DEBT (Tables)

6 Months Ended

Jun. 30, 2024

DEBT [Abstract]

Convertible Note

On June 23, 2023, the Company entered into a second Securities Purchase Agreement (the “2023 Purchase Agreement”) with Lind Global, pursuant to which we issued to Lind Global that certain Senior Convertible Promissory Note, dated February 23, 2022 (the “2023 Convertible Note” and, together with the 2022 Convertible Note, the “Convertible Notes”) and a common stock purchase warrant to acquire 426,427 shares of our Common Stock (the “2023 Warrant”). The 2023 Convertible Note does not bear interest but was issued at a $0.3 million discount (“OID”). We received proceeds of approximately $1.4 million net of the OID and expenses.

Table 8.1: Details of Convertible Notes
	2022 Convertible Note			2023 Convertible Note			Total Convertible Notes
	(in thousands)
Convertible Note issued	$	5,750		$	1,800		$	7,550
Debt discount		(750	)		(300	)		(1,050	)
Issuance cost:
Commitment fee		(175	)		(52	)		(227	)
Balance of investor’s counsel fees		(43	)		(34	)		(77	)
Net proceeds of Convertible Note	$	4,782		$	1,414		$	6,196
Additional OID costs not in original funds flow		(121	)		(15	)		(136	)
Fair value of Warrant Liabilities on issuance		(724	)		(1,119	)		(1,843	)
Fair value of Conversion Feature on issuance		(306	)		(286	)		(592	)
Allocated OID costs to Warrants		25			30			55
Additional OID costs not in original funds flow		(660	)		660			-
Interest expense accrued on Convertible Note as of June 30, 2024		3,265			666			3,931
Principal and interest payments through June 30, 2024		(6,261	)		(150	)		(6,411	)
Balance of Convertible Note as of June 30, 2024	$	-		$	1,200		$	1,200

Debt Balances

Table 8.2: Details of Debt Balances
	June 30, 2024			December 31, 2023
	(in thousands)
2022 Convertible Note	$	-		$	799
2023 Convertible Note		1,650			1,800
Funded Debt		1,650			2,599
Less: Unamortized debt-issuance costs and discounts		(450	)		(1,152	)
Total debt		1,200			1,447
Less: Current portion of long-term debt		(1,200	)		(810	)
Long-term debt	$	-		$	637

Future Minimum Principal Payments Due

Table 8.3: Details of Future Minimum Principal Payments Due
	Amount
	(in thousands)
July 1, 2024 through December 31, 2024	$	900
January 1, 2025 through June 30, 2025		750
	$	1,650