE (Tables)

v3.20.1
7. NOTES PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Summary of outstanding senior notes payable
    December 31, 2019   December 31, 2018
Notes payable   $ 72,500,000     $ 30,000,000  
Less:                
Debt discount     (4,208,837 )     (3,559,170 )
Senior notes payable   $ 68,291,163     $ 26,440,830  
Reconciliation of cash, cash equivalents and restricted cash
    December 31, 2019   December 31, 2018
Cash and cash equivalents   $ 26,752,135     $ 22,754,852  
Restricted cash included in long-term assets     —         4,000,000  
Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows   $ 26,752,135     $ 26,754,852  
Summary of the outstanding related party note payable
    December 31, 2019   December 31, 2018
Subordinated note payable to Biotest   $ 15,000,000     $ 15,000,000  
Less:                
Debt discount     (91,947 )     (125,816 )
Subordinated note payable   $ 14,908,053     $ 14,874,184