Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE (Tables)

v3.21.2
NOTES PAYABLE (Tables)
9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
SCHEDULE OF NOTES PAYABLE

The net carrying amounts of the liability components consists of the following:

 

 

 

September 30, 2021

 

 

December 31, 2020

 

 

 

 

 

 

 

 

Principal

 

$

20,000,000

 

 

$

20,000,000

 

Less: debt discount

 

 

(2,262,388

)

 

 

(2,262,388

)

Accretion of Debt Discount

 

 

812,890

 

 

 

291,393

 

Net Carrying amount

 

$

18,550,502

 

 

$

18,029,005

 

SCHEDULE OF PRINCIPAL MATURITIES ON LONG TERM DEBT

The following table summarizes the future principal payments due under long-term debt;

 

 

 

Principal Payments and final payment on Loan Agreement

 

 

 

 

 

Remaining 2021

 

$

 

2022

 

 

3,093,344

 

2023

 

 

9,835,341

 

2024

 

 

8,261,315

 

Total

 

$

21,190,000