| SCHEDULE OF CONVERTIBLE NOTES |
Amounts
owed pursuant to the Company’s convertible debt obligations are as follows:
SCHEDULE OF CONVERTIBLE NOTES
| |
|
GGH
Notes |
|
|
2023
Notes |
|
|
Total
Principal |
|
|
Debt
Discount |
|
|
Convertible
debt,
net of discount |
|
| Balance
at January 1, 2023 |
|
$ |
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 |
) |
|
|
(1,082,771 |
) |
|
|
(2,418,210 |
) |
|
|
- |
|
|
|
(2,418,210 |
) |
| Principal
repayments |
|
|
(662,470 |
) |
|
|
(200,071 |
) |
|
|
(862,541 |
) |
|
|
- |
|
|
|
(862,541 |
) |
| Amortization
of debt discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,104,384 |
|
|
|
2,104,384 |
|
| Balance
at September 30, 2023 |
|
|
- |
|
|
|
4,335,136 |
|
|
|
4,335,136 |
|
|
|
(803,940 |
) |
|
|
3,531,196 |
|
| Less:
current portion of convertible debt |
|
|
- |
|
|
|
1,893,019 |
|
|
|
1,893,019 |
|
|
|
(351,057 |
) |
|
|
1,541,962 |
|
| Equals:
convertible debt, non-current |
|
$ |
- |
|
|
$ |
2,442,117 |
|
|
$ |
2,442,117 |
|
|
$ |
(452,883 |
) |
|
$ |
1,989,234 |
|
|
| 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 |
|
|
95,727 |
|
| Change in fair value of derivatives for the nine months ended September 20, 2023 |
|
|
2,236,844 |
|
| Less:
fair value of derivative associated with 2023 Note balances converted during the period |
|
|
(262,300 |
) |
| Balance
at September 30, 2023 |
|
|
1,974,544 |
|
| Less:
current portion of derivative liability |
|
|
846,424 |
|
| Equals:
derivative liability, non-current portion |
|
$ |
1,128,120 |
|
|