| SCHEDULE OF CONVERTIBLE NOTES |
Activity
related to the Company’s convertible debt obligations is as follows:
SCHEDULE OF CONVERTIBLE NOTES
| |
|
GGH
Notes
|
|
|
Investor
Notes
|
|
|
October
Notes
|
|
|
2023
Note
|
|
|
Total
Principal
|
|
|
Debt
Discount
|
|
|
net
of discount |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible
debt, |
|
| |
|
GGH
Notes
|
|
|
Investor
Notes
|
|
|
October
Notes
|
|
|
2023
Note
|
|
|
Total
Principal
|
|
|
Debt
Discount
|
|
|
net
of discount |
|
| Balance at January 1, 2022 |
|
$ |
6,480,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
6,480,000 |
|
|
$ |
(751,652 |
) |
|
$ |
5,728,348 |
|
| Notes issued |
|
|
- |
|
|
|
1,727,500 |
|
|
|
1,431,500 |
|
|
|
- |
|
|
|
3,159,000 |
|
|
|
- |
|
|
|
3,159,000 |
|
| Note principal exchanged
for warrants |
|
|
(900 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(900 |
) |
|
|
(848,531 |
) |
|
|
(849,431 |
) |
| Debt principal converted
to common stock |
|
|
(4,481,191 |
) |
|
|
(1,727,500 |
) |
|
|
(1,431,500 |
) |
|
|
- |
|
|
|
(7,640,191 |
) |
|
|
- |
|
|
|
(7,640,191 |
) |
| Amortization of debt discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,172,461 |
|
|
|
1,172,461 |
|
| Extinguishment
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
421,272 |
|
|
|
421,272 |
|
| Balance at December 31, 2022 |
|
|
1,997,909 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,997,909 |
|
|
|
(6,450 |
) |
|
|
1,991,459 |
|
| Notes issued |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,617,978 |
|
|
|
5,617,978 |
|
|
|
(2,509,601 |
) |
|
|
3,108,377 |
|
Warrant modification in
connection with
Letter Agreement |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(392,273 |
) |
|
|
(392,273 |
) |
| Debt principal converted
to common stock |
|
|
(1,335,439 |
) |
|
|
- |
|
|
|
- |
|
|
|
(3,822,210 |
) |
|
|
(5,157,649 |
) |
|
|
- |
|
|
|
(5,157,649 |
) |
| Principal repayments |
|
|
(662,470 |
) |
|
|
- |
|
|
|
- |
|
|
|
(200,071 |
) |
|
|
(862,541 |
) |
|
|
- |
|
|
|
(862,541 |
) |
| Amortization
of debt discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,633,529 |
|
|
|
2,633,529 |
|
| Balance at December 31, 2023 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,595,697 |
|
|
$ |
1,595,697 |
|
|
$ |
(274,795 |
) |
|
$ |
1,320,902 |
|
|
| SUMMARY OF THE CHANGES IN THE FAIR VALUE OF DERIVATIVE LIABILITIES |
The
following table sets forth a summary of the changes in the fair value of the derivative liability that are measured at fair value on
a recurring basis:
SUMMARY OF THE CHANGES IN THE FAIR VALUE OF DERIVATIVE LIABILITIES
| |
|
|
|
|
| Balance at January 1, 2023 |
|
$ |
- |
|
| Fair value of derivative
liability upon issuance of 2023 Notes |
|
|
- |
|
| Add: change
in fair value of derivative liability upon May 2023 Default Event |
|
|
2,141,117 |
|
| Add: fair value of derivative
associated with convertible interest accrued during the period |
|
|
364,614 |
|
| Less:
fair value of derivative associated with 2023 Note balances converted during the period |
|
|
(1,767,591 |
) |
| Balance at December 31, 2023 |
|
$ |
738,140 |
|
|