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DEBT AND CREDIT FACILITIES (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt And Credit Facilities |
SCHEDULE OF LONG-TERM DEBT | The table below presents the components of outstanding debt for the periods presented: As of March 31, 2024 and December 31, 2023, the interest rate on the advance under the Cadence Term Loan was 8.3%. SCHEDULE OF LONG-TERM DEBT
|  | March 31, 2024 |  |  | December 31, 2023 |
Cadence Term Loan |  | $ | 9,750,000 |  |  | $ | 9,750,000 |
Total debt |  |  | 9,750,000 |  |  |  | 9,750,000 |
Less: debt issuance costs, net of accumulated amortization of $8,221 and $5,138 |  |  | (53,438 | ) |  |  | (56,520 | )
Long-term debt |  |  | 9,696,562 |  |  |  | 9,693,480 |
Less: Current portion of long-term debt |  |  | 928,571 |  |  |  | 580,357 |
Long-term debt |  | $ | 8,767,991 |  |  | $ | 9,113,123 |
SCHEDULE OF MATURITIES OUTSTANDING DEBT | The table below presents the aggregate maturities of the Company’s outstanding debt as of March 31, 2024: SCHEDULE OF MATURITIES OUTSTANDING DEBT
Year |  | Total |
Remainder of 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. + References No definition available. + Details
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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 + Details
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