Fair Value Measurements and Disclosures (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Schedule of Fair Value on a Recurring Basis |
The following table presents the Company’s financial assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2026 by level within the fair value hierarchy:
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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|
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|
|
|
|
|
|
|
|
Cash equivalents |
|
$ |
7,409 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
7,409 |
|
Short-term investments |
|
|
- |
|
|
|
2,004 |
|
|
|
- |
|
|
|
2,004 |
|
Liabilities: |
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|
|
|
|
|
|
|
|
|
|
|
2025 GPO Convertible Note |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
19,649 |
|
|
$ |
19,649 |
|
Dragonfly Seller Convertible Notes |
|
|
- |
|
|
|
- |
|
|
|
11,540 |
|
|
|
11,540 |
|
Convertible Debentures |
|
|
- |
|
|
|
- |
|
|
|
23,005 |
|
|
|
23,005 |
|
The following table presents the Company’s financial assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2025 by level within the fair value hierarchy:
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Level 1 |
|
|
Level 2 |
|
|
Level 3 |
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Total |
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Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
$ |
9,208 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
9,208 |
|
Short-term investments |
|
|
- |
|
|
|
1,995 |
|
|
|
- |
|
|
|
1,995 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Public warrants |
|
$ |
260 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
260 |
|
Private placement warrants |
|
|
- |
|
|
|
217 |
|
|
|
- |
|
|
|
217 |
|
2025 GPO Convertible Note |
|
|
- |
|
|
|
- |
|
|
|
19,235 |
|
|
|
19,235 |
|
Dragonfly Seller Convertible Notes |
|
|
- |
|
|
|
- |
|
|
|
11,982 |
|
|
|
11,982 |
|
Convertible Debentures |
|
|
- |
|
|
|
- |
|
|
|
26,663 |
|
|
|
26,663 |
|
|
| Summary of Changes in Fair Value of Level 3 Liabilities |
The following table summarizes changes in fair value of the Company’s level 3 liabilities during the periods presented:
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|
2025 GPO Convertible Note |
|
|
Dragonfly Seller Convertible Notes |
|
|
Convertible Debentures |
|
Balance at December 31, 2025 |
|
$ |
19,235 |
|
|
$ |
11,982 |
|
|
$ |
26,663 |
|
Change in fair value included in the determination of net loss (income) |
|
|
414 |
|
|
|
(519 |
) |
|
|
(1,352 |
) |
Paid in kind interest |
|
|
- |
|
|
|
276 |
|
|
|
- |
|
Note and interest conversion |
|
|
- |
|
|
|
- |
|
|
|
(2,306 |
) |
Foreign exchange |
|
|
- |
|
|
|
(199 |
) |
|
|
- |
|
Balance at March 31, 2026 |
|
$ |
19,649 |
|
|
$ |
11,540 |
|
|
$ |
23,005 |
|
|
| 2025 GPO Convertible Note |
|
| Summary of Inputs and Assumptions |
The following table presents the assumptions used to determine the fair value of the 2025 GPO Convertible Note at March 31, 2026 and at December 31, 2025:
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|
|
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|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Common stock share price |
|
$ |
0.26 |
|
|
$ |
1.47 |
|
Risk free rate |
|
|
3.8 |
% |
|
|
3.6 |
% |
Yield |
|
|
18.3 |
% |
|
|
16.2 |
% |
Expected volatility |
|
|
50.0 |
% |
|
|
50.0 |
% |
Expected term (years) |
|
|
3.6 |
|
|
|
3.9 |
|
|
| Dragonfly Seller Convertible Notes |
|
| Summary of Inputs and Assumptions |
. The following table presents the assumptions used to determine the fair value of the Dragonfly Seller Convertible Notes at March 31, 2026 and December 31, 2025:
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|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Common stock share price |
|
$ |
0.26 |
|
|
$ |
1.47 |
|
Risk free rate |
|
|
3.8 |
% |
|
|
3.5 |
% |
Yield |
|
|
19.9 |
% |
|
|
16.6 |
% |
Expected volatility |
|
|
50.0 |
% |
|
|
50.0 |
% |
Expected term (years) |
|
|
1.8 |
|
|
|
2.1 |
|
|
| Convertible Debentures |
|
| Summary of Inputs and Assumptions |
The following table presents the assumptions used to determine the fair value of the Convertible Debentures at March 31, 2026 and December 31, 2025:
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|
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|
|
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|
March 31, 2026 |
|
|
December 31, 2025 |
|
Common stock share price |
|
$ |
0.26 |
|
|
$ |
1.47 |
|
Risk free rate |
|
3.68% and 3.69% (a) |
|
|
3.48% (a) |
|
Yield |
|
|
113.00 |
% |
|
|
101.50 |
% |
Expected volatility |
|
|
135.00 |
% |
|
|
111.00 |
% |
Expected term (years) |
|
0.87 and 0.95 (a) |
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|
1.1 and 1.2 (a) |
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