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CONVERTIBLE NOTES (Tables) | 6 Months Ended
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Jun. 30, 2025
Convertible Notes |
Schedule of convertible notes payable |
Schedule of convertible notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Conversion price per share |  |  | Interest rate |  | Effective rate |  | Due date |  | June 30, 2025 |  |  | December 31, 2024 |
SJC Lending, LLC (“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 |  | 22% |  | April 27, 2024 |  |  | 4,245,000 |  |  |  | 4,245,000 |
Orchid Finance LLC (“Orchid”) convertible promissory notes, in default |  | 75% of 5-day VWAP |  |  |  | 15% |  | 20% |  | June 30, 2025 |  |  | 4,626,000 |  |  |  | - |
20% original issue discount (“OID”) convertible promissory notes |  | 80% of 5-day VWAP |  |  |  | OID Only |  | 73% |  | September 30, 2025 |  |  | 1,916,000 |  |  |  | - |
10% OID convertible promissory note |  | $5.87 |  |  |  | 18% |  | 18% |  | May 15, 2025 |  |  | - |  |  |  | 4,167,000 |
Forbearance convertible promissory note, in default |  | $2.00 |  |  |  | 18% |  | 18% |  | June 30, 2025 |  |  | 2,118,000 |  |  |  | 853,000 |
Convertible promissory note – OID only, in default |  | 90% of 5-day VWAP |  |  |  | OID Only |  | 32% |  | September 28, 2024 |  |  | 406,000 |  |  |  | 393,000 |
AVLP convertible promissory notes, principal |  | $0.35 (AVLP stock) |  |  |  | 7% |  | 9% |  | August 22, 2025 |  |  | - |  |  |  | 9,911,000 |
Fair value of embedded conversion options |  |  |  |  |  |  |  |  |  |  |  |  | 3,531,000 |  |  |  | - |
Total convertible notes payable |  |  |  |  |  |  |  |  |  |  |  |  | 21,751,000 |  |  |  | 19,569,000 |
Less: unamortized debt discounts |  |  |  |  |  |  |  |  |  |  |  |  | (941,000 | ) |  |  | - |
Total convertible notes payable, net of financing cost, long-term |  |  |  |  |  |  |  |  |  |  |  | $ | 20,810,000 |  |  | $ | 19,569,000 |
Less: current portion |  |  |  |  |  |  |  |  |  |  |  |  | (20,810,000 | ) |  |  | (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 |  | Weighted Average at Inception |  | Weighted Average at June 30, 2025
Valuation technique |  | Monte Carlo Simulation |  | Monte Carlo Simulation
Risk-free interest rate |  | 4.2% |  | 4.2%
Expected volatility |  | 118% |  | 122%
Credit-risk adjusted rate |  | 60% |  | 60%
Time to maturity (years) |  | 0.5 |  | 0.3
Stock price at valuation date |  | $2.37 |  | $1.40
Dividend yield |  | 0% |  | 0%
Schedule of contractual maturities |
Schedule of contractual maturities |  |  |  |
Year |  | Principal |
2025 (remainder) |  | $ | 18,220,000 |
|  | $ | 18,220,000 |

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- Definition Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Subparagraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
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