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Note Payable, Net | 9 Months Ended
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Sep. 30, 2024
Note Payable, Net [Abstract] |
NOTE PAYABLE, NET | 9. NOTE PAYABLE, NET Promissory Notes in April 2021 On April 2, 2021, the Company entered into a Note Purchase Agreement with an institutional investor, pursuant to which the Company issued to the Purchaser a Promissory Note of $5,250,000. The Purchaser purchased the Note with an OID of $250,000, which was recognized as a debt discount is amortized using the interest method over the life of the note. The Note bears interest at 8% and has a term of 24 months. All outstanding principal and accrued interest on the Note was due and payable on April 1, 2023. However, as of this report date, the Company did not repay the loan, and no any further action from the lender. The Company’s obligations under the Note may be prepaid at any time, provided that in such circumstance the Company would pay 125% of any amounts outstanding under the Note and being prepaid. Beginning on the date that is six months from the issue date of the Note, Purchaser shall have the right to redeem any amount of this Note up to $825,000 per calendar month by providing written notice to the Company. Upon receipt of the redemption notice from the lender, the Company shall pay the applicable redemption amount in cash to lender within three trading days of receipt of such redemption notice; if the Company fails to pay, then the outstanding balance will automatically be increased by 25%. On October 28, 2021, the lender made an adjustment of $1,370,897 to increase the outstanding principal of the notes as a result of the Company’s failure to pay the redemption amount in cash to lender on time, the Company recorded $1,370,897 principal adjustment as interest expense in 2021. The lender made an adjustment of $229,015 to increase the outstanding principal of the notes based on a forbearance agreement entered on September 14, 2022 resulting from the Company’s default event of being delinquent on SEC filings, the Company recorded the $229,015 principal adjustment as interest expense. During the nine months ended September 30, 2024, the Company amortized OID of $0 and recorded $303,789 interest expense on this Note; and the Company and Lender exchanged these Partitioned Notes of $550,000 in total for the delivery of 673,648 shares of the Company’s common stock. The Company recorded $23,238 loss on conversion of these notes in 2024. During the three months ended September 30, 2024, the Company amortized OID of $0 and recorded $99,510 interest expense on this Note; and the Company and Lender exchanged these Partitioned Notes of $250,000 for the delivery of 249,500 shares of the Company’s common stock. During the nine months ended September 30, 2023, the Company amortized OID of $31,250 and recorded $327,990 interest expense on this Note; and the Company and Lender exchanged these Partitioned Notes of $950,000 for the delivery of 571,448 shares of the Company’s common stock. During the three months ended September 30, 2023, the Company recorded $109,918 interest expense on this Note; and the Company and Lender exchanged these Partitioned Notes of $200,000 for the delivery of 175,438 shares of the Company’s common stock. The Company recorded $1,415 loss on conversion of these notes in 2023. As of September 30, 2024, the outstanding principal balance of this note was $4,904,647 with accrued interest of $74,174. The Note was classified as a current liability in accordance with ASC 470-10-45 Other Presentation Matters – General Due on Demand Loan Arrangements.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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