Borrowings (Q2) (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2025 |
Dec. 31, 2024 |
| Debt Disclosure [Abstract] |
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| Schedule of Borrowings |
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Series 1 promissory notes
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2025 - 2026
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$425
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15%
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$725
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12% - 15%
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Related party notes
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—
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—
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—
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14,000
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8% - 15.99%
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Convertible debentures
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2026
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28,172
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—%
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—
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Term convertible notes
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2026
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2,451
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3.94%
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—
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Related party convertible notes
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2025 - 2026
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4,002
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3.94% - 15%
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—
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WTI Facility
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2028
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20,000
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13.50%
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20,000
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13.50%
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Total Notes Payable
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55,050
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34,725
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Less: unamortized debt discount
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(9,791)
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(6,446)
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Less: current portion of related party notes payable
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—
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(14,000)
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Less: current portion of related party convertible
notes
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(1,002)
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—
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Less: current portion of notes payable
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(27,502)
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(625)
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Total Long-term Notes
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$16,755
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$13,654
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Series 1 promissory notes
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2025 - 2026
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$725
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12% - 15%
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$1,911
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9% - 15%
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Related party notes
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2024 - 2025
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14,000
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8% - 15.99%
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1,000
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—%
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Convertible promissory notes
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—
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6,634
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8%
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WTI Facility
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2028
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20,000
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13.50%
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—
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Total Notes Payable
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34,725
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9,545
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Less: unamortized debt discount
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(6,446)
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(2,133)
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Less: current portion of related party notes payable
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(14,000)
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(1,000)
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Less: current portion of notes payable
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(625)
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(912)
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Total Long-term Notes
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$13,654
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$5,500
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| Schedule of Maturity of Borrowings |
The Company’s notes payable, excluding debt issuance costs, mature as follows:
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2025 (remaining 6 months)
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$13,011
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2026
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29,234
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2027
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8,244
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2028
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4,561
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Total Debt
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$55,050
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The Company’s notes payable, excluding debt issuance costs, and notes payable to
related parties mature as follows:
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2025
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$14,625
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2026
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7,295
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2027
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8,244
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2028
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4,561
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Total Debt
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$34,725
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| Schedule of Extensions of Promissory Notes |
Extensions on Series 1 promissory notes were as follows:
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Principal amount of 1st extension promissory notes
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12%
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$—
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$—
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$—
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$122
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Principal amount of 2nd extension promissory notes
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15%
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$—
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$—
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$122
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$300
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Extensions on Series 1 promissory notes were as follow:
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Principal amount of 1st extension promissory notes
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12%
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$122
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$829
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Principal amount of 2nd extension promissory notes
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15%
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$603
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$890
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| Schedule of Interest Expense |
Interest expense on Series 1 promissory notes was as follows:
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Interest attributable to contractual interest
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$16
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$44
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$48
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$99
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Interest expense on the related party notes was as follows:
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Total interest expense
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$—
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$—
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$419
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$—
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Interest expense on this facility was as follows:
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Interest attributable to contractual interest
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$683
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$—
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$1,358
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$—
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Interest attributable to amortization of issuance
costs and discounts
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348
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—
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856
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—
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Total interest expense
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$1,031
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$—
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$2,214
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$—
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Interest expense on this facility was as follows:
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Interest attributable to amortization of issuance costs
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1,701
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—
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1,701
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—
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Total interest expense
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$1,701
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$—
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$1,701
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$—
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Interest expense on Series 1 promissory notes was as follows:
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Interest attributable to contractual interest
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$29
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$138
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$297
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Interest attributable to amortization of issuance costs
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—
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—
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32
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Total interest expense
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$29
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$138
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$329
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Interest expense on the related party notes was as follows:
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Total interest expense
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$611
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$932
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$—
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Interest expense on the 2025 Notes was as follows:
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Interest attributable to contractual interest
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$—
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$120
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$583
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Interest attributable to amortization of implied discounts
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—
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231
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456
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Total interest expense
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$—
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$351
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$1,039
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Interest expense on this facility was as follows:
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Interest attributable to contractual interest
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$352
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$—
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$—
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Interest attributable to amortization of issuance costs
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248
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—
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—
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Total interest expense
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$600
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$—
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$—
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