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DEBT AND CREDIT FACILITIES (Tables)

12 Months Ended

Dec. 31, 2023

Debt And Credit Facilities

SCHEDULE OF LONG-TERM DEBT

As of December 31, 2023, the interest rate on the advance under the Term Loan was 8.3%.

 SCHEDULE OF LONG-TERM DEBT

		December 31, 2023				December 31, 2022
Term Loan		$	9,750,000			$	-
Total debt			9,750,000				-
Less: debt issuance costs, net of accumulated amortization of $5,138 and zero			(56,520	)			-
Long-term debt			9,693,480				-
Less: Current portion of long-term debt			580,357				-
Long-term debt		$	9,113,123			$	-

SCHEDULE OF MATURITIES OUTSTANDING DEBT

The table below presents the aggregate maturities of the Company’s outstanding debt as of December 31, 2023:

 SCHEDULE OF MATURITIES OUTSTANDING DEBT

Year		Total
2024		$	580,357
2025			1,625,000
2026			1,950,000
2027			1,950,000
2028			3,644,643
Thereafter			-
Total debt		$	9,750,000

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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- Definition

Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481544/470-10-50-1

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