| Convertible Debt |
The Company’s Convertible Notes are comprised of the following:
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March 31, 2026
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March 31, 2025
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Convertible Notes, related party
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Principal amount of Convertible Notes
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| $ | 38,730,000 | |
| $ | 35,209,000 | |
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Less: unamortized debt discount attributed to Compound Net Derivative Liability
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| | (5,332,000 | ) |
| | (6,556,000 | ) |
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Less: unamortized debt discount attributed to debt issuance costs
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| | (745,000 | ) |
| | (916,000 | ) |
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Carrying amount of the Convertible Notes
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| | 32,653,000 | |
| | 27,737,000 | |
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Plus: Compound Net Derivative Liability
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| | 6,340,000 | |
| | 7,470,000 | |
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Net carrying amount of Convertible Notes, related party
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| $ | 38,993,000 | |
| $ | 35,207,000 | |
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| Total Interest Expense Recognized Related to Convertible Notes |
Interest expense related to the Convertible Notes is as follows:
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| | Years Ended March 31, | |
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2026
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2025
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2024
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Interest expense on Convertible Notes
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Contractual interest expense
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| $ | 3,873,000 | |
| $ | 3,521,000 | |
| $ | 3,200,000 | |
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Accretion of debt discount
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| | 1,224,000 | |
| | 1,020,000 | |
| | 853,000 | |
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Amortization of issuance costs
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| | 171,000 | |
| | 142,000 | |
| | 119,000 | |
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Total interest expense
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| $ | 5,268,000 | |
| $ | 4,683,000 | |
| $ | 4,172,000 | |
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