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DEBT AND CREDIT FACILITIES (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2024, the interest rate on the CRG Term Loan was 13.25% per annum and as of December 31, 2023, the interest rate on the advance under the Cadence Term Loan was 8.3%. SCHEDULE OF LONG-TERM DEBT
|  | June 30, 2024 |  |  | December 31, 2023 |
Cadence Term Loan |  | $ | - |  |  | $ | 9,750,000 |
CRG Term Loan |  |  | 15,000,000 |  |  |  | - |
Paid-in-kind interest |  |  | 161,875 |  |  |  | - |
Back-end fee |  |  | 52,500 |  |  |  | - |
Debt |  |  | 15,214,375 |  |  |  | 9,750,000 |
Less: debt issuance costs |  |  | (887,253 | ) |  |  | (61,658 | )
Accumulated amortization of debt issuance costs |  |  | 44,363 |  |  |  | 5,138 |
Net debt issuance costs |  |  | (842,890 | ) |  |  | (56,520 | )
Debt, net of debt issuance costs |  |  | 14,371,485 |  |  |  | 9,693,480 |
Less: Current portion of long-term debt |  |  | - |  |  |  | 580,357 |
Long-term debt |  | $ | 14,371,485 |  |  | $ | 9,113,123 |
SCHEDULE OF MATURITIES OUTSTANDING DEBT | The table below presents the aggregate maturities of the Company’s outstanding debt as of June 30, 2024: SCHEDULE OF MATURITIES OUTSTANDING DEBT
Year |  | Total |
Remainder of 2024 |  | $ | - |
2025 |  |  | - |
2026 |  |  | - |
2027 |  |  | - |
2028 |  |  | - |
Thereafter |  |  | 15,214,375 |
Total debt |  | $ | 15,214,375 |

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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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