Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE (Tables)

v3.23.2
NOTES PAYABLE (Tables)
6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
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