| Summary of Long-Term Debt Obligations |
The Company’s long-term debt obligations consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31,
2026 |
|
|
December 31,
2025 |
|
Note payable to bank, fixed interest rate of 4.65%, due November 2025 |
|
|
— |
|
|
|
4 |
|
Note payable to a financing company, fixed interest rate of 5.49%, due December 2026 |
|
|
43 |
|
|
|
60 |
|
Notes payable to Clarus Capital, fixed interest rate of 8.66%, due April, June and September 2027 |
|
|
12,147 |
|
|
|
12,543 |
|
Note payable to Skywest, fixed interest rates of 4%, due April 2028 |
|
|
1,691 |
|
|
|
1,802 |
|
Note payable to Tecnam, fixed interest rate of 6.75%, due July and August 2032 |
|
|
2,620 |
|
|
|
2,692 |
|
Long-term debt, gross |
|
|
16,501 |
|
|
|
17,101 |
|
Current maturities of long-term debt |
|
|
(2,741 |
) |
|
|
(2,712 |
) |
Long-term debt, net of current maturities |
|
$ |
13,760 |
|
|
$ |
14,389 |
|
|
| Summary of Future Maturities of Total Long-Term Debt |
Future maturities of total long-term debt as of March 31, 2026 are as follows (in thousands):
|
|
|
|
|
|
|
Amount |
|
Remainder of 2026 |
|
$ |
2,113 |
|
2027 |
|
|
12,029 |
|
2028 |
|
|
685 |
|
2029 |
|
|
157 |
|
2030 |
|
|
450 |
|
Thereafter |
|
|
1,067 |
|
Total |
|
$ |
16,501 |
|
|
| Summary of Fair Value of Convertible Notes |
Fair value of convertible notes (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Fair Value at |
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
High Trail Note |
|
$ |
54,900 |
|
|
$ |
61,600 |
|
New Convertible Note |
|
|
— |
|
|
|
1,875 |
|
Convertible Note Purchase Agreement |
|
|
3,996 |
|
|
|
3,982 |
|
Total |
|
|
58,896 |
|
|
|
67,457 |
|
Convertible notes at fair value, current |
|
|
(44,867 |
) |
|
|
(42,274 |
) |
Convertible notes at fair value, long-term |
|
$ |
14,029 |
|
|
$ |
25,183 |
|
|