| SCHEDULE OF NOTES PAYABLE |
The net carrying amounts of the liability components consists of the following:
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
|
|
|
|
|
|
|
Principal |
|
$ |
19,125,000 |
|
|
$ |
20,000,000 |
|
Less: debt discount |
|
|
(2,954,390 |
) |
|
|
(2,954,390 |
) |
Accretion of debt discount |
|
|
2,164,851 |
|
|
|
1,734,485 |
|
Net carrying amount |
|
$ |
18,335,461 |
|
|
$ |
18,780,095 |
|
Less: current portion of long term debt |
|
$ |
(7,016,096 |
) |
|
|
(2,795,669 |
) |
Total long-term debt, net of discount |
|
$ |
11,319,365 |
|
|
$ |
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 |
|
$ |
2,827,686 |
|
2024 |
|
|
17,887,314 |
|
Total |
|
$ |
20,715,000 |
|
|