March 31, 2025

December 31,
2024

Secured Debt Facility

Principal amount

$

38,300,000

$

52,100,000

Unamortized debt discount

(758,524

)

(1,188,535

)

Unamortized debt issuance costs

(1,119,643

)

(1,543,742

)

Debt, net

$

36,421,833

$

49,367,723

Convertible Debenture

Principal amount

$

20,000,000

$

20,000,000

Unamortized debt discount

(298,305

)

(321,377

)

Unamortized debt issuance costs

(71,608

)

(77,147

)

Debt, net

$

19,630,087

$

19,601,476

Total Debt, net

$

56,051,920

$

68,969,199

Less current portion

$

24,700,000

$

42,600,000

Debt non-current portion, net

$

31,351,920

$

26,369,199