You have the bomb tied around your neck. The bomb is linked via radio to a heart monitor. Attached to the heart monitor are two children one about 5 the other 10. Both children are tied down. The bomb will detonate in 5 minutes if the the heart monitor doesn't read two flatlines . If the heart monitor reads flatlines the bomb will be deactivated and unlock from your neck.
The only other item in the room is a meat cleaver.