XML 46 R28.htm IDEA: XBRL DOCUMENT v3.23.4
Debt (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Debt [Abstract]    
Schedule of Promissory Notes Promissory notes are summarized as follows at September 30, 2023:
   Knight
Therapeutics		   Note,
including
amendment		   Bridge
Notes		   Total 
Promissory Notes (including accrued interest), at fair value  $               -   $                -   $             -   $          - 
Promissory Notes (including accrued interest)   -    -    -    - 
Less Current Maturities   -    -    -    - 
Long Term Promissory Notes  $-   $-   $-   $- 

 

Promissory notes are summarized as follows at December 31, 2022:
   Knight
Therapeutics		   Note,
including
amendment		   Bridge
Notes		   Total 
Promissory Notes (including accrued interest)  $16,319,986   $1,109,783   $535,901   $17,965,670 
Less Current Maturities   16,319,986    -    535,901    16,855,887 
Long Term Promissory Notes  $-   $1,109,783   $-   $1,109,783 
 Promissory notes are summarized as follows at December 31, 2022:
   Knight Therapeutics   Note, including amendment   Bridge Notes   Total 
                 
Promissory Notes and Interest less Discounts   16,319,986    1,109,783    535,901    17,965,670 
Less Current Maturities   16,319,986    -    535,901    16,855,887 
Long Term Promissory Notes   -    1,109,783    -    1,109,783 

 

   Knight Therapeutics   Note, including amendment   Total 
             
Promissory Notes and Interest less Discounts   14,085,333    1,111,731    15,197,064 
Less Current Maturities   -    -    - 
Long Term Promissory Notes   14,085,333    1,111,731    15,197,064 
Schedule of Bridge Notes and Related Party Notes Bridge Notes and Related Party Notes are summarized as follows at September 30, 2023 and December 31, 2022:
   2022 Bridge
Notes		   Related Party
Notes		   2023 Bridge
Notes		 
Issuance date of promissory notes   May 2022    May 2022    May 2023 
Maturity date of promissory notes   1    1    1 
Interest rate   10%   6%   10%
Default interest rate   15%   15%   15%
Collateral   Unsecured    Unsecured    Unsecured 
Conversion rate   2    2    2 
                
Face amount of notes  $888,889   $338,889   $- 
Less: unamortized debt discount   (407,555)   (155,443)   - 
Add: accrued interest on promissory notes   54,567    11,651    - 
Balance - December 31, 2022  $535,901   $195,097   $- 
Face amount of notes   -    -    - 
Less: unamortized debt discount   -    -    - 
Add: accrued interest on promissory notes   -    -    - 
Balance - September 30, 2023  $-   $-   $- 
1-earlier of 1 year from date of issuance or closing of IPO.
2-see discussion above for (a) and (b)
 
Schedule of Reconciliation of the Beginning and Ending Balances for the Convertible Knight Note A reconciliation of the beginning and ending balances for the Convertible Knight Note, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows for the three and nine months ended September 30, 2023:
   Convertible
Knight
Note, at fair
value		 
Promissory Notes, at fair value at December 31, 2022  $- 
Fair value at modification date - January 9, 2023   21,520,650 
Fair value - mark to market adjustment   (339,052)
Accrued interest recognized  634,243 
Promissory Notes, at fair value at March 31, 2023  $21,815,841 
Fair value - mark to market adjustment   1,064,849 
Accrued interest recognized   659,306 
Promissory Notes, at fair value at June 30, 2023  $23,539,996 
Fair value - mark to market adjustment   (6,105,066)
Extinguishment of Promissory Notes   (17,434,930)
Promissory Notes, at fair value at September 30, 2023  $- 

  

  
Schedule of the Knight Debenture The Knight debenture as of September 30, 2023 and December 31, 2022 consisted of the following:
   September 30,
2023		   December 31,
2022		 
Original Debenture  $              -   $3,000,000 
Unamortized debt discount   -    (279,061)
Debenture Prior to Accumulated Interest   -    2,720,939 
Accumulated Interest   -    1,555,670 
Debenture  $-   $4,276,609 
 On April 24, 2019 60P entered into the Knight debenture of $3,000,000 with an original issue discount (“OID”) of $2,100,000. The OID is being amortized using the effective interest method. The Company subsequently restructured the Knight Loan (see Subsequent Events footnote 13). $500,103 of the original issue discount was amortized to interest expense during the twelve months ended December 31, 2022 ($431,625 during twelve months ended December 31, 2021) and the unamortized original issue discount at December 31, 2022 was $279,061 ($779,164 at December 31, 2021
  

December 31,
2022

  

December 31,
2021

 
Original Debenture  $3,000,000   $3,000,000 
Unamortized debt discount   (279,061)   (779,164)
Debenture Prior to Accumulated Interest   2,720,939    2,220,836 
Accumulated Interest   1,555,670    1,167,734 
Debenture  $4,276,609   $3,388,570 
Schedule of the Current Future Payment Obligations The current future payment obligations of the principal are as follows:
Period  Principal
Payments		 
2023 (remaining three months)  $- 
2024   - 
2025   - 
2026   - 
2027   2,804 
Thereafter   147,196 
Total  $150,000 
 The current future payment obligations of the principal are as follows:
Period  Principal Payments 
2023  $- 
2024   - 
2025   - 
2026   250 
2027   3,211 
Thereafter   146,539 
Total  $150,000