| Schedule of Loan Balances |
The below table summarizes the loan balances at March 31, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
(in thousands) |
|
|
|
|
|
|
Note payable - Centre Lane Senior Secured Credit Facility - related party (current) |
|
$ |
86,755 |
|
|
$ |
84,276 |
|
Net principal |
|
|
86,755 |
|
|
|
84,276 |
|
Add: debt discount |
|
|
1,403 |
|
|
|
1,864 |
|
Outstanding principal |
|
$ |
88,158 |
|
|
$ |
86,140 |
|
|
| Schedule of Movement in the Outstanding Principal |
The below table summarizes the movement in the outstanding principal during the three months ended March 31, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
(in thousands) |
|
|
|
|
|
|
Opening balance |
|
$ |
86,140 |
|
|
$ |
78,822 |
|
Add: |
|
|
|
|
|
|
Exit and other fees |
|
|
- |
|
|
|
44 |
|
Interest capitalized |
|
|
2,593 |
|
|
|
9,566 |
|
|
|
|
88,733 |
|
|
|
88,432 |
|
Less: |
|
|
|
|
|
|
Payments |
|
|
(575 |
) |
|
|
(2,292 |
) |
Outstanding principal |
|
$ |
88,158 |
|
|
$ |
86,140 |
|
|
| Schedule of Amendments in Line of Credit Facilities |
The below table summarizes the amendments that were executed by the Company from the inception of the facility to March 31, 2026 (in thousands, except for share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amendment No. |
|
Date |
|
Draw |
|
|
Repayment Date |
|
Interest Rate
Paid-in-Kind |
|
(1 |
) |
Interest Rate
Cash |
|
(1 |
) |
Amendment Fee |
|
|
(2 |
) |
Common Stock Issued |
|
|
Accounting Impact |
|
(in thousands, except share data) |
1 |
|
4/26/2021 |
|
$ |
- |
|
|
12/20/2026 |
|
8.00% |
|
|
0.00% |
|
|
$ |
- |
|
|
|
|
150,000 |
|
|
Extinguishment |
(3) |
2 |
|
5/26/2021 |
|
|
1,500 |
|
|
12/20/2026 |
|
8.00% |
|
|
0.00% |
|
|
|
750 |
|
|
|
|
3,000,000 |
|
|
Modification |
(3) |
3 |
|
8/12/2021 |
|
|
500 |
|
|
12/20/2026 |
|
8.00% |
|
|
0.00% |
|
|
|
250 |
|
|
|
|
2,000,000 |
|
|
Modification |
(3) |
4 |
|
8/31/2021 |
|
|
1,100 |
|
|
12/20/2026 |
|
8.00% |
|
|
0.00% |
|
|
|
550 |
|
|
|
|
- |
|
|
Modification |
(3) |
5 |
|
10/8/2021 |
|
|
725 |
|
|
12/20/2026 |
|
8.00% |
|
|
0.00% |
|
|
|
363 |
|
|
|
|
- |
|
|
Extinguishment |
(3) |
6 |
|
11/5/2021 |
|
|
800 |
|
|
12/20/2026 |
|
8.00% |
|
|
0.00% |
|
|
|
800 |
|
|
|
|
7,500,000 |
|
|
Modification |
(3) |
7 |
|
12/23/2021 |
|
|
500 |
|
|
12/20/2026 |
|
8.00% |
|
|
0.00% |
|
|
|
500 |
|
|
|
|
- |
|
|
Modification |
(3) |
|
|
|
|
$ |
5,125 |
|
|
|
|
|
|
|
|
|
|
$ |
3,213 |
|
|
|
|
12,650,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
1/26/2022 |
|
|
350 |
|
|
12/20/2026 |
|
8.00% |
|
|
0.00% |
|
|
|
350 |
|
|
|
|
- |
|
|
Modification |
(3) |
9 |
|
2/11/2022 |
|
|
250 |
|
|
12/20/2026 |
|
0.00% |
|
|
7.00% |
|
|
|
13 |
|
|
|
|
- |
|
|
Modification |
(4) |
10 |
|
3/11/2022 |
|
|
300 |
|
|
12/20/2026 |
|
0.00% |
|
|
7.00% |
|
|
|
15 |
|
|
|
|
- |
|
|
Modification |
(4) |
11 |
|
3/25/2022 |
|
|
500 |
|
|
12/20/2026 |
|
0.00% |
|
|
7.00% |
|
|
|
25 |
|
|
|
|
- |
|
|
Modification |
(4) |
12 |
|
4/15/2022 |
|
|
450 |
|
|
12/20/2026 |
|
0.00% |
|
|
7.00% |
|
|
|
23 |
|
|
|
|
- |
|
|
Modification |
(4) |
13 |
|
5/10/2022 |
|
|
500 |
|
|
12/20/2026 |
|
0.00% |
|
|
7.00% |
|
|
|
25 |
|
|
|
|
- |
|
|
Modification |
(4) |
14 |
|
6/10/2022 |
|
|
350 |
|
|
12/20/2026 |
|
0.00% |
|
|
7.00% |
|
|
|
18 |
|
|
|
|
- |
|
|
Modification |
(4) |
15 |
|
7/8/2022 |
|
|
350 |
|
|
12/20/2026 |
|
0.00% |
|
|
7.00% |
|
|
|
(58 |
) |
|
|
|
- |
|
|
Modification |
(4) |
|
|
|
|
$ |
3,050 |
|
|
|
|
|
|
|
|
|
|
$ |
411 |
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
2/10/2023 |
|
|
1,500 |
|
|
12/20/2026 |
|
0.00% |
|
|
7.00% |
|
|
|
75 |
|
|
|
|
- |
|
|
Modification |
(4) |
17 |
(6) |
4/20/2023 |
|
|
26,316 |
|
|
12/20/2026 |
|
15.00% |
|
|
0.00% |
|
|
|
708 |
|
|
|
|
21,401,993 |
|
|
Extinguishment |
(5) |
19 |
|
7/8/2023 |
|
|
2,000 |
|
|
12/31/2024 |
|
0.00% |
|
|
7.00% |
|
|
|
100 |
|
|
|
|
- |
|
|
Modification |
(4) |
|
|
|
|
$ |
29,816 |
|
|
|
|
|
|
|
|
|
|
$ |
883 |
|
|
|
|
21,401,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
|
6/5/2024 |
|
|
- |
|
|
12/20/2026 |
|
0.00% |
|
|
0.00% |
|
|
|
472 |
|
|
|
|
- |
|
|
Modification |
(7) |
21 |
(6) |
12/26/2024 |
|
|
1,861 |
|
|
12/20/2026 |
|
15.00% |
|
|
0.00% |
|
|
|
- |
|
|
|
|
5,001,991 |
|
|
Modification |
(5) |
|
|
|
|
$ |
1,861 |
|
|
|
|
|
|
|
|
|
|
$ |
472 |
|
|
|
|
5,001,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23 |
|
9/30/2025 |
|
|
- |
|
|
12/20/2026 |
|
0.00% |
|
|
0.00% |
|
|
|
8 |
|
|
|
|
2,832,485 |
|
|
Modification |
(7) |
24 |
|
12/31/2025 |
|
|
- |
|
|
12/20/2026 |
|
0.00% |
|
|
0.00% |
|
|
|
- |
|
|
|
|
2,870,792 |
|
|
Modification |
(7) |
|
|
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
$ |
8 |
|
|
|
|
5,703,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25 |
|
3/31/2026 |
|
|
- |
|
|
12/20/2026 |
|
0.00% |
|
|
0.00% |
|
|
|
- |
|
|
|
|
2,922,566 |
|
|
Modification |
(7) |
|
|
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
$ |
- |
|
|
|
|
2,922,566 |
|
|
|
|
|
|
|
|
$ |
39,852 |
|
|
|
|
|
|
|
|
|
|
$ |
4,987 |
|
|
|
|
47,679,827 |
|
|
|
|
(1) - New rates in effect in connection with Amendment Twenty-Two. (2) - Added and capitalized to the principal amount of the original loan. (3) - Second Out Loans. (4) - First Out Loans. (5) - Third Out Loans. (6) - There was no impact on principal or interest and no fees incurred by the Company under Amendments Eighteen and Twenty-Two, thus they are excluded from the table. (7) - There were no loan draws under Amendments Twenty, Twenty-Three, Twenty-Four, and Twenty-Five, thus no interest rates were incurred. Amendments Twenty, Twenty-Three, Twenty-Four, and Twenty-Five adjusted the existing outstanding loan terms, thus the balances of the interest rate PIK and interest rate cash are 0.00%.
|