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Notes Payable and Convertible Notes Payable | 3 Months Ended
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Mar. 31, 2024
Notes Payable and Convertible Notes Payable |
Notes Payable and Convertible Notes Payable | Note 7 – Notes Payable and Convertible Notes Payable As of March 31, 2024 and December 31, 2023, notes payable and convertible notes payable consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024 |  | December 31, 2023
​ |  | Notes Payable |  | Debt Discount |  | Net |  | Notes Payable |  | Debt Discount |  | Net
Current portion: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
D&O insurance policy loan | ​ | $ | 443,404 | ​ | $ | — | ​ | $ | 443,404 | ​ | $ | — | ​ | $ | — | ​ | $ | —
Avenue - Note payable | ​ | ​ | 8,333,333 | ​ | ​ | (621,712) | ​ | ​ | 7,711,621 | ​ | ​ | 5,833,333 | ​ | ​ | (503,914) | ​ | ​ | 5,329,419
Total current portion | ​ | $ | 8,776,737 | ​ | $ | (621,712) | ​ | $ | 8,155,025 | ​ | $ | 5,833,333 | ​ | $ | (503,914) | ​ | $ | 5,329,419
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-Current portion: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Avenue - Note payable | ​ | $ | 2,304,167 | ​ | $ | (200,711) | ​ | $ | 2,103,456 | ​ | $ | 4,804,167 | ​ | $ | (448,367) | ​ | $ | 4,355,800
Avenue - Convertible note payable | ​ | ​ | 5,000,000 | ​ | ​ | (344,219) | ​ | ​ | 4,655,781 | ​ | ​ | 5,000,000 | ​ | ​ | (398,569) | ​ | ​ | 4,601,431
Total non-current portion | ​ | $ | 7,304,167 | ​ | $ | (544,930) | ​ | $ | 6,759,237 | ​ | $ | 9,804,167 | ​ | $ | (846,936) | ​ | $ | 8,957,231
​ On February 24, 2024, the Company issued a note payable in the amount of $505,050 for the purchase of a directors and officers’ liability insurance policy (the “D&O Loan”). The note accrues interest at a rate of 8.15% per year and matures on October 24, 2024. The D&O Loan is payable in eight monthly payments of $65,076 consisting of principal and interest. During the three months ended March 31, 2024, the Company repaid $61,646 of principal owed on the D&O Loan. During the three months ended March 31, 2024, the Company recorded interest expense of $678,658, of which $675,228 (including amortization of debt discount of $184,207) was related to the Loan and Security Agreement with Avenue Capital Management II, L.P. and related entities (together, “Avenue”) and $3,430 was related to the D&O Loan. During the three months ended March 31, 2023, the Company recorded interest expense of $454,003, of which $450,394 is related to the Loan and Security Agreement with Avenue (including amortization of debt discount of $149,490) and $3,609 is related to the D&O Loan.

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