XML 61 R51.htm IDEA: XBRL DOCUMENT v3.24.3
CONVERTIBLE NOTES (Tables)
 9 Months Ended
Sep. 30, 2024
Convertible Notes  
Schedule of convertible notes payable
                 
   Conversion price per
share		  Interest rate  Due date  September 30, 2024   December 31, 2023 
Convertible promissory note –OID only - in default  90% of 5-day VWAP  OID Only  September 28, 2024  $393,000   $1,673,000 
10% OID convertible promissory note – in default as of October 20, 2024  $0.17  18%  October 19, 2024   4,730,000    - 
Avalanche International Corp. (“AVLP”) convertible promissory notes, principal  $0.35 (AVLP stock)  7%  August 22, 2025   9,911,000    9,911,000 
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            -    910,000 
Total convertible notes payable            19,279,000    19,007,000 
Less: unamortized debt discounts            (101,000)   (2,179,000)
Total convertible notes payable, net of financing cost, long term           $19,178,000   $16,828,000 
Less: current portion            (9,725,000)   (7,375,000)
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
     
Year  Principal 
2024  $9,368,000 
2025   9,911,000 
   $19,279,000 
Schedule of weighted average assumptions
         
   September 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  4.0%  4.0%  3.5%
Schedule of derivative liabilities
     
Balance as of January 1, 2024  $910,000 
Change in fair value   (910,000)
Ending balance as of September 30, 2024  $-