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CONVERTIBLE NOTES (Tables) | 6 Months Ended
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Jun. 30, 2024
Convertible Notes |
Schedule of convertible notes payable |
Schedule of convertible notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Conversion price per share |  | Interest rate |  | Due date |  | June 30, 2024 |  |  | December 31, 2023 |
Convertible promissory note – original issue discount (“OID”) only |  | 90% of 5-day VWAP |  | OID Only |  | September 28, 2024 |  | $ | 443,000 |  |  | $ | 1,673,000 |
Avalanche International Corp. (“AVLP”) convertible promissory notes, principal |  | $0.35 (AVLP stock) |  | 7% |  | August 22, 2025 |  |  | 9,911,000 |  |  |  | 9,911,000 |
GIGA senior secured convertible notes - in default(1) |  | $0.25 (GIGA stock) |  | 18% |  | October 11, 2024 |  |  | 4,381,000 |  |  |  | 4,388,000 |
ROI senior secured convertible note - in default(1) |  | $0.11 (ROI stock) |  | OID Only |  | April 27, 2024 |  |  | 4,245,000 |  |  |  | 6,513,000 |
Fair value of embedded conversion options |  |  |  |  |  |  |  |  | 154,000 |  |  |  | 910,000 |
Total convertible notes payable |  |  |  |  |  |  |  |  | 19,134,000 |  |  |  | 23,395,000 |
Less: unamortized debt discounts |  |  |  |  |  |  |  |  | (75,000 | ) |  |  | (2,179,000 | )
Total convertible notes payable, net of financing cost, long term |  |  |  |  |  |  |  | $ | 19,059,000 |  |  | $ | 21,216,000 |
Less: current portion |  |  |  |  |  |  |  |  | (9,606,000 | ) |  |  | (11,763,000 | )
Convertible notes payable, net of financing cost – long-term portion |  |  |  |  |  |  |  | $ | 9,453,000 |  |  | $ | 9,453,000 |
| (1) | See Arena litigation discussed in Note 22 below.
Schedule of contractual maturities |
Schedule of contractual maturities |  |  |  |
Year |  | Principal |
2024 |  | $ | 9,069,000 |
2025 |  |  | 9,911,000 |
|  | $ | 18,980,000 |
Schedule of weighted average assumptions |
Schedule of weighted average assumptions |  |  |  |  |  |
|  | June 30, 2024 |  | December 31, 2023 |  | At Inception
Contractual term in years |  | Variable |  | 2.7 |  | 1.0
Volatility |  | 75% |  | 82% |  | 111%
Dividend yield |  | 0% |  | 0% |  | 0%
Risk-free interest rate |  | 4.9% |  | 4.0% |  | 3.5%
Schedule of derivative liabilities |
Schedule of derivative liabilities |  |  |  |
Balance as of January 1, 2024 |  | $ | 910,000 |
Change in fair value |  |  | (756,000 | )
Ending balance as of June 30, 2024 |  | $ | 154,000 |

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