v3.26.3
FAIR VALUE OF FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]

NOTE 15 – FAIR VALUE OF FINANCIAL INSTRUMENTS

As of September 30, 2026, the Company’s marketable securities consist of liquid funds and ETPs, which have been classified as Level 1 of the fair value hierarchy because they have been valued using quoted prices in active markets. The Company’s cash and cash equivalents have also been classified as Level 1 on the same principle. Financial instruments are classified as current if they are expected to be liquidated within the next twelve months. The Company’s remaining investments have been classified as Level 3 instruments as there is little or no market data. Level 3 investments are valued using the measurement alternative under ASC 321.

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2026, and December 31, 2025, and indicates the fair value hierarchy of the valuation techniques the Company used to determine such fair value:

(in thousands)

As of September 30, 2026

Particular  Adjusted
Cost
($)		   Gain
($)		   Loss
($)		   Fair Value
($)		   Cash &
Cash
Equivalents
($)		   Current
Investments
($)		 
Level 1                        
Cash   375    -    -    375    375    - 
Marketable Securities   50    -    14    36    -    36 
Level 2                              
Certificates of Deposit   2    -    -    2    2    - 
Level 3   -    -    -    -    -    - 
TOTAL   427    -    14    413    377    36 

As of December 31, 2025

Particular  Adjusted
Cost
($)		   Gain
($)		   Loss
($)		   Fair Value
($)		   Cash &
Cash
Equivalents
($)		   Current
Investments
($)		 
Level 1                        
Cash   893    -    -    893    893    - 
Marketable Securities   50    -    12    38    -    38 
Level 2                              
Certificates of Deposit   7    -    -    7    7    - 
Level 3   -    -    -    -    -    - 
TOTAL   950    -    12    938    900    38 

The following table presents the Company’s liabilities measured at fair value on a recurring basis as of September 30, 2026:

   (in thousands) 
Particular  Level 1
($)		   Level 2
($)		   Level 3
($)		   Total
($)		 
September 30, 2026                
Derivative Liability   -    -    43    43 
                     
December 31, 2025                    
Derivative Liability   -    -    -    - 

The derivative liability relates to the embedded conversion features of the VFG and FirstFire Notes. For more information, please refer to Note 11, “Loans and Other Liabilities”. The Company classifies the derivative liability within Level 3 as its valuation relies on significant unobservable inputs.

The fair value was estimated using a probability-weighted expected payoff model incorporating the following inputs: probability of default (10%), expected timing of default, the contractual conversion discount (75% of the lowest 10-day trading price), beneficial ownership cap (4.99%), exchange cap (19.99%), and a risk-adjusted discount rate of 12%. The following table presents a roll forward of the Level 3 derivative liability for the nine months ended September 30, 2026 (in thousands):

   Amount
($)		 
Balance at December 31, 2025   — 
Initial recognition upon issuance of Notes during nine months:     
VFG-1   27 
VFG-2   20 
FirstFire   36 
Change in fair value recognized in other income   (40)
Balance at September 30, 2026   43 

Changes in the fair value of the derivative liability, if any, are recognized in other (expense)/income in the condensed consolidated statements of operations. As of September 30, 2026, derivative liabilities related to the VFG Notes and FirstFire Note were approximately $19 thousand and $24 thousand, respectively, totaling $43 thousand. Initial and subsequent recognition of the derivative liabilities during the nine months ended September 30, 2026, totaled $83 thousand, and a net decrease in fair value of $40 thousand was recognized as a gain in other (expense)/income, net.