Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.23.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of convertible and non-convertible advances
The Company’s debt with Sciences consists of the following:
As of December 31,
Conversion
Price		 2022 2021
Total principal value of convertible debt—related party $ 0.40  $ 1,848,375  $ 2,014,500 
Unamortized debt discount —  (487,668)
Unamortized debt issuance costs —  (1,927)
Carrying value of total convertible debt—related party 1,848,375  1,524,905 
Total principal value of non-convertible debt—related party n/a —  450,000 
Total carrying value of advances under the multi-draw credit agreement $ 1,848,375  $ 1,974,905 
Schedule of interest expense
The Company’s interest expense consists of the following:
Year Ended
December 31,
2022 2021
Related party interest expense – stated rate $ 169,640  $ 174,911 
Interest Expense - insurance premium loan payable 5,896  — 
PPP loan interest expense – stated rate —  446 
Non-cash interest expense:
Amortization of debt discount 488,238  592,154 
Amortization of transaction costs 1,359  1,648 
$ 665,133  $ 769,159