| Schedule of Outstanding Convertible Note |
The table below summarizes the outstanding
Convertible Notes as of June 30, 2025 and December 31, 2024:
| | |
June 30,
2025 | | |
December 31,
2024 | |
| Principal value of Convertible Notes (1) | |
$ | 20,888,741 | | |
$ | 17,836,864 | |
| Debt discount, net of amortization(2) | |
| (2,746,259 | ) | |
| (3,750,932 | ) |
| Convertible Notes payable | |
$ | 18,142,482 | | |
$ | 14,085,932 | |
| (1) | Includes $18,154,462, $0, $1,898,120 and $836,159 of principal for the December 2023, August 2024, January 2025 and June 2025 Convertible Notes at June 30, 2025, respectively. Includes $16,644,699, $1,192,165, $0, and $0 of principal for the December 2023, August 2024, January 2025 and June 2025 Convertible Notes at December 31, 2024, respectively. |
| (2) | Includes $2,532,517, $0, $138,828 and $79,914 of debt discount for the December 2023, August 2024, January 2025 and June 2025 Convertible Notes at June 30, 2025, respectively. Includes $3,419,065, $331,867, $0 and $0 of debt discount for the December 2023, August 2024, January 2025 and June 2025 Convertible Notes at December 31, 2024, respectively. |
|
The table below summarizes the outstanding Convertible Note as of December
31, 2024 and 2023:
| | |
December 31,
2024 | | |
December 31,
2023 | |
| | |
As Restated | |
| Principal value of Convertible
Note (1) | |
$ | 17,836,864 | | |
$ | 15,819,209 | |
| Debt
discount, net of amortization (2) | |
| (3,750,932 | ) | |
| (5,164,765 | ) |
| Convertible Note payable | |
$ | 14,085,932 | | |
$ | 10,654,444 | |
| | (1) | Includes $16,644,699 and $15,819,209 of principal for the December 2023 Convertible Note as of December 31, 2024 and 2023, respectively and $1,192,165 and $0 of principal for the August 2024 Convertible Note as of December 31, 2024 and 2023, respectively. |
| | (2) | Includes $3,419,065 and $5,164,765 of debt discount for the December 2023 Convertible Note as of December 31, 2024 and 2023, respectively and $331,867 and $0 of debt discount for the August 2024 Convertible Note as of December 31, 2024 and 2023, respectively. |
|
| Schedule of Disaggregation of Interest Expense |
The table below presents the disaggregation of interest expense
for the three and six months ended June 30, 2025:
| | |
Three months
ended
June
30,
2025 | | |
Six months
ended
June
30,
2025 | |
| Contractual interest expense | |
$ | 1,620,186 | | |
$ | 2,756,792 | |
| Debt discount and issuance cost amortization | |
| 485,162 | | |
| 1,205,535 | |
| Total | |
$ | 2,105,348 | | |
$ | 3,962,327 | |
|
The table below presents the disaggregation of
interest expense for the years ended December 31, 2024 and 2023:
| | |
Year ended
December 31,
2024 | | |
Year ended
December 31,
2023 | |
| Contractual interest expense | |
$ | 3,459,439 | | |
$ | 561,095 | |
| Debt discount amortization | |
| 753,904 | | |
| 49,433 | |
| Debt issuance cost amortization | |
| 1,042,141 | | |
| 42,901 | |
| Finance costs and other | |
| 14,920 | | |
| - | |
| Total | |
$ | 5,270,404 | | |
$ | 653,429 | |
|