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DEBT AND CREDIT FACILITIES (Tables)
 6 Months Ended
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%.

 

   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:

 

Year  Total 
     
Remainder of 2024  $- 
2025   - 
2026   - 
2027   - 
2028   - 
Thereafter   15,214,375 
Total debt  $15,214,375