| Summary of Debt |
At March 31, 2026 and December 31, 2025, debt consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
Convertible Notes (in thousands) |
|
2026 |
|
|
2025 |
|
Secured convertible notes |
|
$ |
6,589 |
|
|
$ |
7,432 |
|
Discount on senior secured convertible notes |
|
|
(2,309 |
) |
|
|
(3,979 |
) |
June 2025 convertible preferred note |
|
|
815 |
|
|
|
788 |
|
Discount on June 2025 convertible preferred note |
|
|
(43 |
) |
|
|
(52 |
) |
Remainder notes recorded at fair value |
|
|
4,538 |
|
|
|
4,314 |
|
Related party convertible notes |
|
|
220 |
|
|
|
215 |
|
Other convertible notes recorded at fair value |
|
|
- |
|
|
|
933 |
|
Total convertible notes payable |
|
|
9,810 |
|
|
|
9,651 |
|
Less: current portion |
|
|
(8,757 |
) |
|
|
(6,913 |
) |
Convertible notes payable - long-term |
|
|
1,053 |
|
|
$ |
2,738 |
|
|
|
|
|
|
|
|
Loans Payable (in thousands) |
|
|
|
|
|
|
Promissory notes - related parties |
|
|
1,850 |
|
|
|
2,190 |
|
Term loan, net of discount |
|
|
1,968 |
|
|
|
2,674 |
|
Working capital facility |
|
|
1,387 |
|
|
|
1,684 |
|
Other notes payable |
|
|
6,098 |
|
|
|
4,462 |
|
Discount on other notes payable |
|
|
(258 |
) |
|
|
(393 |
) |
Total loans payable |
|
|
11,045 |
|
|
|
10,617 |
|
Less: current portion |
|
|
(7,543 |
) |
|
|
(8,823 |
) |
Loans payable - long-term |
|
$ |
3,502 |
|
|
$ |
1,794 |
|
|
| Schedule of Maturities of the Company's Outstanding Indebtedness |
Scheduled maturities on the Company's outstanding indebtedness as of March 31, 2026 is as follows:
|
|
|
|
|
|
|
|
|
Fiscal Years Ending December 31, |
|
|
|
|
(in thousands) |
|
Convertible Notes |
|
|
Loans Payable |
|
2026 (remaining) |
|
$ |
7,760 |
|
|
$ |
6,822 |
|
2027 |
|
|
1,769 |
|
|
|
4,223 |
|
2028 |
|
|
281 |
|
|
|
- |
|
Total |
|
$ |
9,810 |
|
|
$ |
11,045 |
|
|
| Summary of Carrying Value of Convertible Note |
The carrying value of the Term Loan is as follows:
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
Principal and interest |
|
$ |
- |
|
|
$ |
326 |
|
Guarantee fees |
|
|
1,968 |
|
|
|
2,348 |
|
Aggregate carrying value |
|
$ |
1,968 |
|
|
$ |
2,674 |
|
|