| SCHEDULE OF NOTES PAYABLE |
The net carrying amounts of the liability components consists of the following:
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
|
|
|
|
|
|
|
Principal |
|
$ |
20,000,000 |
|
|
$ |
20,000,000 |
|
Less: debt discount |
|
|
(2,954,390 |
) |
|
|
(2,262,388 |
) |
Accretion of debt discount |
|
|
1,734,485 |
|
|
|
992,007 |
|
Net carrying amount |
|
$ |
18,780,095 |
|
|
$ |
18,729,619 |
|
Less: current portion of long-term debt |
|
$ |
(2,795,669 |
) |
|
$ |
(3,093,344 |
) |
Total long-term debt, net of discount |
|
$ |
15,984,426 |
|
|
$ |
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 |
|
|
|
2023 |
|
$2,977,268 |
2024 |
|
18,612,732 |
Total |
|
$21,590,000 |
|