Annual report pursuant to Section 13 and 15(d)

ADVANCES ON FUTURE RECEIPTS (Details Narrative)

v3.24.1
ADVANCES ON FUTURE RECEIPTS (Details Narrative) - USD ($)
$ in Thousands
12 Months Ended
Jun. 13, 2023
Feb. 16, 2023
Oct. 25, 2022
Aug. 25, 2022
Dec. 31, 2023
Dec. 31, 2022
Short-Term Debt [Line Items]            
Amortization of debt discount         $ 310 $ 341
Payment of debt issuance cost         780
Debt outstanding         1,989
Unamortized debt discount         311
Debt issuance cost         37
Amortization of debt issuance cost         241 487
Note One [Member]            
Short-Term Debt [Line Items]            
Debt instrument face amount [1]         1,249  
Note Two [Member]            
Short-Term Debt [Line Items]            
Debt instrument face amount [2]         343  
Note Three [Member]            
Short-Term Debt [Line Items]            
Debt instrument face amount [3]         150  
Unaffiliated Third Party [Member] | Note One [Member]            
Short-Term Debt [Line Items]            
Face amount       $ 2,500    
Purchase of future receipts       3,400    
Amortization of debt discount       900 155  
Payment of debt issuance cost       $ 100    
Debt outstanding           1,782
Unamortized debt discount   $ 112       267
Debt issuance cost   13       30
Debt instrument face amount         643  
Amortization of debt issuance cost         17  
Unaffiliated Third Party [Member] | Note Two [Member]            
Short-Term Debt [Line Items]            
Face amount     $ 225      
Purchase of future receipts     322      
Amortization of debt discount     97   28  
Payment of debt issuance cost     $ 16      
Debt outstanding           207
Unamortized debt discount   16       44
Debt issuance cost   3       $ 7
Debt instrument face amount         86  
Amortization of debt issuance cost         4  
Unaffiliated Third Party [Member] | Note Three [Member]            
Short-Term Debt [Line Items]            
Face amount   1,550        
Purchase of future receipts   2,108        
Amortization of debt discount   $ 558     558  
Payment of debt issuance cost $ 87       2,086  
Amortization of debt issuance cost         $ 90  
Received advances on future receipts 290          
Payment of debt issuance cost $ 3          
[1] On December 1, 2015, the Company issued a convertible note payable to Mr. Cutaia, the Company’s Chief Executive Officer and a director, to consolidate all loans and advances made by Mr. Cutaia to the Company as of that date. On May 19, 2021, the Company amended the note to allow for conversion of the note at any time at the discretion of the holder at a fixed conversion price of $41.20, which was the closing price of the common stock on the amendment date. On May 12, 2022, the maturity date of the note was extended to April 1, 2023. On October 12, 2023, the Company repaid all of the outstanding principal and accrued interest amounting to $879. As of December 31, 2023, and 2022, the outstanding balance under the note was $0 and $811, respectively.
[2] On April 4, 2016, the Company issued a convertible note payable to Mr. Cutaia, in the amount of $343, to consolidate all advances made by Mr. Cutaia to the Company during the period December 2015 through March 2016. On May 19, 2021, the Company amended the note to allow for conversion of the note at any time at the discretion of the holder at a fixed conversion price of $41.20, which was the closing price of the common stock on the amendment date. On September 20, 2023, the Company repaid all of the outstanding principal and accrued interest amounting to $48. As of December 31, 2023 and 2022, the outstanding balance under the note was $0 and $45, respectively.
[3] On May 15, 2020, the Company executed an unsecured loan with the SBA under the Economic Injury Disaster Loan program in the amount of $150. Installment payments, including principal and interest, began on October 26, 2022. As of December 31, 2023, and 2022, the outstanding balance under the note was $137 and $150, respectively.