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CONVERTIBLE NOTES (Tables)
 6 Months Ended
Jun. 30, 2025
Convertible Notes  
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
      
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
     
Year  Principal 
2025 (remainder)  $18,220,000 
   $18,220,000