| Schedule of interest expense |
The Company’s interest expense consists of the following:
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Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
| Related party interest expense – stated rate |
$ |
60,274 |
|
|
$ |
44,086 |
|
|
$ |
76,227 |
|
|
$ |
130,824 |
|
| Insurance premium loan payable – stated rate |
2,162 |
|
|
1,602 |
|
|
5,764 |
|
|
4,273 |
|
| Legal judgment interest (income) expense |
(23,320) |
|
|
— |
|
|
158,851 |
|
|
— |
|
| Bond premium |
59,930 |
|
|
— |
|
|
59,930 |
|
|
— |
|
| Premium on irrevocable letter of credit |
69,861 |
|
|
— |
|
|
69,861 |
|
|
— |
|
| Other interest expense |
— |
|
|
— |
|
|
3,102 |
|
|
— |
|
| Non-cash interest expense: |
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| Amortization of debt discount |
99,587 |
|
|
165,082 |
|
|
99,587 |
|
|
479,133 |
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| Amortization of transaction costs |
2,813 |
|
|
459 |
|
|
2,813 |
|
|
1,333 |
|
|
$ |
271,307
|
|
|
$ |
211,229
|
|
|
$ |
476,135
|
|
|
$ |
615,563
|
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| Schedule of debt |
The Company’s convertible debt consists of the following:
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As of |
|
|
September 30,
2023 |
|
December 31,
2022 |
| Total principal value of convertible note - related party, net of discount |
|
$ |
5,000,000 |
|
|
$ |
— |
|
| Total principal value of convertible multi-draw credit agreement - related party |
|
— |
|
|
1,848,375 |
|
| Unamortized debt discount |
|
(831,989) |
|
|
— |
|
| Unamortized debt issuance costs |
|
(23,503) |
|
|
— |
|
| Carrying value of total convertible debt - related party |
|
$ |
4,144,508
|
|
|
$ |
1,848,375
|
|
|