SUMMARY OF OUTSTANDING PROMISSORY NOTES |
The
following table summarizes the outstanding promissory notes as of March 31, 2023 and December 31, 2022 (dollars in thousands):
SUMMARY
OF OUTSTANDING PROMISSORY NOTES
| |
| | |
March
31, 2023 | | |
December
31, 2022 | |
| |
Interest
rate | | |
Principal
Amount | | |
Carrying
Amount | | |
Principal
Amount | | |
Carrying
Amount | |
Convertible
Note - Talos Victory (Note 9 (b)) | |
| 8 | % | |
$ | - | | |
$ | - | | |
$ | - | | |
| - | |
Convertible
Note - Mast Hill (Note 9 (b)) | |
| 8 | % | |
| 725,000 | | |
| 639,400 | | |
| 740,000 | | |
| 635,535 | |
Convertible
Note - First Fire (Note 9 (b)) | |
| 8 | % | |
| 176,250 | | |
| 156,466 | | |
| 181,250 | | |
| 156,594 | |
Convertible
Note - LGH Note 9 (b)) | |
| 8 | % | |
| 202,500 | | |
| 188,949 | | |
| 207,500 | | |
| 188,987 | |
Convertible
Note - Fourth Man (Note 9 (b)) | |
| 8 | % | |
| 152,000 | | |
| 129,322 | | |
| 157,000 | | |
| 128,703 | |
Convertible
Note - Jeffery Street Note 9 (b)) | |
| 8 | % | |
| 165,000 | | |
| 136,809 | | |
| 170,000 | | |
| 142,554 | |
Convertible
Note - Blue Lake Note 9 (b))Total | |
| 8 | % | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
| | | |
$ | 1,420,750 | | |
$ | 1,250,946 | | |
$ | 1,455,750 | | |
$ | 1,252,373 | |
Amortization
of discounts for the three months ended March 31, 2023
| |
| | | |
| | | |
| (5,186 | ) | |
| | | |
| | |
Convertible promissory notes
payable as of March 31, 2023 | |
| | | |
| | | |
$ | 1,245,760 | | |
| | | |
| | |
|
The
following table summarizes the outstanding promissory notes as of December 31, 2022 and 2021 (dollars in thousands):
SUMMARY
OF OUTSTANDING PROMISSORY NOTES
| |
| | |
2022 | | |
2021 | |
| |
Interest rate | | |
Principal Amount | | |
Carrying Amount | | |
Principal Amount | | |
Carrying Amount | |
| |
| | |
| |
Convertible Note- Talos Victory (Note 9 (b)) | |
| 8 | % | |
$ | - | | |
$ | - | | |
$ | 250,000 | | |
| 201,536 | |
Convertible Note-Mast Hill (Note 9 (b)) | |
| 8 | % | |
| 740,000 | | |
| 635,535 | | |
| 750,000 | | |
| 612,265 | |
Convertible Note-First Fire (Note 9 (b)) | |
| 8 | % | |
| 181,250 | | |
| 156,594 | | |
| 250,000 | | |
| 200,129 | |
Convertible Note-LGH Note 9 (b)) | |
| 8 | % | |
| 207,500 | | |
| 188,987 | | |
| 250,000 | | |
| 209,274 | |
Convertible Note -Fourth Man (Note 9 (b)) | |
| 8 | % | |
| 157,000 | | |
| 128,703 | | |
| 250,000 | | |
| 199,220 | |
Convertible Note-Jeffery Street Note 9 (b)) | |
| 8 | % | |
| 170,000 | | |
| 142,554 | | |
| 250,000 | | |
| 199,011 | |
Convertible Note -Blue Lake Note 9 (b))Total | |
| 8 | % | |
| - | | |
| - | | |
| 250,000 | | |
| 199,011 | |
Total | |
| | | |
$ | 1,455,750 | | |
$ | 1,252,373 | | |
$ | 2,250,000 | | |
$ | 1,846,583 | |
Amortization of discounts for year ended December 31, 2022
| |
| | | |
| | | |
| 24,909 | | |
| | | |
| | |
Convertible promissory notes payable as of December 31,2022 | |
| | | |
| | | |
$ | 1,277,282 | | |
| | | |
| | |
|
SCHEDULE OF FAIR VALUE OF WARRANTS |
The
fair values of these warrants as of March 31, 2023 were calculated using the Black-Scholes option-pricing model with the following assumptions:
SCHEDULE
OF FAIR VALUE OF WARRANTS
| |
| | |
| | |
March 31, 2023 | |
| |
Volatility (%) | | |
Expected dividends yield (%) | | |
Weighted average expected life (year) | | |
Risk-free interest rate (%) (per annum) | | |
Common stock purchase warrants liability as of December 31, 2022(US$) | | |
Changes of fair value of common stock purchase warrants liability (+ (loss)/(- (gain)(US$) | | |
Common stock purchase warrants liability as of March 31, 2023 (US$) | |
Convertible Note - Talos Victory (Note 9 (a)) | |
| 337.7 | % | |
$ | 0.0 | % | |
$ | 1.6 | | |
| 4.35 | % | |
| 14,803 | | |
| 5,663 | | |
| 20,466 | |
Convertible Note - Mast Hill (Note 9 (a)) | |
| 337.7 | % | |
| 0.0 | % | |
| 1.6 | | |
| 4.35 | % | |
| 101,293 | | |
| 38,623 | | |
| 139,916 | |
Convertible Note - First Fire (Note 9 (a)) | |
| 337.7 | % | |
| 0.0 | % | |
| 1.6 | | |
| 4.35 | % | |
| 33,919 | | |
| 12,883 | | |
| 46,802 | |
Convertible Note - LGH Note 9 (a)) | |
| 337.7 | % | |
| 0.0 | % | |
| 1.7 | | |
| 4.35 | % | |
| 34,028 | | |
| 12,888 | | |
| 46,916 | |
Convertible Note - Fourth Man (Note 9 (ab)) | |
| 337.7 | % | |
| 0.0 | % | |
| 1.7 | | |
| 4.35 | % | |
| 14,398 | | |
| 5,444 | | |
| 19,842 | |
Convertible Note - Jeffery Street Note 9 (a))3,054 | |
| 337.7 | % | |
| 0.0 | % | |
| 1.7 | | |
| 4.35 | % | |
| 34,134 | | |
| 12,892 | | |
| 47,026 | |
Convertible Note - Blue Lake Note 9 (a)) | |
| 337.7 | % | |
| 0.0 | % | |
| 1.7 | | |
| 4.35 | % | |
| 24,382 | | |
| 9,209 | | |
| 33,591 | |
Total | |
| | | |
| | | |
| | | |
| Total | | |
| 256,957 | | |
| 97,602 | | |
| 354,559 | |
|
The
fair values of these warrants as of December 31, 2022 were calculated using the Black-Scholes option-pricing model with the following
assumptions:
SCHEDULE
OF FAIR VALUE OF WARRANTS
| |
| | |
| | |
| | |
| | |
December 31, 2022 | |
| |
Volatility (%) | | |
Expected dividends yield (%) | | |
Weighted average expected life (year) | | |
Risk-free interest rate (%) (per annum) | | |
Common stock purchase warrants liability as of December 31, 2021(US$) | | |
Changes of fair value of common stock purchase warrants liability (+ (gains)/- losses(US$) | | |
Common stock purchase warrants liability as of December 31, 2022 (US$) | |
Convertible Note- Talos Victory (Note 9 (a)) | |
| 289.9 | % | |
$ | 0.0 | % | |
$ | 1.8 | | |
| 4.41 | % | |
| 124,756 | | |
| (109,953 | ) | |
| 14,803 | |
Convertible Note-Mast Hill (Note 9 (a)) | |
| 289.9 | % | |
| 0.0 | % | |
| 1.8 | | |
| 4.41 | % | |
| 375,156 | | |
| (273,863 | ) | |
| 101,293 | |
Convertible Note-First Fire (Note 9 (a)) | |
| 289.9 | % | |
| 0.0 | % | |
| 1.9 | | |
| 4.41 | % | |
| 125,408 | | |
| (91,489 | ) | |
| 33,919 | |
Convertible Note-LGH Note 9 (a)) | |
| 289.9 | % | |
| 0.0 | % | |
| 1.9 | | |
| 4.41 | % | |
| 125,664 | | |
| (91,636 | ) | |
| 34,028 | |
Convertible Note -Fourth Man (Note 9 (ab)) | |
| 289.9 | % | |
| 0.0 | % | |
| 1.9 | | |
| 4.41 | % | |
| 125,821 | | |
| (111,423 | ) | |
| 14,398 | |
Convertible Note-Jeffery Street Note 9 (a))3,054 | |
| 289.9 | % | |
| 0.0 | % | |
| 1.9 | | |
| 4.41 | % | |
| 125,915 | | |
| (91,781 | ) | |
| 34,134 | |
Convertible Note -Blue Lake Note 9 (a)) | |
| 289.9 | % | |
| 0.0 | % | |
| 1.9 | | |
| 4.41 | % | |
| 125,915 | | |
| (101,533 | ) | |
| 24,382 | |
Total | |
| | | |
| | | |
| | | |
| Total | | |
| 1,128,635 | | |
| (868,678 | ) | |
| 256,957 | |
|