| Schedule of debt |
The Company’s convertible debt consists of the following:
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As of December 31, 2023 |
| Total principal value of convertible note - related party, net of discount |
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$ |
5,000,000 |
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| Unamortized debt discount |
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(610,749) |
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| Unamortized debt issuance costs |
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(17,253) |
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| Carrying value of total convertible debt - related party |
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$ |
4,371,998
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| Schedule of interest expense |
The Company’s interest expense consists of the following:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2024 |
|
2023 |
|
2024 |
|
2023 |
| Related party interest expense – stated rate |
$ |
53,425 |
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$ |
60,274 |
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$ |
302,741 |
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$ |
76,227 |
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| Insurance premium loan payable – stated rate |
— |
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|
2,162 |
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— |
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|
5,764 |
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| Legal judgment interest (income) expense |
(384,897) |
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|
(23,320) |
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(234,751) |
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|
158,851 |
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| Bond premium |
59,929 |
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|
59,930 |
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59,929 |
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59,930 |
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| Premium on irrevocable letter of credit |
69,297 |
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69,861 |
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69,297 |
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69,861 |
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| Other interest expense |
— |
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— |
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— |
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3,102 |
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| Non-cash interest expense: |
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| Amortization of debt discount |
108,417 |
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|
99,587 |
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|
582,550 |
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|
99,587 |
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| Amortization of transaction costs |
3,063 |
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|
2,813 |
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16,456 |
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|
2,813 |
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$ |
(90,766) |
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$ |
271,307
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$ |
796,222
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$ |
476,135
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