| Schedule of Notes Payable |
Notes payable consisted of the following: | | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | November 2024 debentures - fair value (principal amount of $2,150,000 as of June 30, 2025 and December 31, 2024) | $ | 3,119,892 | | | $ | 2,583,832 | | | Convertible senior secured term loan | 25,287,311 | | | 27,500,383 | | | SBA loan | 485,300 | | | - | | | Ameristate loan | 1,917,863 | | | - | | | Total | 30,810,366 | | | 30,084,215 | | | Less: debt discount, net | (46,558) | | | (66,478) | | | Less: capitalized debt issuance costs | (857,205) | | | (1,207,509) | | | Senior bridge note exit fee provision | 173,926 | | | 125,302 | | | Less: current portion | (2,403,163) | | | - | | | Total notes payable – long-term | $ | 27,677,366 | | | $ | 28,935,530 | |
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| Schedule of Long-Term Debt Instruments |
Interest expense includes the following relating to the 2023 Term Loan, the December 2023 Incremental Loan, the January 2024 Incremental Loan, 2024 Loans and the May 2024 Incremental Loan (collectively the "convertible senior term loans"): | | | | | | | | | | | | | | | | | | | | | | Three months ended
June 30, | | Six months ended June 30, | | 2025 | 2024 | | 2025 | | 2024 | | Debt discount amortization | $ | 10,025 | | $ | 9,944 | | | $ | 19,920 | | | $ | 19,868 | | | Amortization of debt issuance costs | 176,857 | | 169,619 | | | 350,303 | | | 312,440 | | | Provision for bridge note exit fee | 24,472 | | 24,263 | | | 48,624 | | | 48,475 | |
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