General form of registration statement for all companies including face-amount certificate companies

Debt (Tables)

v3.24.1
Debt (Tables)
12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of convertible and non-convertible advances
The Company’s convertible debt consists of the following:
As of December 31,
2023 2022
Total principal value of convertible note - related party, net of debt discount
$ 5,000,000  $ — 
Total principal value of convertible multi-draw credit agreement - related party
—  1,848,375 
Unamortized debt discount (610,749) — 
Unamortized debt issuance costs (17,253) — 
Carrying value of total convertible debt—related party
$ 4,371,998  $ 1,848,375 
Schedule of interest expense
The Company’s interest expense consists of the following:
Year Ended
December 31,
2023 2022
Related party interest expense – stated rate $ 202,254  $ 169,640 
Insurance premium loan payable – stated rate 6,485  5,896 
Legal judgment interest expense 234,750  — 
Bond premium 59,929  — 
Premium on irrevocable letter of credit 69,861  — 
Other interest expense 3,100  — 
Non-cash interest expense:
Amortization of debt discount 320,828  488,238 
Amortization of transaction costs 9,063  1,359 
$ 906,270  $ 665,133