Outstanding Debt (Tables)

12 Months Ended

Dec. 31, 2025

Outstanding Debt

Schedule of outstanding debt

The following tables summarize outstanding debt as of December 31, 2025 (in thousands):


				Stated												Fair
				Interest			Conversion						Remaining			Value			Carrying
		Maturity Date		Rate			Price			Face Value			Debt Discount			Adjustment			Value
Short term convertible notes payable
6% unsecured		Due			6	%	$	3.09		$	135		$	—		$	—		$	135
8% unsecured		Various			8	%	$	0.20			505			—			—			505
											640			—			—			640
Long term convertible notes payable
11% unsecured		Various			11	%		$0.21 - $0.22			325			—			—			325
											325			—			—			325
Short term convertible notes at fair value
0% unsecured		Various			0	%		Variable			5,250			—			1,175			6,425
11% unsecured		Various			11	%		$0.21 - $0.30			26,815			—			(5,047)			21,768
12% unsecured		Various			12	%		$0.19 - $0.21			5,620			—			(1,757)			3,863
											37,685			—			(5,629)			32,056
Short term notes payable
0% unsecured		On Demand			0	%		N/A			2,140			—			—			2,140
8% unsecured		Various			8	%		N/A			6,921			(156)			—			6,765
12% unsecured		On Demand			12	%		N/A			563			—			—			563
											9,624			(156)			—			9,468
Long term convertible notes at fair value
11% unsecured		Various			11	%		$0.19 - $0.25			5,150			—			70			5,220
											5,150			—			70			5,220
Long term notes payable
8% unsecured		Various			8	%		N/A			13,220			(887)			—			12,333

Ending balance as of December 31, 2025										$	66,644		$	(1,043)		$	(5,559)		$	60,042

The following tables summarize outstanding debt as of December 31, 2024 (in thousands):


				Stated												Fair
				Interest			Conversion						Remaining			Value			Carrying
		Maturity Date		Rate			Price			Face Value			Debt Discount			Adjustment			Value
Short term convertible notes payable
6% unsecured		Due			6	%	$	3.09		$	135		$	—		$	—		$	135
8% unsecured		2/21/2025			8	%	$	0.50	*		1,760			(25)			—			1,735
											1,895			(25)			—			1,870
Short term convertible notes at fair value
8% unsecured		2/15/2025			8	%	$	0.27			1,000			—			95			1,095
10% unsecured		1/11/2025			10	%	$	0.35			500			—			46			546
11% unsecured		Various			11	%		$0.26 - $0.46			15,250			—			1,433			16,683
											16,750			—			1,574			18,324
Short term notes payable
0% unsecured		On Demand			0	%		N/A			2,140			—			—			2,140
6% secured		3/25/2025			6	%		N/A			247			—			—			247
8% unsecured		Various			8	%		N/A			11,660			(424)			—			11,236
12% unsecured		On Demand			12	%		N/A			563			—			—			563
											14,610			(424)			—			14,186
Long term convertible notes at fair value
0% unsecured		1/19/2026			0	%		Variable			5,000			—			918			5,918
11% unsecured		Various			11	%		$0.29 - $0.38			8,565			—			1,417			9,982
											13,565			—			2,335			15,900

Long term notes payable
8% unsecured		Various			8	%		N/A			13,210			(814)			—			12,396

Ending balance as of December 31, 2024										$	60,030		$	(1,263)		$	3,909		$	62,676

*These convertible notes are convertible into Series C preferred shares at $12.50 per share. Each Series C preferred share is convertible into common shares after a 30-day restriction period. The conversion price in common share equivalent is $0.50 per share.

Schedule of total interest expense related to outstanding debt

The following table summarizes total interest expenses related to outstanding debt for the years ended December 31, 2025 and 2024, respectively (in thousands):


		For the years ended
		December 31,
		2025			2024
Interest expenses related to outstanding notes:
Contractual interest		$	6,285		$	4,598
Amortization of debt discount			1,887			2,476
Issuance costs			499			676
Total interest expenses related to outstanding notes			8,671			7,750
Other interest expenses			24			17
Total interest expense		$	8,695		$	7,767

Schedule of principal amounts of the Company's debt obligations

The following table summarizes the principal amounts of the Company’s debt obligations as of December 31, 2025 (in thousands):


		Payment Due by Period
					Less than			1 to 2
		Total			1 Year			Years
Short term convertible notes payable
6% unsecured		$	135		$	135		$	—
8% unsecured			505			505			—
Short term convertible notes payable at fair value
0% unsecured			5,250			5,250			—
11% unsecured			26,815			26,815			—
12% unsecured			5,620			5,620			—
Short term notes payable
0% unsecured			2,140			2,140			—
8% unsecured			6,921			6,921			—
12% unsecured			563			563			—
Long term convertible notes payable
11% unsecured			325			—			325
Long term convertible notes payable at fair value
11% unsecured			5,150			—			5,150
Long term notes payable
8% unsecured			13,220			—			13,220
Total		$	66,644		$	47,949		$	18,695