| Schedule of Notes Payable |
Notes payable consisted of the following: | | | | | | | | | | | | | March 31,
2026 | | December 31,
2025 | | November 2024 Debentures - (fair value) | $ | 1,298,728 | | | $ | 163,672 | | | Convertible senior secured term loan | 19,824,812 | | | 19,284,709 | | | SBA loan | 485,300 | | | 485,300 | | | AmeriState loan | 1,785,026 | | | 1,811,327 | | | Insurance Financing | 603,272 | | | 331,607 | | | Total | 23,997,138 | | | 22,076,615 | | | Less: debt discount, net | (16,249) | | | (26,225) | | | Less: capitalized debt issuance costs | (209,524) | | | (321,004) | | | 2023 Term Loan Agreement exit fee provision | 128,238 | | | 115,638 | | | | | | | Total notes payable | $ | 23,899,603 | | | $ | 21,845,024 | | | | | | | November 2024 Debentures (principal amount) | $ | 960,000 | | | $ | 100,000 | |
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| Schedule of Long-Term Debt Instruments |
Interest expense includes the following relating to the Senior Secured Convertible Term Loan: | | | | | | | | | | | | | | Three months ended
March 31, | | | | 2026 | 2025 | | | | | | Debt discount amortization | $ | 9,976 | | $ | 9,895 | | | | | | | Amortization of debt issuance costs | 111,840 | | 173,447 | | | | | | | Provision for bridge note exit fee | 12,600 | | 24,152 | | | | | | | Capitalized paid-in-kind (PIK) interest | 179,939 | | 166,882 | | | | | |
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