Debentures (Details Narrative) - USD ($) |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 27, 2019 |
Aug. 31, 2020 |
Jul. 31, 2020 |
May 31, 2020 |
Jan. 31, 2020 |
Feb. 28, 2019 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Nov. 11, 2020 |
Dec. 31, 2019 |
|
Proceeds from debt | $ 3,845,000 | ||||||||||||
Accrued interest expenses | 9,500,000 | ||||||||||||
Outstanding debentures | $ 14,341,713 | 14,341,713 | $ 29,873,740 | ||||||||||
Non-payment penalties | 6,600,000 | $ 5,700,000 | 6,600,000 | 5,700,000 | |||||||||
Repayment of debt | 920,000 | ||||||||||||
Number of common stock issued, value | $ 2,500 | ||||||||||||
Non-convertible debentures outstanding | $ 4,800,000 | ||||||||||||
Interest rate concession | 2,300,000 | ||||||||||||
Non payment of debt | $ 10,000,000 | ||||||||||||
Interest rate description | The conversion of outstanding non-convertible debentures, with a carrying value on Rennova's book of $4.8 million at August 31, 2020, including penalties at 30% of the original principal balance and penalty interest calculated at 18% per annum, into Series N Preferred Stock with a face value of $4.9 million. Under this provision, the penalty interest is accrued at the rate of 18% per annum and not the original interest terms, which were 5% per month and 24% per annum on late payment of penalty interest, as a concession and to offset the premium paid for the exchange of the debentures noted in Number 2 above. This interest rate concession, which totaled $2.3 million at August 31, 2020, is permanent and will not be reversed in any event, including non-payment of the $10.0 million by November 29, 2020; | ||||||||||||
Gain on extinguishment of debt | 389,864 | 389,864 | |||||||||||
Deemed dividend | 59,800,000 | 59,800,000 | 123,900,000 | ||||||||||
Subsequent Event [Member] | |||||||||||||
Debt interest rate | 18.00% | ||||||||||||
Series N Preferred Stock [Member] | |||||||||||||
Face value | $ 4,900,000 | ||||||||||||
Mr. Diamantis [Member] | |||||||||||||
Proceeds from debt | $ 1,500,000 | ||||||||||||
Debt instrument maturity date | Nov. 08, 2019 | ||||||||||||
Repayment of debt | $ 2,200,000 | 150,000 | |||||||||||
Principal and penalties | $ 1,000,000 | ||||||||||||
Face value | $ 1,900,000 | ||||||||||||
Forbearance Agreement [Member] | |||||||||||||
Outstanding debentures | $ 29,200,000 | ||||||||||||
Repayment of debt | $ 200,000 | ||||||||||||
Forbearance Agreement [Member] | Mr. Diamantis [Member] | |||||||||||||
Legal fees | $ 50,000 | ||||||||||||
Debentures principal payments | $ 220,000 | ||||||||||||
Debt instrument maturity date | Mar. 15, 2020 | ||||||||||||
Repayment of debt | $ 500,000 | $ 4,900,000 | |||||||||||
Debentures not repaid | $ 4,700,000 | ||||||||||||
Exchange and Redemption Agreement [Member] | |||||||||||||
Accrued interest expenses | $ 2,300,000 | ||||||||||||
Outstanding debentures | 9,800,000 | ||||||||||||
Payment of cash | 10,000,000 | ||||||||||||
Description on agreement | Provide that if the $10.0 million cash payment is made timely, no interest will accrued or be due under the outstanding debentures for the periods subsequent to August 31, 2020, however, interest will again accrued on these outstanding debentures at a rate of 18% per annum subsequent to August 31, 2020 if the $10.0 million cash payment is not made timely; During the 90-day redemption period (or until the occurrence of certain specified events, if earlier), the investors will forbear from exercising any remedies against the Company or Mr. Diamantis as a result of any existing defaults under the outstanding securities; and Provide that the embedded conversion options of the outstanding debentures noted in Number 3 above have been suspended as of August 31, 2020 and that the conversion terms will only be reinstated to their original terms after November 29, 2020 if the $10.0 million cash payment is not made. | ||||||||||||
Gain on extinguishment of debt | 400,000 | $ 400,000 | |||||||||||
Fair value adjustment of debentures | 1,650,000 | 1,650,000 | |||||||||||
Exchange and Redemption Agreement [Member] | Potential Exchange Premium [Member] | |||||||||||||
Repayment of debt | 1,650,000 | ||||||||||||
Fair value adjustment of debentures | 300,000 | 300,000 | |||||||||||
Exchange and Redemption Agreement [Member] | Series I-1 and Series I-2 Preferred Stock [Member] | |||||||||||||
Number of common stock issued, value | 6,257,616 | ||||||||||||
Deemed dividend | 3,700,000 | ||||||||||||
Value of potential exchange premium | 16,500,000 | ||||||||||||
Exchange and Redemption Agreement [Member] | Series N Preferred Stock [Member] | |||||||||||||
Outstanding debentures | 19,300,000 | ||||||||||||
Number of common stock issued, value | 24,200,000 | ||||||||||||
Principal and penalties | 16,500,000 | ||||||||||||
Accrued interest | $ 2,800,000 | ||||||||||||
Debentures [Member] | |||||||||||||
Proceeds from debt | 3,800,000 | ||||||||||||
Non-cash interest and amortization of debt discount expense | 1,400,000 | 15,900,000 | |||||||||||
Expenses incurred | 9,500,000 | ||||||||||||
Accrued interest expenses | $ 5,400,000 | $ 1,500,000 | $ 400,000 | $ 200,000 |