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CONVERTIBLE NOTES (Tables) | 9 Months Ended
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Sep. 30, 2025
Convertible Notes |
Schedule of convertible notes payable |
Schedule of convertible notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Conversion price per share |  | Interest rate |  | Effective rate(1) |  | Due date |  | September 30, 2025 |  |  | December 31, 2024 |
SJC Lending, LLC (“SJC”) convertible promissory note |  | 75% of 5-day VWAP |  | 15% |  | 19% |  | December 31, 2025 |  | $ | 4,909,000 |  |  | $ | - |
ROI senior secured convertible note, in default |  | $0.11 (ROI stock) |  | OID Only |  | 22% |  | April 27, 2024 |  |  | 4,704,000 |  |  |  | 4,245,000 |
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 |  |  | - |  |  |  | 853,000 |
Convertible promissory note – OID only, in default |  | 90% of 5-day VWAP |  | OID Only |  | 28% |  | September 28, 2024 |  |  | - |  |  |  | 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 |  |  |  |  |  |  |  |  |  |  | 912,000 |  |  |  | - |
Total convertible notes payable, net of financing cost, long-term |  |  |  |  |  |  |  |  |  | $ | 10,525,000 |  |  | $ | 19,569,000 |
Less: current portion |  |  |  |  |  |  |  |  |  |  | (10,525,000 | ) |  |  | (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 September 30, 2025
Valuation technique |  | Monte Carlo Simulation |  | Monte Carlo Simulation
Risk-free interest rate |  | 4.2% |  | 4.0%
Expected volatility |  | 118% |  | 135%
Credit-risk adjusted rate |  | 60% |  | 60%
Time to maturity (years) |  | 0.5 |  | 0.3
Stock price at valuation date |  | $2.37 |  | $0.45
Dividend yield |  | 0% |  | 0%

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