Conversion price per
share

Interest rate

Due date

September 30,
2022

December 31,
2021

Convertible promissory note

$4.00

4%

May 10, 2024

$

660,000

$

660,000

AVLP convertible promissory notes

$0.35 (AVLP stock)

15%

August 22, 2025

9,911,000

-

Fair value of embedded options and derivatives

4,908,000

-

Less: unamortized debt discounts

(132,000

)

(192,000

)

Total convertible notes payable, net of financing cost

$

15,347,000

$

468,000

Less: current portion

(1,469,000

)

-

Total convertible notes payable, net of financing cost, long term

$

13,878,000

$

468,000