Debt |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Debt | |
| Debt | Note 9 — Debt Line of Credit In December 2023, the Company entered into a line of credit agreement with First Insurance Funding. During the year ended December 31, 2024, the Company fully paid off and closed the line of credit. There was no outstanding balance on the line of credit as of December 31, 2025 and December 31, 2024. Promissory Notes In 2022, the Company borrowed $200 under an unsecured promissory note with a related party to fund short-term working capital needs. In the year ended December 31, 2024, the Company repaid the promissory note in full. As a result, there was no outstanding balance as of December 31, 2025 and December 31, 2024. In June 2023, the Company borrowed $375 under an unsecured promissory note to fund short-term working capital needs, which was fully repaid in July 2024. As a result, there was no outstanding balance as of December 31, 2025 and December 31, 2024. In December 2023, the Company borrowed $200 under an unsecured non-interest-bearing promissory note with Legacy SMAP to fund short-term working capital needs. In the year ended December 31, 2024, the promissory note was converted into shares of the Company’s Common Stock, at a price of $3.33 per share. As a result, there was no outstanding balance as of December 31, 2025 and December 31, 2024. In April, May and November 2023, Legacy SMAP secured operational working capital of $1,524. The promissory notes were not interest bearing and were not convertible into any securities of the Company. The promissory notes were to be payable upon consummation of an initial business combination; provided that the Company has the right to extend the repayment date for up to 12 months thereafter in the event that the minimum cash transaction is not met or would not be met but for such extension. The minimum cash transaction proceeds were not met at the closing of the Business Combination, and as such, the Company elected to extend repayment of the promissory notes beyond closing. On December 19, 2023, in connection with the Business Combination, $1,324 of the promissory notes were exchanged for an equal amount of financing notes (the “Financing Notes”). As of December 31, 2024, the balance outstanding was $172, which was repaid during the year ended December 31, 2025. As a result, there was no outstanding balance as of December 31, 2025. Financing Notes On December 19, 2023, in connection with the Business Combination, the Company issued the Financing Notes to several accredited private investors in an aggregate principal amount of $6,805. During the year ended December 31, 2024, the Financing Notes were converted into shares of Common Stock The converted principal balance of the Financing Notes resulted in a loss of $1,381 recorded under Loss on Financing Transaction within the Consolidated Statements of Operations.
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