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Senior Secured Promissory Note
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Senior Secured Promissory Note

Note 11. Senior Secured Promissory Note

 Schedule of Senior Secured Promissory Note

  

March 31,
2023

  

December 31,
2022

 
Senior Secured Promissory Note (Current)  $1,229,376   $             - 
Senior Secured Promissory Note (long term)   13,270,624    - 
Total  $14,500,000   $- 

 

On March 29, 2023, the Company and PCCU entered into definitive transaction documents to settle and restructure the deferred obligation related to business Combination (Refer to Note 3) under which the Company has issued the five-year Senior Secured Promissory Note (the “Note”) in the principal amount of $14,500,000 bearing interest at the rate of 4.25% and a Security Agreement pursuant to which the Company will grant, as collateral for the Note, a first priority security interest in substantially all of the assets of the Company.

 

The Note amount will be paid in 54 equal installments of $295,487 each starting from November 5, 2023 and for the period between March 29, 2023, to October 05, 2023, the Company is expected to pay only interest portion.

 

The repayment schedule of the outstanding amount on March 31, 2023 is as follows:

 

 Schedule of Outstanding Amount on Debt

Year of payment       
2023   $488,834 
2024    3,006,992 
2025    3,138,932 
2026    3,274,966 
2027    3,416,896 
2028    1,173,380 
Grand total   $14,500,000