Short-term Debt	3 Months Ended
Mar. 31, 2025
Short-term Debt.
Short-term Debt	Note 9 – Short-term Debt Financing for Insurance Premiums On April 5, 2024, the Company financed $365,000 in business insurance premiums to be repaid in nine installments of $42,000 with a borrowing rate of 8.3%. On October 31, 2024, the Company financed $37,000 in additional business insurance premiums to be repaid in three installments of $12,000 with a borrowing rate of 8.3%. No balance is outstanding on the financed business insurance premiums as of March 31, 2025. Agile Subordinated Loan Agreement Effective October 1, 2024, the Company entered into a subordinated business loan agreement (the “Original Loan Agreement”) with Agile Capital Funding, LLC and Agile Lending, LLC (collectively, the “Lender”), which provided for an initial term loan of $525,000, with the ability to receive additional term loans of up to $1.6 million, subject to certain conditions (such loans, the “Original Term Loan”). Principal and interest on the Original Term Loan in the aggregate amount of $756,000 was to be repaid in weekly payments of $27,000 commencing on October 14, 2024 and fully repaid on or before the maturity date of April 21, 2025. Effective November 5, 2024, the Company entered into an amended subordinated business loan agreement with the Lender (the “Amended Loan Agreement”) to refinance the Original Term Loan. The Amended Loan Agreement provides for a new term loan of $997,000, with the ability to receive additional term loans of up to $1.6 million, subject to certain conditions (such new loans, the “New Term Loan”). Principal and interest on the New Term Loan in the aggregate amount of $1,415,740 will be repaid in weekly payments of approximately $39,000 and fully repaid on or before the maturity date of July 17, 2025. The proceeds of the New Term Loan were allocated to cover the administrative fee of $48,000 and to repay in full the Original Term Loan as described above, which had a carrying amount of $429,000 and settlement value of $648,000 on November 5, 2024. The New Term Loan is expressly subordinated to the Company’s obligations on certain senior indebtedness of the Company as provided in the Amended Loan Agreement. As of March 31, 2025, the Company had a short-term loan payable balance of approximately $0.5 million. The Company recorded interest expense of approximately $0.2 million related to the Amended Loan Agreement during the three months ended March 31, 2025. The payment multiplier on the current loan is 1.42. An administrative fee of $25,000 was paid on the Original Loan agreement, and an administrative fee of $48,000 was paid on the Amended Loan Agreement. These fees are recorded as a debt discount against the proceeds received. As of March 31, 2025, the unamortized debt discount was $22,000.

Short-term Debt

3 Months Ended

Mar. 31, 2025

Note 9 – Short-term Debt

Financing for Insurance Premiums

On April 5, 2024, the Company financed $365,000 in business insurance premiums to be repaid in nine installments of $42,000 with a borrowing rate of 8.3%. On October 31, 2024, the Company financed $37,000 in additional business insurance premiums to be repaid in three installments of $12,000 with a borrowing rate of 8.3%. No balance is outstanding on the financed business insurance premiums as of March 31, 2025.

Agile Subordinated Loan Agreement

Effective October 1, 2024, the Company entered into a subordinated business loan agreement (the “Original Loan Agreement”) with Agile Capital Funding, LLC and Agile Lending, LLC (collectively, the “Lender”), which provided for an initial term loan of $525,000, with the ability to receive additional term loans of up to $1.6 million, subject to certain conditions (such loans, the “Original Term Loan”). Principal and interest on the Original Term Loan in the aggregate amount of $756,000 was to be repaid in weekly payments of $27,000 commencing on October 14, 2024 and fully repaid on or before the maturity date of April 21, 2025.

Effective November 5, 2024, the Company entered into an amended subordinated business loan agreement with the Lender (the “Amended Loan Agreement”) to refinance the Original Term Loan. The Amended Loan Agreement provides for a new term loan of $997,000, with the ability to receive additional term loans of up to $1.6 million, subject to certain conditions (such new loans, the “New Term Loan”). Principal and interest on the New Term Loan in the aggregate amount of $1,415,740 will be repaid in weekly payments of approximately $39,000 and fully repaid on or before the maturity date of July 17, 2025. The proceeds of the New Term Loan were allocated to cover the administrative fee of $48,000 and to repay in full the Original Term Loan as described above, which had a carrying amount of $429,000 and settlement value of $648,000 on November 5, 2024. The New Term Loan is expressly subordinated to the Company’s obligations on certain senior indebtedness of the Company as provided in the Amended Loan Agreement.

As of March 31, 2025, the Company had a short-term loan payable balance of approximately $0.5 million. The Company recorded interest expense of approximately $0.2 million related to the Amended Loan Agreement during the three months ended March 31, 2025. The payment multiplier on the current loan is 1.42. An administrative fee of $25,000 was paid on the Original Loan agreement, and an administrative fee of $48,000 was paid on the Amended Loan Agreement. These fees are recorded as a debt discount against the proceeds received. As of March 31, 2025, the unamortized debt discount was $22,000.