Notes Payable (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
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Aug. 18, 2022 |
Dec. 16, 2021 |
Jun. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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Notes Payable (Details) [Line Items] | ||||||
Gross principal amount | $ 36,530,320 | $ 36,530,320 | $ 36,530,320 | |||
Debenture warrants shares (in Shares) | 2,922,425 | 2,922,425 | ||||
Inclusive proceeds | $ 35,800,000 | $ 35,800,000 | ||||
Original issue discount percentage | 2.00% | 2.00% | 2.00% | |||
Fair value debenture warrants | $ 20,949,110 | $ 20,949,110 | ||||
Debt discount upon issuance | $ 21,679,716 | $ 21,679,716 | ||||
Debentures converted description. | The Debentures may be converted at the holders’ option at 120% of the principal amount at a conversion price of $15.00 or 2,922,425 shares of Common Stock. The conversion price may be adjusted downward for certain events including the issuance by the Company of dilutive instruments below the current conversion price. Interest accrues on the outstanding principal amount of the Debentures at 5% per annum, payable quarterly. | |||||
Exercisable initially (in Dollars per share) | $ 20 | $ 20 | ||||
Debt discount accretion | $ 970,511 | $ 1,878,376 | $ 1,071,228 | |||
Effective interest | 25.2% | 25.2% | ||||
Term loan credit agreement description | On December 16, 2021, we entered into a Term Loan Credit Agreement with RCB Equities #1, LLC (“RCB”) in the amount of $15,000,000 to provide funds for the Company’s working capital and general corporate purposes. The note bore interest at 13% per annum and was payable in 18 monthly installments of interest only through its maturity date of June 16, 2023. A 2% commitment fee totaling $300,000 was paid upon loan inception and reported as a debt discount. There was also a 5% exit fee, accrued over the note term, totaling $750,000. | |||||
Additional borrowing | $ 2,000,000 | |||||
Origination fee | 33,000 | |||||
Fee due upon repayment | $ 100,000 | |||||
Debentures converted description | The Debentures may be converted at each holder’s option at 120% of the principal amount at a conversion price of $15.00 or 2,922,425 shares of Common Stock, subject to certain adjustments including full ratchet anti-dilution price protections. Interest accrues on the outstanding principal amount of the Debentures at 5% per annum, payable quarterly. | |||||
Term of shares | 10 years | 10 years | ||||
Minimum [Member] | ||||||
Notes Payable (Details) [Line Items] | ||||||
Interest rates ranging | 4.25% | |||||
Maximum [Member] | ||||||
Notes Payable (Details) [Line Items] | ||||||
Interest rates ranging | 10.00% | |||||
Business Combination [Member] | ||||||
Notes Payable (Details) [Line Items] | ||||||
Business combination description | (i) an aggregate of 5,299,546 shares of Common Stock and (ii) a pro-rata number of the total Earnout Shares in the Business Combination |
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- Definition The amount paid to additional borrowing. No definition available.
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- Definition Business combination description. No definition available.
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- Definition The debentures converted description. No definition available.
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- Definition The exercisable initially par share. No definition available.
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- Definition The amount paid to Fair value debenture warrants . No definition available.
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- Definition The amount paid to inclusive proceeds . No definition available.
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- References No definition available.
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- Definition Term Loan Credit Agreement Description. No definition available.
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- Definition The debentures converted description. No definition available.
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- Definition Amount of amortization expense attributable to debt discount (premium) and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of the fee that accompanies borrowing money under the debt instrument. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Description of any adjustments made to the stated rate to determine the effective rate. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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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/disclosureRef
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- Definition Floor rate on an interest rate derivative such as an interest rate floor or collar. If market rates falls below the floor rate, a payment or receipt is triggered on the contract. No definition available.
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- Definition The cash outflow for the extinguishment of long-term borrowing, with the highest claim on the assets of the entity in case of bankruptcy or liquidation, before its maturity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of call options and warrants using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of interest income, amortization of premium and accretion of discount, on investment in debt security measured at fair value with change in fair value recognized in net income (trading); classified as operating. No definition available.
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- Definition Amount of principal of investment owned. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Period between issuance and expiration of outstanding warrant and right embodying unconditional obligation requiring redemption by transferring asset at specified or determinable date or upon event certain to occur, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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