XML 21 R12.htm IDEA: XBRL DOCUMENT v3.23.2
SUBSEQUENT EVENTS
3 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 5 – SUBSEQUENT EVENTS

 

Note Purchase Agreement

In August 2023, the Company agreed to issue a secured promissory note (“Note Agreement 4”) in the original principal amount of $7,810,000, that matures in August 2025, and is secured by substantially all the assets of the Company. The note carries an original issue discount (“OID”) of $1,300,000 (16.7%). In addition, a monitoring fee equal to 0.833% of the outstanding balance, which is in substance interest at an annual rate of approximately 10%, will be automatically added to the note principal each month. Net proceeds of Note Agreement 4 will be $6,500,000, after deducting $10,000 of transaction fees.