DEBT |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Debt Disclosure [Abstract] | |
| DEBT | NOTE 6 – DEBT
As of December 31, 2025 and 2024 the Company held short-term debt of $2,306 thousand and $100 thousand, respectively. The Company did not hold any long-term debt as of December 31, 2025 or 2024. The short-term debt bears interest at a rate of 20.0% per annum, payable at maturity, and matures one year from issuance unless the holder elects to extend the maturity for an additional year. Prepayment is not permitted.
The short-term debt generally ranks pari-passu relative to other unsecured obligations. As of December 31, 2025, $2,306 thousand of short-term debt was outstanding and payable during the year ended December 31, 2026 to the extent holders do not elect to extend one additional year.
Interest expense on short-term debt of $82 thousand and $39 thousand was incurred during the years ended December 31, 2025 and 2024, respectively, and was recorded as accrued expenses in the consolidated balance sheet. No significant third-party financing costs were incurred because the Company managed the issuance of the short-term debt internally, without use of an underwriter or trustee. Based on their short duration, the fair value of the short-term debt as of December 31, 2025 approximates their carrying amounts.
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