XML 55 R42.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
SCHEDULE OF DEBT (Details) - USD ($)
3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Short-Term Debt [Line Items]    
Total $ 21,273,071 $ 18,266,053
Debt instrument interest rate stated percentage 1.75%  
Unamortized debt discount $ (4,410,702) (4,591,222)
Debt, net of Unamortized debt Discount 16,862,369 13,674,831
Convertible Notes [Member]    
Short-Term Debt [Line Items]    
Total [1],[2] $ 14,642,909 $ 11,525,000
Debt instrument interest rate stated percentage 10.00% 6.00%
Maturity date description [1],[2] September 2023-March 2026  
Convertible Notes [Member] | Minimum [Member]    
Short-Term Debt [Line Items]    
Debt instrument interest rate stated percentage [1],[2] 6.00%  
Convertible Notes [Member] | Maximum [Member]    
Short-Term Debt [Line Items]    
Debt instrument interest rate stated percentage [1],[2] 10.00%  
Notes Payable Financial Institutions [Member]    
Short-Term Debt [Line Items]    
Total [3] $ 6,233,624 $ 6,348,104
Maturity date description [3] August 2024-August 2026  
Notes Payable Financial Institutions [Member] | Minimum [Member]    
Short-Term Debt [Line Items]    
Debt instrument interest rate stated percentage [3] 7.93%  
Notes Payable Financial Institutions [Member] | Maximum [Member]    
Short-Term Debt [Line Items]    
Debt instrument interest rate stated percentage [3] 8.50%  
Notes Payble Belami Sellers [Member]    
Short-Term Debt [Line Items]    
Total $ 251,516 247,927
Debt instrument interest rate stated percentage 4.86%  
Maturity date description April 2024  
SBA Related Loans [Member]    
Short-Term Debt [Line Items]    
Total $ 145,022 $ 145,022
Debt instrument interest rate stated percentage 3.75%  
Maturity date description April 2025-November 2052  
[1] Included in Convertible Notes are loans provided to the Company from two directors and an officer. The notes each have the following terms: three-year subordinated convertible promissory note of principal face amounts. Subject to other customary terms, one of the convertible promissory note of $600,000 payable to a director matured in 2023, and the other remaining convertible promissory notes mature in May 2025, bear interest at an annual rate of 6% through December 2023 and 10% thereafter, which is payable annually in cash or common stock, at the holder’s discretion. At any time after issuance and prior to or on the maturity date, the notes are convertible at the option of the holder into shares of common stock at a conversion price ranging from $3 to $15 per share.
[2] On March 29, 2024, the Company and the Belami sellers entered into a letter agreement modifying certain obligations under the stock purchase agreement. In connection with the letter agreement, the Company issued convertible promissory notes to each of the sellers (the “Seller Note(s)”) in substitution of an aggregate of $3,117,408 in cash due to the sellers on the first anniversary of the closing. Each seller received a Seller Note in an amount of $1,039,303 on the same date. In addition to other customary terms, the Seller Notes bear annual interest at 10%, with interest and principal becoming due on May 16, 2025, and can be converted by the sellers at any time at $3.00 per share of our common stock.
[3] The unpaid principal bears annual interest at the Wall Street Journal prime rate plus 1.75% per year.