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Notes Payable | 6 Months Ended
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Jun. 30, 2023
Notes Payable |
Notes Payable | Note 6 – Notes Payable As of June 30, 2023 and December 31, 2022, notes payable consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023 |  | December 31, 2022
​ |  | Notes Payable |  | Debt Discount |  | Net |  | Notes Payable |  | Debt Discount |  | Net
Current portion: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
D&O insurance policy loan | ​ | $ | 205,451 | ​ | $ | — | ​ | $ | 205,451 | ​ | $ | — | ​ | $ | — | ​ | $ | —
Avenue - Note payable | ​ | ​ | 833,333 | ​ | ​ | (91,621) | ​ | ​ | 741,712 | ​ | ​ | 208,333 | ​ | ​ | (33,885) | ​ | ​ | 174,448
Avenue - Convertible note payable | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 208,333 | ​ | ​ | (33,885) | ​ | ​ | 174,448
Total current portion | ​ | $ | 1,038,784 | ​ | $ | (91,621) | ​ | $ | 947,163 | ​ | $ | 416,666 | ​ | $ | (67,770) | ​ | $ | 348,896
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-Current portion: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Avenue - Note payable | ​ | ​ | 9,804,166 | ​ | ​ | (1,120,372) | ​ | ​ | 8,683,794 | ​ | ​ | 5,004,167 | ​ | ​ | (813,229) | ​ | ​ | 4,190,938
Avenue - Convertible note payable | ​ | ​ | 5,000,000 | ​ | ​ | (507,270) | ​ | ​ | 4,492,730 | ​ | ​ | 5,004,167 | ​ | ​ | (813,229) | ​ | ​ | 4,190,938
Total non-current portion | ​ | $ | 14,804,166 | ​ | $ | (1,627,642) | ​ | $ | 13,176,524 | ​ | $ | 10,008,334 | ​ | $ | (1,626,458) | ​ | $ | 8,381,876
​ On February 24, 2023, the Company issued a note payable in the amount of $609,140 for the purchase of a directors and officers’ liability insurance policy (the “D&O Loan”). The note accrues interest at a rate of 7.11% per year and matures on August 24, 2023. The D&O Loan is payable in six monthly payments of $103,639 consisting of principal and interest. During the six months ended June 30, 2023, the Company repaid $403,689 of principal owed on the D&O Loan. On May 22, 2023, pursuant to the Company’s Loan and Security Agreement (the “Loan and Security Agreement”) with Avenue Capital Management II, L.P., and related entities (“Avenue”), the Company received an additional tranche of non-convertible debt funding in the gross amount of $5,000,000. The Company paid approximately $126,000 of origination and legal fees connected to this debt funding. The additional funding was made under the provisions of the Loan and Security Agreement, bearing interest at an annual rate equal to the greater of (A) 7.0% and (B) the prime rate as reported in The Wall Street Journal plus 4.45%. The entire outstanding balance due under the Loan and Security Agreement has a maturity date of November 1, 2025. The additional funding triggered the extension of the interest-only period from the original 12 months to 18 months (through May 2024) for the entire outstanding balance due under the Loan and Security Agreement (initial and additional tranches). Following the interest-only period, the Company will make equal monthly payments of principal until the maturity date, plus interest. During the three months ended June 30, 2023, the Company recorded interest expense of $558,003, of which $550,746 was related to the Loan and Security Agreement with Avenue Capital Management II, L.P. (“Avenue”) and related entities, (including amortization of debt discount of $163,956) and $7,257 was related to the D&O Loan. During the six months ended June 30, 2023, the Company recorded interest expense of $1,012,006, of which $1,001,140 was related to the Loan and Security Agreement (including amortization of debt discount of $313,446) and $10,866 was related to the D&O Loan.

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