| Schedule of Convertible Debt |
The Convertible Notes are
separated into seven groups — A, B, C, D, E, F and BlinkBio — per the table below: | | | | | | | | | | | June 30,
2024 | | | December 31,
2023 | | | | | | | | | | | Conversion | | Carrying | | | Carrying | | | Group | | Rate | | Maturity | | Collateral | | Rate | | Amount | | | Amount | | | A | | 10% | | 10/31/2024 | | None | | 80% – 87.5% | | $ | 1,153,993 | | | $ | 1,151,032 | | | B | | 6% | | 10/31/2024 | | None | | 80% | | $ | 5,154,000 | | | $ | 5,154,000 | | | C | | 6% | | 10/31/2024 | | None | | 80% | | $ | 3,945,020 | | | $ | 3,873,417 | | | D | | 6% | | 10/31/2024 | | None | | 50% | | $ | 2,000,000 | | | $ | 1,950,160 | | | E | | 6% | | 10/31/2024 | | None | | 50% | | $ | 1,100,000 | | | $ | 1,100,000 | | | F | | 6% | | 10/31/2024 | | None | | 50% | | $ | 3,095,218 | | | $ | 1,381,732 | | | Blink Bio | | 10% | | 3/15/2022 | | None | | 100% | | $ | — | | | $ | — | |
|
| Schedule of Convertible Debt Balance |
The convertible debt balance
at June 30, 2024 and December 31, 2023 is summarized as follows:
| | |
As of | | |
As of | |
| | |
June 30, | | |
December 31, | |
| Debt A | |
2024 | | |
2023 | |
| Principal amount outstanding | |
$ | 1,154,000 | | |
$ | 1,154,000 | |
| Less: discounts (issuance, redemptions) | |
| (184,614 | ) | |
| (185,224 | ) |
| Amortization of discounts | |
| 184,607 | | |
| 182,256 | |
| Carrying value | |
| 1,153,993 | | |
| 1,151,032 | |
| Less Related Party Portion | |
| (100,000 | ) | |
| (100,000 | ) |
| Convertible Notes – A | |
$ | 1,053,993 | | |
$ | 1,051,032 | |
| | |
As of | | |
As of | |
| | |
June 30, | | |
December 31, | |
| Debt B | |
2024 | | |
2023 | |
| Principal amount outstanding | |
$ | 5,154,000 | | |
$ | 5,154,000 | |
| Less: discounts (issuance, redemptions, warrants) | |
| (1,818,939 | ) | |
| (1,818,939 | ) |
| Amortization of discounts | |
| 1,818,939 | | |
| 1,818,939 | |
| Carrying value | |
$ | 5,154,000 | | |
$ | 5,154,000 | |
| | |
As of | | |
As of | |
| | |
June 30, | | |
December 31, | |
| Debt C | |
2024 | | |
2023 | |
| Principal amount outstanding | |
$ | 3,945,020 | | |
$ | 3,945,020 | |
| Less: discounts (issuance, redemptions, warrants) | |
| (1,088,223 | ) | |
| (1,063,223 | ) |
| Amortization of discounts | |
| 1,088,223 | | |
| 1,016,620 | |
| Carrying value | |
$ | 3,945,020 | | |
$ | 3,873,417 | |
| | |
As of | | |
As of | |
| | |
June 30, | | |
December 31, | |
| Debt D | |
2024 | | |
2023 | |
| Principal amount outstanding | |
$ | 2,000,000 | | |
$ | 2,000,000 | |
| Less: discounts (issuance, redemptions, warrants) | |
| (1,864,654 | ) | |
| (1,864,654 | ) |
| Amortization of discounts | |
| 1,864,654 | | |
| 1,814,814 | |
| Carrying value | |
$ | 2,000,000 | | |
$ | 1,950,160 | |
| | |
As of | | |
As of | |
| | |
June 30, | | |
December 31, | |
| Debt E | |
2024 | | |
2023 | |
| Principal amount outstanding | |
$ | 1,100,000 | | |
$ | 1,100,000 | |
| Less: discounts (issuance, redemptions, warrants) | |
| (550,000 | ) | |
| (550,000 | ) |
| Amortization of discounts | |
| 550,000 | | |
| 550,000 | |
| Carrying value | |
| 1,100,000 | | |
| 1,100,000 | |
| Less related party portion | |
| (50,000 | ) | |
| (50,000 | ) |
| Convertible Notes – E | |
$ | 1,050,000 | | |
$ | 1,050,000 | |
| | |
As of | | |
As of | |
| | |
June 30, | | |
December 31, | |
| Debt F | |
2024 | | |
2023 | |
| Principal amount outstanding | |
$ | 3,433,500 | | |
$ | 1,932,500 | |
| Less: discounts (issuance, redemptions, warrants) | |
| (1,212,718 | ) | |
| (966,250 | ) |
| Amortization of discounts | |
| 874,436 | | |
| 415,482 | |
| Carrying value | |
$ | 3,095,218 | | |
$ | 1,381,732 | |
|
| Schedule of the Fair Value of the Redemption Liability |
The redemption liability is
re-measured at each period end and is summarized as follows:
| | |
As of | | |
As of | |
| | |
June 30, | | |
December 31, | |
| | |
2024 | | |
2023 | |
| New Embedded Redemption Value – Group A | |
| 144,250 | | |
| 144,250 | |
| New Embedded Redemption Value – Group B | |
| 1,130,800 | | |
| 1,130,800 | |
| New Embedded Redemption Value – Group C | |
| 789,004 | | |
| 789,004 | |
| New Embedded Redemption Value – Group D | |
| 1,000,000 | | |
| 1,000,000 | |
| New Embedded Redemption Value – Group E | |
| 550,000 | | |
| 550,000 | |
| New Embedded Redemption Value – Group F | |
| 1,716,750 | | |
| 966,250 | |
| Ending Balance | |
$ | 5,330,804 | | |
$ | 4,580,304 | |
|