| SCHEDULE OF NOTES PAYABLE |
The net carrying amounts of the liability components consists of the following:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
|
December 31, 2021 |
|
|
|
|
|
|
|
|
Principal |
|
$ |
20,000,000 |
|
|
$ |
20,000,000 |
|
Less: debt discount |
|
|
(2,262,388 |
) |
|
|
(2,262,388 |
) |
Accretion of Debt Discount |
|
|
1,531,873 |
|
|
|
992,007 |
|
Net Carrying amount |
|
$ |
19,269,485 |
|
|
$ |
18,729,619 |
|
Less: current portion of long term debt |
|
$ |
(9,883,638 |
) |
|
$ |
(3,093,344 |
) |
Total long-term debt, net of discount |
|
$ |
9,385,847 |
|
|
$ |
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 |
|
|
|
|
|
Remaining 2022 |
|
$ |
3,021,127 |
|
2023 |
|
|
9,774,399 |
|
2024 |
|
|
8,394,474 |
|
Total |
|
$ |
21,190,000 |
|
|