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Debt (Tables)
9 Months Ended
Sep. 30, 2023
Debt  
Long-term debt

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

2022 Notes, net

 

$18,129,327

 

 

$17,252,868

 

Equipment financing

 

 

7,095,366

 

 

 

7,905,655

 

Balance at end of period

 

$25,224,693

 

 

$25,158,523

 

Schedule of Note and Warrant Exchange

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

12.0% Senior Unsecured Notes

 

$19,950,000

 

 

$19,950,000

 

Warrants

 

 

(734,763)

 

 

(979,684)

Issuance costs

 

 

(1,085,910)

 

 

(1,717,448)

2022 Notes, net

 

$18,129,327

 

 

$17,252,868

 

Schedule of percentages of the principal amount

Period:

 

Percentage

 

 

 

 

 

December 30, 2022 to December 29, 2023

 

 

102.00%

December 30, 2023 to September 29, 2024

 

 

101.00%

September 30, 2024 to December 29, 2024

 

 

100.00%
Schedule of Future contractual payment obligations

For the Year

 

 

Ending

 

 

December 31,

 

Total

 

Remainder of 2023

 

$278,083

 

2024

 

 

1,153,862

 

2025

 

 

1,223,293

 

2026

 

 

1,296,901

 

2027

 

 

1,119,021

 

 

 

 

5,071,160

 

2027 purchase price

 

 

2,024,206

 

Total

 

$7,095,366