Quarterly report pursuant to Section 13 or 15(d)

Related Party (Tables)

v3.24.1.1.u2
Related Party (Tables)
3 Months Ended
Mar. 31, 2024
Related Party  
Schedule of Unsecured notes payable related party outstanding

 

 

March 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Unsecured note payable

 

$ 13,154,931

 

 

$ 13,154,931

 

 

 

 

 

 

 

 

 

 

Repayment

 

 

(9,040,000 )

 

 

-

 

Less fair value adjustment on extinguishment, net of amortized discount of $1,965,984 and $1,547,536, respectively

 

 

(960,000 )

 

 

(2,175,208 )

Plus fair value adjustment

 

 

24,510

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Total unsecured note payable

 

 

3,179,441

 

 

 

10,979,723

 

 

 

 

 

 

 

 

 

 

Less current portion

 

 

3,179,441

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Unsecured note payable, net of current portion

 

$ -

 

 

$ 10,979,723

 

Schedule of profit share liabilities

Profit Share as of January 1, 2023

 

$ 3,638,260

 

Addition

 

 

-

 

Loss on change in fair value of profit share

 

 

11,209,677

 

Profit Share as of December 31, 2023

 

$ 14,847,937

 

 

 

 

 

 

Profit Share as of January 1, 2024

 

$ 14,847,937

 

Modification

 

 

(11,833,179 )

Loss on change in fair value of profit share

 

 

240,688

 

Profit Share as of March 31, 2024

 

$ 3,255,446