DEBT (Details Narrative) - Loan and Security Agreement [Member] - USD ($) |
Apr. 08, 2025 |
Jan. 08, 2024 |
Jun. 30, 2024 |
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Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 50,000,000 | ||
Prime rate percentage | 13.50% | ||
Percentage fee, description | the Company is required to pay a prepayment fee equal to 3.00% of the principal amount of the Loans prepaid; if prepayment occurs after the one-year anniversary of the Closing Date and on or before the two-year anniversary of the Closing Date, the Company is required to pay a fee equal to 2.00% of the principal amount of the Loans; if prepayment occurs after the two-year anniversary of the Closing Date, the Company is required to pay a fee equal to 1.00% of the principal amount of the Loans. A final payment fee of 5.00% of the principal amount of the funded Tranche 1, Tranche 2 Loans and Discretionary Tranche Loans is also due upon the Maturity Date or any earlier date of prepayment | ||
Unrestricted cash | $ 5,000,000 | ||
Outstanding principal amount of loan | 3,000,000 | ||
Fair value of conversion right | 800,000 | ||
Aggregate transaction amount | $ 1,000,000 | ||
Participation right description | The Participation Right automatically terminates upon the earliest of (i) July 1, 2027, (ii) such time that the Lenders have purchased $1 million of the Company’s equity securities in the aggregate pursuant to the Participation Right, and (iii) the repayment in full of all of the obligations under the Loan Agreement. | ||
Warrant [Member] | Avenue [Member] | |||
Debt Instrument [Line Items] | |||
Warrants purchase amount | $ 480,000 | ||
Warrant [Member] | Avenue 2 [Member] | |||
Debt Instrument [Line Items] | |||
Warrants purchase amount | 1,920,000 | ||
Forecast [Member] | |||
Debt Instrument [Line Items] | |||
Cumulative equity and nondilutive capital | $ 90,000,000 | ||
Forecast [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Prime rate percentage | 5.00% | ||
Forecast [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Prime rate percentage | 13.50% | ||
Tranche 1 [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | 20,000,000 | ||
Tranche 1 [Member] | Warrant [Member] | Avenue [Member] | |||
Debt Instrument [Line Items] | |||
Warrants purchase amount | 480,000 | ||
Tranche 1 [Member] | Warrant [Member] | Avenue 2 [Member] | |||
Debt Instrument [Line Items] | |||
Warrants purchase amount | 1,920,000 | ||
Tranche 2 [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | 10,000,000 | ||
Discretionary Tranche [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 20,000,000 |
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- Definition Cumulative equity and nondilutive capital. No definition available.
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- Definition Fair value of conversion right. No definition available.
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- Definition Participation right description. No definition available.
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- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of principal of debt issued. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of the required periodic payments applied to principal. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of investments and unrestricted cash as of the balance sheet date. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate amount paid by the entity to reacquire the right to purchase equity shares at a predetermined price, usually issued together with corporate debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition This is the sum of principal amount outstanding for both securitized and unsecuritized loans of all types. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A description of what the property management fee percentage is taken against to determine the fee charged to clients. No definition available.
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