| SCHEDULE OF DEBT |
A
breakdown of the Company’s debt as of March 31, 2025 and December 31, 2024 is presented below:
SCHEDULE
OF DEBT
| | |
March 31, 2025 | | |
December 31, 2024 | |
| Promissory note | |
$ | 10,910,592 | | |
$ | 11,623,392 | |
| Debt discount and issuance cost | |
| (267,301 | ) | |
| (284,283 | ) |
| Total debt, net of debt discount and issuance costs | |
| 10,643,291 | | |
| 11,339,109 | |
| Current portion of long-term debt | |
| (1,766,419 | ) | |
| (2,200,210 | ) |
| Current portion of debt discount and issuance cost | |
| 68,874 | | |
| 68,873 | |
| Long-term debt | |
$ | 8,945,746 | | |
$ | 9,207,772 | |
|
The
following table provides a breakdown of the Company’s debt as of December 31, 2024 and 2023 is presented below:
SCHEDULE
OF DEBT
| | |
2024 | | |
2023 | |
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| Promissory note | |
$ | 11,623,392 | | |
$ | 3,106,508 | |
| Debt discount and issuance cost | |
| (284,283 | ) | |
| - | |
| Total debt, net of debt discount and issuance costs | |
| 11,339,109 | | |
| 3,106,508 | |
| Current portion of long-term debt | |
| (2,200,210 | ) | |
| (702,701 | ) |
| Current portion of debt discount and issuance cost | |
| 68,873 | | |
| - | |
| Long-term debt | |
$ | 9,207,772 | | |
$ | 2,403,807 | |
|
| SCHEDULE OF DEBT REPAYMENT |
The
following table summarizes the five-year5 repayment schedule:
SCHEDULE
OF DEBT REPAYMENT
| For
the years ending December 31, | |
|
| 2025 (remaining nine months) | |
$ | 1,487,410 | |
| 2026 | |
| 3,016,526 | |
| 2027 | |
| 5,595,359 | |
| 2028 | |
| 534,923 | |
| 2029 | |
| 276,374 | |
| 2029 | |
| 276,374 | |
| Total | |
$ | 10,910,592 | |
|
The
following table summarizes the 5-year repayment schedule:
SCHEDULE
OF DEBT REPAYMENT
| For the years ending December 31, | |
| |
| 2025 | |
$ | 2,200,210 | |
| 2026 | |
| 3,016,526 | |
| 2027 | |
| 5,595,359 | |
| 2028 | |
| 534,923 | |
| 2029 | |
| 276,374 | |
| Total | |
$ | 11,623,392 | |
|