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v3.24.3

Subsequent Events (Details Narrative) - USD ($) |  | 1 Months Ended |  |
--- | --- | --- | --- | ---
Oct. 01, 2024 | Oct. 31, 2024 | Oct. 17, 2024 | Sep. 30, 2024 | Dec. 31, 2023
Debt Instrument [Line Items] |  |  |  |  |
Purchase price | $ 120,000,000 |  |  |  |
Common stock, par value | $ 0.001 |  |  | $ 0.001 | $ 0.001
Preferred stock, par value | $ 0.001 |  |  | $ 0.001 | $ 0.001
Executive Employment Agreements description | Company entered into an executive employment agreement with Russ Shelton (the “Shelton Agreement”) with respect to the Company’s appointment of Mr. Shelton as Executive Vice President and Chief Operating Officer of the Company. Pursuant to the Shelton Agreement, Mr. Shelton will receive (i) base salary compensation of $337,000 USD annually (the “Base Compensation”); (ii) an annual cash and equity incentive compensation of up to $808,000 based upon certain performance criteria as more particularly described therein. As an inducement to enter into the Shelton Agreement, Mr. Shelton shall receive a one-time signing grant of Company common stock equivalent in value to $150,000, which are priced per share based on the volume-weighted average price for the preceding five (5) trading days prior to the day of such grant, subject to an eighteen (18)-month lockup period, which shall be granted promptly after the Effective Date, as defined therein. Pursuant to the Shelton Agreement, Mr. Shelton’s employment is at-will under Texas law, except as modified therein. |  |  |  |
Annual base salary | $ 325,000 |  |  |  |
Original principal amount | $ 12,500,000 |  |  |  |
Proceeds from promissory note |  |  | $ 530,000 |  |
Repayment of promissory note |  |  | $ 530,000 |  |
Secured Promissory Note [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument, Face Amount |  | $ 3,670,160 |  |  |
Repayment of loan description |  | (i) a 3% origination fee, and (ii) repayment of $2,000,000 in outstanding principal, $68,009 in accrued interest, and a $242,991 prepayment fee pursuant to that certain Loan and Security Agreement dated February 5, 2024, by and between the Company, as borrower thereunder, certain of its Subsidiaries, as guarantors thereunder, and Lender and Agent (the “Previous Cedarview Loan”). |  |  |
Interest rate |  | 22.00% |  |  |

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