| SCHEDULE OF NOTES PAYABLE |
The net carrying amounts of the liability components consists of the following:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2023 |
|
|
December 31, 2022 |
|
|
|
|
|
|
|
|
Principal |
|
$ |
20,000,000 |
|
|
$ |
20,000,000 |
|
Less: debt discount |
|
|
(2,954,390 |
) |
|
|
(2,954,390 |
) |
Accretion of debt discount |
|
|
1,935,608 |
|
|
|
1,734,485 |
|
Net carrying amount |
|
$ |
18,981,218 |
|
|
$ |
18,780,095 |
|
Less: current portion of long-term debt |
|
|
(5,008,858 |
) |
|
|
(2,795,669 |
) |
Total long-term debt, net of discount |
|
$ |
13,972,360 |
|
|
$ |
15,984,426 |
|
|
| SCHEDULE OF PRINCIPAL MATURITIES ON LONG TERM DEBT |
The following table summarizes the future principal payments due under long-term debt:
|
|
|
|
|
Fiscal Years Ending December 31st, |
|
Principal Payments and final payment on Loan Agreement |
|
|
|
|
|
2023 |
|
$ |
2,963,785 |
|
2024 |
|
|
18,626,215 |
|
Total |
|
$ |
21,590,000 |
|
|