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v3.25.1

CONVERTIBLE NOTES (Tables) | 3 Months Ended
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Mar. 31, 2025
Convertible Notes |
Schedule of convertible notes payable |
Schedule of convertible notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Conversion price per share |  | Interest rate |  | Effective rate(1) |  | Due date |  | March 31, 2025 |  |  | December 31, 2024 |
SJC convertible promissory note |  | 75% of 5-day VWAP |  | 15% |  | 15% |  | December 31, 2025 |  | $ | 4,909,000 |  |  | $ | - |
ROI senior secured convertible note, in default |  | $0.11 (ROI stock) |  | OID Only |  | 21% |  | May 15, 2025 |  |  | 4,245,000 |  |  |  | 4,245,000 |
Orchid convertible promissory note |  | 75% of 5-day VWAP |  | 15% |  | 15% |  | June 30, 2025 |  |  | 4,087,000 |  |  |  | - |
10% original issue discount (“OID”) convertible promissory note |  | $5.87 |  | 18% |  | 18% |  | May 15, 2025 |  |  | 3,503,000 |  |  |  | 4,167,000 |
Forbearance convertible promissory note, in default |  | $2.00 |  | 18% |  | 18% |  | May 15, 2025 |  |  | 3,500,000 |  |  |  | 853,000 |
Convertible promissory note – OID only, in default |  | 90% of 5-day VWAP |  | OID Only |  | 0% |  | September 28, 2024 |  |  | 393,000 |  |  |  | 393,000 |
AVLP convertible promissory notes, principal |  | $0.35 (AVLP stock) |  | 7% |  | - |  | August 22, 2025 |  |  | - |  |  |  | 9,911,000 |
Fair value of embedded conversion options |  |  |  |  |  |  |  |  |  |  | 2,269,000 |  |  |  | - |
Total convertible notes payable |  |  |  |  |  |  |  |  |  |  | 22,906,000 |  |  |  | 19,569,000 |
Less: unamortized debt discounts |  |  |  |  |  |  |  |  |  |  | - |  |  |  | - |
Total convertible notes payable, net of financing cost, long-term |  |  |  | $ | 22,906,000 |  |  | $ | 19,569,000 |
Less: current portion |  |  |  |  |  |  |  |  |  |  | (22,906,000 | ) |  |  | (19,569,000 | )
Convertible notes payable, net of financing cost – long-term portion |  |  |  | $ | - |  |  | $ | - |
(1) | Includes forbearance and extension fees and OID costs that are amortized to interest expense over the life of the notes.
Schedule of valuation of the embedded derivatives |
Schedule of valuation of the embedded derivatives |  |  |  |
Assumption |  | Orchid Note (March 14, 2025) |  | SJC Note (March 21, 2025)
Valuation technique |  | Monte Carlo Simulation |  | Monte Carlo Simulation
Risk-free interest rate |  | 4.3% |  | 4.1%
Expected volatility |  | 130% |  | 100%
Credit-risk adjusted rate |  | 60% |  | 60%
Time to maturity (years) |  | 0.3 |  | 0.8
Stock price at valuation date |  | $2.26 |  | $2.42
Dividend yield |  | 0% |  | 0%
Schedule of contractual maturities |
Schedule of contractual maturities |  |  |  |
Year |  | Principal |
2025 |  | $ | 20,637,000 |
|  | $ | 20,637,000 |

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