Annual report pursuant to Section 13 and 15(d)

NOTES PAYABLE (Tables)

v3.24.0.1
NOTES PAYABLE (Tables)
12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
SCHEDULE OF NOTES PAYABLE

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

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

 

 

 

 

 

 

Principal

 

$

16,303,738

 

 

$

20,000,000

 

Less: debt discount

 

 

(2,954,390

)

 

 

(2,954,390

)

Accretion of debt discount

 

 

2,558,866

 

 

 

1,734,485

 

Net carrying amount

 

$

15,908,214

 

 

$

18,780,095

 

    Less: current portion of long-term debt

 

 

(15,908,214

)

 

 

(2,795,669

)

Total long-term debt, net of discount

 

$

-

 

 

$

15,984,426

 

 

SCHEDULE OF PRINCIPAL MATURITIES ON LONG TERM DEBT

The following table summarizes the future principal payments, including the $1,590,000 final payment, due under the current portion of long-term debt:

 

Quarterly Periods Ending

 

Principal Payments and final payment on Loan Agreement

 

 

 

 

March 31, 2024

 

$2,205,970

 

June 30, 2024

 

2,279,075

 

September 30, 2024

 

13,408,693

 

December 31, 2024

 

 

Total Fiscal Year Ending 2024

 

 

17,893,738

Total

 

 

$17,893,738