Annual report pursuant to Section 13 and 15(d)

NOTES PAYABLE (Tables)

v3.22.0.1
NOTES PAYABLE (Tables)
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
SCHEDULE OF NOTES PAYABLE

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

 

 

 

December 31, 2021

 

 

 

 

 

Principal

 

$

20,000,000

 

Less: debt discount

 

$

(2,262,388

)

Accretion of Debt Discount

 

$

992,007

 

Net Carrying amount

 

$

18,729,619

 

    Less: current portion of long term debt

 

$

(3,093,344

)

Total long-term debt, net of discount

 

$

15,636,275

 

 

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

 

 

 

2022

 

$3,093,344

2023

 

9,835,341

2024

 

8,261,315

Total

 

$21,190,000