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CONVERTIBLE NOTES (Tables)
 9 Months Ended
Sep. 30, 2025
Convertible Notes  
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
       
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%