v3.25.2
Notes Receivable
 6 Months Ended
Jun. 30, 2025
Notes Receivable [Abstract]  
Notes Receivable

Note 6. Notes Receivable

 

The following table presents the Company’s notes receivable as of June 30, 2025 and December 31, 2024 ($ in thousands):

 

June 30, 2025

 

   Maturity
Date		  Stated
Interest
Rate		   Principal
Amount		   Interest
Receivable		   Fair
Value		 
Notes receivable, at fair value                   
Raefan Industries LLC  06/30/2025            8%  $
         -
   $
         -
   $
        -
 
American Innovative Robotics  04/01/2027   8%  $
-
   $
-
   $
-
 
                        
Notes receivable, at fair value - current portion                    $
-
 
                        
Notes receivable, at fair value - non-current portion                    $
-
 

 

December 31, 2024

 

   Maturity
Date		  Stated
Interest
Rate		   Principal
Amount		   Interest
Receivable		   Fair
Value		 
Notes receivable, at fair value                   
Convergent convertible note  12/2/2024        8%  $
-
   $
           -
   $
    -
 
Raefan Industries LLC  06/30/2025   8%  $
-
   $
-
   $
-
 
American Innovative Robotics  04/01/2027   8%  $1,106   $23   $902 
                        
Notes receivable, at fair value - current portion                    $
-
 
                        
Notes receivable, at fair value - non-current portion                    $902 

 

American Innovative Robotics, LLC

 

The Company recorded interest income of approximately $20,000, and an unrealized gain on the note of approximately $221,000 on the American Innovative Robotics Promissory Note for the six months ended June 30, 2025. The note was fully paid off as of March 24, 2025 resulting in an ending value of $0.

 

Raefan Industries LLC

 

During 2024, the Company deemed that the note for Raefan Industries LLC was uncollectible, and as a result, the Company recorded a realized loss as a result of directly writing off the note on Raefan Industries LLC, resulting in an ending value of $0 for the period ended June 30, 2025 and December 31, 2024. On June 30, 2025, the Company executed a Note Modification Agreement to extend the maturity date of the note to December 31, 2025. As of June 30, 2025, the Company maintained the note as uncollectible and fully written off.